SuperAngel.Fund x Q3 2025 Recap 🔥
SuperAngel.Fund is an early-stage fund that invests in Consumer, PropTech & Future of Work.
Dear Friends,
I’m excited to share SuperAngel.Fund’s Q3 2025 update, covering Fund I, our 2021-2024 Rolling Fund, and the newly launched Fund II.
Prefer to listen to this as a podcast? Click the play button below 🎙️
SuperAngel.Fund is an early-stage fund led by Ben Zises that invests in Consumer, PropTech & Future of Work 😇.
Fund II is now backed by the AngelList Systematic Fund-of-Funds. Their strategy leverages proprietary data, predictive modeling, and quantitative analysis across thousands of funds and startups on the AngelList platform. Based on their core performance metric—“markups over baseline,” a leading predictor of future success—SuperAngel.Fund ranks in the top 1%.
📊 Fund I - Performance Summary (2021— 2024)
$10.2m deployed across 201 investments into 130 companies
Estimated current value: $15.9m
15.35% IRR | 1.56x gross multiple on invested capital
165 out of 201 investments (82%) are still active and/or have been marked up
Fund I is closed and fully deployed
Top 10% among all 2021 vintage funds (according to AngelList’s Fund Benchmark Data as of H1 2025)
📊 Fund II - Performance Summary (2025 — XX)
So far, we have deployed $1.125m across 24 investments into 22 companies, with a median check size of $50k at a $15m post-money valuation.
Our portfolio spans Consumer (12), Commerce Tech (8), and PropTech/Future of Work (4). As time passes, we will report more detailed performance metrics.
Summary of investments:
📱 Freckle: The first phone kids love and parents trust [Consumer]
📺 Upscale AI: TV marketing platform for brands [Commerce Tech]
✍️ Cosign: Helping landlords convert more renters [PropTech]
✨ Harmony: AI-powered workflow automation [Future of Work]
🍓 Feel Goods: All-natural supplements built for Gen Z [Consumer]
💦 Rorra: A modern water filtration company [Consumer]
🥣 Man Cereal: Creatine-infused, high-protein cereal for men [Consumer]
📊 Marathon Data: Brand measurement & marketing platform [Commerce Tech]
🛒 Hetal: Retail audit, analytics & execution platform [Commerce Tech]
🪴 Arber: Modern lawn, garden, & plant care brand [Consumer]
🛡️ Patrol: Security & compliance for eCommerce [Commerce Tech]
🤐 Steath: Agentic workforce planning & optimization [Future of Work]
⚡ Orka: The energy drink that tastes like water [Consumer]
💰 RetailPath: Retail chargebacks on autopilot [Commerce Tech]
👶 Freestyle: Babycare brand designed for the next gen [Consumer]
💼 Storetasker: Leading marketplace for eCommerce experts [Commerce Tech]
📦 Two Boxes: Returns processing solutions [Commerce Tech]
💻 Candidate.fyi: The candidate experience platform [Future of Work]
✨ Overjoy: AI-powered wholesale growth platform [Commerce Tech]
🧻 Fox Fold: Sustainable tissue solutions for hotels [Consumer / PropTech]
🍝 Ripi: A premium frozen pasta brand [Consumer]
🍑 Create: The first modern creatine brand [Consumer]
🍔 BiteSight: TikTok meets DoorDash [Consumer]
🏘️ Doorvest: Buy, manage & sell investment homes online [PropTech]
📝 Fund II - LP Terms
Minimum Commitment: $100k - $250k+ with a few limited slots reserved for lower commitments
Capital Call Schedule: 10% per quarter over 10 quarters
Fund Size: $15m initial target
Fees: 2% per year management fee, 20% carry
Fund Admin: AngelList (Legal, tax/accounting, banking, compliance, etc.)
I want to highlight two other important updates below: (i) new data that reinforces our portfolio construction strategy, and (ii) recent tax law changes that further enhance the advantages of investing in startups.
🏗️ Portfolio Construction & Success Benchmarks
Our investment strategy centers on broad diversification across a large number of early-stage companies. We invest as early as possible, stay close to founders, and proactively double down when we see breakout growth. Like public market investors building a position over time, we increase exposure as positive data emerges.
The difference in private markets is that we’re often among the first—and sometimes the only—ones to see these signals. This allows us to follow on at valuations close to, or even the same as, our initial checks, capturing a favorable risk-reward dynamic that traditional VCs—who typically write fewer, larger checks—rarely achieve. And because the majority of pre-seed financings today are completed through SAFEs—enabling frequent transactions at virtually no cost—our speed and flexibility give us a structural edge.
This advantage is reinforced by a recent analysis from Peter Walker (Head of Insights at Carta) based on data from Dan Gray (Equidam). After simulating 20,000 venture fund outcomes, the study found that larger portfolios significantly improve the probability of strong returns: funds with ~100 investments are far more likely to achieve top decile multiples of 3-4x than those with only ~20. In other words, diversification meaningfully tilts the odds in our favor.
