Sand Hill Angels

No. Sand Hill Angels is a member-driven organization, not a pooled investment fund. Members pay annual fees and make independent investment decisions on a deal-by-deal basis. The group does not share in the profits of member investments and does not charge presenting companies any fees.

The group aggregates member capital through a multi-class LLC for each deal, which appears as a single line on the startup’s cap table. This allows a company to receive funding from multiple angels without managing separate relationships for each one. The approach is designed to reduce administrative complexity for founders.

Sand Hill Angels writes checks ranging from $50,000 to more than $2 million, primarily into seed through Series B rounds. The group prefers priced equity but will use convertible notes or SAFEs when appropriate. It targets companies with a developed product in alpha or beta, or those already generating revenue.

The group focuses on North America-based companies to enable active engagement during early development. It typically does not invest internationally except in special circumstances, and it explicitly does not invest in real estate deals. Sectorally, the sweet spot is high-tech startups—defensible, scalable technologies with a clear go-to-market plan.

Sand Hill Angels frequently co-invests alongside Gaingels and Alumni Ventures in various startup rounds. The group also maintains relationships with Bay Area venture capital firms, helping portfolio companies secure later-stage financing. Its members’ networks, which often include accelerators like StartX, supplement these institutional co-investor relationships.

Yes. The Sand Hill Angels Charitable Foundation operates as a separate entity. While the investment group is member-funded and profit-neutral, the foundation provides a structured channel for philanthropic activity distinct from the core angel investing operations.

RAW is a pitch-practice forum where founders present to Sand Hill Angels investors and receive direct feedback before entering formal fundraising. It is designed to be low-pressure and educational, giving entrepreneurs a chance to refine their pitch and understand what investors look for. The program also serves as a networking and scouting venue for members.