Snap alums launch an investment fund to back AI start-ups
What's the story
A group of 20 Snap alumni have launched a new investment fund called Ghost Angels. The initiative, led by Max Rivera, former head of global partnerships at Snap, aims to support the next generation of social media and consumer-focused artificial intelligence (AI) start-ups. The fund has already invested in at least five companies and plans to invest in at least 15 more within the next year.
Team composition
Diverse team at Ghost Angels
Rivera, who is now part of Microsoft's AI division, started Ghost Angels in 2025. He said the fund's team is a mix of former senior executives and those earlier in their careers. This diversity, Rivera stressed, is key to how they evaluate deals and support founders. The team includes current Snap employees as well as alumni like Alexandra Levitt and Will Wu.
Market evolution
Changes in start-up landscape
Reflecting on his nearly decade-long journey at Snap, Rivera observed that today's start-ups operate with leaner teams. He noted that founders are launching quickly and iterating publicly. Rivera also highlighted a shift toward different monetization models beyond ads, including subscriptions and usage-based or outcome-based models. He said founder-led go-to-market strategies have become key pillars in this new landscape.
Investment strategy
Shifts in social media trends
Ghost Angels is particularly interested in pre-seed to seed AI start-ups focused on social media and consumer sectors. Rivera noted a major trend in the next generation of social media is the separation of "social" and "media." He said many people are disillusioned with today's ad-heavy platforms that rely heavily on algorithms for content and recommendations.
Support for innovation
AI's role in the new media landscape
Rivera said Ghost Angels is backing founders who are creatively applying AI to fulfill the original promise of social media: connecting people in their lives. On the media side, he said they're supporting AI-native formats and generative creative tools across various media types. These include music, gaming, sports, and fashion. Rivera stressed these innovations are significantly lowering barriers to creation and distribution in today's digital landscape.