Top-quartile venture funds (75th percentile and above) typically deliver 2–3x returns (15–20% IRR) over a 10-year horizon, while top-decile performers (90th percentile and above) reach 3–4x multiples (25%+ IRR). Our goal across all funds is to outperform these benchmarks by pairing broad diversification with disciplined follow-on investing. With Fund II, we are targeting ~100 investments across ~65 companies—an approach designed to maximize exposure to breakout companies and deliver above-average returns.
So far, the results are encouraging. Earlier this year, we received an investment in Fund II from the AngelList Systematic Fund-of-Funds whose backers include Sequoia Capital, Squarepoint (a $100B+ quant manager), and Naval Ravikant. Their model applies proprietary data and predictive analytics across 25,000+ funds and 13,000 startups to identify top-performing managers. Based on their core metric—markups over baseline, a leading predictor of future success—SuperAngel.Fund ranked in the top 1% of hundreds of active GPs on the platform. As their commitment letter stated: “Our data strongly suggests that Ben’s next fund has an above average chance of being an above average venture fund.” [Read their commitment letter here].
Given regulatory limits on the number of investors in a venture fund, Fund II capacity is filling quickly. If you know someone who may be a fit, please feel free to share our fund memo (superangel.vc/memo) or connect us directly. I will continue prioritizing introductions that come through our trusted network.
⚖️ Regulatory Updates: QSBS
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, greatly enhanced the tax benefits of Qualified Small Business Stock (QSBS)—the most significant update since 2016. These changes directly improve after-tax outcomes for LPs in venture funds like ours.
Originally introduced in 1993, QSBS was designed to encourage investment in early-stage U.S. companies by offering capital gains exclusions to investors who held equity for at least five years. Over time, the benefit expanded to a 100% exclusion (for investments after 2010), with a per-issuer, per-taxpayer gain limit of $10M (or 10x basis, whichever is higher).
The new law makes three major improvements:
Tiered holding periods: 3 years = 50% exclusion; 4 years = 75%; 5+ years = 100%
Higher gain exclusion cap: now $15M (or 10x basis)*
Expanded issuer asset limit: raised to $75M*
These updates expand the universe of qualifying companies—now covering not only most Pre-Seed/Seed but also many Series A-stage or later businesses. For SuperAngel.Fund, this expands our opportunity set while enhancing the value of existing investments. Since LPs are pass-through beneficiaries, each U.S. taxpayer can now exclude up to $15M of capital gains per issuer in the portfolio.
QSBS Treatment: Before vs. After OBBBA
Important note: investments made before July 4, 2025 remain under prior QSBS rules. As always, please consult your tax advisor for specifics. For a deeper dive, I recommend this blog post.
⌛ Fund II - Deployment Period & Strategy
The fund is targeting a four-year deployment period. We plan to make approximately 100 investments across 60 companies, focusing on the very earliest stages–from Pre-Seed through Series A.
Our investment strategy is centered on the sectors we know best–where we have a clear competitive edge in sourcing, evaluating, and supporting high-potential opportunities. These consist of the following:
Consumer: This includes brands, CPG, eCommerce SaaS, consumer tech, and commerce enablement companies. It also includes marketplaces and other businesses that rely on consumer spend or engagement.
PropTech: This includes all types of software, technology or digital platforms that support, overlap or connect to the real estate industry.
Future of Work: This includes technology companies that are building tools to support the modern workforce and evolving landscape around how people work, where people work, and what they work on.
🧭 Our Approach
Our strategy is grounded in disciplined, early-stage diversification. Rather than chasing “hot” categories or rushing to deploy capital, we invest with patience and consistency—as early as possible, across sectors where we hold a clear edge, and with a long-term view.
This approach gives LPs exposure across time, markets, and cycles—maximizing upside while mitigating inevitable losses from early-stage risk. Our edge comes from founder-first support: leveraging our network to drive capital, customers, and talent; championing portfolio companies with unmatched loyalty; and earning a reputation as the most helpful investor at the table.
By combining early access, broad diversification, and founder advocacy, we increase both the quality and volume of opportunities we see—and ensure we can double down when conviction is highest. This strategy has been consistent since Fund I and remains central to delivering strong long-term results. We continue to see a strong pipeline of opportunities and actively monitor follow-on and secondary investments into breakout companies. If you come across exceptional founders raising capital in our focus areas, I’d be grateful for any introductions or referrals.
Thank you for your continued support and confidence.
Sincerely,
Ben Zises
ben@superangel.vc
P.S. You can access prior quarterly updates at the link here.
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SuperAngel.Fund is an early-stage fund led by Ben Zises that invests in Consumer, PropTech & Future of Work. Click here to learn more about SuperAngel.Fund II.
