How do I start an angel syndicate?

What do you need as a lead?

• Experience and a network: Investors who trust your judgement and follow you into deals.
• No fund and no SPV: You do not need a licence for fund management or investment brokerage. You do not hold any capital, and your co-investors hold their investments themselves (What is an angel syndicate?).
• No mandatory investment: You do not have to invest in every deal yourself. We recommend investing alongside your co-investors. Your own investment is disclosed to them.

How to start your syndicate

1. Register for free: Register as an investor on app.beel.com.
2. Book the lead subscription: Book your syndicate directly on the platform for €390 per month or €3,990 per year (net). One subscription covers as many syndicates as you like.
3. Set up your syndicate: Define the investment thesis and focus. You also set the amount of your carry and decide whether your syndicate is public or private. You set both once for the whole syndicate, not per deal. Carry typically ranges from 10 to 20 percent; there is no fixed limit. While you set up the syndicate, an AI check shows you directly which wording you can use and which you cannot. We then review your application.
4. Notify BaFin: Because your deals count as investment recommendations, you notify BaFin of your activity once in advance under the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG). beel provides you with the two-page draft. Sending the notification is enough; you do not have to wait for a reply from BaFin. If you want proof, send it by registered mail. You confirm to us that you have sent the notification. If your details change, such as your name, address or distribution channels, or if you stop acting as a lead, you report this within four weeks.
5. Invite investors: Share your syndicate with your network via an invitation link. beel also shows a public syndicate on its syndicate page so potential co-investors can find it. You decide who joins. When joining, your co-investors digitally sign beel's finder's agreement (Tippgebervereinbarung) and thereby accept your syndicate's carry.
6. Share your first deal: In every deal, you state the date, the main sources and any conflicts of interest, for example your own stake in the startup. You clearly separate facts from opinions. beel provides a list of do's & don'ts reviewed by lawyers and supports you in checking the information.
7. Collect indications of interest and negotiate: Your co-investors indicate a non-binding ticket size, with no commitment and no capital call. You negotiate the terms and tell the startup the total amount of interest.
8. Close the investment: If the deal closes through beel, your co-investors subscribe to profit participation rights directly with the startup. The startup pays according to beel's pricing. A deal can also be closed outside beel. For your own investment, you choose profit participation rights or regular company shares, optionally with multiple voting rights.

What are your obligations as a lead?

• Confidentiality: You and your co-investors keep non-public information from the syndicate confidential.
• Updates to BaFin: You report changes to your details and the end of your activity as a lead within four weeks.
• No liability for success: Neither you nor beel is liable for the economic success of an investment. Each co-investor makes their own decision.

What does a syndicate cost?

As a lead, you pay €390 per month or €3,990 per year (net). One subscription covers as many syndicates as you like. Your co-investors pay no fees to beel, only the agreed carry to you if there is a profit (What does beel cost?).