Defining "AngelList" is tricky. AngelList isn't just one company. Technically, three separate entities leverage the brand: AngelList Venture, AngelList Talent, and AngelList India. That's without mentioning businesses that spun out from the company, including Republic and CoinList. Or, indeed, Product Hunt, which AngelList owned between 2016 and 2020.

AngelList Venture is an efficient unicorn. According to an exclusive shared by AngelList's Venture team, the company is now worth $4.1 billion, thanks to a recent $100 million funding round. Its targeted spending means it has achieved that outcome with relatively little capital.‍

Spinning out aligns incentives. Companies like Republic exemplify a crucial component of AngelList's playbook: some innovations are best served by going solo. AngelList founder Naval Ravikant believes it produces more effective teams, largely thanks to better alignment of incentives. ‍Hiring founders increase leverage. AngelList hires an unusual number of former entrepreneurs, especially those with an engineering background. The company looks to build around individuals who understand how to leverage their labor and can take a product from zero to one.‍

AngelList's most important products are just getting started. Ask Naval Ravikant what products he believes are most important to AngelList's future, and he'll point to Rolling Funds and software suite, Stack. Both have been around for less than two years.

The Generalist (US) • AngelList: A Venture Constellation