What is an AngelList Rolling Fund?
An AngelList Rolling Fund is a venture capital structure that allows fund managers to accept capital as an auto-renewing quarterly commitment.
Top 25 AngelList Rolling Funds 2023
There are 700+ venture funds on AngelList, which have invested in ~300 startups valued at $1 billion+. Here are the top rolling funds and some notable public investments:
1. CapitalX by Cindy Bi
Type: Rolling Fund
Subscription amount: $15,000+ Quarterly
Subscription period: 4 Quarters
Management fee: 2.5% per year over 10 years
Carry: Base carry is 20%, then increases to 25% after the fund realizes a 3x return
Notable investments:
- Rippling – participated in the Seed round in March 2017. Rippling closed a $500 million Series E in March 2023 led by Greenoaks at a $11.25 billion valuation.
- Zapier – participated in the Seed round in October 2012. Zapier disclosed a $5 billion valuation in March 2021.
- Retool – participated in the Seed round in September 2017. Retool closed a $45 million Series C2 round in July 2022 from Sequoia Capital and others at a $3.2 billion valuation.
- Algolia – participated in the Seed round in October 2013. Algolia closed a $150 million Series D in July 2021, led by Lone Pine Capital, at a $2.25 billion valuation.
- Flutterwave – participated in the Seed round in May 2016. Flutterwave closed a $250 million Series D in Feb 2022 from Tiger Global Management and Avenir at a $3 billion valuation.
2. Kamal Ravikant Rolling Fund
Type: Rolling Fund
Subscription amount: $15,000+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Carta – participated in the Series A round in July 2015 at a $18 million valuation. Carta closed a $500 million round in August 2021 at a $7.4 billion valuation.
- Vercel – participated in the Series A round in April 2020 at a $13 million valuation. Vercel closed a $150 million Series D in November 2021, led by GGV Capital, at a $2.5 billion valuation.
- Starkware – participated in the Seed round in Jan 2018 at a $25 million valuation. Starkware closed a $100 million Series D in May 2022, co-led by Greenoaks and Coatue, at a $8 billion valuation.
- Cleartax – participated in the Seed round in May 2016 at a $15 million valuation. Cleartax closed a $75 million Series C in October 2021, led by Kora Capital.
- Alation – participated in the Seed round at a $9 million valuation. Alation closed a $123 million Series E in November 2022, co-led by Thoma Bravo, Sanabil Investments, and Costanoa Ventures, at a $1.7 billion valuation.
3. Gomila Capital by Jude Gomila
Type: Rolling Fund
Subscription amount: $25k per quarter
Subscription period: 4-8 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Airtable – participated in the Seed round in 2013. Airtable closed a $735 million Series F round in December 2021 at an $11.735 billion valuation.
- Gusto – participated in the Seed round in 2012. Gusto closed a $175 million extension to their Series E round in May 2022 at a $9.5 billion valuation.
- Benchling – participated in the Seed round in 2014. Benchling closed a $100 million Series F led by Altimeter Capital Management in November 2021 at a $6.1 billion valuation.
- Mercury – participated in the Seed round in 2017. Mercury closed a $120 million Series B round led by Coatue in July 2021 at a $1.6 billion valuation.
- Ginkgo Bioworks – participated in the Seed round in 2014. Ginkgo Bioworks went public at a $15 billion valuation in September 2021.
4. Immad Akhund Rolling Fund
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 1-8 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Rappi – participated in the Seed round in May 2016. Rappi closed a $500 million round led by T. Rowe Price in July 2021 at a $5.25 billion valuation.
- Airtable – participated in the Series A round in June 2015. Airtable closed a $735 million Series F round in December 2021 at an $11.735 billion valuation.
- Rippling – participated in the Seed round in March 2017. Rippling closed a $500 million Series E in March 2023 led by Greenoaks at a $11.25 billion valuation.
- Substack – participated in the Seed round in April 2018. Substack closed a $2 million community round at a $587 million valuation.
- Golden – In Oct 2022, Golen closed a $40 billion Series B led by Andreessen Horowitz.
5. Nitesh Banta Rolling Fund
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 4 Quarters
Management fee: 1.75% per year over 10 years
Carry: 25%
Notable investments:
- Pilot – participated in the first round. In March 2021, Pilot closed a $100 million Series C co-led by Bezos Expeditions and Whale Rock Capital at a $1.2 billion valuation.
