We have a few announcements for you today.
First, CSC Upshot, a new venture capital firm, has raised a $400M fund to invest in startups on AngelList. This is the largest fund dedicated to seed-stage startups, ever.
CSC Upshot will primarily invest in syndicates led by experienced angels and VCs. It will help syndicates make larger, faster investments in early-stage startups and their follow-on rounds. It will also help promising new syndicates make investments while they’re building a backing from individual investors.
Syndicates allow investors to co-invest in deals led by experienced angels and VCs. CSC Upshot adds to the $205M already invested through syndicates by 4,400 individuals (many of whom are startup founders) and Maiden Lane, a $25M fund whose limited partners include Top Tier Capital and Makena.
Over 650 startups have raised money from syndicates including Shyp, Sprig and Luxe. And there are 165 active syndicates including Dave Morin, Elad Gil and Foundry Group.
Syndicate leads will earn their full carry on CSC Upshot’s investments. Leads can accept or decline capital from CSC Upshot, just like any other backer. And CSC Upshot’s investments will leave room for individual investors.
CSC Upshot is going to help seed-stage startups raise larger, faster rounds online. Learn more about CSC Upshot below.
Our next announcement is a product for late-stage investing.
AngelList SPVs for Late-Stage Investments
AngelList SPVs allow early-stage investors to raise money for late-stage startups. They’re for VCs and angels investing in pro ratas and special opportunities. The capital for the SPV comes from their existing limited partners and relationships. SPVs can also request capital from funds like CSC Upshot.
SPVs are completely private. And they’re all online, using AngelList’s back office.
SPVs have already been used by Accomplice, Slow Ventures and several angels to invest $35M into 19 companies (names used with permission).
SPVs are free for startups, VCs and angels. The LPs pay carry to the VC or angel, and zero carry to AngelList. LPs also collectively pay $10K to AngelList, to cover the out-of-pocket costs of administering the SPV. AngelList already earns carry on any capital that the SPV requests from funds like CSC Upshot.
SPVs will help early-stage investors stay small, so they can best help startups.
And now for something completely different.
AngelList Jobs for iOS
We now have an iOS app for Jobs—the best place to find a great startup job or candidate.
Jobs allows startups and candidates to meet through simple, Tinder-like matching. No recruiters allowed.
Candidates can see salary and equity information upfront. And they can apply privately so their boss doesn’t find out. It’s fast, fun and completely free for startups and candidates.
The iPhone and iPad apps add chat between startups and candidates. They also have group chat for companies, so everyone on the team can find and discuss candidates. By our munificence, you can also undo if you swipe right by accident.
Candidates can apply to 8,000 companies with one profile, including Shyp, Twitch, Instacart, Zenefits, Medium and Uber. Startups can find 10,000 new candidates a week—over half are engineers, designers or product managers.
The Jobs app is the best way to find a great startup job or candidate while you’re on the go.
Here’s the presentation we used to brief the press. It has lots of stats and info not included here. Enjoy.
About CSC Upshot
CSC Upshot is based in the U.S. and is independent of AngelList. Its general partners, Huoy-Ming Yeh and Veronica Wu, are both engineers with degrees from MIT and Berkeley. They have had long careers in technology and venture capital, including work at Tesla, Apple, SVB Venture Capital and PacRim Venture Partners.
The fund’s largest limited partner is CSC Group. Founded in 2000, it is one of China’s 3 largest private equity firms, with $12B under management. Their investing areas include information technology, new materials and clean energy.
CSC Group’s founder, Mr. Shan Xiangshuang, is co-chairman of the China Venture Capital Association and regarded as a pioneer in Chinese venture capital. Their U.S. venture capital arm is lead by Tom Cole, a former startup CEO and general partner at Trinity Ventures, with engineering and MBA degrees from Yale and Stanford.