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AngelList looks inwards to raise new funds

0 12 June 2013

AngelList, the US-based platform that helps start-ups attract investment from angels and VC funds has tapped into its extensive network of investors and raised money for itself. The amount raised is believed to be between $ 6.8 million and $ 17 million, though the company is yet to confirm the exact figure.

AngelList recently sent out a letter to a pool of investors asking them to finance the project. The document states that the project is yet to monetize and acknowledges that it may be viewed as high risk by some investors. Forbes states that AngelList managed to raise about $ 6.8 million, but a source close to RusBase believes the deal to be worth as much as $17 million and also suggests that the funds came from 22 members of Silicon Valley's tech investment elite.

Readers may recall that in December of last year AngelList raised an estimated, but unconfirmed, $150 million from Google Ventures and Andreessen Horowitz.

AngelList is the leading international platform for startups looking to raise angel funding. To date, it has roughly 300,000 users, lists 3,400 startups and through its platform has raised about $2.2 billion for startups.

The Silicon Valley startup, which was founded 3 years ago by Naval Ravikant and Babak Nivi (who also founded VentureHacks), has fostered a culture of cooperation between angel investors, VC funds, incubators, accelerators and startups. AngelList also recently partnered with SecondMarket to offer smaller accredited investors the opportunity to invest as little as $1000 in a curated selection of startups. The project, which is mainly open to US investors for regulatory reasons, has thus far managed to attract $12.5 million.

AngelList's prospects for growth look very positive - it is the default network used by accelerator programs like TechStars, AngelPad, 500 Startups and now integrates a portfolio monitoring service for VC funds. At RusBase, though our focus is broader, we believe our role in Russia to be similar to that of AngelList in the US, so we wish them the best of luck.

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