AngelList vs Roundtable: Best European Alternative?

AngelList and Roundtable both help investors pool capital into SPVs and funds, but they serve different markets. AngelList is built for US-domiciled venture vehicles. Roundtable is a European-focused platform that uses European legal structures and, for qualifying funds, provides cross-border marketing permissions.

If you need a European vehicle or EU regulatory infrastructure, Roundtable is one of the best AngelList alternatives. If you need a US-domiciled venture vehicle, AngelList is the better option.

The two platforms overlap on single-deal SPVs, founder roll-up vehicles and fund management. They differ mainly on jurisdiction, regulatory model, asset-class coverage and pricing. At Roundtable these are two separate products: an SPV holds one investment that investors join deal by deal, while a fund collects commitments from its investors and invests them in several companies over time. The sections below cover them one at a time, SPVs and founder roll-ups first, then funds.

What's the difference between AngelList and Roundtable?

Both platforms help founders and fund managers pool capital from investors into structured investment vehicles. Both handle formation, onboarding, banking, and ongoing administration, with different regulatory models.

The main difference is the market and regulatory framework each platform is built around.

AngelList set the standard in the US market

AngelList was one of the earliest companies offering online syndicated investing. The platform popularized the syndicate SPV, introduced rolling funds, and built scout program infrastructure used by major VC firms.

AngelList reports over $200 billion in assets on the platform.

Its structures rely on SEC Regulation D exemptions and Delaware entity formation.

Why AngelList is not a direct European equivalent

AngelList’s core vehicles are US-domiciled. It can accept non-US LPs who meet the US accredited-investor definition and pass its KYC/AML checks, and invest in some non-US companies, but it does not provide EU-domiciled structures, an EU AIFM or an EU marketing passport.

In 2023, AngelList's CEO said publicly that the company shut down its Europe business to focus on the US first.

For platform-advised vehicles, AngelList imposes restrictions on international LPs:

• LPs from the same country as the target investment are excluded
• Japanese and Singaporean LPs are not supported under any platform-advised vehicle
• AngelList's fundraising products require a Delaware C-corporation, so a European founder has to incorporate or flip there, which adds legal complexity, tax exposure, and currency risk

Beyond regulatory reasons, tax policy also draws European capital toward domestic structures.

For European managers, the issue is therefore that using a US vehicle can add legal, tax and currency complexity without providing European regulatory infrastructure.

Roundtable is built for European private markets

Roundtable was founded in 2022 with a dedicated focus on the European private markets. The platform provides an integrated model for launching and managing European funds and SPVs.

For qualifying funds, Roundtable operates through Roundtable EuVECA Manager Lux S.à r.l., its CSSF-registered EuVECA manager and registered AIFM (no. A3650). This means:

• Fund sponsors do not need to set up their own AIFM, because Roundtable acts as the fund’s AIFM
• Roundtable handles compliance, regulatory reporting, and EU marketing notifications for the fund
• The EuVECA registration provides an EU-wide passport to market to professional investors and to other investors who commit at least €100,000 and state in writing, in a document separate from the commitment contract, that they are aware of the risks

Roundtable’s infrastructure enables investment leads to quickly launch and close SPVs with their network using standardized European structures. Whether a given vehicle falls within AIFMD depends on the vehicle's own features against the Directive's definition of an alternative investment fund, not on its legal form.

AngelList's SPV and fund products are built for the US-domiciled venture ecosystem. Roundtable's are built for cross-border European private markets.

"Roundtable is designed for entrepreneurs who want to bring together multiple investors via an SPV, from small to large ones. That's exactly what I was looking for. I also didn't want to deal with a ton of red tape and admin work."

Ferdinand Terme, CEO of Pletor

Single-deal SPVs and syndicates

Both platforms allow a deal lead to create a special purpose vehicle for each investment, pooling capital from multiple investors into a single entity that appears as one line on the target company's cap table.

A customer’s experience is similar on both platforms. You can expect digital onboarding, e-signatures, a central dashboard for tracking commitments, and automated investor communications.

How AngelList and Roundtable compare on SPVs

The main distinction comes down to the entity and regulatory structure, and where you can operate.

AngelList structures are generally formed as a Delaware Series LP and work within US securities law.

Roundtable structures are formed as a Luxembourg SCSp or French SAS/SC, depending mainly on where the co-investors are tax resident, and are built for cross-border European investing under European company law. Its CSSF registration covers the fund manager, not the deal-by-deal SPVs.

Roundtable's €5,000 minimum fee makes smaller European angel rounds (€100k-€300k) more practical relative to the deal’s size. AngelList charges $8k plus $2k in state fees and requires a minimum raise of $80k. Additional fees can apply on both platforms.