- Grammarly – In Nov 2021, Grammarly closed a $200 million round led by General Catalyst at a $13 billion valuation.
- Tagomi – participated in the first round. In March 2020, Coinbase acquired Tagomi for $75-$100 million.
- Brainly – participated in the first round. In Dec 2020, Brainly closed a $80 million Series D round led by Learn Capital.
- Mark43 – participated in the first round. In July 2021, Mark43 closed a $101 million Series E round co-led by Tiger Global Management and The Spruce House Partnership at a $1 billion+ valuation.
6. Paradox Capital by Kyle Tibbitts
Type: Rolling Fund
Subscription amount: $12,500+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- OpenStore – participated in the Seed round in 2021. In Sept 2022, OpenStore closed a round from Founders Fund, Khosla Ventures, and others at a $970 million valuation.
- Primer – participated in the Seed round in May 2020. In April 2022, Primer closed a $15 million Series A round led by Founders Fund.
- Wander – participated in the Pre-Seed round in June 2021. In Feb 2022, Wander closed a $20 million Series A round led by QED Investors.
- Acquire – participated in the Seed round in July 2021. In Dec 2021, Acquire closed a $5 million round from Shrug Capital and others at a $80 million valuation.
- Clubhouse – participated in the Series A round in May 2020. In April 2021, Clubhouse closed a Series C round led by Andreessen Horowitz at a $4 billion valuation.
7. Draft Ventures II by Artia Moghbel and David Rodriguez
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 1 Quarter
Management fee: 1.85% per year over 10 years
Carry: 20%
Notable investments:
- Notion – In Oct 2021, Notion closed a $275 million round co-led by Coatue and Sequoia Capital at a $10 billion valuation.
- Stargaze – Invested at a $49 million valuation, now valued at $293 million.
- Goldfinch – Invested at a $45 million valuation. In Jan 2022, Goldfinch closed a $25 million round led by Andreessen Horowitz at a $515 million valuation.
- Copper Banking – Invested at a $25 million valuation. In Aug 2022, Copper Banking closed a $29 million Series A round led by Fiat Ventures at a $125 million valuation.
- Thrive Market – In July 2021, Thrive Market was planning an IPO at a $2 billion+ valuation.
8. Roger Dickey’s Rolling Fund
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 2-16 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Opendoor – In Dec 2020, Opendoor went public at a $18 billion valuation.
- Rappi – In July 2021, Rappi closed a $500 million round led by T. Rowe Price at a $5.25 billion valuation.
- Docker – In Mar 2023, Docker closed a $105 million Series C round led by Bain Capital Ventures at a $2.1 billion valuation.
- OpenGov – In Sept 2021, OpenGov closed a $51 million Series D round co-led by Weatherford Capital and 8VC.
- Boom Supersonic – In Jan 2022, Boom Supersonic closed a $60 million investment from the US Air Force.
9. Kulveer Taggar Rolling Fund
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Mux – participated in the Seed round in 2016. In April 2021, Mux closed a $105 million Series D round led by Coatue at a $1 billion+ valuation.
- Lyft – participated in the Series C round in 2013. In March 2019, Lyft closed its first day of trading on the public market at a $22.2 billion valuation.
- Robinhood – participated in the Series D round in 2018. In July 2021, Robinhood closed its first day of trading on the public market at a $32 billion valuation.
- Rickshaw – participated in the Seed round in 2013. In Sept 2017, DoorDash acquired Rickshaw for an undisclosed amount.
- Boom Supersonic – In Jan 2022, Boom Supersonic closed a $60 million investment from the US Air Force.
10. Diaspora Ventures by Carlos Diaz and Marvin Liao
Type: Rolling Fund
Subscription amount: $12,500+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Checkr – participated in the first round. In Sept 2021, Checkr closed a $250 million Series E round led by Durable Capital at a $4.6 billion valuation.
- Algolia – participated in the first round. In July 2021, Algolia closed a $150 million Series D round led by Lone Pine Capital at a $2.25 billion valuation.
- Qualio – In May 2021, Qualio closed a $50 million Series B round led by Tiger Global Management.
