What is a syndicate in venture capital?

A syndicate is the group of investors sharing one round: a lead plus followers, often mixing funds, angels, and strategics. Syndication spreads risk, adds networks and expertise, and leaves room for insiders to maintain pro rata later.

The word also names AngelList-style deal-by-deal vehicles, where a syndicate lead raises from backers per deal via an SPV. In both senses, who co-invests with whom is durable: firms form repeat pairings visible across many deals.