TheSyndicate.com is an angel investing club led by Jason Calacanis.
Jason Calacanis has invested in over 300 startups in the past decade, was Sequoia Capital's first Scout, and is the author of the book ANGEL. He hosts two podcasts, This Week in Startups and All-In, and is a regular contributor to CNBC.
We currently host four syndicates:
- Jason's Syndicate Deals are selected and shared by Jason Calacanis.
- The SaaS Syndicate Invest exclusively in SaaS companies.
- The Climate Syndicate Invest exclusively in Climate Tech companies.
- The All-In Syndicate Deals are selected by three members of the All-In Podcast (Chamath Palihapitiya, David Friedberg, and Jason Calacanis).
Select a Syndicate
Investors
How it works:
- Select a Syndicate
- Apply to join
- Receive deal memos in your inbox
- Attend webinars with the founders
- Decide if you want to invest
Founders
How it works:
- Select a Syndicate
- Submit your startup
- Our team reviews your company and will be in touch within 24 hours
- If we invest, your deal will be shared with our members
- Send updates to investors and use them as a resource
FAQ for Investors
Deal flow and convenience. The lead takes care of finding startups, negotiating deal terms, performing due diligence, writing a deal memo, hosting a webinar, and advising the SPV.
SPV stands for Special Purpose Vehicle. We create a new SPV for each deal with the exception of some pro-rata deals. The structure of the SPV is an LLC.
No. As a syndicate backer, you are investing in membership units of the special purpose vehicle, the SPV invests in the company on behalf of its members.
There is no cost to be part of The Syndicate, but if you choose to participate in a deal the setup and diligence fee per deal is approximately $15k, depending on the amount raised and covers the creation and management of the SPV, Blue Sky filing fees, a due diligence fee, and wire fees. This fee is split on a pro-rated basis among the investors who opt into the deal. Fee structures for 2022 include:
$9,500 for SPV creation and management by Assure,
Preparation and management by LAUNCH:
0-$250,000 = $2,500
$250,000.01 - $500,000 = $5,000
$500,000.01 - $1,500,000 = $7,500
$1,500,000.1 - $5,000,000 = $10,000
$5,000,000.1 and up = $15,000
and variable fees for wire and blue sky filing
Minimums range from $2,000 - $15,000 per deal, largely dependent upon the size of the allocation. On average, the minimum is $4,000.
We will always offer pro rata but you are not obligated to participate. You will never be responsible for more than your initial subscription (investment) amount in the SPV.
“Carry” is short for carried interest which is a share of the profits. Carry for The Syndicate is 20%. Carry is paid to the lead for negotiating deal terms, performing due diligence, writing a deal memo, hosting a webinar, and advising the SPV.
The goal is to send one deal/week.
Yes, you may participate as a foreign investor as long as you meet the U.S. SEC accreditation requirements.
No, we currently send all deal memos via email.
FAQ for Founders
One line item on your cap table for up to 249 investors. That's a lot of super fans and collective brainpower. It's also a great alternative to VC if you're operating in a non-traditional category.
There is no cost to pitch to the Syndicate (please don't ever pay to pitch!)
Should you successfully raise funds from The Syndicate, the investors in the SPV will pay for fees on a pro rata basis per investment.
We review applications on a rolling basis. If we believe there is a fit, we will email you to schedule a 20-minute pitch over Zoom.
Our team will begin diligence and you'll pitch to the Syndicate. We work closely with you throughout this process.
On average, 3-5 weeks.
Due to privacy, we cannot release the names of the investors in our syndicate.
We create an email list (mail group) of the investors who opt into your deal and ask you to send updates to that group.