To get started you need to signup to our annual membership here.
Once you have created your account and confirmed payment, we will reach out via email with research updates and new investment opportunities.
Also, you will receive calendar invites every quarter to participate in research calls hosted by one of our investment lead partner, Pirque Ventures.
Do I need to be an accredited investor to join ΔHEΔD?
No, you don’t need to be an accredited investor to get access to research and receive deal opportunities.
If you are interested in co-investing, you will have to confirm in AngelList your accredited investor status.
For more information about accredited investor status, click here
How many co-investment opportunities will I receive in a year?
There is no minimum number of deals guaranteed with the membership as we prefer optimizing for quality over quantity.
Historically, members of ΔHEΔD have received between 6-10 deals each year.
What is the minimum investment amount per deal?
The minimum investment per deal is $1,000
What is the typical total investment per deal?
Check sizes are largely a function of overall conviction, stage of the company and the actual allocation the investment lead can secure.
For early-stage deals, total check size usually starts at $100k and we have scaled up to $1m for follow-owns or later stage opportunities.
We expect that about 80% of the investments will be in the $150k-$500k range.
Is there any specific investment thesis for the deals shared in ΔHEΔD network?
Each investment lead that we have partnered with has a particular investment thesis. Some like pursuing a more broad, multi-thesis investment strategy and others prefer focusing on a specific vertical. Both approaches are ok as long as leads have enough conviction to commit their skin in the game into the opportunities they share.
In terms of company stage, we expect that most deals shared in our platform will be focused on early-stage companies (pre-seed to Series A) with the possibility to then participate in future follow-on rounds.
Here you can review more info on past syndicates.
What kind of information will I receive every time there is a co-investment opportunity?
We procure that the syndicate leads share all relevant information that they used to make their investment decision. In general, ΔHEΔD members should expect to receive with every new investment opportunity:
ꞏ company deck describing opportunity, market size, business model, traction, etc.
ꞏ investment memo written by syndicate lead specifying deal terms, skin in the game and rationale for investment and associated risks.
ꞏ other information (Eg. Industry reports, Financial projections) every time is made available to the syndicate lead.
How can I keep track of my investments?
Members that decide to participate in a syndicate will receive periodic updates shared by the company. The lead investor is responsible to agree on the frequency of these updates with the startup and include this information as part of the investment memo.
Startups usually share business updates on a quarterly or bi-annual basis. Some startups also share ad-hoc major announcements and more extensive annual reports.
Additionally, AngelList provides an investment dashboard in which each investor can track the performance of their investments based on the latest data available.
What are the differences between the active and passive investment strategies available with my ΔHEΔD membership?
With an active investment strategy, you will have to build your own portfolio by reviewing and selecting specific deals sourced by our investment lead partners and making sure to fund your investment within the timeframe specified for every deal (usually within 5 to 14 days since the opportunity was announced).
With the passive investment strategy, you will be delegating this work to an investment lead partner of your choice. Usually, the passive investment strategy will require an upfront capital commitment into a Venture Capital fund with a pre-defined investment period and a total duration of 10 years.
With your membership, you can complement both investment strategies and take advantage of the best alternatives that suite your investment style.
AngelList is a US-based company that provides modern infrastructure for financing startups around the world.
AngelList is a market leader with $10B+ in assets under management and provides all the legal and tax services required to invest in startups and a full-stack technological platform that allows investors to track their investments over time.
By using AngelList as an administrator, we are guaranteeing to all members that there is a non-related 3rd party responsible for the compliance of all investments and the custody of the funds.
For more information about AngelList, click here.
What is the legal structure of my investment?
Syndicate investments are consolidated into a Single Purpose Vehicle (SPV) that is structured as a US-based LLC created with the sole purpose to invest in a company.
At ΔHEΔD network, we usually use AngelList as the SPV administrator.
Are the investment leads investing their skin in the game in the same vehicle?
Yes. Part of the requirements to our investment leads is that they share any operational risk with our ΔHEΔD members by participating in the same investment vehicle.
This guarantees also that syndicate leads are investing with the same terms than the rest of the network.
What is the process for joining AngelList?
After joining ΔHEΔD you will receive an email invitation to join the ΔHEΔD network syndicate in AngelList.
It is very important that new members use this invitation link as it helps speeding up the application process and saves them from paying additional transactional fees to AngelList in the future.
For full FAQ on AngelList please refer to their Help Center
Can I invest from outside the US?
Yes, you can invest from outside the US as long as you are able to wire funds into your AngelList account and you meet US SEC accredited investor status.
Can I use a legal entity to manage my investments?
Yes. You can invest as a natural person or using an investment vehicle as long as you provide the appropriate documentation to AngelList to complete KYC (know your customer).
What are the fees associated to my investments?
The fee structure will depend largely on the type of investment strategy pursued (passive vs active) and the terms that each investment lead defines.
Generally, single deal opportunities will have a 0% management fee and a 20%-30% carry (success fee). Venture funds may include management fees and a 20%-30% carry.
AngelList charges an additional admin fee that depends on various factors (investors geography, size of the investment, etc) but should not exceed 10% of the invested capital throughout the lifetime of the investment. Historically, admin fees for ΔHEΔD members have accounted for 3.4% of the invested capital.
Admin fees will be appropriately disclosed in all investment opportunities and are paid on a pro-rata basis by all participants (including syndicate lead).
When should I expect to see realized returns from my investments?
There are generally two exits events that generate liquidity to investors: the company IPO's or gets acquired by another company.
The timing for these events to happen will vary significantly from company to company and will also depend on the stage of the company when the investment was made, economic cycle, etc.
We recommend considering investments into early-stage companies as long-term oriented (10+ years) and mostly illiquid until an exit event happens.
What if I would like to liquidate one of my investments?
ΔHEΔD network takes no responsibility to anticipate liquidity to any member and it will not accept any form of exit that can impact other participants.
There might be opportunities in the future to use secondary market to provide early liquidation events but, our recommendation for now is to consider that all these investments are illiquid.
Would my past investments be impacted if I decide to cancel my membership?
No. You can cancel your membership anytime with no consequence to your investments.
The administration and custody of your investment throughout the lifetime of the investments is paid upfront to AngelList and there are no additional requirements to keep this service going.