Sengo Meet-Up β€” Build Your Investment Thesis
Sengo Angel Investing Meet-Up • 5/5

Build Your
Investment Thesis.

Tonight we get specific. The sharpest angels aren't the ones with the most capital — they're the ones with the clearest thesis. By the end of this session, you'll have the first draft of yours.

Today's Agenda

Tonight's Lineup

  • 1
    Why We Built Sengo Our mission, and why this room exists
  • 2
    What Is an Investment Thesis? And why every angel needs one
  • 3
    Real Theses in the Wild How four firms turned conviction into capital
  • 4
    The Five Pillars Framework The components every thesis needs
  • 5
    How to Develop Yours A repeatable process, not a one-time exercise
  • 6
    Activity: Thesis on a Napkin You leave tonight with a draft
  • 7
    Group Discussion & Closing
Why We're Here

Why We Built
Sengo.

Sengo (戦後) is the Japanese word for “postwar” — the era of renewal and rebuilding after WWII. It's a name about transformation, and about communities reconstructing what was taken from them.

The Mission

Sengo is reimagining fundraising and investing through AI-powered education, community, and access.

The Vision

A world where capital flows as freely as community — where every founder has the resources to build, every funder has transparent ways to invest, and every community can share in the wealth created. From exclusion to access. From extraction to ethics. From individual gain to collective wealth.

The Gap We're Closing

A Gap on
Both Sides.

There's a $14 trillion wealth gap in America — fed by exclusion on both sides of the table. A clear thesis is one of the most powerful tools an angel has to break that cycle deliberately.

5.5M
Businesses Started Each Year in the US
<3%
Of Those Founders Ever Receive Venture Funding
49M
Americans Legally Eligible to Invest in Private Companies
<2%
Of Those Eligible Americans Actually Do

Sources: McKinsey Global Private Markets Report 2025, KingsCrowd 2025 Annual Report, SEC DERA

The Foundation

What Is an
Investment Thesis?

Your thesis is a written, repeatable answer to three questions: Why this? Why you? Why now? It's the filter that turns inbound chaos into a deliberate portfolio.

1. It filters your deal flow

You say no faster. You say yes more confidently. You stop chasing every "interesting" deal that crosses your desk.

2. It builds your reputation

Founders know if you're a fit before they pitch. Co-investors know what to send you. Your name starts to mean something specific.

3. It drives your returns

Concentration in your edge beats spray-and-pray. Pattern recognition compounds when you see the same kinds of companies again and again.

Real Theses

In the Wild.

Four firms, four theses. Notice how specific they are — and how each one closes some doors so it can blow others wide open.

Backstage Capital

"We invest in companies led by underrepresented founders — women, people of color, and LGBTQ+ entrepreneurs." A thesis built entirely around founder identity, on the bet that overlooked talent is mispriced.

Harlem Capital

"To change the face of entrepreneurship by investing in 1,000 diverse founders over 20 years." A goal-anchored thesis — pre-seed and seed, sector-agnostic, with founder diversity as the through-line.

Precursor Ventures (Charles Hudson)

"Conviction over consensus, at the earliest stage." Pre-seed only, mission-driven founders, often before institutional VCs will touch the deal. The edge is being first.

Lowercarbon Capital

"Kicking carbon's ass." A single-sector thesis. Climate tech, full stop. Concentration as strategy.

The Framework

The Five Pillars.

Synthesized from frameworks taught at ACA, Pipeline Angels, Hustle Fund, and 37 Angels. Every thesis answers all five.

PILLAR 01

Stage

Where do you enter? Pre-seed, seed, Series A. Earlier = more risk, more ownership, more time to exit.

PILLAR 02

Sector

What do you fund? Industries, themes, problem spaces. Specificity beats "I'm sector-agnostic."

PILLAR 03

Founder

Who do you back? Profile, values, geography, lived experience. This is often the heart of an angel thesis.

PILLAR 04

Check & Cadence

How much, how often? Check size, deals per year, reserves for follow-on. Math, not vibes.

