Spearhead
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Spearhead
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Spearhead was launched in 2017 by AngelList co‑founder Naval Ravikant and Accomplice partner Jeff Fagnan to “turn the best founders into the next generation of venture capitalists.” Founders accepted into each class receive a $2 million discretionary fund, issued in two $1 million tranches, to back early‑stage startups they discover through their day‑to‑day operator networks.
The programme’s philosophy is that founders make the most effective early investors because they sit closest to emerging talent pools and understand zero‑to‑one company building. Spearhead therefore dispenses with classroom modules and instead embraces a learning‑by‑doing model: participants invest real capital immediately, guided by lightweight mentoring from Naval, Jeff and an alumni WhatsApp group.
Economics are founder‑friendly. Each lead keeps 15 percent of the GP carry in their personal fund, while Spearhead retains 5 percent; there are no management fees or salary draw‑downs . Founders who demonstrate exceptional judgment become eligible for a second fund of up to $10 million and enjoy automatic follow‑on support for breakout portfolio companies.
The impact is compounding. Across five cohorts Spearhead’s 81 leads have invested $112 million into 794 startups, generating more than $4 billion in follow‑on funding and spawning 16 unicorns, including Segment, Vercel and Rippling . By combining capital, carry and community under the banner “Founders backing Founders,” Spearhead has become a widely copied blueprint for modern scout programmes.
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Where founders get their first fund.
Spearhead gives founders their first fund and teaches them the craft of angel investing. Founders get capital, mentorship from leading angels and access to a community of elite alumni.
Spearhead opens applications online whenever a new cohort is announced (roughly every 18 months). Candidates complete a short form detailing their own company, network reach and investing motivation. The investment team reviews submissions on a rolling basis and invites a subset to a 30‑minute video interview. Selection prioritises founders who have raised institutional seed capital, operate in high‑growth markets and can commit to sourcing three to five investments per year while still running their startup . Final decisions are issued within two weeks, and funds are wired immediately after signing a one‑page participation agreement.
Spearhead covers all legal, administrative and AngelList back‑office costs. Founders contribute no capital unless they voluntarily co‑invest alongside their fund, making participation financially risk‑free.
Founders retain 15 percent of the carry on their personal Spearhead fund, with Spearhead claiming 5 percent; no management fee is charged . Carry crystallises pro‑rata in follow‑on rounds and exits, and top‑performing leads can earn an additional second‑fund carry on a discretionary basis. There are no cash bonuses or salaries—upside is entirely performance‑based, echoing traditional GP economics .
Founders progress at their own pace within a loose two‑year framework.
TechCrunch called Spearhead “a program that will transform founders into top‑notch VC investors” when it announced the $100 million fourth fund. Earlier coverage noted the unusual 15 percent carry structure that “lets founders act as true GPs”, while BetaKit highlighted the launch as “a $35 million bid to teach founders the craft of angel investing”.
Spearhead announced today that it has raised $100 million for its fourth fund. The basic outline of the program remains the same, but what’s changed is what happens after the formal Spearhead program has finished.
Founders are extraordinarily busy, even for their own investors. A decade ago, they might have had relationships with a handful of VC partners as they scaled their businesses and raised additional rounds of capital.
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