AngelList set for $150 million valuation following fundraise
US-based platform AngelList is reportedly in the process of raising a major round of financing at a valuation that could top $150 million, with Google Ventures among the rumoured investors.
AngelList, founded by Naval Ravikant and Babak Nivi, is a matching program for investors and start-ups. It was recently used by Australian start-up Kickfolio.
The platform has also become a resource for investors looking to boost deal flow and connect with other investors.
According to a report by TechCrunch, AngelList is raising a major round of financing at a valuation that could top $150 million, with Google Ventures and Andreessen Horowitz said to be among the investors.
AngelList has declined to comment, so it’s unknown how the funds would be used.
It would be the first external funding for the site, which currently has around 100,000 start-up profiles. Since 2010, 1,000 start-ups have been funded via AngelList.
It recently partnered with US incubator 500 Startups – a household name among tech start-ups – which has helped raise its profile.
In fact, Kickfolio has attributed its acceptance into 500 Startups to AngelList, insisting its AngelList application was the “icing on the cake” for 500 Startups founder Dave McClure.
Kickfolio, based in Melbourne, helps brands promote their iPhone apps. Instead of screenshots or movies, brands can embed interactive iPhone app demos on any web page.
The company was founded by Chris Nolet, Edward Dowling and Diesel Laws. Last month, it was accepted into the fifth accelerator class of 500 Startups.
“We knew the best way for us to get into 500 Startups would be to hustle our way into that network and have recommendations flying in from every contact along that line. So that’s what we did,” Laws said at the time.
“We focused on soft intros (and some cold) to anyone who had a connection to 500 – past or present mentors, entrepreneurs and investors.
“We managed to connect to about five or so relevant people who also provided great advice… A few days later, applications for 500 Startups opened via AngelList.
“We knew that adding another point of contact would only benefit our position of being noticed.”
“From what we understand, our AngelList application was the icing on the cake for Dave McClure.”