The Rise of Angel Syndicates and Rolling Funds

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If you want to invest alongside the VC funds who've backed breakout companies like Revolut, Asana, JustEat, Bolt, Lets Get Checked, Loom, Runna, Charlotte Tilbury, Deel, Aircall, AngelList, Carta, TransferWise and many more, regardless of your knowledge, network or net worth, join our limited waitlist now.

Now, let’s get into it 👇

Investing in startups has never been easy. Until recently, if you wanted to back the world’s most promising founders, you either had to:

• Be an ultra-wealthy investor cutting million euro cheques into VC funds; or

• Have direct access to founders through networks built over decades.

But recently, two models have emerged that are changing that: angel syndicates and rolling funds.

So, what even is an angel syndicate?

Imagine you have a trusted friend who knows all the best restaurants in town. Instead of you researching every menu, they simply say, “I’ve booked us a table here, it’s excellent.”

An angel syndicate works the same way when it comes to investing in startups. An experienced investor (called a syndicate lead) sources a promising deal and invites others to invest alongside them. Each backer chooses whether to participate and how much to invest, with minimums far lower than a traditional VC fund.

Key characteristics of an angel syndicate:

• Led by someone with expertise or networks that founders trust.

• Hosted on platforms like AngelList in the US (and soon Shuttle in the EU 👀).

• Backers invest deal-by-deal, not committing to a blind fund (a blind fund is an investment fund where investors commit money upfront without knowing which specific companies or assets the fund will invest in).

And what about a rolling fund?

Traditional VC funds raise a single pool of money upfront. Rolling funds flip this model on its head. They’re subscription-based funds where LPs (the people investing in the fund, known as Limited Partners) commit quarterly rather than all at once.

Think of it like Netflix for investing: instead of paying for 10 years upfront, you subscribe each quarter. For emerging managers or solo GPs, this makes fundraising smoother and ongoing, while LPs can join at any time without waiting for a new fund launch.

Key characteristics of a rolling fund:

• Continuous fundraising and investing.

• New LPs can join or leave each quarter.

• Offers flexibility for managers and accessibility for investors.

Why have these models become so popular?

The rise of rolling funds and syndicates is driven by three big shifts:

1. Operators are becoming investors - Experienced founders, executives, and operators are launching funds to back the next generation, leveraging their expansive networks and knowledge.

2. Frustration with traditional VC exclusivity - Many investors feel locked out by high minimums and closed networks. Syndicates and rolling funds lower barriers.

3. A greater appetite for diversification - Retail investors want to add venture to their portfolios to balance public market exposure without needing to commit millions to 10 year VC funds.

What are the benefits and risks?

Benefits:

• Direct access to promising deals and emerging managers.

• Far lower minimums compared to traditional VC funds.

• Opportunity to back syndicate leads and emerging managers with unique sector expertise.

Risks:

• Relying heavily on the lead’s diligence and network.

• Less diversification than a traditional VC fund, unless investing across multiple syndicates or rolling funds (which you probably should be).

What does this mean for the future of investing?

These models are rewriting the playbook. They allow talented individuals with strong networks to become investors without needing a large institution behind them. For founders, it means they can raise from backers who understand their world deeply. For retail investors, it opens doors previously locked.

At Shuttle, we believe anyone with expertise, networks, and conviction should be able to launch their own syndicate or rolling fund seamlessly - backed by technology that removes friction for all stakeholders:  retail investors, syndicate leads, fund managers and startup founders.

We’re building towards a future where investing in the world’s best companies is simple, unintimidating, and accessible to almost anyone.

What we’ve been working on at Shuttle

• Gearing up for Drop no.3 on 14th July (registration opens 7th July) 🚀

• We’ve sunset shuttle.club and migrated to joinshuttle.com 🧬

• Now conducting second round interviews for our Head of Compliance 🛡️

• We’ve hired a fractional CMO to supercharge our marketing 📢

• Shot our first affiliate partnership video coming next week 🎥

The Unsophisticated Investor is brought to you by Scott & Rob, the founders of Shuttle. We’re both sick of private markets being a playground exclusive to the ultra-wealthy so we started a company to challenge the status-quo. Shuttle’s singular focus is to unlock private markets for Millennial and Gen Z tech professionals and help them build wealth through the highest performing private market opportunities.

Scott & Rob
Shuttle Co-Founders