PILLAR 05 — The One Most Angels Skip

Edge. Why should a founder take YOUR money over the next angel's? Network, expertise, lived experience, distribution, patience — what do you actually bring? If you can't answer this, you're a checkbook, not a partner.

The Process

How to Develop
Yours.

A thesis isn't something you invent. It's something you excavate — by paying attention to what you already do.

Step 1 — Audit your last 10

Last 10 founders you took a meeting with. What patterns? What stage, what sector, what kind of person? Your behavior is already revealing your thesis.

Step 2 — Map your unfair advantage

What do you know that most investors don't? What rooms can you walk into? Your edge usually lives in your last 10 years of work, not your portfolio.

Step 3 — Pick a lane (start narrow)

You can broaden later. Start with one pillar held tight: a sector, a founder type, OR a stage. Conviction beats coverage at this game.

Step 4 — Pressure-test it

Share your draft with 3 founders and 3 investors. Founders tell you if it's clear. Investors tell you if it's differentiated.

Step 5 — Write it down. Revisit quarterly.

A thesis you can't say in two sentences isn't a thesis — it's a wish list. And it should evolve as you learn from your portfolio.

Activity • 10 Minutes

Thesis on a
Napkin.

Fill in the blanks. Don't overthink. We'll share drafts at the end — messy is welcome.

I invest in stage startups building sector for customer, led by founders who profile. I write $ amount checks, # per year. My edge is your edge.

Two Bonus Prompts

Why now? What about this moment makes this thesis the right one?  •  What does success look like in 5 years? Not the dollar return — the kind of portfolio you'd be proud to have built.

Let's Talk

Group
Discussion.

What surprised you about your draft?

The pillar you couldn't fill in is usually the most interesting one. Where did you stall?

Which pillar was hardest to articulate?

Most new angels can name a sector but not their edge. Where did the language give out for you?

Whose thesis (in this room) do you want to hear more about?

Angel investing is a team sport. The best deals come through people whose thesis you understand — and who understand yours.

Important Notice

Disclaimer

Not a Securities Offering

Nothing presented tonight constitutes an offer to sell or a solicitation of an offer to buy any securities. No securities are being offered or sold at this event.

Not Investment Advice

The frameworks and examples shared during this session are for educational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Firm theses cited are paraphrased from publicly available materials.

Do Your Own Due Diligence

All investment decisions are made at your own risk. You should consult with a qualified financial advisor, attorney, or accountant before making any investment decisions.

Keep Building

Thank You.

Tonight you started something most investors never bother to do: you put your thesis on paper. The angels who outperform aren't the ones with the most deals — they're the ones who can finish this sentence: “I invest in…”

Next Meet-Up • Thursday, May 28

We're back together May 28 to workshop the theses you drafted tonight — bring your napkin. Live founder pitches close out the night.

Call for Pitches — Open Now

Founders in the room (or in your network): we're selecting 3 founders to pitch live at the May 28 session. Open to all stages, rolling review. Submission deadline: Wednesday, May 21. Link in the app and in this week's Substack.

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Sengo Meet-Up β€” 4/23 State of Angel Investing
Sengo Angel Investing Meet-Up • 4/23

The State of
Angel Investing.

Tonight we're zooming out. Q1 2026 just broke records — we'll unpack what actually happened, what it means for angel portfolios, and where the opportunity still lives.

Today's Agenda

Tonight's Lineup

  • 1
    Q1 2026 By the Numbers The headline stats and what's new
  • 2
    The AI Concentration Why four deals captured 63% of the quarter
  • 3
    The Exit Window Reopens IPOs and M&A are back — what that means for angels
  • 4
    The Squeeze & the Opportunity Dilution risk, mid-market shifts, and the picks-and-shovels play
  • 5
    Where Angels Can Still Win Sectors and strategies that still make sense
  • 6
    Group Discussion & Closing
Q1 2026

A Record-Breaking
Quarter

Global startup funding in Q1 2026 didn't just grow — it re-shaped the landscape.

$297B
Global Q1 2026 Startup Funding
+150%
Year-Over-Year Increase
47
Early-Stage Unicorns Minted in Q1
80%
Of Funding Dollars Flowed to AI

Source: Crunchbase Q1 2026 Global Funding Report

The AI Concentration

Four Deals,
63% of the Quarter

Capital isn't just flowing to AI — it's concentrating at the very top of the stack.

