Not All Great Startups Make Great Syndicate Deals

Angel Academy

Not All Great Startups Make Great Syndicate Deals—Here’s Why

Not every great startup makes sense for a syndicate. As syndicate leads, we need to be selective. Not just about what we believe in, but also about what we think our LPs will want to back. Here’s what we look for when deciding whether to bring a deal to our network and why it matters.

1. Lead Investor or Co-Investors

This is the single biggest driver of LP interest. Syndicates like ours typically write smaller checks that make up a part of a larger round. That means social proof matters a lot. If the round is being led by a top-tier VC or includes well-known co-investors, that signals external validation and gives our LPs confidence in the diligence already done. The more capital those leads are committing, the stronger the signal.

2. Inflection Point in the Business

We like to back startups that are at a turning point. We look for startups where something foundational has just clicked and capital can unlock the next phase of growth. Examples include:

  • Bilby: Cracking their China AI model, we backed Bilby as they started experiencing strong inbound demand for new country models, and they already had a playbook to scale into new markets.

  • Grounded: Already the fastest selling protein beverage in Whole Foods UK, we backed them when Whole Foods decided to bring Grounded to the US, one of the world’s largest consumer markets.

  • GALY: We backed GALY as they were moving from lab-stage science to commercial traction, with off-take agreements from major global fashion brands, some of whom also invested.

In all of these circumstances, their business models had been de-risked and our capital could go towards accelerating proven momentum instead of searching for it.

3. The Founders

Founders are the engine. And we like to back founders that have the ability to build and iterate quickly. That means writing code, designing product, and bringing their solution to market. This ability to build shortens iteration cycles, increases learning velocity, and allows them to compete more effectively with incumbents and other startups. Some of the founders we back are repeat operators while others are technical first-timers, but what they all share is resourcefulness, conviction, and the ability to make things happen without waiting for permission.

4. Market Size and Trajectory

We care about where the puck is going. Big or rapidly growing markets are critical because they create room for outsized outcomes. That could mean well-known verticals like AI or Climate, or even niche categories that are suddenly expanding fast. What matters is that the company isn’t capped by a small ceiling. We want to believe there’s a path to $100M revenue and a meaningful long-term story.

Want to see the kinds of companies be back?

Join Brinc’s Syndicate for free and get access to vetted startup deals from our global network. Investments start at $1,000, though we regularly support investors deploying $100K to $1M.

Here’s how:

  1. Apply to join for free

  2. Receive investment memos in your inbox

  3. Join live founder sessions

  4. Decide whether to invest—deal by deal

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UpRounds

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