✌ Investing Online

@ashfontana

The Old Way: Offline

@ashfontana

Public Markets

VC Funds

Direct

Offline

The New Way: Online

@ashfontana

(i) Find (ii) Research (iii) Invest

Efficient,

(i) Early stage (ii) Low fees (iii) Cut losers

(i) Direct (ii) Managed (iii) Index

low-cost,

and flexible.

1. Efficient

(i) Find

(ii) Research

work experience

previous investorsmonthly growth rate

valuation

founder’s education

product video

(iii) Invest

2. Low-cost

a. No management fees

b. Cut losers

Offline Online

c. Get in early

3. Flexible

a. Pick a stock

Offline Online

a. Pick a stock• Traction!

• Downstream funding risk

• Q&A

• Investor updates

• angel.co/valuations

• Reserves

b. Trust a manager

$260k allocation

N E W C O

Elad Gil

$50k

$210k

Elad

syndicated

Close in 5 days

20% carry to Elad 5% carry to AngelList

No mgmt fees

35 investors

$210k

B AC K E D BY

Everybody’s doing it

b. Trust a manager

• 5%+ skin-in-the-game

• Reasonable carry

• Relevant experience to utilize for the company

• Relevant knowledge to understand the risks

• Strong track record and deal experience

c. Buy the index

:~AngelList$…

(i) Find (ii) Research (iii) Invest

Efficient,

(i) Early stage (ii) Low fees (iii) Cut losers

(i) Direct (ii) Managed (iii) Index

low-cost,

and flexible.

angel.co/invest

@ashfontana