Syndicates and SPVs: How Angels Pool Capital in 2026
Syndicates let angels pool capital into a single investment vehicle. Here's how SPVs work, who leads syndicates, and what founders should watch.
Venture capital has its own vocabulary, incentives, and mechanics. Our VC explainers break down complex topics — from liquidation preferences to fund economics — so founders and analysts can make better decisions without wading through jargon.
Start with the explainers below to build a stronger foundation in venture capital.
Syndicates let angels pool capital into a single investment vehicle. Here's how SPVs work, who leads syndicates, and what founders should watch.
A SPAC is a blank-check company that takes a private target public. Here's how SPACs actually work, why the 2020-2021 bubble matters, and when a SPAC still makes sense.
Scout programs give operators venture capital to deploy on behalf of a VC firm, extending sourcing reach. Here's how Sequoia Scouts and similar programs work.
A SAFE is a convertible financing instrument created by Y Combinator that converts into equity at a priced round. Here's exactly how valuation cap, discount, and MFN work.
A roll-up is a PE strategy of acquiring and integrating many small companies into a larger platform. Here's how it actually works and when it beats organic growth.
A rolling fund raises capital on a quarterly subscription basis. Here's how AngelList-style rolling funds work, who they benefit, and their limitations.