The Syndicate

The Syndicate

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 three syndicates:

  1. Jason's Syndicate Deals are selected and shared by Jason Calacanis.
  2. The SaaS Syndicate Our latest syndicate, launching on November 1st, focuses on software-as-a-service.
  3. 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:

  1. Select a Syndicate
  2. Apply to join
  3. Receive deal memos in your inbox
  4. Attend webinars with the founders
  5. Decide if you want to invest

Founders

How it works:

  1. Select a Syndicate
  2. Submit your startup
  3. Our team reviews your company and will be in touch within 24 hours
  4. If we invest, your deal will be shared with our members
  5. Send updates to investors and use them as a resource

Previous Investments

Hidden Pages

FAQ for Investors

What is the benefit of a Syndicate?

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.

What’s an 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.

If I choose to invest will my name be on the company’s Cap Table?

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.

What is the Set-Up Fee?

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 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.

What is the minimum amount I can invest?

Minimums range from $2,000 - $15,000 per deal, largely dependent upon the size of the allocation. On average, the minimum is $4,000.

Is it mandatory to invest in pro rata?

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.

What is carry?

“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.

Can you give me an idea of how many deals I should expect to see from The Syndicate each month?

The goal is to send one deal/week.

Can I participate as a foreign resident?

Yes, you may participate as a foreign investor as long as you meet the U.S. SEC accreditation requirements.

Is there a portal I can log into to see previous deals?

No, we currently send all deal memos via email.

FAQ for Founders

What is the benefit of a Syndicate?

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.

Is there a cost?

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.

What happens after I apply?

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.

If my company is selected to pitch to The Syndicate, what happens next?

Our team will begin diligence and you'll pitch to the Syndicate. We work closely with you throughout this process.

How long does it take to run a Syndicate?

On average, 3-5 weeks.

Can I get a list of names of the investors in The Syndicate?

Due to privacy, we cannot release the names of the investors in our syndicate.

If I raise through The Syndicate, what's the best way to communicate with investors in my deal?

We create an email list (mail group) of the investors who opt into your deal and ask you to send updates to that group.