--- title: "FundersClub Review 2026: Fees, the Vehicles, the FCVC Funds and What the Filings Show" url: https://altstreet.investments/platforms/reviews/fundersclub kind: platform-review updated: 2026-10-25 description: "FundersClub review 2026: venture funds from $3,000, no commission, carry of 1% to 30%; no member fund available when checked while the FCVC funds raise; unaudited vehicles valued by FundersClub and no published distributions." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # FundersClub Review 2026: Fees, the Vehicles, the FCVC Funds and What the Filings Show FundersClub, an online venture firm founded in 2012, offers accredited members single-company and multi-company venture funds from $3,000 and $10,000, with no commission on the amount invested and carry of 1% to 30% plus management fees of 0.25% to 3% a year, set fund by fund. No member fund was available to the account AltStreet checked on October 24, 2026, and AltStreet located no new member Form D after December 2024, while FundersClub's separate FCVC venture funds filed new Form Ds in 2025 and July 2026. Member vehicles are unaudited and valued by FundersClub under a published methodology, and no realized-return or distribution record is public. AltStreet score: 35.1 (D+), scored October 25, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | FundersClub | | What it is | Online Venture Capital Firm for Accredited Investors (Exempt Reporting Adviser; Single- and Multi-Company Venture LLCs and FCVC Funds) | | Asset class | Membership interests in single-company and multi-company venture LLCs, and limited partnership interests in FundersClub's FCVC venture funds | | Website | fundersclub.com | | Review first published | October 25, 2026 | | Last updated | October 25, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version FundersClub launched in 2012 as one of the first online venture firms and backed Coinbase, Instacart and GitLab early. Members invest deal by deal through a fund FundersClub forms for each company or batch of companies, from $3,000 (single-company) or $10,000 (multi-company); FundersClub charges no commission on the amount invested and earns carry and, on some funds, management fees, which its public pages give only as ranges. When AltStreet checked on October 24, 2026, no member fund was available, and AltStreet located no new member Form D after December 2024, against 50 new member offerings in 2016. FundersClub has kept raising through FCVC, a separate line of conventional venture funds that third-party profiles describe as institutional. The public record shows mostly timely filings and no regulatory action or case naming the firm in the searches AltStreet ran; it is thin on outcomes: member vehicles are unaudited and valued by FundersClub under its own published methodology, and no distribution or realized-return figure is public. - **None open** Member funds available to the account AltStreet checked on October 24, 2026 ('None currently available. Show all funds.'). The latest member vehicle Form D AltStreet located was filed December 2, 2024; the Auto-Invest banner was still live. - **$154.7M** Sold across 275 member offerings, 2012 to 2024, on the vehicles' Form Ds (13,610 investor positions, not deduplicated). The home page says '$185M+ Invested on FundersClub'; the gap is not explained and may include sales outside Form D. - **1% to 30%** Carried interest range FundersClub publishes for its single- and multi-company funds, with an average annual management fee of 0.25% to 3%; each vehicle's actual terms sit on its fund profile behind login. No commission on the amount invested. - **$527.1M** Gross assets reported on the March 2026 Form ADV for the 174 member vehicles still listed, on FundersClub's own estimates under its published methodology (later financing rounds, qualifying secondaries and, since Q2 2025, subjective markups). Their Form Ds report $117.6M sold. The two figures are on different bases and are not a return. - **94 of 268** Member vehicles with a Form D ($37.1M sold) that are no longer listed on the March 2026 Form ADV. Their disposition is unconfirmed: FundersClub publishes no record of which distributed money, which were written off, and which are otherwise no longer reported. - **7 of 243** Code-named member vehicles whose original Form D came after the 15-day deadline (moved to the next business day where it fell on a weekend or holiday); median filing 14 days after the first sale. Data note: Terms from the FundersClub support center as displayed October 24, 2026. Form D figures from AltStreet's census (the largest amount sold in each offering chain). Gross asset values from the Form ADV filed March 31, 2026; they are FundersClub's estimates for the unaudited member vehicles, reported before any liabilities, while Form D amounts sold may not be final capital raised, so the two are not compared as a return. Portfolio counts from fundersclub.com/portfolio as displayed October 24, 2026. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | None open | Membership and Auto-Invest give access to nothing until a member fund opens. | Member funds available to invest in on October 24, 2026. The last member vehicle filed its Form D on December 2, 2024; FCVC funds filed new Form Ds in 2025 and July 2026. | | $527.1M | An estimate under a published methodology, not a realized value: no distribution record is public. | Form ADV gross assets of the 174 member vehicles still listed, on FundersClub's own estimates. Their Form Ds report $117.6M sold; the figures are on different bases and are not a return. None of the 174 is audited. | | 1% to 30% | Carried interest range for FundersClub's funds; management fee 0.25% to 3% a year. | Actual terms only on each fund profile behind login; no commission on the amount invested. | | 94 | Member vehicles no longer on the March 2026 Form ADV ($37.1M sold). | Disposition unconfirmed; they include the 2012 Coinbase and 2013 Instacart vehicles, and what they distributed is not public. | | 7 of 243 | Code-named member Form Ds filed after the 15-day deadline; the rest were timely. | Median filing 14 days after the first