Demo Day Funds
X25 Batch
Overview
AngelList Demo Day Funds, led by seasoned Y Combinator alumni or insiders, are raised prior to each YC cycle and provide unique investment access to that cycle’s companies.
This will be the first-ever YC Spring 2025 (X25) cohort — providing you the unique opportunity to invest in YC’s inaugural spring batch.
Details
About Y Combinator
Four times a year, Y Combinator makes a number of small investments into early-stage startups. These selected startup teams participate in the 3-month program to grow their metrics and refine their pitches. At the end of each cycle, the teams present their companies on Demo Day.
AngelList Demo Day access
Demo Day is closed to the public, but the AngelList Demo Day Funds give you access to Y Combinator companies.
Examples of investments are purely for illustrative purposes. There is no guarantee that the X25 Demo Day Funds will achieve the same exposure to or quality of portfolio companies held by any previous Demo Day Funds.
Profiles
2025 Spring Batch
Fund Leads
Each fund is run independently by a YC alum. Your commitment can be allocated across funds at your discretion, and you may also choose to invest in specific funds. Please note that certain individual funds may no longer be accepting additional investors at the time of your investment.
Data
Past Returns
| Batch | Net IRR | Net TVPI |
|---|---|---|
| Winter 2016 | 33% | 9.9x |
| Summer 2016 | 7% | 1.8x |
| Winter 2017 | 23% | 5.1x |
| Summer 2017 | 19% | 3.7x |
| Winter 2018 | 48% | 13.6x |
| Summer 2018 | 22% | 3.1x |
| Winter 2019 | 48% | 10.2x |
| Summer 2019 | 9% | 1.6x |
| Winter 2020 | 14% | 1.9x |
| Summer 2020 | 32% | 3.1x |
| Winter 2021 | 9% | 1.4x |
| Summer 2021 | 4% | 1.1x |
| Winter 2022 | 4% | 1.1x |
| Summer 2022 | 1% | 1.0x |
| Winter 2023 | 3% | 1.1x |
FAQs
Everything you
need to know
Your commitment may be equally allocated across all funds, or you may also choose to invest in specific funds. Please note that individual funds may no longer be accepting additional investors at the time of your commitment. This means that you may not have access to every fund, depending on the time of your commitment.
The minimum to invest in an individual Demo Day Fund is $5K.
You can invest in all five funds or choose individual funds to invest in. To invest in funds individually, you can navigate to your Invites page and choose which funds you'd like to commit to.
Demo Day Funds have historically filled up quickly, and certain funds may stop accepting new investors before the target close date of June 4, 2025. Investments will be accepted until the close date or until the funds reach capacity.
The funds have no official relationship with YC or special access to YC startups.
There is no guarantee of returns. Typically, funds will return capital to investors if it receives proceeds from its investments (for example, from a portfolio company liquidation event), subject to the fund's carry payment to the Fund Lead and other fund expenses.
The companies that Demo Day Funds invest into may not be available through syndicates.
The funds are designed to invest in all the leads' YC deals from this batch until investable capital is fully deployed. However, investment opportunities may be rejected under certain circumstances (e.g. when a lead is conflicted).
Most YC companies raise via SAFEs. There may be many exceptions where the funds invest via a different structure.
Each fund pays management fees, administrative fees, and, if the fund is profitable, carry. Please review the relevant fund’s PPM and operating documents for more information.
The fund leads (Benjamin, JJ, Rami, Yahya, and Philip) source investment opportunities and manage the funds. Investment opportunities are then sent to AngelList Advisors, LLC (“AngelList”) for review.
AngelList is subject to SEC regulation as an exempt reporting adviser. AngelList will launch and maintain the fund throughout its lifetime. AngelList may reject investment opportunities on behalf of a fund in certain circumstances (e.g. if there is a conflict of interest).
For any additional questions, please reach out to demoday@angellist.com