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Financialization proceeds, in part, through increasing popular participation. Does this process ever encounter internal limits? This paper considers a project to popularize angel investing in the United States by deregulating it and bringing it online. Scholars have detailed the devices and processes by which non-professionals have come to participate in public stock markets. In comparison, angel investments in high-risk startups are unusual securities: they are local, illiquid and resist calculation and modelling. As such, this form of investing has classically depended on embodied relationships and was legally restricted to the wealthy. In the recent attempt to ‘democratize’ angel investing, however, equity crowdfunding platforms could not sustain the social attachments and ways of knowing which previously subtended the practice. Through interviews and analysis of platforms’ interfaces, I show that this project to popularize angel investment ultimately reproduced and reinscribed exclusive off-line investment networks without substantially incorporating new participants.

Venture capitalists in miniature? Deregulation and equity crowdfunding in the United States