AngelList takes no platform carry on standard deals. It charges 5% carry on capital sourced through its Meridian LP marketplace.

Both platforms offer a dedicated product for founders who want to consolidate many small angel investors into a single cap table entry.

AngelList's Roll Up Vehicle (RUV)

AngelList’s RUV is now offered under AngelList’s dedicated Rollups brand:

• No carry is charged to investors, and a standard US C-corporation RUV starts at $8k plus filing fees, paid by the company at closing
• The RUV can accept up to 250 accredited investors (99 if it raises more than $12M)
• The result is a single cap table line for the startup

Roundtable Founder SPVs

Roundtable's founder SPV serves the same purpose using European structures:

• The founder invites investors to a dedicated deal page on the platform
• Roundtable consolidates them into a dedicated SPV (typically a Luxembourg SCSp or French SAS/SC)
• Pricing follows the standard SPV model (from 1% of funds raised, €5k minimum, excluding VAT)
• Roundtable allows flexibility in whether the founder or the SPV investors absorb the fee
• The structure supports international investors across multiple European countries

How AngelList and Roundtable compare on founder roll-up vehicles

AngelList's RUV is usually the more direct fit for US-based rounds. Roundtable's founder SPV is designed for European rounds or founders with European investor bases.

Fund administration

AngelList offers tiered fund administration for US venture funds under SEC exemptions. Roundtable bundles fund administration (sub-delegated) with a CSSF-registered AIFM layer for qualifying European funds, so sponsors can launch without setting up their own AIFM.

AngelList fund administration

AngelList provides tiered fund administration for venture funds of varying sizes.

• Institutional (for established firms): $10k/year + 0.1% of committed fund size per year
• Full Service (for emerging managers): $20k/year + 0.15% of committed fund size per year
• Both plans have a minimum fund size and a one-time implementation fee based on complexity
• AngelList can provide AngelList-approved GP and investment-adviser entities, allowing managers to launch without setting up those entities themselves
• The platform handles LP subscriptions, capital calls, banking, accounting, and regulatory filings; K-1 preparation is included with Full Service and available as an add-on for Institutional

Roundtable fund administration

Roundtable provides end-to-end fund infrastructure with an integrated regulatory layer:

• Roundtable's CSSF-registered management company acts as the fund's Alternative Investment Fund Manager (AIFM)
• The fund sponsor does not need to set up its own AIFM
• Roundtable handles fund formation (Luxembourg SCSp), bank coordination, LP onboarding, capital calls, ongoing administration, regulatory reporting, and audit coordination

How AngelList and Roundtable compare on fund administration

Building an internal AIFM function can require regulatory approval, dedicated compliance staff, risk management infrastructure, and upfront capital. The process can take months and delay fundraising.

Roundtable's model lets a first-time fund sponsor get a qualifying European venture fund live without building that infrastructure internally.

The fund structures also differ in investor eligibility:

• AngelList's SPVs and venture funds are restricted to accredited investors under US rules, including eligible non-US LPs, although restrictions apply.
• Roundtable's EuVECA-labeled funds can be marketed across the EU to professional investors, and to non-professional investors who commit at least €100,000 and provide a separate written risk statement

This broader eligibility can widen the potential LP base for European sponsors, particularly those raising from high-net-worth individuals or family offices that may not meet formal "professional investor" classifications in their home country.

Now that we’ve compared AngelList and Roundtable’s capabilities across SPVs, roll-up vehicles, and fund administration, let’s take a look at the two companies’ pricing structure across their products.

How AngelList and Roundtable compare on price

Each platform structures pricing differently. For SPVs, Roundtable uses a percentage-based, one-time model. AngelList uses flat fees for SPVs and tiered annual fees for funds, while Roundtable prices funds individually.

Prices shown are base prices. VAT, filing costs, minimums and product-specific add-ons may apply.

Where each model is more cost-effective

For smaller SPVs (under €500k), Roundtable's €5k minimum is lower than AngelList's ~$10k base fee.

For larger raises, Roundtable's percentage fee scales up, while AngelList's base fee stays constant regardless of deal size.

For fund administration, pricing is not directly comparable. Roundtable can bundle the AIFM regulatory layer into its custom fee, while AngelList’s published plans cover US fund administration and platform-advised support.

The legal frameworks that distinguish AngelList and Roundtable

In short:

• AngelList's vehicles are Delaware partnerships offered under US securities exemptions to accredited investors, with US tax reporting.
• Roundtable's vehicles are European structures (Luxembourg SCSp, French SAS/SC). Its qualifying funds are run by its EuVECA manager registered with the Luxembourg CSSF (no. A3650); they can be marketed across the EU to professional investors, and to other investors from €100,000 with a separate written risk statement.

