# Todd and Rahul's Angel Fund Financial Model Todd Goldberg and Rahul Vohra (both YC alums and serial founders) raising Fund II, an early-stage angel fund focused on pre-seed through Series A, with opportunistic follow-on capacity. - Canonical: https://finamodel.com/startups/todd-and-rahuls-angel-fund - Excel download: https://finamodel.com/startup-models/todd-and-rahuls-angel-fund.xlsx - Category: Enterprise/Security - Model type: VC Fund Waterfall - Funding round: Fund 2 - Funding: $25M - Founded: 2020 - Geography: US-centric (implied by portfolio companies); no explicit geography stated ## About the company Todd and Rahul's Angel Fund is a closed-end investment vehicle for pre-seed through Series A companies. Led by YC alumni and serial founders Todd Goldberg and Rahul Vohra, Fund II also retains capacity for selective follow-on investments. This is an LP fundraise, not an operating company. Fund I was $7.3 million, while the available research does not state Fund II's total size; economics come from management fees and carried interest, with returns driven by ownership, reserves, and exits. The model schedules commitments, capital calls, initial investments, follow-ons, fees, portfolio marks, exits, and carry. It produces a fund J-curve and LP-return outputs including DPI, TVPI, RVPI, and net IRR under portfolio and timing scenarios. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Two-GP angel fund: Todd Goldberg (founded Eventjoy/acq. Ticketmaster, Mailjoy) and Rahul Vohra (founded Superhuman, Rapportive/acq. LinkedIn) - Value to LPs: access to competitive early-stage deals via founder brand, YC network, co-investment with top-tier firms (a16z, Sequoia, First Round, etc.) - Value to portfolio companies: hands-on help with product, onboarding, virality, go-to-market, waitlist management, and fundraising - Distribution engine: 100+ portfolio founder community + LP base of world-class founders and operators as co-investment/deal-flow flywheel - Structure: AngelList backoffice; deploying mid-Q2 2021; LPs get 1-2 updates/quarter + early product access + co-invest rights ## Revenue model Fund economics (standard VC structure; specifics not stated in deck): ## Traction & metrics - Fund I size: $7.3M - Fund I investments: 42 companies to date - Fund I markups: 9 markups - Fund I deployment: 70% deployed at time of deck - Specific markup multiples cited (appendix spotlights): - /daily (Developer API): 4.29x markup; Series A preempted by Lachy Groom - Clubhouse (Consumer Social): 9x markup; Series A preempted by a16z - NexHealth (Healthcare/B2B SaaS): 2.85x markup; Series A preempted by Josh Buckley - Levels (Consumer Health): 3.13x markup; seed led by a16z - NexHealth ARR: "7 digit ARR" - Levels waitlist: "exceeds 8k people" at time of deck - Markup table (slide 04) and Fund I Snapshot tables (slides 12–13): fully redacted in this version of the deck ## Unit economics - Implied at portfolio level: fund targets 100x on core positions, >10x on opportunistic - Average check sizes by tranche: - Core: $200k–$300k, 30–40 companies, 60% of capital - Opportunistic: $500k–$750k, 4–8 companies, 25% of capital - Exploratory: $50k–$100k, 15–20 companies, 15% of capital ## Competition / moat - Differentiation vs. other angels/micro-VCs: founder brand (Superhuman, Eventjoy), product expertise (onboarding/virality/PMF), network density (a16z, Sequoia, First Round, Box Group relationships) - Named solo capitalists they work closely with: Josh Buckley, Harry Stebbings, Jeff Morris Jr. - LP base itself is a competitive moat: dozens of top operators and founders who generate and validate deal flow - No direct competitor analysis shown ## Team & funding ask / use of funds - GPs: Todd Goldberg and Rahul Vohra - Fund II ask: size not stated; deploying mid-Q2 2021 - Use of funds: 60% core early-stage ($200k–$300k), 25% opportunistic breakout ($500k–$750k), 15% exploratory ($50k–$100k) - Key LPs (Fund I): Jack Altman (Lattice), Harry Stebbings (20MinVC), Shahed Khan (Loom), Balaji Srinivasan, Des Traynor (Intercom), Shishir Mehrotra (Coda), Christian Reber (Pitch), Scott Belsky (Behance), Caterina Fake (Flickr), and others --- ## Recommended financial model - **Archetype + why:** Venture fund economics model (LP returns / fund waterfall). This is NOT an operating company - it is a closed-end fund raising LP capital. The correct model is a fund-level J-curve + DPI/TVPI/RVPI model with management fee and carried interest waterfall. An operating forecast is not appropriate. - **Forecast horizon & granularity:** 10-year fund life (standard for early-stage); annual granularity for LP reporting; quarterly for deployment tracking. - **Key drivers & assumptions:** - Fund II size: - Management fee: 2% p.a. on committed capital - Carry: 20% - Preferred return / hurdle: 8% - Deployment period: 3 years - Portfolio construction - Core (60%): 30–40 companies, $200k–$300k checks - Portfolio construction - Opportunistic (25%): 4–8 companies, $500k–$750k checks - Portfolio construction - Exploratory (15%): 15–20 companies, $50k–$100k checks - Return targets: Core 100x, Opportunistic >10x; Exploratory not stated - Loss ratio (Core): - Loss ratio (Opportunistic): - Loss ratio (Exploratory): - Fund I TVPI proxy from spotlights: four highlighted deals at 2.85x–9x; 9 markups out of 42 companies; overall TVPI not disclosed - Follow-on reserves: implied via SPVs and opportunity fund in Fund I; Fund II bakes follow-on into Opportunistic tranche - **Scenarios (Base / Bull / Bear - which variables flex):** - Base: standard power-law distribution; 1–2 breakout companies at 20x–50x, ~10 markups at 2–5x, balance at <1x - Bull: 1 Clubhouse-like outcome (9x+) in Core + 1 Opportunistic position compounds to >20x; overall fund TVPI ~3–4x net - Bear: no breakout, markups cluster at 2–3x; management fee drag dominates; net TVPI ~1.2–1.5x - **Required sheets / outputs:** 1. Assumptions - fund size, fee structure, carry, portfolio construction, return assumptions by tranche 2. Deployment Schedule - capital called by year, by tranche 3. Portfolio Returns - company-level (anonymized rows), entry check, markup multiple, realized/unrealized proceeds by year 4. Fund P&L - management fees in, expenses, gross proceeds, carry calculation, net LP distributions 5. J-Curve - cumulative LP cash flows (called capital vs. distributions) by year 6. LP Returns Summary - DPI, RVPI, TVPI, net IRR by scenario 7. Waterfall - GP carry calculation (preferred return hurdle, catch-up, split) ## Frequently asked questions ### Is the Todd and Rahul's Angel Fund financial model free? Yes. The Todd and Rahul's Angel Fund model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.