Snap alums unveil Ghost Angels fund

A collective of 20 former Snap employees has united to establish a new investment fund named Ghost Angels, aimed at supporting the next wave of social media innovation. While the exact amount raised has not been disclosed, the fund has already invested in at least five startups and has plans to allocate its remaining resources to at least 15 additional companies within the next year. Max Rivera, who previously led global partnerships at Snap, initiated the fund in 2025 to formalize the burgeoning angel-investing community among Snap alumni. Rivera, who now works at Microsoft’s AI division, explained that the fund is backed by around 20 co-founders and investors, including some still at Snap and prominent alumni like Alexandra Levitt, a former head of Snap’s corporate accelerator, and Will Wu, a founding member of Snap’s product and design team. Rivera emphasized the importance of diversity in the fund’s composition, stating, "We were intentional about the mix." He highlighted that bringing together seasoned executives and those earlier in their careers adds a valuable range of perspectives in deal evaluations and founder support. Reflecting on the evolution of the industry since he joined Snap nearly a decade ago, Rivera noted that today’s startups often operate with smaller teams, and founders are increasingly launching products quickly and seeking feedback in real time. He observed a significant shift in monetization strategies, with startups exploring alternatives to traditional advertising, including subscriptions and outcome-based models. The Ghost Angels fund is particularly focused on pre-seed and seed-stage investments in AI-driven startups centered around social media and consumer engagement. Rivera pointed out a noteworthy trend where the concepts of 'social' and 'media' are diverging. He explained that current social media platforms heavily rely on advertisements and algorithms for content delivery, leading to a sense of disillusionment among users regarding the initial goal of fostering personal connections. In line with emerging trends, Rivera indicated that the next generation of social media is moving towards more specialized communities rather than broad platforms. The fund aims to back founders who are leveraging AI in innovative ways to fulfill the original vision of social connectivity. Additionally, on the media front, Ghost Angels is investing in AI-native formats and generative creative tools across various media sectors, significantly reducing barriers for content creation and distribution in areas like music, gaming, sports, and fashion.