OpenAI — $122B raise

At a reported $852B valuation. The largest private capital raise on record.

Anthropic — $30B raise

At a $380B valuation, continuing frontier-lab concentration.

xAI — $20B • Waymo — $16B

Rounding out the four mega-rounds that absorbed the majority of Q1's capital.

What This Means

For angels, these mega-deals are signal, not destination. You can't write a check into OpenAI. But the rotation tells you where institutional capital is heading — and where your portfolio companies might land follow-on rounds.

Liquidity Returns

The Exit Window
Reopens

After a three-year drought, IPOs and M&A are back. This matters more to angels than you might think.

13
US VC-Backed $1B+ IPOs in 2025 (vs. 8 in all of 2024)
$75.6B
Q3 2025 Exit Value — Busiest Quarter Since 2021
2x+
First-Day IPO Pop for Figma and Circle
6–8 yrs
Compressed Exit Cycle for AI-Enabled Businesses

Sources: Crunchbase Billion-Dollar Exits Board, PitchBook

For Angels

The Squeeze &
the Opportunity

The Dilution Risk

When founders raise at inflated institutional valuations, early angels can get compressed fast. A 15% ownership stake can drop toward 1% in a single round if the cap table resets.

The Picks-and-Shovels Play

Angels can't write $10M into quantum computing. But they can seed the teams building developer tools, observability platforms, data labeling, and compliance infrastructure for AI.

The Mid-Market Shift

Austin, Denver, Miami, and Nashville angel groups are outpacing coastal cities on a per-firm basis — often funding at $5M valuations where Sand Hill wants $8M.

The Playbook

Where Angels
Can Still Win

AI-Adjacent Infra
Dev tools, observability, data labeling, AI compliance software. Serving the giants.
Vertical SaaS
Industry-specific software where AI drives margin expansion, not just a feature.
Defense & Deeptech
Long R&D cycles, institutional follow-on, and real regulatory moats.
Efficient Exits
$50M acquisition on a $5M raise = 10x to angels. Not every company needs to be a unicorn.
Sengo Lens

The underrepresented founders we back are often building in exactly these spaces — vertical, capital-efficient, and overlooked by mega-deal coverage.

Let's Talk

Group
Discussion

How has your thesis shifted?

What are you investing in now that you wouldn't have 12 months ago — and what are you avoiding?

Are you playing adjacent to AI, or stepping back?

With 80% of dollars in one sector, how are you thinking about concentration vs. diversification in your personal portfolio?

How are you pricing entry?

With valuation inflation at the top, what does a “fair” angel-stage valuation look like in your deal flow right now?

Important Notice

Disclaimer

Not a Securities Offering

Nothing presented tonight constitutes an offer to sell or a solicitation of an offer to buy any securities. No securities are being offered or sold at this event.

Not Investment Advice

The information shared during this session — including all market data, trends, and commentary — is for educational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security.

Do Your Own Due Diligence

All investment decisions are made at your own risk. Market data referenced is drawn from publicly available sources including Crunchbase and PitchBook as of April 2026. You should consult with a qualified financial advisor, attorney, or accountant before making any investment decisions.

Let's Connect

Thank You.

Tonight was about reading the market together. The sharpest angels aren't the ones chasing headlines — they're the ones translating them into conviction.

What's Next

Keep the conversation going in the app. Bring your questions — and your deal flow — to the next session. Updates will be sent via email (through Substack) — all other updates inside Sengo.

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1 / 19 First Angel Investor Meetup
Welcome to
Sengo

Closing the Wealth Gap in Private Market Assets Through Evidence-Based Solutions

Presented by Ila Corcoran, Founder & CEO

2 / 19 Introduction

Meet Ila Corcoran

Founder and CEO of Sengo, passionate about closing the wealth gap in private assets and democratizing access to capital for underrepresented founders.

Your turn! Let's hear from you. Share your background and what brings you to angel investing.

