Demo Day Funds
W25 Batch
Invest Now
*Companies are for illustrative purposes from past Demo Day participants.
Four times a year, Y Combinator makes a number of small investments into early-stage startups. These selected startup teams participate in the 3-month program to grow their metrics and refine their pitches. At the end of each cycle, the teams present their companies on Demo Day.
Demo Day is closed to the public, but the AngelList Demo Day Funds give you access to Y Combinator companies.
Examples of investments are purely for illustrative purposes. There is no guarantee that the W25 Demo Day Funds will achieve the same exposure to or quality of portfolio companies held by any previous Demo Day Funds.
Each fund is run independently by a YC alum. Your commitment can be allocated across funds at your discretion, and you may also choose to invest in specific funds. Please note that certain individual funds may no longer be accepting additional investors at the time of your investment.
| Batch | Net IRR | Net TVPI |
|---|---|---|
| Summer 2015 | 28% | 8.3x |
| Winter 2016 | 39% | 14.6x |
| Summer 2016 | 8% | 1.8x |
| Winter 2017 | 24% | 5.2x |
| Summer 2017 | 20% | 3.7x |
| Winter 2018 | 49% | 13.6x |
| Summer 2018 | 24% | 3.3x |
| Winter 2019 | 50% | 10.2x |
| Summer 2019 | 10% | 1.6x |
| Winter 2020 | 16% | 2.0x |
| Summer 2020 | 30% | 2.7x |
| Winter 2021 | 10% | 1.4x |
| Summer 2021 | 3% | 1.1x |
| Winter 2022 | 4% | 1.1x |
| Summer 2022 | 0% | 1.0x |
Your commitment may be equally allocated across all funds, or you may also choose to invest in specific funds. Please note that individual funds may no longer be accepting additional investors at the time of your commitment. This means that you may not have access to every fund, depending on the time of your commitment. You can also choose to invest in the funds individually.
The funds have no official relationship with YC or special access to YC startups.
There is no guarantee of returns. Typically, funds will return capital to investors if it receives proceeds from its investments (for example, from a portfolio company liquidation event), subject to the fund's carry payment to the Fund Lead and other fund expenses.
The companies that Demo Day Funds invest into may not be available through syndicates.
The funds are designed to invest in all the leads' YC deals from this batch until investable capital is fully deployed. However, investment opportunities may be rejected under certain circumstances (e.g. when a lead is conflicted).
Most YC companies raise via SAFEs. There may be many exceptions where the funds invest via a different structure.
Each fund pays management fees, administrative fees, and, if the fund is profitable, carry. Please review the relevant fund’s PPM and operating documents for more information.
The fund leads (Benjamin, Rich, Rami, Yahya) source investment opportunities and manage the funds. Investment opportunities are then sent to AngelList Advisors, LLC (“AngelList”) for review.
AngelList is subject to SEC regulation as an exempt reporting adviser. AngelList will launch and maintain the fund throughout its lifetime. AngelList may reject investment opportunities on behalf of a fund in certain circumstances (e.g. if there is a conflict of interest).
For any additional questions, please reach out to demoday@angellist.com