From Ambitious Beginnings to Managing Billions in Assets

 Lex chats with Avlok Kohli - the CEO of AngelList, about the company's significant evolution. Initially a platform for startups to connect with venture capitalists, AngelList has transformed into a comprehensive fintech entity encompassing private equity and cryptocurrency. Avlok discusses the strategic pivots, including the introduction of syndicates and rolling funds, that have redefined the company's business model. The episode also explores the broader implications of crowdfunding and the unique challenges in the crypto space, offering a deep dive into AngelList's impact on the financial services industry.

Notable discussion points:

1. AngelList’s Second Founding: Reinvention as a Fintech Platform: Since 2019, AngelList has transformed from a mixed-use startup platform into a focused fintech infrastructure business for fund managers. Avlok Kohli spun out the syndicates arm and built a scalable product offering that includes SPVs, venture funds, and innovative structures like Rolling Funds and Roll Up Vehicles. This pivot catalyzed explosive growth—from ~$1B in AUM in 2019 to $171B+ today—by enabling fund creation and deployment at scale.

2. Product Innovation as a Strategic Advantage: Instead of competing with well-capitalized incumbents like Carta on sales and marketing, AngelList focused on building category-defining products. The launch of Rolling Funds—allowing fund managers to raise publicly and continuously—was a breakout moment. It created viral word-of-mouth growth and redefined how emerging fund managers could access capital, illustrating the principle: “You can’t win by playing someone else’s game.”

3. AI and the Future of Private Markets Infrastructure: AngelList is embedding AI across three strategic layers: (1) Back-office automation, replacing manual workflows, (2) Customer service enhancement, enabling agents to respond to LPs with real-time data, and (3) Data reasoning products, like Fin, which analyzes anonymized fund and secondary data to deliver actionable private market insightsThis positions AngelList not only as an admin platform but as a data intelligence layer over the private capital markets.

MENTIONED IN THE CONVERSATION

Topics: Fintech, Web3, Venture, VC, Venture capital, private markets, fundraising, crowdfunding, crypto, web3, AI, Angellist, Coinlist, Carta, Gumroad

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TIMESTAMPS

1’09: AngelList Reimagined: How Avlok Kohli Transformed a Startup Directory into a Fintech Powerhouse

6’43: Syndicates vs. Crowdfunding: Solving the Signal Problem in Startup Investing

11’43: From Community to Capital: Rebuilding AngelList Through Business Model Reinvention and Rolling Fund Innovation

16’49: Playing a Different Game: How AngelList Scaled by Redefining the Category Through Product Innovation

21’59: Creating the Category: How Rolling Funds Sparked a Movement and Redefined Venture Fundraising

28’51: From $1 Billion to $125 Billion: How AngelList Scaled by Saying No Before Saying Yes

32’56: The Liquidity Mirage: Why Private Market Access Remains Elusive for Most Investors

37’57: AI Meets Private Markets: Automating Back Offices, Enhancing Customer Touchpoints, and Powering Intelligent Fund Infrastructure

42’26: The channels used to connect with Avlok & learn more about Angellist

Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.

Contributors: Lex, Laurence, Matt, Farhad, Mike, Daniella

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