FAQ
What is the profile of a typical Angular investment?
Angular typically invests between $200K and $3M in early-stage enterprise technology companies based in Europe or Israel.
At what stage does Angular invest?
Angular is a full-stack, first-check VC fund.
We are comfortable writing a $250K check alongside friends and family.
We are equally comfortable leading a seed round of several million dollars.
It is absolutely never "too early" to start a conversation with Angular.
In the majority of cases, we are the first investor in a company, and typically invest pre-revenue. The earlier, the better.
It can, however, be "too late" to engage with us if you have already done your Series A round or have raised several million dollars in financing.
We are comfortable writing a $250K check alongside friends and family.
We are equally comfortable leading a seed round of several million dollars.
It is absolutely never "too early" to start a conversation with Angular.
In the majority of cases, we are the first investor in a company, and typically invest pre-revenue. The earlier, the better.
It can, however, be "too late" to engage with us if you have already done your Series A round or have raised several million dollars in financing.
In what geographic areas does Angular invest?
Angular will invest in companies based anywhere in Europe or Israel. Angular is not limited to the EU - we are happy to invest in Israel, Switzerland, or even post-Brexit Britain.
Angular will also invest in companies based entirely or partially in the US, provided they were founded by teams from Europe or Israel. European or Israeli companies that already have some US presence are often brought to our attention by our network - and we often find them to be very compelling investment opportunties.
Within our mandate (Israel to Iceland), Angular has absolutely no geographic restrictions or target allocations - and we believe that is a significant strength. Angular strongly prefers to invest in US (Delaware) corporate forms (Inc). Angular is comfortable investing in UK or Israeli limited companies. Occasionally, we will invest in German LLCs (GmbH), Swedish limited companies (AB), or other European corporate forms. That said, our preference for US Inc structures is firm and based on years of experience.
Angular will also invest in companies based entirely or partially in the US, provided they were founded by teams from Europe or Israel. European or Israeli companies that already have some US presence are often brought to our attention by our network - and we often find them to be very compelling investment opportunties.
Within our mandate (Israel to Iceland), Angular has absolutely no geographic restrictions or target allocations - and we believe that is a significant strength. Angular strongly prefers to invest in US (Delaware) corporate forms (Inc). Angular is comfortable investing in UK or Israeli limited companies. Occasionally, we will invest in German LLCs (GmbH), Swedish limited companies (AB), or other European corporate forms. That said, our preference for US Inc structures is firm and based on years of experience.
Does Angular lead rounds?
Yes. We are most comfortable acting as the lead investor, and we have led about three-quarters of the rounds in which we participated. We are also very happy to be part of a round led by another leading VC firm. Typically, we try to work closely with founders pre-investment to understand what the best round structure and syndicate composition would be, and we use our deep network to help structure the right syndicate.
Ultimately, we are high-conviction, high-concentration investors. We invest rarely, but when we do - we are all in, so leading rounds comes naturally.
Ultimately, we are high-conviction, high-concentration investors. We invest rarely, but when we do - we are all in, so leading rounds comes naturally.
Does Angular follow-on?
Absolutely. Angular reserves capital to make follow-on investments within the portfolio to help entrepreneurs and maximize investment performance for our limited partners. Our hope is to follow-on in the majority of our investments.
What is the best way to get in touch with Angular?
We don't believe the best companies fit into nice little boxes, so we will never force you to submit your business plan in some web form.
The best way to reach out is to get an introduction through someone that knows us well. We have a large network, so it shouldn't be too hard to find someone to make a warm intro. Make sure your email includes enough information for us to figure out what you are doing.
If you are unable to find someone to introduce you - feel free to email us at info@angularventures.com, or use the submission form on the contact section of this site. We read and respond to every inbound opportunity (unless you are trying to finance a gold mining operation in Paraguay).
The best way to reach out is to get an introduction through someone that knows us well. We have a large network, so it shouldn't be too hard to find someone to make a warm intro. Make sure your email includes enough information for us to figure out what you are doing.
If you are unable to find someone to introduce you - feel free to email us at info@angularventures.com, or use the submission form on the contact section of this site. We read and respond to every inbound opportunity (unless you are trying to finance a gold mining operation in Paraguay).
