Sorry spike, I wasn't trying to be rude. Never my intention. You likely caught me unawares and my animal brain responded before my human one could catch up. Be well.
There are no double fees on this fund. The 30% is used to pay the angels their carry, out of that 30%. Whatever's left goes to the GPs. Warren's criticism does not apply here. The rest is correct :-)
No management fees, angels invest their own money alongside, no 10-year lockup, enter / leave with one click, track everything online, and have 40 angels invest $25M instead of 2 VC Partners. But yes, other than that, there's nothing new here.
It's about 1/3rd of what technical recruiters charge. And again, it's only on successful hires. And if you can't afford it, you can give equity. And it's an honor system. And it's a test. And other folks in the space, like DeveloperAuction, charge more (Google around). But you can't please everyone :-)
The headline is sensationalist but incorrect. There is no cost for posting - only if you land a successful hire, similar to how some others in the space work.
Yes, WSGR will do the closing for free, for any startup that they're willing to take on as a client (i.e., credible). We'll be announcing other law firms who will do the same shortly.
In most Series Seed financings, the Founders retain Board Control and can't be pushed out by just the Investors. If they're pushed out by the other founders and by the investors together, then their vesting agreement will govern what happens.
