AngelList Raises $24 Million as Ban on General Solicitation Lifts The online platform where investors and startups connect has reportedly raised $24 million in an investment round.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

notable.ca

AngelList, a popular online platform where investors and startups connect, has reportedly raised $24 million at a valuation of approximately $150 million.

The funding, initially reported by Fortune.com's Dan Primack, came from more than a hundred investors, an intentional move by AngelList to prevent any one investor from having too much say in its business operations and development. Reputable firms Atlas Venture and Google Ventures led the round and other well-known names in Silicon Valley, including Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, Marc Andreessen and Max Levchin, were also part of the round, Primack reports.

Related: How to See Your Startup Through the Eyes of Investors

San Francisco-based AngelList did not immediately respond to Entrepreneur.com's request for comment.

The news comes as the Securities and Exchange Commission's ban on general solicitation officially lifts. Before today, it was illegal for any startup to publicly advertise that it was seeking to raise money. With the lift on the 80-year-old ban, it's legal for an entrepreneur to shout it from the rooftop, Tweet about it, email about it or post on Facebook.

The law change is being embraced cautiously by the startup community, as there is considerable apprehension about how the change will be regulated. If Form D regulatory papers need to be filed too frequently, some say the benefits of lifting the ban will be minimized.

Last month, the CEO of AngelList, Naval Ravikant, wrote a strongly-worded letter to the SEC voicing these concerns, in particular. "We are concerned that the newly proposed Form D filing rules could create disastrous unintended consequences for the startup community," Ravikant wrote. "The proposed rules appear to be tailored to how Wall Street raises funds, not the startup community."

Related: What You Need to Know About the New Equity-Crowdfunding Model

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Innovation

4 Ways Market Leaders Use Innovation to Foster Business Growth

Forward-thinkers constantly strive to diversify and streamline their products and services, turning novelties into commodities desired by many.

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Business News

Your Old Apple AirPods Can Soon Act as an Over-the-Counter Hearing Aid, According to the FDA

The new software is compatible with the Apple AirPods Pro and accessible through iOS — for free and now FDA-authorized.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Leadership

From Elite Athletes to Tech Titans — Discover the Surprising $100-Million Habit That Leads to Extraordinary Success

Success comes from mastering focus, eliminating distractions and prioritizing what truly matters.

Business News

'Nothing More Powerful': How to Transform Companies From Within as an 'Intrapreneur,' According to a Microsoft Office and Yahoo! Shopping Cofounder

Elizabeth Funk wrote the first code for Yahoo! Shopping on her own, based on skills she acquired from an "HTML for Dummies" book.