Does Angular have a vertical focus? What about clean tech, energy and medical?
Angular invests in deep technology that is purchased by sophisticated buyers - usually large enterprises. Within that category, the firm is vertically and horizontally agnostic. We will look at technologies in wide range of verticals. While most of our investments have been in more "traditional" areas of enterprise software (horizontal and vertical applications, IT infrastructure, data technologies, security, etc.), we are absolutely open to consider investments in other spaces such as food, water, energy, space, automotive, digital health, synthetic biology, genomics, and other areas.
That said, while Angular will invest in (and has invested in) digital health and healthcare IT, the firm does not invest in medical technologies. If you are developing a pharmaceutical or building a diagnostic or therapeutic device, it's not for us.
For more on our sector focus, please see this blog post.
That said, while Angular will invest in (and has invested in) digital health and healthcare IT, the firm does not invest in medical technologies. If you are developing a pharmaceutical or building a diagnostic or therapeutic device, it's not for us.
For more on our sector focus, please see this blog post.
What do you mean by Enterprise Technology?
Good question. What we mean by Enterprise Technology is something that is purchased by a sophisticated business buyer whose job it is to make that purchase decision. Many of our portfolio companies have product-led bottom-up go-to-market motions. Others have very top-down heavy procurement processes. Sometimes it's SaaS or other services, sometimes it's software, sometimes it's hardware (components or systems). We are open to startups that serve SMBs, very large enterprises, or anything in between. All parts of this spectrum have their challenges.
We do not invest in consumer technologies. If your product or service requires consumer adoption in order to succeed - it's just not for us.
For more on our sector focus, please see this blog post.
We do not invest in consumer technologies. If your product or service requires consumer adoption in order to succeed - it's just not for us.
For more on our sector focus, please see this blog post.
What do you mean by global ambition?
We are entirely focused on backing founders building companies that aim to become a global category leader in a global market.
In most cases, this means that penetrating the US market should be very high on the priority list. In many cases, it means that setting up a US presence or HQ is a near-term objective of the company. Often, it means that some of the founding team will relocate.
If your business opportunity is limited to a smaller set of geographies (one country or one continent), it's probably not for us. If your business opportunity is as big in the US as it is anywhere else, let's talk. Many of our investments are into companies that are already selling product on multiple continents and countries - most often the US.
In most cases, this means that penetrating the US market should be very high on the priority list. In many cases, it means that setting up a US presence or HQ is a near-term objective of the company. Often, it means that some of the founding team will relocate.
If your business opportunity is limited to a smaller set of geographies (one country or one continent), it's probably not for us. If your business opportunity is as big in the US as it is anywhere else, let's talk. Many of our investments are into companies that are already selling product on multiple continents and countries - most often the US.
What is Angular's code of conduct?
We first blogged about a code of conduct back in 2014, and have incorporated those thoughts into our official code of conduct:
- Angular will do no harm. There are many ways that VCs can unintentionally harm a company: saying the wrong thing to the wrong person, giving really bad advice, dragging things out too long, etc. The core principal that underlies all of the rules below is that VCs should do their utmost to ensure that they don’t cause any damage. Startups are fragile things. Entrepreneurs are trusting VCs with their time, their energy, their plans, their life's work - and VCs owe it to them to act thoughtfully and carefully so as not to cause unintended harm
- Angular will respect your time. No one has enough time, but VCs have a tendency to think that their time is a bit more valuable than that of everyone else. Angular will do its best not to be late for meetings or calls especially when someone has travelled across town or across a continent to meet us. Invariably, we will be late occasionally. But it's unforgivable, and we try avoid it at all costs. Similarly, we try never to allow an entrepreneur to travel too far just for a meeting with us. No need for a meeting when a Zoom call will suffice.
- Angular will not ask you for material we don't need. We try to be very careful before asking an entrepreneur to provide any material. Raising money may be an important corporate objective, but entrepreneurs have a lot of other more important things to do, and putting together slide decks and fancy excel sheets in response to VC questions is not a good use of time, especially at early stages of a process. We try to ask for material that already exists, or for the real data that a CEO is using to manage the business. No need for a customer pipeline analysis in PowerPoint when you can just export something from Salesforce.
