In order of typical minimum ticket size:
- Friends, co-workers & family ($5K+)
- Angels ($50K+)
- AngelList Syndicate ($100K+)
- Family offices ($250K+)
- Corporate VCs ($250K+)
- Institutional / seed funds ($250K+)
In September 2016, the average syndicate check size was $390K , with larger Syndicates reaching seven figures. For seed rounds in the $1–$3M range, a Syndicate can therefore contribute anywhere between 10–40% to the round.
That’s a significant chunk, and a key reason why a Syndicate should not be considered as a way to “fill your round”, but rather as a key financing vehicle that deserves top priority when planning your fundraise.