Recurring Transfers

End-to-end liquidity management on a recurring basis

Dec 15, 2020 — 3 min read

Written by

Inderpal Singh

Product Manager

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The lifeblood of any great technology company is their talent. Unfortunately, when it comes to competing for talent, private companies have always been at a disadvantage to public companies. Let’s imagine a scenario where an employee has two competing offers where the cash offer is the same.

Private Company: $100K worth of stock, 100% YoY Growth
Public Company: $100K worth of stock, 35%YoY Growth

On paper, the private company offer looks better. The company is doubling every year so the stock will grow much faster. In practice, however, people discount the stock because it’s illiquid. That puts the private company at a significant disadvantage.

We think there’s a better way. Recurring Transfers enables private companies to offer recurring liquidity as a way to attract and retain great talent. We built the product to provide maximum control on who gets to sell how much and when.

Control the process while reducing overhead: set parameters for incoming LPs, percentages individuals can sell, and more, while AngelList manages the entire process end-to-end on a recurring basis
Streamline the cap table, future voting, and signatures: the buying entity will vote with the majority of non-conflicted holders of the same class and only a single signature is needed from AngelList for all buyers
Protect private information: information rights are held by the single block and not provided to the underlying investors
as a benefit to employees to differentiate compensation offerings from competitors

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Offer recurring liquidity

Pipe.com uses Recurring Transfers to make sure their employees can get liquidity on a recurring annual basis - something private companies historically haven't actively promoted.

Harry Hurst, co-founder and co-CEO said,

At Pipe, we believe that our entire team should have the same access to liquidity usually only afforded to founders. Everyone at the company may go through life-changing events such as buying a house or starting a family, we want to make sure that our team can get access to liquidity along the way to provide the financial cushion they need and deserve. AngelList's reputation for being startup-friendly gave us the confidence to choose them as our trusted partner.

Furthermore, companies can attract investors and talent by offering liquidity as part of a compensation package, reducing pressure for early investors and employees.

Earlier this year, we introduced Transfers, which enabled companies to take control of their liquidity options, while reducing operations, time, and expenses. With Recurring Transfers, we've further streamlined the process allowing for end-to-end liquidity management on a recurring basis. This added flexibility permits companies to offer shareholders liquidity on a recurring basis without having to incur extra overhead.

Recurring Transfers allows companies to manage their liquidity without having to manage the process periodically. Interested companies that have a $100M+ valuation and notable VC investors should contact us to learn more.

Disclaimer

This blog post and the information contained herein is provided for informational and discussion purposes only and is not intended to be a recommendation for any investment or other advice of any kind, and shall not constitute or imply any offer to purchase, sell or hold any security or to enter into or engage in any type of transaction. Any such offers will only be made pursuant to formal offering materials containing full details regarding risks, minimum investment, fees, and expenses of such transaction. The terms of any particular fund, including size, costs, and other characteristics, are set forth in the applicable constituent documents for such fund and may differ materially from those presented in this presentation. Quotes included in these materials related to AngelList's services and should not be construed in any way as an endorsement of AngelList's advice, analysis, or other service rendered to its clients. Illustrative examples are chosen on basis of their notability and the total amount invested on the AngelList platform.