- Aircall – In Feb 2023, Aircall closed a $120 million Series D round led by Goldman Sachs Asset Management at a $1 billion+ valuation.
- Shippo – In June 2021, Shippo closed a $50 million round led by Bessemer Venture Partners at a $1 billion+ valuation.
11. Ligature by Daniel Scrivner & Dan Becker
Type: Rolling Fund
Subscription amount: $5,000+ Quarterly
Subscription period: 4-16 Quarters
Management fee: 0.25% per year over 10 years
Carry: 22%
Notable investments:
- Public – In February 2021, Public closed a $220 million round from Greycroft Partners, Accel, and others at a $1.2 billion valuation. Ligature currently reports a 15x MOIC (multiple on invested capital) on the deal.
- AtoB – In August 2022, AtoB closed a $75 million round co-led by Elad Gil and General Catalyst at a $800 million valuation. Ligature currently reports an 8x MOIC on the deal.
- Array – In April 2021, Array closed a $67 million Series A round from General Catalyst and others. Ligature currently reports a 4x MOIC on the deal.
- Levels – In January 2023, Levels closed a $7 million extension to their $38 million Series A from Andreessen Horowitz, Shrug Capital, and others.
- Reforge – In March 2022, Reforge closed a $60 million Series B round led by Insight Partners.
12. Sahil Lavingia Rolling Fund
Type: Rolling Fund
Subscription amount: $6,250+ Quarterly
Subscription period:1-16 Quarters
Management fee: 2.5% per year over 10 years
Carry: Base carry is 20%, then increases to 30% after the fund realizes a 3x return
Notable investments:
- Figma – participated in the Series D round in April 2020 at ~$2 billion valuation. Adobe is in the process of acquiring Figma for $20 billion but must pass inspection from EU regulators.
- HelloSign – participated in the Seed round in 2011. HelloSign was sold to Dropbox in 2019 for $230 million in cash.
- Brave Care – participated in the Seed round in 2019. Brave Care closed a $25 million Series B in 2021 led by Mednax.
- Lambda School – participated in the Seed round in 2017. Lambda School closed a $74 million Series C in 2020 led by Gigafund.
- Baseten – participated in the Seed round in 2019. Baseten closed a $20 million round in 2022 co-led by Greylock Partners and South Park Commons Fund.
13. Anti Fund by Geoffrey Woo and Jake Paul
Type: Rolling Fund
Subscription amount: $25,000+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Ramp – participated in the Seed round in August 2019. Ramp closed a $200 million round from Redpoint Ventures, Thrive Capital, and others in March 2022 at a $8.1 billion valuation.
- Wander – participated in the $20 million Series A round in Feb 2022 led by QED Investors.
- Alchemy – participated in the Series B round in April 2021. Alchemy closed a $200 million Series C1 round co-led by Lightspeed Venture Partners and Silver Lake at a $10.2 billion valuation.
- Chronosphere – participated in the Seed round. Chronosphere closed a $115 million Series C round from GV, Founders Fund, and others in Jan 2023 at a $1.6 billion valuation.
- Betr – Anti Fund incubated Betr. Betr closed a $35 million Series A2 round co-led by IA Sports Ventures, Eberg Capital, and Fuel Venture Capital in June 2023 at a $335 million valuation.
14. Shaan and Romeen’s Angel Fund by Shaan Puri and Romeen Sheth
Type: Rolling Fund
Subscription amount: $12,500+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Replit – In April 2023, Replit closed a $97.4 million round led by Andreessen Horowitz’s Growth Fund at a $1.16 billion valuation.
- Deel – In May 2022, Deel closed a $50 million round from Andreessen Horowitz, Spark Capital, Y Combinator, and others at a $12 billion valuation.
- TripleWhale – participated in the Seed round in March 2022. TripleWhale closed a $25 million Series B round co-led by NFX and Elephant in February 2023.
- Maven – In May 2021, Maven closed a $20 million Series A round led by Andreessen Horowitz.
15. Latitud
Type: Rolling Fund
Subscription amount: $5,000+ Quarterly
Subscription period: 1 Quarter
Management fee: 1.8% per year over 10 years
Carry: 20%
Notable investments:
- Quinto Andar – In August 2021, Quinto Andar closed a $120 million Series E extension round co-led by Greenoaks Capital and Tencent at a $5.1 billion valuation.
