Syndicates: earn carry on your top deals

An experienced angel? With a Syndicate you strengthen the startup ecosystem and help train the next generation of business angels. Share your top deals and earn a carry fee: no fund structure, no pooling, no 10-year lock.

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Share your top deals

Run your angel Syndicate — without your own fund

Most angels pass on their dealflow informally — by handshake, with no carry and no structure. Setting up a fund would be the other extreme: expensive, slow, with a 10-year lock and a fixed thesis. A Syndicate sits right in between.

A beel Syndicate

Deal-by-deal, with no fund structure
You set the focus, minimum ticket and fee structure
Co-investors onboard through the same flow
Earn carry from the first shared deal

Your own fund

Heavy setup, high fixed costs
A 10-year lock and a fixed investment thesis
Ongoing fund administration
Only worthwhile at large volume

How a Syndicate works

Syndicate Leads don't need a licence

The legal basics first: a Syndicate on beel requires neither an investment-brokerage licence nor a fund structure. Instead, the Syndicate Lead acts as a tipster and has a contract with each member covering a carry fee the Lead sets.

Each member invests directly into the startup — no capital is pooled. The Syndicate Lead shares the deals, every member decides for themselves whether and how much to invest, and pays the agreed carry fee to the Lead when payouts are made.

Each member invests directly into the startup

Co-invest with experienced angels

In good company: a selection of experienced angels who lead Syndicates

Their reasons for choosing a beel Syndicate vary – what unites them is the goal of making angel and startup investing more accessible.

AI · B2B · SaaS · pre-seed & seed

Andy's Beel Syndicate

Syndicate Lead: Andy Bruckschlögl

Andy Bruckschlögl has been an entrepreneur and community builder in the European founder scene for over 20 years — co-founder of Bits & Pretzels and Ryte (acquired by Semrush). His dealflow: pre-seed and seed teams with real traction, across industries.

20–50 deals/year · 15 % carry

View Syndicate

AI · B2B · SaaS · pre-seed

Outperformer

Syndicate Lead: Roland Fassauer

Roland Fassauer is a co-founder of Intershop (two IPOs), professor at CODE University and author of "Outperformer". He invests in the best startups coming out of CODE University — with more than 80 direct investments, including Pliant, Langdock and Superchat.

5–15 deals/year · 20 % carry

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AI · fintech · B2B · pre-seed

Justdoitalex

Syndicate Lead: Dr. Alex von Frankenberg

Dr. Alex von Frankenberg was managing director of High-Tech Gründerfonds from 2005 to 2025 — a fund that invested in more than 800 startups and realised over 200 successful exits during that time. His focus: truly disruptive innovation.

1–5 deals/year · 10 % carry

View Syndicate

How a Syndicate works

From deal to carry

You bring the deal — beel provides the infrastructure. Co-investors invest directly via Profit Participation Rights, and you earn your set carry when payouts are made.

Create a Syndicate

Create your investment community — a small private circle or a public community of followers. Your Syndicate, your call: you set the members and the fee structure yourself.

Share your top deals

Share your top deals with your Syndicate. Each member decides whether and how much to invest on your terms — and invests directly into the startup through beel.

Earn carry

You earn carry — a percentage of the profit — on the investments your community made. That's how you monetise your curated deals — without having to set up your own fund structure.

What angels and leads want to know

How does an angel Syndicate work on beel?

As a Syndicate Lead you share pre-selected deals with your Syndicate. Co-investors decide for themselves whether to join and invest directly in the startup through beel. You earn carry — deal-by-deal, with no fund and no 10-year lock.

Does anyone have access to my capital?

No. A Syndicate is not a VC fund. The lead only shares information about their investment and offers you the option to invest too. Every investment goes directly into the startup through beel — nobody manages or pools your capital.

What fees can a lead set?

Leads set the fee structure of their Syndicate: a one-off flat fee to join, a recurring subscription fee, or a carry fee on profits, due when returns are paid out. Co-investors pay beel nothing.

Who can run a Syndicate?

Active business angels with their own dealflow who invest regularly in German or Austrian startups. You set membership, minimum investment and the fee structure yourself.

How is carry defined?

Carry is a percentage of the co-investors' profit. On dividend payouts the full percentage applies; on exit proceeds the purchase price is deducted first and the percentage is applied to the remaining proceeds.

Does this require a licence?

As a rule, a notification to BaFin is enough. With it you tell BaFin that you act as an introducer (Tippgeber) using beel; as a rule that counts as an investment recommendation rather than investment advice or brokerage. How your Syndicate is set up determines the actual classification; this does not constitute legal advice. You receive templates and legal guidance during onboarding, but they do not replace a review by your own lawyer.

What is a Syndicate investment?

A Syndicate investment pools several angels into one deal: a lead curates it, co-investors join deal by deal, and the lead earns carry — no fund of their own required. On beel the entire Syndicate runs digitally: one process, many investors, cleanly bundled.

Ready to start your Syndicate?

Create your Syndicate or join one. Co-investors pay nothing.

Contact

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Run or join a Syndicate

Start your Syndicate and share your first deal — or co-invest with experienced angels.

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