- Angular will not string you along. Angular will be straight-forward and transparent about the likelihood of an investment. VCs can easily waste tons of entrepreneur time by not being honest about the likelihood of an investment, or by the all-too-common its interesting, lets talk again soon. The reality is, VCs dont invest in the vast majority of companies they see and they should be honest about that. By not saying no, VCs run the risk of an entrepreneur turning down another investor or jeopardizing a round by delaying it too long. Its better to give a quick no and then re-engage later than create a false sense of momentum.
- Angular will let founders know about any competitors in our portfolio. This is a no-brainer. Sometimes, its not clear that there might be a competitor in the VCs portfolio until halfway through a meeting, but if it becomes clear to the VC that this is the case, the VC must flag this immediately. It doesnt necessarily mean that the investment shouldnt happen, but at the very least all parties should be aware of any potential conflict.
- Angular will be transparent about any conflicts of interest between an entrepreneur and the firm. Often, whats best for the company, whats best for the entrepreneur, and whats best for the VC are not in full alignment. For example, when a company wants to raise more money than it needs in the early stages, a VC can end up with a large holding at a great price, and the entrepreneur can end up with a big signaling problem on his hands if the VC isnt committed to further investment. It might, however, be better for the entrepreneur to raise less money from the same VC (or from angels) in order to prove out a concept before raising a larger round later at a higher valuation. This can give him or her more freedom to operate, less dilution, and especially when a near-term low-value exit is possible a much better personal financial outcome. As VCs, it is our duty to expose these conflicts of interest honestly in order to get to a true win-win: the right investment from the right investors at the right price at the right time.
- Angular will not sign NDAs, but will act as if a reasonable one is in place. VCs often get asked to sign NDAs by entrepreneurs who are not aware that the vast majority of VCs try never to sign them. Angular does not sign NDAs for two reasons: First, VCs deal in confidential information all the time and trying to specify the precise rules in each case is next to impossible. Secondly, even if it was possible, the administrative overhead of an NDA per company when VCs are sometimes meeting twenty companies a week is just prohibitively onerous. That said, entrepreneurs have a reasonable expectation of confidentiality when they approach a VCs. And VCs need to be sensitive that much of what is discussed in their presence is not public. Often, a VC will meet five companies in the same space in the course of a month or two (even unintentionally innovation happens in waves). Each of those entrepreneurs has a reasonable expectation that the VC will not divulge anything specific and non-public to a competitor or, frankly, to anyone. The test is simple: is this information that someone could garner from the public internet in five minutes? If not, its confidential.
- Angular will not share your slide deck or any material with anyone outside the firm unless the founders give permission. Needless to say, the expectation of confidentiality pertains to any materials provided by the company. Sometimes this is viewed as a grey area, however, because VCs are genuinely trying to help a company by sharing a slide deck with other investors or with experts in order to due diligence a company. But this is actually not a grey area at all. Angular will never share a slide deck with anyone (VCs, angels, trusted technical advisors, etc.) unless the firm has received explicit permission to do so from the entrepreneur.
- Angular will not speak with a company's customers without their permission. Speaking with customers is a natural part of any due diligence. That said, it can cause damage and needs to be done in the right way, at the right time, and with the entrepreneurs permission. Sometimes when a member of the Angular team has an existing relationship with a customer, we will reach out, but only when we know that our questions will not cause any damage. But we will never cold contact a customer without the entrepreneurs permission. Startups are fragile things and too many VC inquiries can shake up a customer, especially in the early stages and especially if the customer is not expecting them. How and when to contact customers is something we determine on a case-by-case basis, but we usually try to wait until the end of the process when we are reasonably educated on the business and very enthusiastic as we know that speaking with a VC is, in a round-about way, part of the customers due diligence on their vendor.
