Virtual Fan Engagement Secures Follow-on, Enterprise AI Gets a Reality Check, and Why Pro Sports B2B is All Relationships

Happy Thursday.

In today’s issue:

• Angel Deals of the Week

• Bookmarks I think you’ll enjoy

• The best nugget from my conversation with Geoffrey Cheng, Investment Manager for Comcast SportsTech

• Exclusive opportunity for angel network leaders

🔥 Angel Deals of the Week

Angel funding rounds announced in recent weeks, compiled from public sources. These deals represent the elite few that survived an angel network’s vetting process. Note: I have not personally analyzed these companies and am sharing for informational purposes only.

🤖 Deal summaries generated using dealmemo.ai.

🧾 Check out every deal we’ve tracked here.

Eventuall | Virtual fan engagement platform

Participating Group: Wolfpack Investor Network

Eventuall is developing a platform for virtual fan engagement designed for talent-driven online events, differentiating from general-purpose platforms like Zoom or Twitch through ticketed personalized interactions. The Los Angeles-based company features advanced production tools and patented systems for backstage management and participant vetting, targeting safety, scalability, and monetization for creators. The company recently secured $250,000+ in follow-on funding from the Wolfpack Investor Network to complete its Self-Service MVP and onboard talent.

Scott Addison Clay | Los Angeles, CA | August 2025 | Source

Aeronero | Atmospheric water generation tech

Participating Group: SAN ANGELS

Aeronero develops atmospheric water generators that produce drinking water from air, with 13 global patents and 400% year-over-year growth. The company maintains a $3.6M order book and is scaling manufacturing to 2,000 units monthly. Aeronero secured $1.5M in its first funding round led by Callapina Capital and Rezwan Razack of Prestige Group, with participation from SAN Angels Network, Jamwant Ventures, and former executives from Tech Mahindra and TCS. Funds will support operational expansion as the company addresses global water scarcity.

Durga Das | $1.5M Round | Chennai, India | August 2025 | Source

Doughlicious | Gluten-free frozen cookie dough bites

Participating Group: The Angel Group

Doughlicious creates gluten-free frozen cookie dough-enrobed gelato bites positioned as better-for-you frozen snacks, currently selling in over 10,000 retail stores including Target, Whole Foods, and Wegmans across the US, UK, Europe and Middle East. The London-based company recently raised €4.3 million led by Rich Products Ventures and The Angel Group to accelerate US expansion and international market growth. Founded in 2017, the female-led startup manufactures from its London facility and differentiates through clean-label ingredients without refined sugars or artificial additives.

Kathryn Bricken | €4.3M Round | London, UK | August 2025 | Source

📣 Have an Angel Deal to Announce?

🔖 Bookmarks

1. 🤖 PSA: Enterprise AI is Hard. MIT report shows 95% of generative AI pilots are failing to deliver measurable P&L impact.

2. ⚛️ Big Deal in Nuclear News: Aalo Atomics raises $100M Series B from Valor (and a host of others) to achieve criticality next summer, targeting 3¢/kWh.

   1. ICYMI: I recently dropped a deep dive on angel investing in nuclear. Check out all 6 episodes + a deep dive report here. 

3. 💡 The Case for Careful AI: Anthropic co-founder Ben Mann explains how safety-first thinking shaped Claude, why alignment research matters so much for product quality, and steering AI responsibly.

🥇 The Nugget: My Top Takeaway from a Conversation with Geoffrey Cheng

Pro sports TAM = 150 teams max 🚩

If a founder is building B2B solutions for pro sports teams, the total addressable market caps out around 150 customers. That's roughly 30 teams across 4-5 major leagues. This fundamental constraint shapes everything about go-to-market strategy, growth expectations, and the importance of relationships in the space.

Takeaway: When evaluating sports tech deals, ask:

• Do they have the right relationships to access league/team decision-makers?

• Is there a realistic path to 10-20% market penetration (read: 10-30 teams)?

• Do unit economics work with such a limited customer base?

Want more? Check out my full conversation with Geoffrey 👇

Listen now on Apple Podcasts, Spotify, YouTube, and more.

📢 Angel Group Leaders: Need More Qualified Member Leads?

Every week, hundreds of angel investors read this newsletter. Many are interested in joining an angel group but don't know where to start. So, I’m helping them out.

What group leaders get: Pre-qualified leads for prospective membership.

The Angel Network Curator is LIVE: hit the button below to learn more, including how to sign up to get amplified exposure as a Featured Partner.

P.S. This curation only applies to subscribers who opt in. Everyone else - your info stays with me.

Until Next Week 👋

Thanks for reading - have a great week.

-Andrew

P.S. If you enjoyed this post, could you do me a quick favor? Hit the "like" button or leave a comment with your thoughts. It may not seem like much, but it really helps me out a ton.

If you’re finding this newsletter valuable, share it with a friend, and consider subscribing if you haven’t already. You can also find me on LinkedIn and X.