AngelList, a popular San Francisco online platform that connects accredited investors and startups has reportedly raised $24 million at a valuation of approximately $150 million.
The funding from more than a hundred investors, an intentional move by AngelList to prevent any one investor from having too much say in its business operations and development. Reputable firms Atlas Venture and Google Ventures led the round and other well-known names in Silicon Valley, including Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, Marc Andreessen and Max Levchin, were also part of the round.
Founded in 2010, AngelList has become a popular site for crowdfunding of startups. Until the present, however, it has not made money off investments, as it does not broker deals or charge fees, with a long-term aim instead of building a recruiting business using data from its website.
The news comes as the Securities and Exchange Commission’s ban on general solicitation officially lifts. Before today, it was illegal for any startup to publicly advertise that it was seeking to raise money. With the lift on the 80-year-old ban, it’s legal for an entrepreneur to shout it from the rooftop, Tweet about it, email about it or post on Facebook.