📶 AngelList is eating the VC tech stack

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Good morning 👋

I’ve stared at a screen too long today, and my brain feels fried.

Time to go on a walk.

In case you missed it, AngelList released their quarterly product updates last week. Most people skip over these emails, but we read, and we found some clues to how they’re thinking about their master plan.

We break that down in today’s piece.

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AngelList released their quarterly product updates late last week. In case you missed it, they’re building a lot, fast.

That includes updated investor products for investment management, portfolio management, and cap table management.

Why it matters: Every tool built for investors is competing with AngelList. Originally, that didn’t apply to all parts of the VC tech stack, but with every new product release, it becomes obvious that AngelList wants the entire market.

These are already AngelList products, but they also seem like the tip of the iceberg if you look at the rest of the market and all of the other tools that investors use today.

What happens next: Jim Barksdale famously said that the only way to make money in business is bundling and unbundling. For AngelList, we’re in the bundling phase, and we think they will continue to build out new products for each and every part of the investor value chain.

They are doing this so that using AngelList to start and power your fund becomes a no-brainer for any new fund manager. This makes sense when you realize that the platform is collecting ~$40k+ annually over the life of the fund for each new venture fund that chooses to be run through AngelList.

If you’re building any product related to the VC tech stack:

Read more: https://www.angellist.com/blog/q3-releases-and-product-updates

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- Clay