AngelList offers two distinct access levels for investors. All investors must be accredited, regardless of the access level they are seeking.
Funds Only:
This access level allows investors to participate in select funds managed on the AngelList platform. Funds provide a diversified portfolio of companies, giving investors exposure to multiple businesses through a single investment. Investors receive regular updates on fund performance and portfolio composition.
- Passive investing: Investors do not select the individual companies in the fund. Instead, each fund follows a specific investment thesis, outlining the types of companies it targets.
- Restrictions: Funds-only investors cannot back firms or participate in individual deals.
Deal-by-Deal:
Investors with this access level can participate directly in deals they are invited to on AngelList. This includes the ability to back firms and evaluate individual deals on a case-by-case basis.
- Flexibility: Investors choose which deals to invest in. Backing a firm does not require automatic participation in all of the firm lead's deals.
- Broader access: Deal-by-deal investors are also eligible to invest in funds.