SPV.co vs. AngelList Roll-Up Vehicles: Key Differences Explained

If you follow early-stage investing, you know that Special Purpose Vehicles are now almost as common as convertible notes once were. They let a group of backers pool capital into a single entity, write one clean check to a startup, and keep everyone’s cap-table headaches to a minimum. 

Two platforms, SPV.co and AngelList with its Roll-Up Vehicle (RUV) product, have become go-to choices for founders, syndicate leads, and micro-fund managers who want the convenience of an online workflow without paying private-equity-style fees. 

At first glance both offerings look interchangeable, yet their underlying models, costs, and day-to-day user experience can feel very different once you dig in. This guide breaks down those differences so you can decide which structure aligns with your raise, your investors, and your own appetite for administration.

How Each Platform Works

SPV.co in a Nutshell

SPV.co is a pure-play administration platform built specifically for standalone SPVs. You choose your legal entity (LLC or LP), set economics, invite investors, and the service team handles everything from subscription docs to K-1s. Think of it as “white-label SPV infrastructure”: you control the branding, the pitch deck, and the closing timeline while SPV.co runs the back office behind the scenes.

AngelList Roll-Up Vehicles at a Glance

AngelList’s RUV is a pre-packaged Delaware LLC that allows up to 250 U.S. and non-U.S. investors to appear on a startup’s cap table as a single line item. It leverages AngelList’s existing investor base, payments rails, and tax reporting engine. 

Because it’s purpose-built for early-stage equity, the terms are standardized: 2% setup fee, capped at $25K, plus $8K annually for administration after the first year. The entire workflow, from accreditation checks to wire instructions, lives inside AngelList’s interface.

Comparing the Investor Experience

Ease of Formation and Administration

SPV.co: The platform will spin up the vehicle under your own legal name, file state paperwork, open bank accounts, and manage closings. You can negotiate custom voting rights, waterfall preferences, or carried-interest splits with co-leads. Whenever an investor signs the subscription agreement, SPV.co generates countersigned PDFs and prompts them for funds.

AngelList RUV: Formation is even faster because the legal template is fixed. You select your company, your fundraising target, and invite LPs via a shareable link. AngelList’s system automatically handles accreditation uploads and ACH pulls, then wires the entire amount to the startup in one lump sum. However, you forfeiture flexibility; for example, you cannot tweak carried interest or management fees beyond AngelList’s preset menu.

Minimum Check Size and Flexibility

• SPV.co lets the sponsor set any minimum, so you can court a mix of $1K retail angels and $250K family offices under the same roof.
  
  
• AngelList RUV enforces a $1K minimum for U.S. investors and a higher floor for international LPs to cover KYC costs. That’s fine for casual angels but unwieldy if you want true “friends and family” participation under $1K or if you have a single cornerstone LP willing to wire half the raise (RUVs cap any one investor at 24.9% ownership).
  

Cost Structure

SPV.co fees vary with size and optional add-ons. A typical $1–5 million vehicle costs roughly $8–12K upfront, plus $2–3K per year for tax and state filings. If you expect multiple follow-on rounds, you pay only incremental legal and admin charges at each closing. Carried interest splits are entirely up to you; SPV.co does not force a fixed promotion.

AngelList RUV is marketed as flat and predictable:

• 2% one-time fee (capped at $25K) at closing
  
  
• $0 admin for year one, then $8K annually thereafter
  

That simplicity appeals to founders who don’t want to compare line-items, but it can be more expensive for a sub-$500K raise and cheaper for a $2 million rolling SPV. Because the fee is tied to dollars raised instead of number of investors, a high target will incur the full $25K even if only a handful of LPs come in.

Sponsor and Founder Considerations

Branding and Investor Relations

Using SPV.co, you own the LP journey. Emails come from your domain, DocuSign packets show your logo, and closing memos can be customized. That matters if you treat every SPV as a chance to reinforce your brand or if you plan to launch a dedicated micro-fund later.

AngelList’s interface is familiar to many tech angels; a good share already have ACH credentials saved from past deals. The flip side is that your SPV sits inside AngelList’s ecosystem, so updates and statements follow its standardized template. If you want a “white-glove” investor portal under your own name, AngelList may feel limiting.

Back-Office and Compliance Support

Both platforms handle Form D filings, K-1 distribution, and Blue Sky notices. SPV.co prides itself on bespoke support; you get an account manager who will chase signatures, correct wire typos, and explain tax nuances in plain English. AngelList funnels support through a robust help-desk knowledge base and email ticketing. The self-service model keeps costs low but can slow you down if you need same-day document edits.

Which Option Makes Sense for You?

Below are archetypes where one platform clearly outshines the other:

• You value maximum flexibility, custom economics, unusual timelines, or later transfer of GP interest. You also want your brand front-and-center with LPs. → SPV.co likely wins.
  
  
• You need to close fast, have a standard SAFE or priced round, and prefer a no-negotiation fee schedule that the founder understands at a glance. Your LPs already invest on AngelList. → An RUV is probably the smoothest path.
  
  
• Your raise is under $500K: SPV.co’s à-la-carte pricing can be cheaper than the 2% AngelList minimum.
  
  
• Your raise is $3 million+ and fully subscribed up front: AngelList’s $25K cap can save you money relative to per-investor admin fees on SPV.co.
  
  
• You expect multiple follow-on tranches: SPV.co lets you reopen the SPV without triggering new setup fees, whereas each new RUV incurs another 2% charge.
  

Final Thoughts

Special Purpose Vehicles have democratized access to startup allocations once reserved for institutional funds, but the platform you pick becomes part of your capital-stack DNA long after the wire lands. SPV.co offers a bespoke, brand-forward experience with high configurability, making it ideal for emerging managers who treat each vehicle like a mini-fund. 

AngelList Roll-Up Vehicles streamline everything into a two-click flow that founders and casual angels already trust, albeit with standardized terms and branding locked to the AngelList universe. Neither path is universally better; the right answer depends on your raise size, LP mix, and tolerance for trade-offs between cost, speed, and control. Before you file that Form D, map your priorities, run the math, and pick the structure that lets you focus on the real work, helping your portfolio companies win.

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