Key takeaways
- One lead does the work; members opt in per deal.
- A single investing vehicle keeps the startup's cap table simple.
- Who may join is set by securities rules, which differ by country.
How an angel syndicate works
- 1The lead finds a deal and agrees an allocation with the founders.
- 2The lead shares a memo and terms with members.
- 3Members who want in commit an amount by a deadline.
- 4Money is pooled in one vehicle, which invests in the startup.
- 5The lead keeps members updated and handles later rounds.
Who can join a syndicate
Rules depend on where the syndicate and its members are. In the United States, most private offerings are limited to accredited investors. The SEC's guidance, last updated April 2026, lists individual tests such as a net worth over $1 million excluding the primary residence, or income over $200,000 ($300,000 with a spouse or partner) in each of the prior two years. Check the rules in your own country.
How syndicates screen deals
A syndicate lead is often a team of one, reviewing decks around another job, and members expect a written case for each deal. A short thesis, a consistent screening scorecard and a memo members can read help. See Delsivo for angel syndicates.
Common confusions
- Syndicate versus angel network: networks share deals, and members usually invest individually.
- Syndicate versus fund: a fund commits capital up front; syndicate members choose each deal.
- Carry is a share of profits, not a fee on money invested.
Sources
- U.S. SEC: Accredited investors (checked 6 November 2026)
Facts about other companies and services come from the pages listed, on the dates shown, and can change.