A group of 20 Snap alumni has launched a venture fund called Ghost Angels to support the next generation of social media companies. The fund was established in 2025 by Max Rivera, formerly the head of global partnerships at Snap, with the goal of formalizing an existing community of Snap angel investors.
Background and Context
The investment landscape has shifted significantly since Rivera joined Snap nearly a decade ago. He notes that modern founders are building leaner teams, launching products rapidly, and iterating in public. This shift is driven by the increasing importance of agility and adaptability in today's fast-paced digital environment.
Rivera also highlights the emergence of diverse monetization strategies beyond traditional advertising. These include subscriptions, token-based models, usage-based pricing, and outcome-based structures. Founder-led go-to-market strategies have also become a key pillar for new ventures, allowing founders to take control of their product's success from the outset.
The fund's focus on pre-seed and seed-stage AI startups operating within the social media and consumer sectors is also noteworthy. This emphasis on early-stage investing reflects the growing importance of nurturing innovative ideas from their inception. By providing support and resources to fledgling companies, Ghost Angels aims to help them grow and mature into successful businesses.
Why it Matters to the Industry
The launch of Ghost Angels is significant for several reasons. Firstly, it highlights the growing trend towards specialized investment funds that cater to specific industries or sectors. This trend reflects the increasing complexity of the tech landscape and the need for more targeted support for innovative companies.
Secondly, the fund's focus on AI startups operating within social media and consumer sectors is particularly relevant to the adult industry. The use of AI in content creation, moderation, and personalization is becoming increasingly prevalent in this sector. By supporting companies that are pushing the boundaries of what is possible with AI, Ghost Angels may help drive innovation and growth in the adult industry.
Finally, the emergence of new investment funds like Ghost Angels underscores the need for more nuanced and specialized support for tech startups. As the industry continues to evolve, it will be essential for investors to adapt their strategies and provide targeted resources to companies that are driving innovation and growth.
The Future of Social Media
Rivera identifies a critical divergence between the concepts of social and media in the current market. He describes existing social platforms as heavily reliant on ad-driven algorithms, which has led to user disillusionment regarding the original promise of connecting people. In response, Ghost Angels is backing founders who utilize AI to create more authentic social connections.
On the media side, the firm targets AI-native formats and generative creative tools across music, gaming, sports, and fashion. These technologies are designed to lower the barriers to creation and distribution, enabling new forms of digital expression. By supporting companies that are pushing the boundaries of what is possible with AI, Ghost Angels may help drive innovation and growth in the social media landscape.
Key Facts
- The fund was established in 2025 by Max Rivera, formerly the head of global partnerships at Snap.
- Ghost Angels has already invested in at least five companies and plans to deploy the remaining resources into at least fifteen more within the next year.
- The fund focuses on pre-seed and seed-stage AI startups operating within the social media and consumer sectors.
- Rivera notes that modern founders are building leaner teams, launching products rapidly, and iterating in public.
- Ghost Angels is backing founders who utilize AI to create more authentic social connections and targets AI-native formats and generative creative tools across music, gaming, sports, and fashion.
