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On Tuesday, AngelList Venture closed its first tranche of institutional funding since spinning out on its own in 2020. The $100 million round was led by Tiger Global and Accomplice, valuing the business at $4.1 billion.

It wasn’t necessarily expected. The round comes just weeks after the organization’s CEO, Avlok Kohli, told me that the company didn’t need venture money, a stance that AngelList, which was founded in 2010 and split into AngelList Venture and AngelList Talent in 2020 – each with their own CEOs and boards – has long embraced.

Despite its business of helping other startups raise money, AngelList Venture itself has largely resisted the siren call of venture capital and run on what others might consider a shoestring budget. Indeed, prior to raising this massive new round, the larger company, pre-spin out, had raised $124 million across multiple rounds over the years — some previously unannounced.

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