FORTUNE -- It has been five months since AngelList launched its syndicates program, which allows individual angel investors to raise pool of capital that they can tap to back seed-stage startups. Notable syndicate "leads" have included Kevin Rose, Tim Ferris and Jason Calacanis. Some VC firms have even launched their own AngelList syndicates, including Atlas Venture and Foundry Group.
Now a new San Francisco-based firm has formed to invest in a broad portfolio of AngelList syndicates, via a fund-of-funds model.
It's called Maiden Lane, and is expected to close its debut fund within the next week on between $20 million and $25 million. Not from AngelList users, but from traditional limited partners in VC funds, like Top Tier Capital Partners and Venture Investment Associates. Typical commitments would be around $200,000 up-front, plus reserved cash for follow-ons. Around half of Maiden Lane's investments would be in AngelList syndicates, while the other half would be in direct investment opportunities (or co-investments) offered via AngelList's deal platform.
Maiden Lane is not officially part of AngelList, but the ties between the two run deep. One of Maiden Lane's two partners is Kevin Laws, AngelList's current chief operating officer, who is beginning to slow down his day-to-day responsibilities with the company (he is expected to remain COO, but spend the vast majority of his time on Maiden Lane). The other is Dustin Dolginow, a principal with AngelList shareholder Atlas Ventures, who will be transitioning to a venture partner role with the firm. In addition, Atlas partner Jeff Fagnan and AngelList founder and CEO Naval Ravikant both will sit on Maiden Lane's investment committee, and are limited partners in the fund.
Fagnan says that he and Atlas helped back Maiden Lane's pilot program called Angel Pool, which already has returned its initial capital and is being held at around a 4x multiple.
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AngelList builds its war chest, as the SEC prepares to lift its ban on general solicitation.
FORTUNE -- For years, AngelList has freely facilitated introductions between entrepreneurs and investors. Now it's raised some big cash of its own.
Fortune has learned that AngelList recently raised around $24 million at a valuation in the $150 million range. Atlas Venture and Google Ventures helped lead the round, which included participation by more than 100 MOREDan Primack - Sep 22, 2013 5:20 PM ET
If startups are facing a cash crunch, it isn't when they start up.
Venture capitalists today are buzzing about a Wall Street Journal story about how Internet startups are facing a "cash crunch."
It's mostly based on AngelList data (or not, see update below), plus venture fund-raising statistics from Dow Jones. I don't dispute either of them, but believe they need to be viewed in a broader context. More importantly, I think MOREDan Primack - Oct 13, 2011 10:04 AM ET
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