Angel syndicates love the program because it can easily triple their returns, simply by sharing their deal flow. In the example below, if I invested $20,000 in a startup and got a 20 percent carry on $300,000 raised from a syndicate, and the company had a ten-times return, the leader of the angel syndicate would get a return of $740,000 vs. $200,000 on their $20,000 investment.