- Angular will educate before we negotiate. Often in term sheet negotiations, we realize that the experiential advantage is in our favor. For example, some first time entrepreneurs are not familiar with concepts such a drag along. Our view is that it is our responsibility as a trusted partner to make sure the entrepreneur is fully aware of the meaning and implications of any subject we are negotiating about before the negotiation takes place. Often we find ourselves saying things like: this is why we am going to push for founder vesting, this is why you might not like it, and this is why we am going to insist on it anyway now lets meet in the reasonable middle.
- Angular will avoid surprises. As an investor and a board member, a VC has a fiduciary duty to every company he or she backs. Part of this, in Angular's view, is that the VC must communicate honestly and early in order to avoid unpleasant surprises. This should be the case both pre-investment and post-investment. Usually, this has to do with delivering bad news or unpopular opinions in a timely way. For example, if a VC concludes that a company may need to hire a CEO, its the VCs duty to say so early. Similarly, if a VC thinks he or she is unlikely to want to lead a future round, its the VC's duty to say so early in order to give the CEO enough time to turn things around and/or plan appropriately.
- Angular will act in the best interests of the company at all times. This does not requires any detailed explanation, but its profoundly important.
What is Angular's policy on non-discrimination?
Angular supports the efforts of both the US NVCA and the Israeli venture capital community to combat discrimination of all kinds in the venture capital industry.
Angular is committed to maintaining a professional environment in which all individuals are treated with respect and dignity. Each individual has the right to work in a professional atmosphere that promotes equal employment opportunities in all aspects of employment and personnel matters (including, without limitation, recruiting and hiring, job assignment, compensation, opportunities for advancement (including promotion and transfers), evaluation, benefits, training, discipline, and termination), and prohibits discriminatory practices, including harassment. This policy applies to unlawful conduct by supervisors, co-workers, and third parties. It also applies to Angular's relations with the founders and teams of the companies we meet and back.
We expect that all relationships among persons in the workplace will be free of unlawful bias, prejudice and harassment. Therefore, it is Angular’s policy to ensure equal employment opportunity without discrimination or harassment on the basis of race; color; religion or creed; sex or gender (including pregnancy, childbirth, breastfeeding or related medical conditions); age; physical or mental disability; medical condition; military or veteran status; national origin or ancestry; citizenship status; genetic information; marital and partnership status; sexual orientation; gender identity or expression; credit history; unemployment; status as a victim of domestic violence, stalking or sex offenses; height; weight; arrest or conviction record; affiliation with a spouse or domestic partner falling within the protected categories of this policy; or any other characteristic protected by law. We also prohibit discrimination based on the perception that anyone has any of those characteristics, or is associated with a person who has or is perceived as having any of those characteristics.
Angular is committed to maintaining a professional environment in which all individuals are treated with respect and dignity. Each individual has the right to work in a professional atmosphere that promotes equal employment opportunities in all aspects of employment and personnel matters (including, without limitation, recruiting and hiring, job assignment, compensation, opportunities for advancement (including promotion and transfers), evaluation, benefits, training, discipline, and termination), and prohibits discriminatory practices, including harassment. This policy applies to unlawful conduct by supervisors, co-workers, and third parties. It also applies to Angular's relations with the founders and teams of the companies we meet and back.
We expect that all relationships among persons in the workplace will be free of unlawful bias, prejudice and harassment. Therefore, it is Angular’s policy to ensure equal employment opportunity without discrimination or harassment on the basis of race; color; religion or creed; sex or gender (including pregnancy, childbirth, breastfeeding or related medical conditions); age; physical or mental disability; medical condition; military or veteran status; national origin or ancestry; citizenship status; genetic information; marital and partnership status; sexual orientation; gender identity or expression; credit history; unemployment; status as a victim of domestic violence, stalking or sex offenses; height; weight; arrest or conviction record; affiliation with a spouse or domestic partner falling within the protected categories of this policy; or any other characteristic protected by law. We also prohibit discrimination based on the perception that anyone has any of those characteristics, or is associated with a person who has or is perceived as having any of those characteristics.
What is Angular's policy on sexual harassment?
Angular supports the efforts of both the US NVCA and the Israeli venture capital community to combat sexual harassment of all kinds in the venture capital industry. Creating an environment where all entrepreneurs (indeed, all individuals) feel equally comfortable, safe, and respected is core to our values and mission.
