AngelList has two different access levels for investors. All investors need to be accredited regardless of which level of access they are seeking.
1. Funds only
Investors with this access level can invest in select funds run on the AngelList platform. These funds build a portfolio of companies. By investing into a fund, investors automatically gain exposure to multiple companies. Investors learn about the funds' portfolio through regular reporting.
Fund investors cannot choose which companies the fund invests in. Each fund, however, has a specific thesis which gives investors an idea of the target portfolio companies. More about funds here.
Investors in this category cannot back or invest in syndicates.
2. Deal-by-deal
Investors with this access level can invest directly into syndicated deals that they are invited to on AngelList. These investors are able to back syndicates and get invited to individual deals.
Investors can choose whether they invest into a specific deal on a deal-by-deal basis. Backing a syndicate does not mean agreeing to invest in all of the syndicate lead's deals.
Investors in this category can also invest in funds.