What are Transaction Reviews?

Transaction Reviews are easy-to-read summaries of your portfolio companies’ important events. There are a variety of events that portfolio companies go through after you invest, including additional financing rounds, acquisitions, wind-downs, secondaries, IPOs, amendments to key legal documents, and more.

Each time a portfolio company undergoes one of these events, the AngelList Venture Team conducts a review of the relevant transaction documents and creates a summary of important legal terms and changes to your rights and economics.

For now, we only display Transaction Reviews related to follow-on financings, general corporate actions, and exits. In the future, we’ll add support for additional types of company events.

These Transaction Reviews are available to you in your Lead Dashboard within your Portfolio. Navigate to your Portfolio, then click on the Transaction Reviews tab.

The table contains company events that we’ve already reviewed, as well as ones that are still in progress. Once a review is complete, you’ll see the option to view the details in the far right column.


Within the Transaction Review, we have 3 sections: Overview, Financing Terms and Fund Changes.



This section provides the high-level details of the event, and its impact on your investment, including the stage of the financing, when the transaction closed, the markup from the prior round, the amount of your original investment and the value of the investment today. The Overview section also includes links to the relevant deal documents for easy access, along with any special notes that the AngelList legal team wanted to flag based on their review.


Financing Terms 

This section contains the details at the deal level: how much money was raised, the company’s new valuation and capitalization, the new money price per share and liquidation preference, the liquidation stack and whether anti-dilution was triggered.


Fund Changes

Here we provide you with details related to your investment: if there were any conversions of SAFEs/notes, and if so how did they convert, the number of shares post-conversion, the value of the investment, corresponding liquidation preference,  and whether there were any pro rata or control rights from the investment.  


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