Logo

Band of Angels

band of angels dinner.jpg Investing In and Mentoring Seed Stage Startups Since 1994

San Francisco, CA, USA

Apply

Description

Band of Angels is the first and oldest angel investment group in the United States. Based in Silicon Valley, it is a formal association of more than 165 former and current high-tech executives who invest their own time and money into new startups. They typically look for companies that have moved beyond pure ideation and have a functional prototype, initial customer validation, or early revenue.
  • Online Portal: Founders must submit their executive summary and pitch deck through the Band of Angels application portal.
  • Selection Criteria: They seek "high-tech, high-growth" companies with a defensible competitive advantage (IP) and a clear path to a $50M–$100M+ exit. 

Eligibility

  • Sectors: High-tech sectors including Life Sciences, High Tech, Energy/Clean Tech, and Software. They generally do not invest in retail, real estate, or entertainment.
  • Geography: Strong preference for companies headquartered in Northern California / Silicon Valley, as members take an active mentoring role.
  • Valuation: Typically looking for companies with pre-money valuations under $10M–$15M. 

Process

  1. Online Submission: Applications are accepted on a rolling basis.
  2. Screening Committee: Approximately 50 applications per month are reviewed; 3 companies are selected to present at the monthly "Deal Screening."
  3. Member Meeting: If the screening is successful, founders pitch to the full membership (165+ investors) at a monthly dinner.
  4. Due Diligence: Interested members form a team to conduct deep-dive due diligence over 3–6 weeks.
  5. Funding: Individual members make independent investment decisions, which are typically aggregated into a single entity on the cap table. 

What an Applicant can Obtain

  • Capital: Access to individual and syndicated capital.
  • Mentorship: Direct access to a legendary network of Silicon Valley veterans (former CEOs and founders).
  • Innovation Fund: Standout startups may also receive investment from the Band of Angels Fund, a co-investment vehicle.