1.
Blockchain Coinvestors AngelList Newsletter
February 1, 2021
Dear Blockchain Coinvestors Syndicate Members,
January was a rip roaring month in the world of crypto
Crypto came screaming out of the blocks in the new year, with total market cap up 43% in the first eight
days, before settling to an impressive 32.7% gain for the month. Bitcoin’s 17.3% rise was dwarfed by
gains in Ethereum (up 77.9%), which was dwarfed by gains in some of the leading DeFi apps (e.g.
Uniswap was up 243%).
The macro environment was also hugely positive for crypto with seminal events ranging from the raid
on the Capital (highlighting the chaos engulfing democracies around the world), to Robinhood shutting
down trading in GameStop and other stocks (highlighting the massive flaws inherent in centralized
financial applications).
As we stated in our first newsletter last month, these newsletters are meant to provide our Blockchain
Coinvestors AngelList LPs with:
1. Syndicate Investment Updates
2. What to Expect in the Coming Month(s)
3. Syndicate Community Progress
4. Help Needed.

2.
Syndicate Investment Updates
Our first investment, Uphold, hit some kinks at AngelList that delayed the closing. Given the delay, we
opened the investment back up and added another $27,000, 27% above our initial goal.
Our second investment, DappRadar, raised $154,780, 54% above our original goal.
We continue to get phenomenal deal flow from the 15 VCs we’re LPs in. Our next investment is
XXXXX, REDACTED
We have two more investments poised to launch in February, as we continue to scale the Syndicate. .
What to Expect in the Coming Month(s)
The good news is, the AngelList platform continues to grow at a rapid pace. The bad news is, the rapid
growth is straining AngelList resources, so it’s taking longer to get the deals live.
In addition to new deals, we’ll also continue to provide educational content, including new episodes of
“​AngelList Syndicates Are Killing It​”, where we invite the leading Syndicates to share insights on
optimizing investment returns on the platform. In addition to our own Matthew Le Merle, our first
episode featured ​Phil Nadel, Co-Founder and Managing Director of Forefront Venture Partners, a Syndicate
he started with Barbara Corcoran in 2014. The forefront Syndicate made 15 investments in 2020.
Syndicate Community Progress
The Syndicate saw continued LP growth in January, adding another 34 LPs, to reach 209 total. We
view this AngelList syndicate as a community and we know we’ll optimize our deal flow if we can make
our LP base grow as quickly as possible. We thank you for your continued help here.
While we track total LPs, the far more important metric is how many of our LPs participated in an
investment. While participation is a function of the total # of LPs, the total # of deals, and the quality of
the deals, it’s really the quality of the deals that will drive the other two metrics. So that continues to be
our major focus.

3.
Help Needed
One of the interesting points made by Phil Nadel in our webinar was how Forefront leverages the
investor base to help the Syndicate’s investments. Look for us to share more thoughts on that thread in
the coming months.
Thanks again for your support.
Alison, Lou and Matthew