Angular is committed to maintaining a workplace and professional setting free from unlawful harassment of any kind (such as oral, written, visual, or electronic) for any reason, including sexual harassment and other unlawful harassment on the basis of race; color; religion or creed; sex or gender (including pregnancy, childbirth, breastfeeding or related medical conditions); age; physical or mental disability; medical condition; military or veteran status; national origin or ancestry; citizenship status; genetic information; marital and partnership status; sexual orientation; gender identity or expression; credit history; unemployment; status as a victim of domestic violence, stalking or sex offenses; height; weight; arrest or conviction record; affiliation with a spouse or domestic partner falling within the protected categories of this policy; or any other characteristic protected by applicable state or federal laws. Without limitation, this policy governs conduct both in the workplace and at any other location where a Firm-sponsored event takes place.
Sexual or other unlawful harassment, whether committed by or against principals, senior executives, partners, venture partners, management, supervisors, fellow employees, temporary employees, and/or independent contractors is strictly prohibited. The Firm also will not tolerate sexual or other unlawful harassment committed by or against Firm investors, individuals at portfolio companies, entrepreneurs who may be seeking funding, clients, service providers, vendors, or suppliers.
Participation in Israeli Venture Industry anti-Harassment Initiative:
In order to demonstrate our uncompromising commitment for sexual-harassment free environment, we have appointed Retired Judge (regional labor court of Tel Aviv) Ms. Dina Efrati, as a special contact person for all questions, inquiries, complaints, reports or any other issue that any employee, customer, supplier, applicant or other person doing business with us may have or want to report or raise. Retired Judge Efrati is completely independent in performing her duties and is bound to a full secrecy of any information received by her.
The process will cost nothing to the applicant as all costs and fees of Retired Judge Efrati will be covered by us. Retired Judge Efrati will act in accordance with Israeli Sexual Harassment Prevention laws, which provide full protection to the applicants and are meant to ensure sexual harassment free environment in the workplace. You can contact Retired Judge Efrati via email dina147@bezeqint.net.
Angular is committed to maintaining a workplace and professional setting free from unlawful harassment of any kind (such as oral, written, visual, or electronic) for any reason, including sexual harassment and other unlawful harassment on the basis of race; color; religion or creed; sex or gender (including pregnancy, childbirth, breastfeeding or related medical conditions); age; physical or mental disability; medical condition; military or veteran status; national origin or ancestry; citizenship status; genetic information; marital and partnership status; sexual orientation; gender identity or expression; credit history; unemployment; status as a victim of domestic violence, stalking or sex offenses; height; weight; arrest or conviction record; affiliation with a spouse or domestic partner falling within the protected categories of this policy; or any other characteristic protected by applicable state or federal laws. Without limitation, this policy governs conduct both in the workplace and at any other location where a Firm-sponsored event takes place.
Sexual or other unlawful harassment, whether committed by or against principals, senior executives, partners, venture partners, management, supervisors, fellow employees, temporary employees, and/or independent contractors is strictly prohibited. The Firm also will not tolerate sexual or other unlawful harassment committed by or against Firm investors, individuals at portfolio companies, entrepreneurs who may be seeking funding, clients, service providers, vendors, or suppliers.
Participation in Israeli Venture Industry anti-Harassment Initiative:
In order to demonstrate our uncompromising commitment for sexual-harassment free environment, we have appointed Retired Judge (regional labor court of Tel Aviv) Ms. Dina Efrati, as a special contact person for all questions, inquiries, complaints, reports or any other issue that any employee, customer, supplier, applicant or other person doing business with us may have or want to report or raise. Retired Judge Efrati is completely independent in performing her duties and is bound to a full secrecy of any information received by her.
The process will cost nothing to the applicant as all costs and fees of Retired Judge Efrati will be covered by us. Retired Judge Efrati will act in accordance with Israeli Sexual Harassment Prevention laws, which provide full protection to the applicants and are meant to ensure sexual harassment free environment in the workplace. You can contact Retired Judge Efrati via email dina147@bezeqint.net.