Yesterday, our new Invest Online feature hit $1M in commitments in the first month. Plus another $12M in offline investments via AngelList in the same time period (investor meets startup on AngelList and invests offline).
3 companies have already finished raising money online. And 7 companies are currently accepting online investments; co-investors in those rounds include David Sacks (founder of Yammer), Garry Tan (partner at Y Combinator), Danny Rimer (partner at Index Ventures) and many other great investors.
Today, we’re also announcing that investors can express interest in investing online in any startup on AngelList through the Invest button or after Following a company.
Once a company lands a top-tier investor, they have the option to accept online investments and interested investors are notified.
The AngelList API recently hit 3 million requests a day including:
Big VC firms who shall go nameless are using it too (we haven’t asked their permission to mention them by name).
Startups meet investors on AngelList in two ways:
#1: Investors request meetings online and invest offline.
#2: Investors make small investments with our new ‘invest online’ feature.
Add these up and startups have raised $12M on AngelList in the last 30 days. 95% of it is through an online meeting request followed by an offline investment, but online investments are growing since we launched it last week ($600K so far).
We’re tracking this number on the homepage now.
It’s here. AngelList Docs. Close your round online. Finally.
A term sheet for humans. It starts with a beautiful term sheet that’s designed for real people, so you and your investors can easily understand the terms. Then you’re guided through the closing, automatically generating closing docs in the process. Collect signatures and wire information with a few clicks when you’re done.
Industry standard documents for equity and debt. The term sheet and closing documents are based on industry-standard Series Seed documents, so there is little to no negotiation. That means the closing happens faster and cheaper. There’s also an option to customize the docs if necessary.
No legal fees. The top startup law firm, Wilson Sonsini Goodrich & Rosati, will close your round without any legal fees if you qualify. And any law firm can use Docs to close your round online—please ask them about their fees.
Hundreds of companies have also used the underlying Series Seed documents in Docs to close their rounds.
Docs is currently in limited release. During this period, startups must apply to use Docs. After the limited release period, we will open Docs to the general public.
Big news: AngelList alumni have raised over $1.1 billion from angels and VC’s on AngelList and beyond. Sarah Lacy has a detailed analysis.
Most of the $1.1 billion happens in the big rounds after AngelList. For example, Uber raised $1.25M in their AngelList round and went on to raise $43M after “graduating” from AngelList.
Big surprise, the distribution is a power law.
Interesting markets (there is overlap between markets)
silicon valley: $572M
san francisco: $458M
new york: $136M (NY beats LA by 2x and MA by 3x)
los angeles: $67M
To $10 billion and beyond.
(Read about the Hackathon here.)
This one is by Kyan Pardiwalla and it’s called Tools. It’s a set of 2 widgets for startup founders. The Launching Soon widget allows companies that haven’t launched yet to gather users. It also provides a page on AngelList to check out companies that are coming soon and sign up with 1-click. The Investor Actions widget allows startups to get followers directly from their own site.
It isn’t live yet—here are some screenshots.
(Read about the Hackathon here.)
This one is by Milos Tatervic. And it’s called the Startup Finder of Doom. It is the ultimate tool for searching through startups. Search by market, location, team, college, et cetera. It’s particularly useful for searching through startups that are recruiting.
Last week, we did a week-long hackathon at AngelList. Everybody got to build what they want. Which is pretty much how we operate every day. But there was less meddling from Nivi and Naval during the hackathon.
And today is Judgement Day. We’re getting expert judges to evaluate the hackathon entries. I’ll publish the list of judges later today.
But first let’s see what you think. If you like a hackathon entry, tweet about it. We’ll add up the tweets and give the “People’s Choice” award to the winner. Vote as much as you want.
Let’s start with entry #1: The Startup Finder of Doom.