In addition to the above main selection criteria above, we're looking for:
- Applications from the founding CEO or equivalent. You're welcome to get an employee to fill in the application form, but our investors want to talk to the person in charge, as do we.
- Startups in Australia or New Zealand. That's where our investors are based, and a lot of them like to meet the founding team before investing. If you're from ANZ and have expanded overseas or are expanding to ANZ then that's great, but unless we can meet the founding CEO or equivalent then we're unlikely to invest.
- Capital raises of about $100,000 to $1,000,000. If you're raising significantly less than $100,000 then we would suggest applying for an acceleration program instead, most of which come with an offer of investment. If you're raising much more than $1,000,000, we'd recommend trying to raise from VCs. The sweet spot for our angel group is somewhere in the middle.
- Valuations of $1-10 million. Most of our investments are made at valuations (or valuation caps) of $1-5 million, but we've invested at higher valuations in exceptional founders.
- A lead investor. Our angel group can and will lead rounds if necessary, but we can invest much quicker if you already have a lead investor who you have agreed on terms with.
- Straight equity deals. We often invest with SAFE notes and convertible notes, but we'd prefer to agree on valuation and receive shares straight away. Pleased note that a lot of investors don't differentiate between valuations and valuation caps, so if you're raising on a SAFE or convertible note in an attempt to avoid the question of valuation, you'll only achieve that without including a valuation cap, which will turn off a lot of investors.
- Founders willing to accept $10,000 cheques. Our members invest directly, not through a unit trust or nominee company, so each member that invests will end up on your cap table. Some founders have a minimum investment they're willing to accept to put someone on their cap table. All our members are willing to invest at least $10,000 (and many of them much more than that) but if you're not willing to accept $10k investors onto your cap table then there's less we can do to help you.
As with all investors, we'll make exceptions for exceptional founders, so please apply even if you don't meet every criterion above.