(We'll cap intros at ~10 minutes)

3 / 19 Today's Agenda

What We'll Cover

  • Brief personal background & introduction of Ila Corcoran
  • Optional sharing from attendees (10 minutes total)
  • Initial vision and goals for this angel investor community
  • Discussion on private markets and angel investing in 2025
  • Data on funding gaps and investor returns
  • Overview of the Sengo platform
  • Preview of our live pitch event at end of month
  • Q&A and community feedback

Let's build something great together.

4 / 19 Our Vision

Community Goals

  • Create a supportive network of angel investors committed to founders
  • Share knowledge, resources, and investment opportunities
  • Build authentic relationships between funders and founders
  • Democratize access to quality dealflow
  • Learn together and grow as investors

Your feedback is welcome!

5 / 19 Meeting Cadence

What These Meetings Look Like

Two Monthly Gatherings

Education Session

Once per month, we gather to discuss angel investing topics, hear from industry experts, and build knowledge together as a community.

Live Pitch Event

Once per month, we host a live founder pitch where you can ask questions, practice due diligence, and consider investment opportunities.

Build expertise, access dealflow, and invest alongside a supportive community.

6 / 19 Mini Lesson

Angel Investing 101: Getting Started

  • What is an angel investor? An individual who provides capital to early-stage startups, typically in exchange for equity
  • Typical check sizes: $1K-$50K per investment (start small and scale)
  • Portfolio approach: Plan to invest in 10-20+ companies to manage risk
  • Time horizon: 7-10 years on average for exits
  • Due diligence: Evaluate team, market size, product-market fit, traction
  • Legal basics: SAFEs, convertible notes, and priced rounds

Remember: Only invest what you can afford to lose.

7 / 19 The Landscape

Private Markets in 2025

  • Private assets now exceed public assets by trillions — projected to reach $23T+ by 2027
  • 49 million Americans eligible to invest in private companies, yet fewer than 2% actually do
  • 5.5 million businesses start annually, but less than 3% access venture funding
  • Growing demand for accessible, ethical, community-driven investment pathways

Discussion: How do we democratize access?

8 / 19 Research Evidence

The $14 Trillion Wealth Gap

A Systematic Market Failure on Both Sides

For Founders: Despite representing 32% of the U.S. population and founding nearly half of all new businesses, Black and Latino founders receive only 4% of venture capital, while women-founded companies secured just 1-2.3% of VC funding in 2024.

For Investors: 49 million Americans are eligible to invest in private companies, yet fewer than 2% do — locked out of the fastest-growing asset class.

This dual exclusion creates a $14 trillion wealth gap and leaves billions in unrealized economic value on the table.

Sources: HBCU.VC (2025), Founders Forum Group (2025), Inc. Magazine (2024), Preqin (2023)

9 / 19 The Data

Black Founders: Q2 2025

0.42%

of total U.S. venture funding went to Black founders in Q2 2025

QR Code to HBCU.VC Report

Source: HBCU.VC Q2 2025 Black Venture Funding Report

10 / 19 The Data

Women Founders: 2024

1%
of U.S. VC funding went to all-female founding teams — the lowest in 5 years
2.3%
of global VC funding ($6.7B of $289B) went to female-only teams
20.5%
of first financings went to women-led startups (down from 26.5% in 2020)
13
female-founded unicorns achieved in 2024 (record high, $300B+ valuation)

Sources: Inc. Magazine (2024), Founders Forum Group (2025), PitchBook Data

11 / 19 The Data

Latino Founders: 2021-2024

2.1%
of all venture funding went to Latino founders in 2021
<1%
of top 500 VC/PE deals in 2020 involved a Latino founder
2%
of venture capitalists are Latino/Latina (partner-level and general)
2x
growth in investment crowdfunding for Hispanic/Latinx founders (2023→2024)

Sources: WebSummit (Dr. Paul Judge), Crunchbase (2024), KingsCrowd (2025)

12 / 19 Missed Returns

The Cost of Bias: Returns Investors Are Missing

63%
better performance by companies with female founders vs. all-male teams (First Round Capital)
2.5x
Women generate 78¢ revenue per dollar raised vs. 31¢ for men (BCG/MassChallenge)
35%
higher ROI for women-led teams compared to all-male teams (Kauffman Foundation)
30%
performance advantage for ethnically diverse founding teams vs. all-white teams

Black & Latino unicorns: $24B raised → $125B valuation (5.2x return)

Sources: First Round Capital (2015), BCG (2018), Kauffman Foundation (2013), Harlem Capital (2024)

13 / 19 Root Causes

Systemic Barriers in Venture Capital

Who Makes the Decisions?

