Demo Day Funds
W24 Batch
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Overview
AngelList Demo Day Funds, led by seasoned Y Combinator alumni or insiders, are raised prior to each YC cycle and provide investment access to that cycle’s companies.
Details
About Y Combinator
Twice 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 pitch. 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. The fund leads also begin forming relationships with companies even prior to the unveiling on Demo Day.
Examples of investments are purely for illustrative purposes. There is no guarantee that the W24 Demo Day Funds will achieve the same exposure to or quality of portfolio companies held by any previous Demo Day Funds.
Profiles
2024 Winter Batch
Fund Leads
Each fund is run independently by a YC alum or insider. Your commitment will be equally distributed between all the funds that are currently raising at time of your investment. Please note that certain individual funds may no longer be accepting additional investors at the time of your investment.
Data
Past Returns
| Batch | IRR | Return multiple |
|---|---|---|
| Summer 2015 | 33% | 8.5x |
| Winter 2016 | 45% | 15.0x |
| Summer 2016 | 11% | 2.1x |
| Winter 2017 | 32% | 6.5x |
| Summer 2017 | 29% | 4.9x |
| Winter 2018 | 60% | 13.8x |
| Summer 2018 | 28% | 3.3x |
| Winter 2019 | 54% | 7.8x |
| Summer 2019 | 13% | 1.7x |
| Winter 2020 | 22% | 2.1x |
| Summer 2020 | 36% | 2.0x |
| Winter 2021 | 14% | 1.5x |
| Summer 2021 | 5% | 1.1x |
FAQs
Everything you
need to know
Your commitment will be equally distributed between all currently raising funds. Please note that individual funds may no longer be accepting additional investors at the time of your commitment, as the fund approaches its regulatory investor limits or at the discretion of the fund lead. This means that you may not have access to every fund, depending on the time of your commitment. You can also choose to invest in the funds individually.
The funds have no official relationship with YC or special access to YC startups.
Typically, each fund will return capital to you after any of its companies has a liquidation event, subject to the fund's carry payment to the Fund Lead.
Investment opportunities for Chris’s fund are sourced by Subfolio LLC (“Chris”). Chris is subject to SEC regulation as an exempt reporting adviser.
Benjamin sources investment opportunities for his fund. Investment opportunities are then sent by Benjamin to AngelList Advisors, LLC (“AngelList”) for review.
Rich sources investment opportunities for his fund. Investment opportunities are then sent by Rich to AngelList for review.
JJ sources investment opportunities for his fund. Investment opportunities are then sent by JJ to 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, such as when a fund lead discloses a conflict of interest.
Each fund plans to invest in roughly 15 to 20 companies. However, this is just an estimate and the actual number of investments may vary. Please review the risk disclosures in the PPM.
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 when a lead is conflicted and outside signals are weak.
Most YC companies raise via SAFEs. There may be many exceptions where the funds acquire different securities on different terms. Additionally, the median company valuation cap for Demo Day start-ups at the time of investment has increased over time.
Each fund pays (i) 0.75% of the capital commitments + $3.5k annually, for 10 years, and (ii) 20% carry if the fund is profitable
There are no subsequent capital calls. You invest your full amount upfront.
You can't sell your stake or transfer your interest outside of serious events like death or divorce. Startup investments are highly risky and illiquid. You should be prepared to lose your entire investment, and any gains are likely to be realized eight or more years following your investment.
No. You commit capital in advance in exchange for exclusive access to the entirety of the funds' investments.
We'll notify you when portfolio companies allow us to share this information. This may not happen for many months (or longer).
The funds aim to invest the entire amount raised. If they don't, the funds will return leftover capital.
No. When practical, pro rata opportunities will be offered to fund investors through other vehicles.
For any additional questions, please reach out to demoday@angellist.com