sale. | ## Verdict FundersClub was an early online venture firm with real seed-stage wins, including Coinbase and Instacart. Most of its initial Form Ds were timely, it takes no commission on the money invested, and AltStreet located no regulatory action or case naming it. For a prospective member the picture is less clear: no member fund was available when AltStreet checked on October 24, 2026, AltStreet located no member Form D after December 2024, and the FCVC funds have kept raising. The member record is hard to judge from public sources: fees are published only as ranges, the vehicles are unaudited and valued by FundersClub under its own methodology, and no distribution or realized-return figure is public. **Best for** - Existing members tracking their holdings, and accredited investors willing to wait for a member fund to open and read its profile and operating agreement before committing. **Look elsewhere if** - You want to invest now. - You compare managers on realized, net returns. - You need audited statements or any liquidity. **Strengths** - Fourteen-year record with early positions in Coinbase, Instacart and GitLab. - Published valuation methodology, including when values move and when subjective markups apply. - No commission on the amount invested; no paid sellers on any Form D. - Most initial Form Ds timely: 7 of 243 code-named originals late. - Candid Full Disclosure page on estimated returns; no regulatory action or case naming the firm located; FCVC funds audited. **Limitations** - No member fund available when checked; no member Form D located after December 2024. - Carry and fees published only as ranges; holdback size undisclosed. - Member vehicles unaudited and valued by FundersClub, with no third-party pricing. - No public distribution, write-off or realized-return record; failed companies labeled Active. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited investors who want small-ticket startup exposure | neutral | | | Investors who judge a manager by realized returns | poor-fit | | | Investors who need liquidity | poor-fit | | | Investors able to commit to a conventional venture fund | neutral | | ## Questions **Is FundersClub legit?** It is a real, long-running firm. FundersClub Inc. has been an SEC exempt reporting adviser since 2016 (California since 2013) and reports no disciplinary disclosures; most of its initial Form Ds were timely (7 of 243 late); and AltStreet located no regulatory action or court case naming it as a party in the searches it ran as of October 24, 2026. Its member vehicles are unaudited and valued by FundersClub, and no realized returns are published. **Can I invest on FundersClub right now?** Not on October 24, 2026, for the account AltStreet checked: the Browse Funds page showed 'None currently available', and AltStreet located no member Form D after December 2024. FundersClub's FCVC funds filed new Form Ds in 2025 and July 2026, but they are not on the member fund page. **What are FundersClub's fees?** FundersClub charges no commission on the amount invested. Its funds carry 1% to 30% carried interest and an average annual management fee of 0.25% to 3%, stated on each fund profile, and a portion of each commitment is set aside for fund expenses. Partnership funds set their own fees. Distributions by ACH cost $5. **What is FCVC?** FCVC is FundersClub's line of conventional venture funds (Fund I in 2018 to Fund IV, Leaders I and Explorer I in 2025 and 2026), each with its own general partner and audited by Frank, Rimerman and Co. LLP. Third-party profiles describe it as FundersClub's institutional fund; its Form ADV minimums are $20,000 to $100,000. **How has FundersClub performed?** FundersClub backed Coinbase, Instacart and GitLab early and lists 98 acquired companies, but it publishes no realized returns or distributions. Its member vehicles are valued by FundersClub using a published methodology based mainly on later financing rounds; those are estimates, not amounts investors have received. **Can I sell my FundersClub investment?** Generally not. FundersClub says fund interests in most cases may not be sold or transferred, and every transfer needs its approval. Investors are paid when a company is sold or lists. ## Evidence appendix Platform website captured October 24, 2026. 155-page crawl of fundersclub.com; 140 support-center articles; the logged-in Browse Funds page; Form ADV Schedule D (179 funds); Form D census of FundersClub Inc. and 274 vehicles in three name families; portfolio page (416 companies); CourtListener, IAPD and BrokerCheck. **Highlights** - Support center: 'FundersClub does not charge any commission or other transaction-based compensation on the money you invest in each fund.' - Support center: 'single-company fund terms range from 1% to 30% carry and an average annual management fee of 0.25% to 3%'. - Support center: 'In most cases, fund interests may not be sold or transferred.' - Investors page: a FundersClub fund 'made available on FundersClub.com' invested in FundersClub Inc. **Primary source pages** - support.fundersclub.com: fees, business model, minimums, transfers, distributions, K-1s, Auto-Invest and valuation articles. - fundersclub.com/legal-disclosure: 'The stated IRR and multiples are unrealized and based solely on our own estimate'. - fundersclub.com/founders/process: the 10% administration fee example. - fundersclub.com/investors: the FundersClub fund that invested in FundersClub Inc. - fundersclub.com/portfolio: 416 companies with first-investment years and status labels. - support.fundersclub.com, 'What is FundersClub's methodology for calculating Current Value Estimates of investment holdings?': cost, later rounds, qualifying secondaries, subjective markups since Q2 2025. - Form ADV of FundersClub Inc., filed March 31, 2026: Schedule D. - Form Ds and amendments of FundersClub Inc. and 274 vehicles, 2012 to 2026. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/fundersclub - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/private-equity-private-markets --- Source page: https://altstreet.investments/platforms/reviews/fundersclub Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.