- Pomelo – In May 2021, Pomelo closed a $9 million Seed round co-led by Index Ventures and monashees.
- La Haus – In May 2023, La Haus closed a $62 million Series C round from NFX, Acrew Capital, and others.
- Chiper – In Nov 2021, Chiper closed a $53 million Series B round led by Nosara Capital.
- Clara – In April 2023, Clara closed a $60 million round led by GGV Capital.
16. Coelius Capital Rolling Fund by Zach Coelius
Type: Rolling Fund
Subscription amount: $10k per quarter
Subscription period: 1 Quarter
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Branch – In Feb 2022, Branch closed a $300 million Series F round led by New Enterprise Associates at a $4 billion valuation.
- Mercury – In July 2021, Mercury closed a $120 million Series B round led by Coatue at a $1.6 billion valuation.
- Cruise – In Feb 2022, Cruise closed a $1.35 billion round led by SoftBank.
- mParticle – In Oct 2021, mParticle closed a $150 million Series E round led by Permira’s Growth Fund at a $800 million valuation.
- HelloSign – In 2019, HelloSign was sold to Dropbox for $230 million in cash.
17. UV by Peter Livingston and Thibault Reichelt
Type: Rolling Fund
Subscription amount: $12,500+ Quarterly
Subscription period: 8-24 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Jeeves – was the first investor in the company. Jeeves closed a $180 million Series C round led by Tencent in March 2022 at a $2.1 billion valuation.
- Yassir – participated in the Seed round in Oct 2019. Yassir closed a $150 million Series B round led by BOND in Nov 2022.
- Zepto – participated in the Seed round in Sept 2020. Zepto was in the process of raising a $150 million Series E round led by StepStone Group in July 2023 at a $1.3 billion valuation.
- Kyte – participated in the Pre-Seed round in Sept 2019. Kyte closed a $60 million Series B led by InterAlpen Partners in Nov 2022.
- 99 Minutos – participated in the Seed round in March 2020. 99 Minutos closed a $82 million round led by OAK HC/FT in March 2022.
18. Climate Capital by Sundeep Ahuja
Type: Rolling Fund
Subscription amount: $5,000+ Quarterly
Subscription period: 1 Quarter
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Mosaic – In June 2023, Mosaic closed a $23 million Series C round led by OMERS Ventures.
- Mighty Buildings – In July 2021, Mighty Buildings closed a $22 million Series B extension round from Khosla Ventures, Modern Venture Partners, and others.
- Noya – In April 2023, Noya closed a $11 million Series A co-led by Union Square Ventures and Collaborative Fund.
- Arcadia – In Dec 2022, Arcadia closed a $125 million round led by Magnetar Capital at a $1.5 billion valuation.
- BlocPower – In Mar 2023, BlockPower closed a $25 million round led by VoLo Earth Ventures.
19. Unwritten Ventures by Jonathan Wasserstrum
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 4-8 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Alma – In Aug 2022, Alma closed a $130 million Series D round led by Thoma Bravo at a $800 million valuation.
- Atmos – In Nov 2021, Atmos closed a $12.5 million Series A round led by Khosla Ventures.
- Wander – In Feb 2022, Wander closed a $20 million Series A round led by QED Investors.
- Landis – In Oct 2022, Landis closed a $40 million Series B round led by GV.
- David Energy – In March 2022, David Energy closed a $20.5 million Series A round co-led by Keyframe Capital and Union Square Ventures.
20. Trucks Growth Fund
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 1 Quarter
Management fee: 2% per year over 10 years
Carry: Base carry is 20%, then increases to 30% after the fund realizes a 3x return
Notable investments:
- Joby Aviation – In August 2021, Joby Aviation went public at a $4.5 billion valuation.
- Gatik – In Jan 2023, Gatik closed a $10 million round from Microsoft at a $700 million+ valuation.
- Bear Flag Robotics – In Aug 2020, John Deere acquired Bear Flag Robotics for $250 million.
- AEye – In Nov 2018, AEye closed a $40 million Series B round led by Taiwania Capital.
- Roadster – In June 2021, CDK Global acquired Roadster for $360 million.