82.7% of decision-makers at U.S. VC firms with $50M+ AUM are male, while 17.3% are women.

Only 2% of VCs are Latino/Latina at the partner level.

This homogeneity creates structural barriers through:

  • Pattern matching and affinity bias in investment decisions
  • Closed networks limiting diverse founder access to capital
  • Unconscious bias in due diligence and valuation processes

Sources: Founders Forum Group (2025), Carta Equity Report (2024)

14 / 19 The Solution

What is Sengo?

Building infrastructure for private market access.

  • Education: Modular learning that prepares founders and funders to confidently navigate private markets
  • Community: Digital hub where members discover, vote on, and invest in community-backed opportunities
  • Tech-Enabled Advisory: Hands-on support for founders raising capital
  • Events & Experiences: Culture x Capital events blending community, education, and dealflow
15 / 19 Our Impact

We had our launch party in March 2025 and since then...

600+
Platform Members
18
Founders Funded
$30K+
Grants Given Out

$5M+ raised by founders at a 167X multiplier

9,400+ email subscribers • Featured in Forbes, NerdWallet, Nasdaq, Business Insider

16 / 19 For Funders

Using the Platform

  • Access modular education that builds confidence navigating private market investments
  • Join a digital community to discover, vote on, and discuss investment opportunities
  • Review curated dealflow from vetted founders building impactful businesses
  • Check out our events — from Fashion x Futures pop-ups to pitch sessions
  • Connect with aligned investors for co-investment and learning
17 / 19 Live Pitch Event

Meet Cee Cee's Closet

End of the month - Live founder pitch!

Join us to hear from a founder building an impactful business with >$8.5M in lifetime sales. This is your chance to see our dealflow process in action.

Cee Cee's Closet TikTok

A creator-driven brand with strong social media presence and proven traction

18 / 19 Join Us
Let's Build This Together

Join the movement to democratize access to capital

Questions? Ideas? Ready to get started?

Visit app.bysengo.com to enroll as an investor

Thank you for being here. Let's change the game together.

19 / 19 Sources

References & Data Sources

HBCU.VC — Q2 2025 Black Venture Funding Report

Founders Forum Group — Women in VC & Startup Funding: Statistics & Trends (2025)

Inc. Magazine — Women-Led Companies Attracted Just 1% of VC Funding in 2024

First Round Capital — 10 Year Project: Female Founders Perform 63% Better

BCG & MassChallenge — Why Women-Owned Startups Are a Better Bet (2018)

Kauffman Foundation — Women-Led Teams Show 35% Higher ROI (2013)

Harlem Capital — 1,338 Black & Latino Startups That Raised $1M+

Carta — Annual Equity Report 2024

Preqin — Private Markets Projected to Exceed $23 Trillion by 2027

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Sengo Angel Investing Meet-Up • 3/26

Welcome Back.

Tonight we're going beyond the pitch deck. We'll explore how to conduct due diligence — the process of evaluating a company once it has your attention.

Today's Agenda

Tonight's Lineup

  • 1
    Welcome & Recap Quick look at what we've covered so far
  • 2
    What Is Due Diligence? From pitch to deeper evaluation
  • 3
    The DD Framework Five areas every angel should explore
  • 4
    Understanding Term Sheets Economics vs. control — from Venture Deals
  • 5
    Deal Structures & Key Terms SAFEs, convertible notes, and what to watch for
  • 6
    Red Flags & Green Flags Patterns that signal strength or risk
  • 7
    Group Discussion & Closing
Where We've Been

Our Journey
So Far

Session 1 — The Landscape

Why alternative investments matter and where angel investing fits in a portfolio.

