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Demo Day Funds

The Demo Day Funds are AngelList funds raised before each Y Combinator ('YC') cycle, dedicated to investing into YC companies from that batch. Each fund is led by an experienced investor that is a YC alumnus or insider.
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4.8

x
Combined Return Multiple

58

%
Combined IRR

20

%
Carry

$20

k
Minimum Investment

About Y Combinator

Twice a year, Y Combinator makes small investments into a number of early-stage startups. Selected startups participate in the 3-month program to grow their metrics and refine their pitch. At the end of each cycle, the teams present their companies on Demo Day.

$600B+
aggregate portfolio value
The top startup accelerator in the world by portfolio value.
260+
companies worth $150M+
Since 2005, Y Combinator has funded more than 2,000 startups.
60
companies worth $1B+
Y Combinator alumni include Airbnb, Stripe, Dropbox, and Coinbase.

Get Access

Demo Day is closed to the public, but the AngelList Demo Day Funds give you access to Y Combinator companies. The fund leads also begin forming relationships with companies even prior to the unveiling on Demo Day.

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Examples of investments are purely for illustrative purposes. There is no guarantee that the S22 Demo Day Funds will achieve the same exposure to or quality of portfolio companies held by any previous Demo Day Funds.
One investment, five funds
Each fund is run independently, and your investment will be equally distributed between all five funds.
Each fund is led by an experienced investor that is a YC alumnus or insider.
Holly Liu
Ex-YC Partner
Holly co-founded one of the first unicorn mobile gaming companies—Kabam. Kabam created hits such as Marvel: Contest of Champions, Fast & Furious the Game, and Hobbit: Kingdoms of Middle Earth, and sold to Netmarble and FoxNext in 2017 for $1B. Holly was a Visiting Partner at Y Combinator from 2017-19. She has angel invested in over 30 companies.
Holly Liu Demo Day Fund S22
Christopher Golda
YC Founder, S08
Christopher founded BackType (YC S08), a SaaS analytics company he sold to Twitter in 2011. At Twitter, he helped launch Ads and was responsible for the Ads Center until 2014, which grew revenue to $1.4B. Chris is an active investor in startups like Benchling, Coinbase, dYdX, Republic, Replicated, and 100+ more. He's currently a Venture Partner for Entrepreneur First and previously served as an advisor to Menlo Ventures and Y Combinator’s Startup School.
Christopher Golda Demo Day Fund S22
Ethan Perlstein
YC Founder, W16
Ethan is a scientist, biotech entrepreneur, and angel investor with a focus on platform technologies in all areas of biology. He founded Perlara (YC W16) in 2014 as the first biotech public benefit company focused on rare diseases. Current investments include AsherBio and Ochre Bio.
Ethan Perlstein Demo Day Fund S22
Guillaume Luccisano
YC Founder, W12 & S15
Guillaume is a two-time YC alumnus. He founded Socialcam (W12) and Triplebyte (S15). Guillaume is an active angel investor with a track record of 50+ investments, including Airbyte, Teamflow, Gorgias, and more.
Guillaume Luccisano Demo Day Fund S22
Collin Wallace
YC Founder-W19, Techstars Founder-S10
Collin is a serial entrepreneur with multiple exits. He founded FanGo (Techstars 2010), a mobile ordering platform which he sold to Grubhub in 2011. At Grubhub he was the Head of Innovation, where he launched numerous products. More recently, he co-founded ZeroStorefront (YC W19), which was acquired by Thanx in 2022. He is an active investor in companies like Payjoy, Landed, Poscript, Mosaic Voice, Robinhood, GrabTaxi, and over 25 other companies. He co-teaches the Startup Garage class at Stanford Graduate School of Business and advises the Roelof Botha & Huifen Chan Startup Innovation Program.
Collin Wallace Demo Day Fund S22

Past returns

Historically, the Demo Day Funds have produced strong returns.

Note: The prior versions of the AngelList Access Fund mentioned above were advised by AngelList Advisors, LLC, an affiliate of SAX Capital, LLC.  While Parker Thompson, a member of SAX Capital's investment committee, advised past funds at AngelList Advisors, LLC, he was not solely responsible for the investment decisions of those funds and the resulting performance of those funds.  Parker Thompson was one of three investment committee members advising those funds. As a result, investors should be aware that the past performance of those funds are not indicative of future results.
Demo Day Funds Terms
Invest in the current batch - Summer 2022 ('S22').
$20k
Minimum
20%
Carry
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FAQ

How do the Demo Day Funds work?
Are the funds associated with YC?
When do I get returns?
Who manages the funds?
How many investments will the funds make?
Can I invest in these same deals through syndicates?
Are the funds guaranteed to invest in all the leads' deals?
What terms do the funds typically invest on?
Can I invest in the funds individually?
What are the costs?
What is the carry?
When are the capital calls?
Can I sell my stake in the funds and get out early?
Can I opt out of investments?
When will I learn what the funds invest in?
What updates can I expect from the funds?
Will the funds invest the entire amount raised?
Will the funds reserve capital for pro rata opportunities?
How do I contact AngelList?
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Disclaimer:

The information contained herein is provided for informational and discussion purposes only and is not intended to be a recommendation for any investment, service, product, or other advice of any kind, and shall not constitute or imply an offer of any kind. Any investment opportunities and/or products or services shown here will only be completed pursuant to formal offering materials, a letter of intent, and/or any other agreements as determined by AngelList containing full details regarding risks, minimum investment, fees, and expenses of such transaction.The terms of any product, service, or particular investment opportunity, including size, costs, and other characteristics, are set forth in the applicable constituent documents for such product, service or particular investment opportunity and may differ materially from those presented in this presentation.  Such terms are subject to change without notice. For more information on AngelList and its products and services, please see here.

Quotes included in these materials related to AngelList's services should not be construed in anyway as an endorsement of AngelList's advice, analysis, or other service rendered to its clients.

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© Venture. All rights reserved.
Disclaimer:
All data reported as of 6/21/22 net of fees and carry, for funds more than 2 years old. Contact us for returns information for more recently closed funds. Combined IRR is the dollar-weighted IRR over the whole set or specific subset of Demo Day funds. More information on valuation and IRR here. Past performance is not indicative of future results. There is no guarantee that W22 Demo Day Funds will achieve the same exposure to, or quality of, investments held by previous Demo Day Funds.
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Past performance is not indicative of future results. Examples of selected investments are purely for illustrative purposes. Venture investing involves a high degree of risk and is suitable only for sophisticated and qualified accredited investors. There is no guarantee that S22 Demo Day Funds will achieve the same exposure to, or quality of, investments held by previous Demo Day Funds. The investment strategies of funds included in the reference IRR number may be materially different from S22 Demo Day Funds’ investment strategies, which can significantly affect the volatility of returns and probability of loss for such funds.
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This document 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.