The Band of Angels is Silicon Valley's oldest seed funding organization

We are a formal group of 150+ angel investors who are former and current high tech executives interested in investing their time and money into new, cutting edge, startup companies. We've seeded over 277 companies in our history with 56 profitable M&A exits and 10 Nasdaq IPOs. Band members have founded companies such as Symantec, Logitech, and National Semiconductor and have been senior executives at the likes of Sun Microsystems, Hewlett Packard, and Intuit.


The Band meets monthly to formally consider three startups selected from among the more than fifty that are screened each month by the Band deal selection process. Entrepreneurs can expect a thorough examination and, occasionally, an investment from some of Silicon Valley's most accomplished entrepreneurs. 

 

Accelerator Office Hours

Accelerator Office Hours

MENTORING

Most of our investments receive mentoring and guidance from Band members. The industry-specific Special Interest Groups (SiGs) meet monthly, we regularly visit preeminent accelerators, and the annual Mentor Day is a key event where fifty startups receive one-on-one mentoring.

Band of Angels Dinner Presenters

Band of Angels Dinner Presenters

INVESTMENT

The Band meets monthly to formally consider three startups selected from among more than fifty that are screened each month by the Deal Selection Process. Band members collaborate in the due diligence and invest as individuals. The Band has a sidecar fund, the Acorn Fund.

Band of Angels Dinner Reception

Band of Angels Dinner Reception

COMMUNITY

The Band works well because of the exclusive and experienced nature of its membership. Band members are generally semi-retired successful high technology founders or executives, are SEC accredited, and have an interest in investing in high-risk startups. 

Over the past 10 years, the Band of Angels invested in both of my companies (Practice Fusion and iBeat). I have pitched hundreds of investors and found the Band to be more experienced, thoughtful, and effective than any other group.
— Ryan Howard, Founder Practice Fusion and iBeat

Giving innovation a chance!

There are many great programs that teach entrepreneurs how to be successful in raising venture capital – but Angels are not VCs and the same rules and expectations simply don’t apply. The odds of raising angel financing are higher than raising venture capital, and in some instances it may be all the financing you need. If you would like to learn more about presenting to the Band, please email Shayna Modarresi, Deal Manager at deals@bandangels.com.

 

DEAL CRITERIA STATEMENT

The Band is primarily focused on seed stage high technology and life science companies with strong teams, proprietary technology, and big markets. We invest in the range of $300K to $750K, but often lead a syndication of $1-1.5M. The largest investment ever made by the Band was $3.3M. Valuation depends on many things but few companies successfully raise financing from the Band at valuations greater than $10M. Band members prefer to invest in Silicon Valley-based startups. To start the process, please complete this online application form.


REVIEW AND SELECTION PROCESS

The Band charges no fees from presenting companies, in fact, if you are invited to present at a Deal Dinner we host you as our guest. If you submit a plan for review to the Band it will be forwarded to a Pre-Screening Committee. This committee is made up of experts from every high tech category including digital media, fintech, life science/medtech, semiconductor, software, and telecommunications. The committee reviews close to fifty plans a month and selects six for an invitation to the Deal Screening, held on the last Wednesday of each month. There, six Band members (one from each major discipline) will ask you questions about the company for fifteen minutes to better understand the printed material. The Deal Screening Committee selects three companies and one runner up, for presentation to the full Band of Angels.


SELECTED COMPANIES PROCESS

The three selected companies present to the monthly Band of Angels Deal Dinner meeting held on the third Wednesday of the month in Los Altos and the "Second Look" Lunch held on the next day in San Francisco. In the two weeks between the Deal Screening selection and presentation at the Band meetings, the companies receive free value-added preparatory services to help refine both the written and oral presentations in preparation for the Band presentation. Typically seventy people attend each Dinner and forty persons attend the Second Look. Each company has ten minutes to present followed by five minutes for Q&A. The Band meets each month from January to November; there are no presentation meetings in December.


Follow-up

The Band members invest directly; they collaborate in the due diligence but make individual investment decisions. Within two weeks of their presentation, most companies that present to the Band will have scheduled a follow up meeting with interested members to start due diligence. This also provides an opportunity for an organized syndicate of individual angels to be formed for the purpose of evaluating the company, negotiating a set of terms, and executing an investment. View our recent portfolio companies.

Membership is by invitation only

Band members are generally semi-retired successful high technology founders or executives, are SEC accredited, and have an interest in investing in high-risk startups. The Band works well because of the exclusive and experienced nature of its membership. The key advantages to the Band are improving your deal flow, having colleagues to share diligence and opinions, and distributing risk across a number of deals. A deal that garners investment from the Band gets much more than money. It gets the involvement of a group of individuals whose networks and experience can be much more valuable than their seed capital. Typically, every company that receives investment from the Band also gets a Band member to serve on the company's Board. If you would like to learn more about Band membership, please email Sonja Markova, Executive Director at investors@bandangels.com.


MEMBERSHIP PROCESS

Membership is by invitation only. Generally, one must be sponsored by a current member who knows the new member and can recommend them. Nevertheless, we do accept new members initially unknown to the group and all who fit the criteria and have an interest are encouraged to consider the group. Angel investors that are interested to apply for membership with the Band are invited to attend a Band Deal Dinner, Second Look Lunch, and a Special Interest Group (SiG) that is in the industry area of their expertise. View the calendar of upcoming meetings. The membership process includes completion of a Member Information Form and meeting with several members of the Membership Committee for informal conversations. The meetings are a great opportunity for prospective members to learn from the members about the Band process and their membership experience. It is readily apparent by all sides if a fit exists and, if so, an invitation is extended.


MEMBERSHIP REQUIREMENTS

As an indication of the background of some of our members, they have founded companies such as Cirrus Logic, Symantec, National Semiconductor and Logitech, and have been senior executive officers at top Silicon Valley companies including Sun, Hewlett Packard, Intel, 3Com, Oracle, SAP, Siebel Systems, and Intuit. The culture of the Band is to recognize that its members have led serious careers and can decide for themselves how best to use the opportunities made available through the Band. Hence, there are no firm performance criteria on the membership. Nevertheless, it is generally expected that members attend a third of the meetings, invest in one deal per year, help with diligence on potential investments, make their networks available to each other, keep confidential information confidential, and strive to maintain the Band’s conviviality.


MEMBERship BENEFITS

The Band provides its members enhanced deal flow, better due diligence, and the negotiating power of indirectly pooling capital. The group also provides a forum for fellowship of like minded successful people. Investing in seed stage companies is very risky. The Band brings together at one place and time some of the most successful people in Silicon Valley; folks who have walked the walk. By sharing their experiences and judgments the assessment of potential companies is quicker and more accurate. Each member is often a recognized source of capital in their own communities, so each brings to the Band a unique source of new deals.

 

Receive no risk feedback about the readiness of your venture for angel investment

 

Band of Angels, in partnership with the NASDAQ Entrepreneurial Center, is pleased to host a mentoring session for fifty companies interested in raising angel capital on May 2, 2017 in San Francisco. The session is open to companies in any sector or industry. Startups are invited to sign up for a 45-minute meeting with one or more Band mentors to receive no risk feedback about the readiness of their venture for angel investment. Apply here and indicate on the application "Mentor Day". Application deadline is April 12, 2017. The Band will hold "Best of Mentor Day" followup meeting on May 10, 2017. For more information, please contact mentorday@bandangels.com.

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