Session 2 — The Power Law

How venture returns work, why most deals fail, and why one winner can define a portfolio.

Session 3 — Evaluating Live

Pitch best practices, investor question frameworks, and our first live founder pitch.

Going Deeper

What Is
Due Diligence?

Due diligence is the structured process of evaluating a company after a pitch catches your interest. It's how you move from curiosity to conviction — or walk away informed.

Key Mindset

The pitch tells you the founder's story. Due diligence helps you verify it, pressure-test assumptions, and understand the risks you'd be taking on.

The Framework

Five Areas
to Explore

Team
Founder background, domain expertise, coachability, why them?
Market
TAM validation, timing, tailwinds, competitive moat
Product
Problem-solution fit, differentiation, user feedback
Financials
Burn rate, runway, revenue trajectory, unit economics
+ Deal Terms

Valuation, round structure, cap table, investor rights — the terms of your actual entry point. We'll dig into this next.

From Venture Deals by Feld & Mendelson

The Term Sheet:
Two Things Matter

According to Venture Deals, every term in a deal ultimately comes down to two concepts:

Economics
How the returns get split.
Valuation — pre-money vs. post-money
Liquidation preference — who gets paid first in an exit
Pro-rata rights — your right to maintain ownership %
Control
Who makes the decisions.
Board seats — who governs the company
Protective provisions — investor veto rights
Anti-dilution — protection if valuation drops
Key Takeaway

As an angel, you likely won't negotiate control terms — but you need to understand them. Know what you're signing and how it affects your outcome.

Common Deal Structures

How Early-Stage
Deals Work

SAFE (Simple Agreement for Future Equity)

The most common angel instrument today. You invest now, receive equity later when a priced round happens. Key terms: valuation cap and discount rate. No interest, no maturity date.

Convertible Note

A loan that converts to equity at the next priced round. Similar to a SAFE but with interest and a maturity date — which can create pressure if the company hasn't raised by then.

Priced Round (Series Seed / A)

A formal equity sale with a set valuation, share price, and full term sheet. More common at later stages. As Feld & Mendelson note: this is where economics and control terms are fully negotiated.

Venture Deals Insight

“The best deals are ones where both sides feel like they got a fair outcome.” Understand valuation caps, discounts, and preferences — they determine your actual return.

Pattern Recognition

Red Flags &
Green Flags

Green Flags
Founder has deep domain knowledge
Paying customers or strong LOIs
Clear, honest answer to “what's not working”
Reasonable valuation with rationale
Red Flags
Vague or shifting answers on metrics
No clear customer validation
Unwillingness to discuss risks
Valuation disconnected from traction
Remember

Red flags don't always mean “don't invest.” They mean “dig deeper.” Context matters — early-stage companies won't have all the answers yet.

Important Notice

Disclaimer

Not a Securities Offering

Nothing presented tonight constitutes an offer to sell or a solicitation of an offer to buy any securities. No securities are being offered or sold at this event.

Not Investment Advice

The information shared during this session is for educational purposes only and should not be construed as investment advice, financial advice, or a recommendation to buy or sell any security or investment product.

Do Your Own Due Diligence

All investment decisions are made at your own risk. You should consult with a qualified financial advisor, attorney, or accountant before making any investment decisions.

Let's Connect

Thank You.

Tonight was about building the muscle for what comes after the pitch. Keep practicing these frameworks.

What's Next

Continue the conversation in the app. Share what frameworks resonate with you, and bring questions to the next session. Updates will be sent via email (through Substack) — all other updates inside Sengo.

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Sengo Angel Investing Meet-Up • 3/10

Welcome Back.

Tonight we're hearing a live founder pitch and sharpening the skills every angel needs — how to evaluate, ask the right questions, and give feedback that matters.

Today's Agenda

Tonight's Lineup

  • 1
    Welcome & Community Updates
  • 2
    Pitch Best Practices
  • 3
    PsyFlo Pitch
  • 4
    Closing
Our Mission

Reimagining Fundraising
& Investing

Sengo is closing the wealth gap in private assets by helping companies prepare to scale and helping funders learn how to invest in them.

