How much capital do fundless SPV people typically cobble together according to the speaker?

Precursor VenturesA classic pre-seed and seed stage venture capital firm

The Evolution of the Capital Stack in Venture #investing #tech #ai #angelinvestors #founder

26 Apr 2025 · 1 min

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Precursor Ventures (speaker) reflects on the economics and changing structure of venture capital: running a venture fund without management fees is difficult, while fundless SPV operators have unexpectedly endured by raising roughly $5–10M via relationships to invest in Series B/C rounds. The speaker views the capital stack as shifting every ~10 years (seed, pre-seed, current shifts driven by larger venture funds) and expresses a desire to keep angel investing attractive and lucrative for capable investors.

Questions this video answers

$5 to $10 million

Chapters

It's like running a venture fund with no management fees. It's pretty tough. But I will say the irony is the thing that has endured that I wasn't sure would endure, is I meet so many of these fundless SPV people who are able to cobble together 5 to 10 million dollars through hustle and through relationships to put into Series B and C stage companies and like that has proven to be a much more enduring part of the capital stack. So that's I think the interesting thing about our business is the capital stack shifts every 10 years. We got seed and that kind of unsettled things. Then we got pre seed and an unset things. And I think we're going through another unsettling right now as these big venture funds get get larger. And I really hope we can find a way to make angel investing lucrative and interesting to good people.