Apply For Funding

Each Legacy Fund portfolio company must pass through a series of prerequisites designed to identify those companies that have achieved a defined set of milestones. These “minimally viable milestones” reflect a sound foundation of operational progress and serve as another risk mitigation step in our portfolio construction process.


In order to be eligible to apply for a Legacy Fund, startups must show transparency by using AngelSpan’s Investor Relations service for at least two consecutive months, creating monthly updates for fund personnel to review.

It is important to note that AngelSpan’s Investor Relations service is designed to help entrepreneurs effectively communicate to widest audience possible not just Legacy Fund personnel.

Seed service is $249/month to be paid for by the startup.


After two consecutive monthly Updates, startups may apply for the Fund.

The “minimum viable milestones” are incorporated into each Legacy Fund platform’s application process. Applicants must upload proof of the following in order to be considered a Candidate for a Legacy Fund:

  1. Product Roadmap/Minimum Viable Product
    • Brief description (500 characters or less)
  2. Market
    • Brief description of the problem it solves, who cares (target market), and traction to date (1,000 characters or less)
  3. C-Corp documentation (§1202 and §1244 verification)
    • Articles of Incorporation/Certificate of Incorporation
    • IRS SS-4
  4. Cap table (§1202 and §1244 verification)
    • Total amount raised to date (must be < $800K)
    • Date of most recent term sheet
    • Copy of most recent term sheet
  5. External Counsel (Name and Contact Information)
    • Legal Counsel/Attorney
    • Accountant/Bookkeeper
    • Advisor/Advisory Board


After the third consecutive monthly Update, the candidate profile will be available for Champion review to determine Legacy Fund approval. Candidates not approved will be placed back into the candidate pool and may be reviewed by another Champion. This process will continue until the Fund is completely filled.


Once chosen, funding disbursement is determined by a commitment to transparency through timely and consistent monthly updates produced through AngelSpan’s Investor Relations service.

Fund portfolio companies will be required to upgrade to AngelSpan’s Scale service which includes SMART® IR analytics and quarterly reports. Funded companies will receive 10% of their allotted funding amount for each monthly update and 20% for each quarterly report produced.

After all funding has been disbursed to portfolio holdings, maintaining a consistent cadence of communication through AngelSpan’s Investor Relations service is highly encouraged. Legacy Fund investors will base their follow on funding decisions on this signal.