Startup investors in the San Francisco Bay Area
The angel groups, accelerators and seed funds that take applications from Bay Area founders, what each publishes about itself, and how to reach it.
All amounts are in US dollars.
Who invests in startups in the San Francisco Bay Area?
Bay Area founders can pitch to two long-running angel groups, Band of Angels and Sand Hill Angels, apply to accelerators that invest on acceptance, such as Y Combinator and PearX, and send decks to pre-seed funds such as Precursor Ventures. The two angel groups are member-led: members decide and invest individually.
Angel networks in the San Francisco Bay Area
| Network | How it works | Who it looks for | Fees | How to apply |
|---|---|---|---|---|
| Band of Angels | Founded in 1994; 150+ members, mostly current or former tech executives. Each month the full group hears three startups picked from 50+ screened. Members share due diligence and invest as individuals. | Seed-stage companies in sectors including software, fintech, healthcare and life sciences, energy, semiconductors and consumer | Not published | Apply to Present page |
| Sand Hill Angels | Active since 2000; 140+ members, many of them founders, operators and VCs. Member-led, not a fund. | Technology companies from seed to Series B | Not published | Online application (Dealum) linked from its site |
Funds that invest in Bay Area startups
| Fund | Stage | Published first cheque | Focus and eligibility | How to pitch |
|---|---|---|---|---|
| Precursor Ventures | Pre-seed and seed | Not published | San Francisco-based; its form asks for round, round size and valuation | Startup submission form. Deck must be a DocSend link, a direct PDF link or a Google Drive link to a PDF |
Programs that put founders in front of investors
- Y Combinator. Invests $500,000 in each company: $125,000 on a post-money SAFE for 7%, plus $375,000 on an uncapped SAFE with a most favoured nation provision. Apply at ycombinator.com/apply.
- PearX. Pear invests $500,000 to $2 million per company and targets about 7% ownership. Built for pre-seed founders; teams that have raised up to $2 million can apply. Teams must relocate to the Bay Area for the 12-week program. Two cohorts a year, and applications are accepted year-round.
Which route fits your company?
| If your situation is… | Look at | Why |
|---|---|---|
| Seed-stage, in one of its listed sectors | Band of Angels | Its stated stage and sectors |
| Technology company, seed to Series B | Sand Hill Angels | Its stated stage range |
| Pre-seed, willing to move to the Bay Area for 12 weeks | PearX | Its stated stage and relocation rule |
| Want a standard accelerator investment on acceptance | Y Combinator | Its published $500,000 deal |
| Pre-seed or seed, San Francisco-based | Precursor Ventures | Its stated stage and location |
Meeting an organization's criteria means you can apply, not that it will invest.
Read the deal before the pitch.
YC and PearX publish their terms. Know what share of the company each one takes before you apply, so you can compare them with an angel round.
What should you have ready before you apply?
- A deck as a PDF link: Precursor accepts DocSend, a direct PDF or a Google Drive PDF only.
- Your round size and valuation, which Precursor's form asks for.
- A clear view of what 7% means for your cap table, if you apply to YC or PearX.
For how to run the raise itself, see how to raise a seed round.
Frequently asked questions
How much does Y Combinator invest?
$500,000: $125,000 on a post-money SAFE for 7%, and $375,000 on an uncapped SAFE with a most favoured nation provision.
Do I have to move to the Bay Area for PearX?
Yes. All PearX teams relocate to the San Francisco Bay Area for the 12-week program.
How often does Band of Angels hear pitches?
The full group considers three startups a month, picked from more than 50 it screens.
What stage does Sand Hill Angels invest in?
Seed through Series B, in technology companies.