The era of the monolithic, ad-driven social platform is fading. A group of 20 former Snap employees is betting that the next wave of social media won't look anything like the last one.

They call it Ghost Angels. The fund, which quietly began operations in 2025, is designed to back pre-seed and seed-stage startups that are decoupling social connection from the algorithmic feed. It is a direct response to the disillusionment many users feel toward platforms that prioritize engagement metrics over genuine human connection.

Max Rivera, a former global partnerships lead at Snap who now works in Microsoft’s AI division, founded the group to formalize a network that had been operating informally for years. The roster includes heavy hitters like Alexandra Levitt, who managed Snap’s corporate accelerator, and Will Wu, a founding member of the company’s product and design team. They have already backed five companies. They plan to fund at least 15 more within the next year.

The Split Between Social and Media

Rivera argues that the industry has fundamentally misunderstood the current landscape. For years, "social media" was treated as a single, inseparable concept. That is no longer true.

"Social" and "media" have split. The modern platform relies on ads and algorithmic curation. It is a machine. Many users are tired of it. They want the original promise of social media back: connecting with the people actually in their lives.

Ghost Angels is bifurcating its investment strategy to match this shift. On the social side, the fund is backing founders who use AI to foster genuine community rather than mindless scrolling. On the media side, they are targeting generative tools that lower the barrier to creation in music, gaming, and fashion.

Why Lean Teams Are Winning

Building a social app in 2025 is not like building one in 2015. The capital requirements have shifted. The pace has accelerated.

"Founders are launching fast and iterating in public," Rivera said. The days of massive, bloated engineering teams are over. Today’s startups are lean. They are experimenting with monetization models that move beyond the traditional ad-supported model, including subscriptions, token-based systems, and outcome-based pricing.

This shift toward founder-led go-to-market strategies is a key pillar for the fund. They aren't just looking for engineers; they are looking for operators who understand the nuances of community building. Molly DeWolf Swenson, CEO of portfolio company Mozi, noted that the network’s value lies in their shared history. They understand the specific, messy problems of the social space.

What This Means for Founders

For the next generation of builders, the Ghost Angels fund represents a shift in venture capital. It is a network of operators, not just financiers. By blending senior executives with younger talent, the fund aims to provide a "diversity of thought" that is often missing from traditional VC firms.

They are looking for AI-native formats. They want tools that make creation accessible. If you are building a platform that relies on a legacy ad-feed model, you are likely not on their radar.

Key Takeaways

  • Strategic Split: Ghost Angels is betting that social connection and media consumption are now distinct markets requiring different AI-driven solutions.
  • Operator-Led Capital: The fund leverages the deep product and design experience of 20 Snap alumni to provide mentorship alongside capital.
  • Beyond Ads: The fund is prioritizing startups that experiment with subscription, token, and usage-based monetization models.

The Next Decision Point

The fund’s aggressive deployment schedule means we will see the first major wave of their portfolio companies emerge from stealth by late 2025. Whether these startups can actually break the dominance of the incumbent giants remains the central question. By the time the fund closes its next cycle of investments, the market will know if this "Snap-style" approach to social media is a viable path forward or a nostalgic relic of a bygone era.