21. AK Capital by Avlok Kohli
Type: Rolling Fund
Subscription amount: $12,500+ Quarterly
Subscription period: 4 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Momentus Space – In Feb 2023, Momentus Space closed a $10 million round from an undisclosed institutional investor.
- Settle – participated in the Seed round in Oct 2020. In Nov 2021, Settle closed a $60 million Series B round led by Ribbit Capital.
- Superblocks – participated in the Series A round in Aug 2022. In Aug 2022, Superblocks closed a $37 million round from Kleiner Perkins, Greenoaks, and others.
- Eight Sleep – In Aug 2021, Eight Sleep closed a $86 million led by Valor Equity Partners at a valuation close to $500 million.
- Presail – participated in the Pre-Seed round in March 2022. In Sept 2022, Presail closed a $3.8 million Seed round led by SNÖ Ventures.
22. Kepler Operator’s Fund by Tyler Willis and Julian Weisser
Type: Rolling Fund
Subscription amount: $10,000+ Quarterly
Subscription period: 4 Quarters
Management fee: 0% per year over 10 years
Carry: Base carry is 20%, then increases to 30% after the fund realizes a 3x return
Notable investments:
- Patreon – In April 2021, Patreon closed a $155 million round led by Tiger Global Management at a $4 billion valuation.
- Lattice – In Jan 2022, Lattice closed a $175 million Series F round from Tiger Global Management, Thrive Capital, and others at a $3 billion valuation.
- Wander – In Feb 2022, Wander closed a $20 million Series A round led by QED Investors.
- Traba – In July 2022, Traba closed a $20 million Series A round led by Khosla Ventures at a $120 million valuation.
23. Sustainable Food Ventures by Ryan Bethencourt and Mariliis Holm
Type: Rolling Fund
Subscription amount: $5,000+ Quarterly
Subscription period: 1 Quarter
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Geltor – was the first investor in 2015 at IndieBio. In July 2020, Geltor closed a $91.3 million Series B round led by CPT Capital.
- Memphis Meats – was the first investor in 2015 at IndieBio. In Jan 2020, Memphis Meats closed a $161 million round led by Japan’s SoftBank Group 9984.T.
- The EVERY Co. – was the first investor in 2015 at IndieBio. In Dec 2021, The EVERY Co. closed a $175 million Series C round co-led by McWin and Rage Capital.
- NotCo – was the first investor in 2017 at IndieBio. In July 2021, NotCo closed a $235 million Series D round led by Tiger Global Management at a $1.5 billion valuation.
- Shiok Meats – was the first angel investor in 2018. In July 2021, Shiok Meats closed a bridge round from Big Idea Ventures and others.
24. Pioneer Opportunity Fund by Jason Gray and Tim Suzman
Type: Rolling Fund
Subscription amount: $25,000+ Quarterly
Subscription period: 4-8 Quarters
Management fee: 2% per year over 10 years
Carry: 20%
Notable investments:
- Snackpass – In June 2021, Snackpass closed a $70 million Series B led by Craft Ventures at a $400 million+ valuation.
- Shogun – In June 2021, Shogun closed a $67.5 million Series C led by Insight Partners at a $575 million valuation.
- Shef – In June 2022, Shef closed a $73.5 million Series B led by CRV.
25. Alter
Type: Rolling Fund
Subscription amount: $12,500+ Quarterly
Subscription period: 4-8 Quarters
Management fee: 2.5% per year over 10 years
Carry: 20%
Notable investments:
- Inventa – In January 2022, Inventa closed a $20 million Series A round co-led by Andreessen Horowitz and Monashees. Alter currently reports a 2.5x MOIC (multiple on invested capital) on the deal.
- Kippa – In Sept 2022, Kippa closed an $8.4 million Seed round from Goodwater Capital, Vibe Capital, and others. Alter currently reports a 2.1x MOIC on the deal.
- Tazah Technologies – In Dec 2021, Tazah Technologies closed a $6.5 million Pre-Seed round co-led by Fatima Gobi Ventures and Vibe Capital.
- Pomelo – In Aug 2021, Pomelo closed a $20 million Seed round co-led by Founders Fund and A* Capital. Alter currently reports a 1.5x MOIC on the deal.
- Melonn – In Feb 2022, Melonn closed a $20 million Series A round led by QED Investors.
