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In that year he built the Flamingo Hotel and Casino in Las Vegas, Nev., originally budgeted at $1,500,000 but costing eventually $6,000,000, much of it in syndicate funds from the East.
AngelList is expanding globally and launching new vehicles for accredited investors to back what amounts to indexed AngelList syndicate funds for the top deals on the platform.
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That means "low friction, few meetings, simple documentation, collaborative in syndicate funding.
Penchina has eight full-time staff working on his syndicate fund along with another 30 "volunteers".
The company has just raised a $2 million seed round led by O'Reilly AlphaTech Ventures and Slow Ventures, with participation from Sam Shank, Gregg Brockway, AngelList's Syndicate Fund and Maiden Lane Ventures.
Also included in this round is a $330,000 commitment from Foundry Group's FG Angels AngelList Syndicate, which marks the first investment by the firm's Syndicate fund on AngelList.
Moehring will now lead the process of AngelList eventually launching its 'Syndicate' product (which allows startups to syndicate funding rounds) across Europe, as well as its 'Talent' product which is geared towards startups hiring.
It also hosts Maiden Lane, and is announcing here The Syndicates Fund and FG Angels Fund, which invest in other syndicates and angels.
The U.S. firm is working to launch its syndicates product — which lets investors team up and pool funds for investments.
The results, however were "disappointing", and the voyage absorbed almost all of the syndicate's funds.
In an important if little noted phenomenon of the last decade of globalization, armed insurgency groups that could have relied on state sponsors for support during the cold war have turned increasingly to private criminal syndicates for funds and weapons.
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