How AngelList’s Rolling Venture Funds Are Revolutionizing Startup Investing
Diaspora Ventures: Bridging French Innovation with Global Ambition
In July 2020, venture capitalists Ilan Abehassera and Carlos Diaz launched Diaspora Ventures, a unique investment fund targeting French entrepreneurs with global aspirations. Their mission? To support founders who:
- Are based in France but willing to relocate to the U.S.
- Already operate in the American market
- Build remote-first companies from inception
The partners identified a critical gap: while French engineers and product designers excel at solving complex problems, they often lack access to U.S. funding networks and talent pools. What began as an idea in April 2020 quickly materialized into a fully operational fund thanks to AngelList’s innovative Rolling Venture Funds platform.
The Power of Rolling Venture Funds: A Game-Changer for VCs
Diaspora Ventures leveraged AngelList’s groundbreaking fund structure to accelerate their launch. Key features include:
- Continuous fundraising: Unlike traditional funds with fixed closing dates
- Quarterly cycles: New limited partners can join every quarter
- Flexible commitments: Investments can span 4-8 quarters
- Full-service platform: AngelList handles compliance, due diligence, and fund administration
Notable backers like Kima Ventures and Breega have already committed $3 million, with the total growing continuously.
Inside the Mechanics: How Rolling Funds Operate
In an exclusive interview, Abehassera detailed the fund’s operations:
The Diaspora Advantage
“French VCs often struggle to support entrepreneurs expanding to the U.S.,” Abehassera explained. “We created Diaspora to fill this void—even launching during COVID-19’s peak uncertainty.”
Subscription-Style Investing
- Investment thresholds:
- $500,000+ commits capital for 8 quarters
- Smaller investments fund 4 quarters
- Quarterly onboarding: New LPs join existing portfolios moving forward
- Digital-first process: Entire onboarding happens online via AngelList’s platform
AngelList’s Role
- Acts as SEC-registered fund operator
- Handles all back-end operations (compliance, banking, distributions)
- Charges 0.5-1% in management fees
- Takes 5% carried interest on LPs they introduce
Why This Model Matters for the Future of Venture Capital
AngelList’s innovation transforms venture funding into:
- More accessible for emerging fund managers
- More liquid for investors through flexible commitment periods
- More efficient through automated administration
As Abehassera notes: “It’s like SaaS for venture capital—investors can continuously support promising funds as part of their regular portfolio strategy.”
Image credits: Diaspora Ventures, AngelList
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