AngelList raises $24M from Google Ventures, many others
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
AngelList, the leading network
connecting startup investors and entrepreneurs, has raised $24 million in a move
by co-founder and CEO Naval
Ravikant to expand the platform's capabilities.
Google Ventures, the Kauffman Foundation and Atlas Venture led the round, which was reported to
have been done at a valuation of $150 million. Others joined in, I am told, with
more than 110 other institutions and individuals participating. The list
includes Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, Mitch
Kapor, Marc
Andreessen, Max
Levchin and Ev
Williams.
Ravikant declined to comment about the funding when contacted today.I am told by sources knowledgable of the deal that none of the funders were given a seat on AngelList's board, nor will they be privy to inside information.
The news comes on the eve of federal regulators lifting a ban that prohibits startups and investment funds from doing public fundraising.
Ravikant has been wary of advising startups on AngelList to appeal to the public in their fund-raising efforts because of a set of proposed regulations that could take effect in the future. The changes are part of the implementation of the JOBS Act that has taken the SEC more than a year to implement.
He wrote a letter to the Securities and Exchange Commission in
August that warned of dire consequences from the proposed rules. In particular,
he cited proposed requirements that startups announce their intentions to raise
money 15 days before they begin public fundraising and update the filing
whenever terms are changed.
But I am told by people familiar with the matter that beginning tomorrow,
AngelList will allow its platform to be used by startups that want to take the
leap.
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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