The Demo Day Funds are led by seasoned Y Combinator (YC) alumni or insiders. These funds are raised prior to each YC cycle, and provide unique investment access to that cycle’s companies. YC’s Spring 2026 (S26) batch offers you an opportunity to invest in the newest wave of YC startups.
About Y Combinator
Four times a year, YC makes a number of small investments into early-stage startups. These selected startup teams participate in the 3-month program to grow their metrics and refine their pitch. At the end of each cycle, the companies present on Demo Day.
Demo Day access
Demo Day is closed to the public, but the Demo Day Funds gives you access to YC companies. The fund leads also begin forming relationships with companies prior to the presentations on Demo Day.
2026 Spring Batch
Fund Leads
Each fund is run independently by a YC alum or former partner.
Your commitment can be distributed between all currently raising funds at time of investment.
Please note that certain individual funds may no longer be accepting additional investors for regulatory considerations or at the discretion of the fund lead.
Past returns
| Batch | NET Irr | NET TVPI | DDF Percentile |
|---|---|---|---|
| Summer 2015 | 24% | 8.00 | Top Decile |
| Winter 2016 | 28% | 8.55 | Top Decile |
| Summer 2016 | -7% | 0.53 | Bottom Decile |
| Winter 2017 | 22% | 5.42 | Top Decile |
| Summer 2017 | 17% | 3.70 | Top Decile |
| Winter 2018 | 37% | 9.92 | Top Decile |
| Summer 2018 | 19% | 2.90 | Top Quartile |
| Winter 2019 | 45% | 11.63 | Top Decile |
| Summer 2019 | 13% | 2.12 | Top Quartile |
| Winter 2020 | 11% | 1.80 | Top Quartile |
| Summer 2020 | 40% | 4.93 | Top Decile |
| Winter 2021 | 7% | 1.38 | Top Quartile |
| Summer 2021 | 2% | 1.09 | Median |
| Winter 2022 | 7% | 1.32 | Top Quartile |
| Summer 2022 | 5% | 1.18 | Median |
| Winter 2023 | 7% | 1.20 | Median |
| Summer 2023 | 18% | 1.48 | Top Decile |
Your questions answered.
Your commitment may be equally allocated across all funds, or you may also choose to invest in specific funds. Please note that individual funds may no longer be accepting additional investors at the time of your commitment. This means that you may not have access to every fund, depending on the time of your commitment.
The minimum to invest in an individual Demo Day Fund is $5K.
You can invest in all four funds or choose individual funds to invest in. To invest in funds individually, you can navigate to your Invites page inside the Pipeline tab and choose which funds you’d like to commit to.
Demo Day Funds have historically filled up quickly, and certain funds may stop accepting new investors before the target close date of June 5, 2026. Investments will be accepted until the close date or until the funds reach capacity.
The funds have no official relationship with YC or special access to YC startups.
There is no guarantee of returns. Typically, funds will return capital to investors if it receives proceeds from its investments (for example, from a portfolio company liquidation event), subject to the fund’s carry payment to the Fund Lead and other fund expenses.
The funds are designed to invest in all the leads’ YC deals from this batch until investable capital is fully deployed. However, investment opportunities may be rejected under certain circumstances (e.g. when a lead is conflicted).
Most YC companies raise via Simple Agreements for Future Equity (SAFEs). There may be many exceptions where the funds invest via a different structure.
Each fund pays management fees, administrative fees, and, if the fund is profitable, carry. Please review the relevant fund’s private placement memorandum (PPM) and operating documents for more information.
The fund leads (Benjamin, JJ, Philip, and Nate) source investment opportunities and manage the funds. Investment opportunities are then sent to AngelList Advisors, LLC (“AngelList”) for review.
AngelList is subject to SEC regulation as an exempt reporting adviser. AngelList will launch and maintain the fund throughout its lifetime. AngelList may reject investment opportunities on behalf of a fund in certain circumstances (e.g. if there is a conflict of interest).
For any additional questions, please reach out to demoday@angellist.com