# The Angels' Forum

The Angels' Forum is an Asset Manager based in Mountain View, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Mountain View, United States
- **Region:** North America
- **Address:** Mountain View, CA, United States
- **Founded:** 1997
- **Assets under management:** Undisclosed
- **Website:** angelsforum.com
- **LinkedIn:** https://www.linkedin.com/company/the-angels'-forum

## Regulatory record

- **Reports private funds:** No

## About

The Angels' Forum is a group of 25 high net worth private investors who have been CEOs, founders, or senior executives of successful entrepreneurial ventures. They invest in Silicon Valley startups from seed stage to exit, providing capital, time, experience, and skills. The group has made 99 investments, including a Series A investment in DecisionNext on May 23, 2019, and has facilitated 20 portfolio exits, with Gluware exiting on January 08, 2025.

## Sectors

- Enterprise Software
- AI/ML
- FinTech
- Digital Health
- ClimateTech
- Mobility & Transportation

## People

- Carol Sands — Founder and Managing Member

## Questions

### Who runs investment decisions at The Angels' Forum?

Carol Sands serves as Founder and Managing Member, leading investment decisions alongside the angel membership network. From inception in 1997, Sands structured TAF to blend member-driven sourcing with centralized due diligence. For new investments, the firm has since 2017 transitioned active pipeline management to Mighty Capital under former TAF Managing Director SC Moatti.

### What is the relationship between The Angels' Forum and The Halo Funds?

The Halo Funds are pooled venture capital vehicles that co-invested alongside The Angels' Forum's angel network. While TAF members wrote individual checks, the Halo Funds aggregated capital into institutional-style vehicles that negotiated pro-rata rights, board seats, and follow-on allocations. The parallel structure aligned individual and collective investor interests across the same deal flow.

### What investment stages does The Angels' Forum target?

TAF historically targeted seed and startup-stage rounds, with initial checks in the $250,000 to $750,000 range. The firm reserved capital for follow-on investments in subsequent rounds. The model covered the gap between friends-and-family funding and institutional Series A, which became the micro-VC territory that later firms formalized—TAF operated in this zone starting in the late 1990s.

### Does The Angels' Forum co-invest with institutional venture firms?

Yes. TAF's model was explicitly built around co-investment with top-tier Silicon Valley venture firms. Confirmed co-investors include Kleiner Perkins and Sequoia Capital. This differentiated TAF from most angel networks by giving members institutional-quality access and signaling to founders that the angel syndicate had substantive venture relationships.

## Related profiles

- [The Angel Roundtable](https://altss.com/profile/the-angel-roundtable)
- [The ArcView Group](https://altss.com/profile/the-arcview-group)

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Last updated: 2026-06-03T20:00:00.000Z

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