Supportive Network

Create a community of angel investors committed to backing founders authentically.

Share Knowledge & Dealflow

Share resources, investment opportunities, and democratize access to quality dealflow.

Build Relationships

Build authentic relationships between funders and founders — and learn together as we grow as investors.

Before We Begin

Pitch Best
Practices

A few reminders before tonight's session. This should take 2–3 minutes.

Purpose of the Session

Tonight is about learning together and evaluating opportunities. The goal is to sharpen how we assess companies as a community, ask better questions, and build our frameworks.

No Soliciting

Please don't pitch your own venture tonight or ask for fundraising intros for your company. We want to respect PsyFlo's time and keep the focus on one opportunity at a time.

Curiosity Over Judgment

Early-stage companies are messy by nature. Ask questions with the goal of understanding the business, not trying to “catch” the founder.

Investor Etiquette

Ground
Rules

Confidentiality

What founders share in this room is meant for investor evaluation, not public distribution. Please don't repost slides or financial details outside the group.

This Is Not Investment Advice

Everyone makes their own investment decisions. The discussion is meant to help everyone build their own framework for evaluating deals.

Leave Room for Others

Try to keep questions concise. If you have deep follow-ups, we can continue after the session.

Investor Toolkit

Focus on Investor
Questions

Helpful investor questions usually fall into a few categories:

Market
Size, timing, competitive landscape
Business Model
Revenue, pricing, path to scale
Traction
Users, revenue, pilots, LOIs
Unit Economics
CAC, LTV, margins, burn rate
Not Helpful Tonight

Personal advice, product suggestions, or consulting feedback. Keep the lens on investor evaluation.

Important Notice

Disclaimer

Not a Securities Offering

Nothing presented tonight constitutes an offer to sell or a solicitation of an offer to buy any securities. No securities are being offered or sold at this event.

Not Investment Advice

The information shared during this session is for educational purposes only and should not be construed as investment advice, financial advice, or a recommendation to buy or sell any security or investment product.

Do Your Own Due Diligence

All investment decisions are made at your own risk. You should consult with a qualified financial advisor, attorney, or accountant before making any investment decisions.

Let's Connect

Thank You.

Great session tonight. Let's keep the momentum going.

Stay In Touch

Connect with other members, share deal flow, and keep the conversation going between meet-ups in the app. Next session is 3/26. Comms will be sent out via email (through Substack) but all other updates will be inside Sengo.

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Sengo Angel Investing Meet-Up • 2/26

Welcome Back.

Tonight we're going deeper — institutional capital, deal selection, and the questions every angel investor should be asking.

Today's Agenda

Tonight's Lineup

  • 1
    Welcome & Community Updates 5:00 — Kick-off and what's new in the Sengo community
  • 2
    Fireside with Amiah Sheppard 5:10 — Institutional capital, deal selection, and lessons from Backstage Capital
  • 3
    Open Discussion & Announcements 5:45 — Community Q&A and upcoming opportunities
  • 4
    Wrap 6:00 — Closing remarks and next steps
Coming Up Next

Next Meet-Up:
March 10

5:00 PM ET — Founder Pitch Session

Live Founder Pitch
AI-Powered Mental Health Platform

A tech platform bringing AI-powered mental health tools into schools, backed by Cornell Tech and NYU. This will be our first live founder pitch — a chance for our community to hear directly from the team, ask questions, and practice evaluating a real deal.

Cornell Tech Backed NYU Backed EdTech × Mental Health
The Math Behind VC

The Power Law
of Venture

In venture capital, a small number of investments generate the vast majority of returns. This is why funds invest in many deals — not just one.

80/20
Pareto's Law — 20% of deals drive 80% of returns
1 in 10
Roughly 1 in 10 startups delivers an outsized return
20–30+
Deals top funds target per fund to capture the power law
100x
A single winner can return the entire fund and more

This is why diversification matters — even the best investors can't predict which deal will break out.