Whether a single-deal vehicle falls within AIFMD depends on the vehicle's own features against the Directive's definition, not on its legal form. The practical consequences (who can invest, which entities are formed, where marketing is allowed) are covered above.

Where Roundtable goes further for European sponsors

Roundtable addresses several needs that are specific to sponsors operating in or raising from Europe.

Multi-asset-class coverage from day one

AngelList's administered vehicles were built for venture capital and startup equity, although its broader software now also serves private-equity firms and fund administrators.

Roundtable supports VC, small-cap private equity, and real estate structures from launch. For managers with strategies that span asset classes or evolve over time, this flexibility can reduce the need to switch platforms as their portfolios grow.

Integrated regulatory hosting

For qualifying funds, Roundtable's AIFM layer is not a separate service or referral; rather, it is built into the platform. Fund sponsors get regulatory hosting, compliance infrastructure, and EU marketing support as part of the core offering.

The alternative for a European sponsor would be contracting with an independent host AIFM, hiring external legal counsel for fund formation, and coordinating multiple service providers.

European legal structure expertise

Roundtable's team works across Luxembourg SCSps and French SAS/SC structures, and provides notarized investment documents for Germany, the Netherlands, and Spain. The platform supports investments in 40+ currencies, which matters for deals involving investors from multiple European countries.

How customers of all types have used Roundtable to invest in private markets

Roundtable's platform has been used by founders, investment clubs, and fund managers across a range of European markets. The platform serves 30,000+ investors and supports investment clubs running multiple deals per month:

• Pruna AI used a Luxembourg SPV to consolidate international angels from multiple countries as part of a $6.5M seed round, replacing what the founder described as a potential nightmare of cross-border paperwork. The SPV streamlined the process for the team, their lawyers, and their investors.
• Better Angle, a French investment community with 200+ members, closes around three deals a month overall, runs its deal-by-deal SPVs on Roundtable, and has raised over €12M across its two funds. The community uses SPVs for specialized or sensitive sectors that fall outside their main fund thesis.
• Eclipse, an energy startup, onboarded 40+ business angels into a €500k SPV as part of a €5.5M raise, with Roundtable handling everything from KYC through fund collection.
• Pletor raised just over €1.5M in its first fundraising round with strategic angels based in France, Germany, the UK, and Spain. The founder described the process as requiring minimal admin, with Roundtable handling shareholder agreements, regulatory requirements, and KYC across countries.
• Super Capital, a French investment community with over 1,000 members, makes more than 100 investments per year and uses Roundtable to organize deal-by-deal SPV investments and manage community participation at scale.

Choosing the right platform for your needs

AngelList and Roundtable serve different geographies and regulatory systems. The right choice depends on where your investors are, where your deals are, and what compliance infrastructure you need.

Consider AngelList if:

• Your vehicle is US-domiciled
• You need Rolling Fund or Scout Fund infrastructure
• Your investors meet US accredited-investor requirements
• You are comfortable with Delaware structures and SEC compliance

Consider Roundtable if:

• Your deals, investors, or fund structure primarily involve Europe (Roundtable funds can also accept US-based investors)
• You need cross-border EU marketing permissions for a qualifying EuVECA fund
• You want a CSSF-registered AIFM without building your own AIFM infrastructure
• You are working across asset classes (VC, small-cap PE, real estate)
• You need European legal structures (Luxembourg SCSp, French SAS/SC)
• You want a single provider coordinating formation through dissolution

For sponsors with both US and European investor bases, the platforms can be complementary. You might run a US-focused raise through AngelList and a separate European vehicle through Roundtable, each using the structures and compliance frameworks designed for their respective jurisdictions.

The decision also depends on where you are in your investing business. Early-stage sponsors launching their first European fund may benefit from Roundtable's bundled regulatory hosting, where the AIFM, administration, and platform come as a single package.

Managers with established US operations who are expanding into Europe may use Roundtable alongside their existing AngelList infrastructure.

Founders running a single angel round should choose based on where the company and investors are located, the vehicle jurisdiction, and which fee structure fits the raise size.

Takeaway

AngelList was one of the first to design how online syndicated investing works. The platform now reports more than $200 billion in assets on platform and helped establish venture fund administration as a category. Its product suite, particularly Rolling Funds and Scout Funds, reflects a mature US venture ecosystem with regulatory frameworks that support innovation in fund structures.

Roundtable adapted that model for Europe. The platform provides comparable SPV and fund infrastructure using EU legal entities and an integrated AIFM layer for qualifying funds, with compliance designed for cross-border European operations.

For founders, investment clubs, and fund managers whose work involves the European ecosystem, Roundtable fills a gap that AngelList's US-domiciled offering does not address.