Syndicate deals are now 100% private

Starting today, all syndicate deals will be private. That means deals will only be shown to investors who have been invited by the syndicate’s lead.

Leads won’t be able to share deals with every investor on AngelList anymore, although they can still work with admins to feature deals.

Why go private

Syndicates have invested over $350M in startups like Cruise, Dollar Shave Club and Shyp. Founders have told us that privacy is one of their top concerns, and 75% of deals are already private.

Going 100% private will give founders even more confidence in the privacy of their information. That will help leads make more great investments, which will generate better returns for investors

How this affects leads and investors

This change will have little effect on leads’ and investors’ experiences. Leads have had a private option for over a year and 75% of deals are already private. Also, 95% of capital already comes from invited investors and funds.

The only thing that’s changing is leads will need admin approval to feature deals to all investors on AngelList. Leads can still share deals with funds. Investors can still apply to invest in any syndicate, and can still invest in funds.

How this affects startups

Only invited investors will see a startup’s information. It won’t be featured to all investors without approval from the admins.

Startups should also know that they can often share less information with syndicate investors than they would share with a typical offline investor. Syndicate investors make decisions based on the lead’s judgement and other signals like co-investors and team. So they often don’t need to see the same information as a typical offline investor.

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Originally published at on September 6, 2016.