Sources: Peter Thiel, Zero to One; Sebastian Mallaby, The Power Law: Venture Capital and the Making of the New Future; Correlation Ventures; Cambridge Associates; Kauffman Foundation

Tonight's Guest

Meet Amiah
Sheppard

Amiah Sheppard
Amiah Sheppard
LP • Angel Investor • Founder Coach
1,900 Startups Reviewed
24 Startups Selected

Amiah brings deep experience from the institutional side of venture. At Backstage Capital — a fund started by Arlan Hamilton with LPs like Mark Cuban — she reviewed nearly 2,000 startups. Tonight she'll share how institutional investors evaluate deals, and what angel investors can learn from that process.

Backstage Capital Alum Institutional & Angel
Fireside Topics

What We'll
Explore

Institutional vs. Angel Capital

How do institutional investors source and evaluate deals differently from angels — and where do the two worlds overlap?

Deal Selection Framework

From 1,900 startups reviewed to 24 selected — what signals matter most when picking which founders to back?

Building Your Own Process

Practical takeaways for developing your personal deal evaluation criteria and building conviction as an angel investor.

Let's Connect

Thank You.

The community keeps growing. Let's keep building together.

Stay In Touch

Connect with other members, share deal flow, and keep the conversation going between meet-ups in the app. Next sessions are 3/10 and 3/26. Comms will be sent out via email (through Substack) but all other updates will be inside Sengo.

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Sengo Angel Investing Meet-Up • 2/10

Welcome to
the Table.

A casual conversation about angel investing, alternative assets, and building a community of informed investors.

Today's Agenda

What We'll Cover

  • 1
    Introductions Meet the organizer + what inspired this group
  • 2
    Member Roundtable Share about yourself, your career, and what drew you to angel investing
  • 3
    Alternative Investing Landscape How alternatives fit into your portfolio — insights from Morgan Stanley & other firms
Your Host

Hi, I'm Ila.

I made my first angel investment in 2024. I also started Sengo and we have deployed over $31,000 in grants to founders who have gone on to raise $5M.

$31K+
Grants Deployed
$5M
Raised by Founders
Ila
Camp Chateau Camp Chateau
The Landscape

Why Alternative
Investments?

Portfolio Diversification

Alternatives — including angel investments, private equity, and venture capital — have low correlation with public markets, helping reduce portfolio volatility.

Higher Return Potential

Private markets have historically outperformed public equities over long time horizons, with top-quartile VC funds returning 2–3x net of fees.

Growing Accessibility

Regulatory changes and new platforms are making it easier than ever for accredited and non-accredited investors to participate in private markets.

Sources: Morgan Stanley Investment Management, KKR Global Institute, Cambridge Associates

By the Numbers

The Alternative
Investing Boom

$24.5T
Global Alternative AUM (2024)
5–20%
Recommended Portfolio Allocation
15%+
Avg. Top-Quartile VC Returns
364K
Active Angel Investors in the U.S.

Sources: Preqin, Morgan Stanley, Angel Capital Association, PitchBook

Your Portfolio

Where Angel Investing
Fits In

Angel investing is one slice of the alternatives pie. Here's how leading firms suggest thinking about allocation:

Core Portfolio (70–80%)

Public equities, bonds, index funds — the foundation of your wealth.

Alternative Allocation (10–20%)

Real estate, private equity, venture capital, and hedge funds for diversification and upside.

Angel & Seed Investing (1–5%)

High-risk, high-reward. Invest what you can afford to lose. Build a portfolio of 10–20+ deals over time.

Source: Morgan Stanley Wealth Management, Vanguard Research

Coming Up Next

Later This
Month

Amiah Sheppard
Amiah Sheppard
LP • Angel Investor • Founder Coach
1,900 Startups Reviewed
24 Startups Selected

Amiah is a member of our meet-up group with deep experience on the institutional capital side. She previously worked at Backstage Capital, a fund started by Arlan Hamilton with notable LPs like Mark Cuban. Amiah brings a unique lens as an LP, angel investor, and founder coach.

Backstage Capital Alum Institutional & Angel
Let's Connect

Thank You.

Welcome to the table. Let's build something together.

Stay In Touch

Connect with other members, share deal flow, and keep the conversation going between meet-ups. More sessions, speakers, and resources coming soon.

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