A collective of 20 former Snap employees has united to establish the Ghost Angels fund, aimed at supporting the next wave of social media innovation. While the exact amount raised remains undisclosed, the fund has already invested in at least five startups and intends to allocate its remaining resources to 15 additional companies within the next year.
Initiated in 2025 by Max Rivera, who previously led global partnerships at Snap, the fund seeks to formalize the burgeoning angel-investing community among Snap alumni. Rivera is joined by around 20 other founding members and investors, including some current Snap employees, as well as notable alumni like Alexandra Levitt, 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 within the fund, stating, "We were intentional about the mix," and highlighting the blend of seasoned executives with those earlier in their careers. This variety of perspectives is crucial for evaluating investment opportunities and supporting emerging founders.
Since Rivera's early days at Snap nearly a decade ago, the landscape has evolved significantly. Current entrepreneurs are often part of smaller teams, and the trend has shifted towards rapid launches and public iterations of products.
"We're witnessing experimentation with various monetization strategies beyond traditional advertising, including subscriptions and outcome-based models," Rivera noted. He added that founder-led go-to-market strategies have become increasingly vital.
The Ghost Angels fund focuses primarily on pre-seed to seed investments in AI startups that are innovating in the realms of social media and consumer technology. Rivera has observed a significant trend: the separation of the "social" and "media" components of social media. Many platforms today heavily rely on advertising and algorithms for content delivery, which has led to a sense of disillusionment among users regarding the original intent of social connectivity.
"A lot of people feel disenchanted with that compared to the original promise of connecting individuals," he explained. Rivera noted that the future of social media is shifting towards niche communities rather than generalized platforms.
"We're supporting founders who are creatively applying AI to fulfill that initial promise of social connectivity," Rivera stated. "On the media side, we are investing in AI-native formats and generative creative tools across various media types, including music, gaming, sports, and fashion, which are significantly lowering the barriers to creation and distribution."