Pathway A
Deal-by-Deal Syndicate.
Members opt into individual deals. Each deal gets a memo, a lead investor, and a transparent term sheet.
Typical check · $50K – $500K
Members Only · Accredited
The Angel Club.
A private investment club of exited SMB owners writing checks into the operators they once were.
$50M+
Committed Capital
140+
Exited Mentors
62
Deals Reviewed / Yr
11
Investments / Yr
Why we exist
Wall Street doesn't fund Main Street.
So we do.
36 million American businesses run on grit and a personal guarantee. PE strip-mines them. Venture ignores them. Banks ration them.
The owners who built them get one shot at an exit — and almost no one in the room has ever signed the front of a payroll check.
We are the capital that should have always existed.
Operators who already got out, writing checks into the operators getting out next. Every dollar comes with a board seat that has actually run a business.
Operators back operators. That is the entire pitch.
The Thesis
Operators back
operators.
Main Street has 36.3M businesses and almost no patient capital that understands them. Venture is allergic to cash flow. PE wants nine-figures. SBA wants collateral.
Exited. sits in the gap. We're a private club of operators who've already been through the partial, operational, or full exit — writing checks, sharing playbooks, and routing the deals we can't do alone to the partners who can.
Every dollar deployed comes with an operator on the cap table. That's the entire pitch.
Investment Criteria
What we fund.
01
Stage.
Profitable SMBs with $1M – $20M revenue and a credible 24–36 month exit horizon — operational, partial, or full.
02
Sectors.
Services, light manufacturing, healthcare ops, vertical SaaS, and AI-augmented Main Street businesses. No moonshots.
03
Use of capital.
Owner liquidity, management buy-ins, AI/automation upgrades, bolt-on acquisitions, and bridge to a tracked exit.
04
Geography.
United States and Canada. Local cohort presence preferred — we co-invest where our chapters operate.
05
Check size.
$50K – $2M from the club, with syndication up to $5M through our SBA and pooled-fund partners.
06
Conditions.
Fellowship completion or equivalent diligence package. Clean books, single decision-maker, owner with skin in the game.
Three Pathways
How a deal moves
through the club.
Every deal is reviewed across all three. We route to the path with the lowest dilution and highest probability of close.
Pathway B
Ownable Capital Fund.
Pooled discretionary fund for rapid deployment, bridge financing, and partial exits — one IC, one term sheet.
Typical check · $250K – $2M
Pathway C
SBA Syndication.
Preferred SBA 7(a) and 504 routing through our traditional ownable capital partners. Conventional debt, white-glove packaging.
Typical facility · $500K – $5M
The Process
From submission
to wire.
- STEP 01
Submit.
Founder submits deal via Bootstrapper.ai data room or warm intro from a member.
- STEP 02
Screen.
48-hour pass/explore decision by the screening committee. No ghosting.
- STEP 03
Memo.
Deal lead writes a one-page memo. Members read, ask, and signal interest.
- STEP 04
Vote.
Two-week soft circle. Threshold met → IC approves and a term sheet issues.
- STEP 05
Wire.
Closing on standard NVCA + Ownable rider docs. 30 days from memo to wire on average.
The Members
Built by operators
who got out.
Membership is invitation only. Every member has personally completed an exit — operational, partial, or full.
M. Halloran.
Sold HVAC roll-up · 2021
“I bootstrapped 22 years to a partial exit. The next operator shouldn't have to learn what I learned the hard way.”
A. Okafor.
Sold healthcare ops · 2023
“Capital is the easy part. What we bring is a board seat that's actually run payroll.”
R. Estrada.
Sold light manufacturing · 2019
“Every check we write goes to a business I'd be proud to have built myself.”
Membership
Three ways
to sit at the table.
Tier I
Observer.
Free
Read-only access to memos, IC notes, and quarterly portfolio reviews. For exited owners exploring the club.
- →Quarterly digest
- →Open community calls
- →No deal allocation
Tier II
Member.
$5,000 / yr
Full deal flow, voting rights on the syndicate, and the ability to lead a memo. Accreditation required.
- →Live deal flow
- →Lead a memo
- →$50K min per deal
Tier III
Founding Partner.
By invitation
IC seat, fund LP allocation, and chapter sponsorship. Strictly invite-only.
- →IC seat
- →Fund LP slot
- →Chapter sponsorship
FAQ
Questions worth
asking.
- Who can submit a deal?
- Any U.S. or Canadian SMB owner. Fellowship graduates are routed first; outside deals are welcome via warm intro from a member.
- Do members have to invest in every deal?
- No. Tier II members opt in deal-by-deal. The Ownable Capital Fund deploys without per-deal opt-in for fund LPs.
- Are members accredited investors?
- Yes. Tier II and III require U.S. accreditation or Canadian eligible-investor status. We verify before allocation.
- What about conflicts of interest?
- Members recuse from any deal where they hold an officer, board, or material vendor relationship. Recusals are logged in every memo.
- How do you charge?
- Tier II pays a flat annual membership. Deals carry standard syndicate carry — disclosed on every term sheet, no hidden fees.
- What's the relationship to Bootstrapper.ai?
- Bootstrapper.ai is the operating platform. Exited. is the capital. Fellowship completion on Bootstrapper.ai feeds the deal funnel; the club operates independently.
Apply
Apply when you're ready.
Rolling applications. Two tracks: operators raising capital, and exited owners deploying it.