A group of twenty Snap alumni has launched a new venture capital fund named Ghost Angels to support the next generation of social media companies. The fund was established in 2025 by Max Rivera, formerly the head of global partnerships at Snap, with the goal of formalizing an existing community of Snap angel investors. Although the total capital raised remains undisclosed, Ghost Angels has already invested in at least five companies and plans to deploy the remaining resources into at least fifteen more within the next year. Rivera leads the fund alongside nineteen other founding members and investors. The roster includes individuals currently employed at Snap as well as former employees such as Alexandra Levitt, who previously ran Snap's corporate accelerator, and Will Wu, a founding member of Snap's product and design team. Rivera, who is now working at Microsoft's AI lab, emphasized that the group was intentional about balancing senior executives with earlier-career professionals. He stated that this diversity of thought and experience is fundamental to how the firm evaluates deals and supports founders. The investment landscape has shifted significantly since Rivera joined Snap nearly a decade ago. He notes that modern founders are building leaner teams, launching products rapidly, and iterating in public. Additionally, the fund observes a move toward diverse monetization strategies that go beyond traditional advertising, including subscriptions, token-based models, usage-based pricing, and outcome-based structures. Founder-led go-to-market strategies have also emerged as a key pillar for new ventures. Ghost Angels focuses specifically on pre-seed and seed-stage AI startups operating within the social media and consumer sectors. Rivera identifies a critical divergence between the concepts of social and media in the current market. He describes existing social platforms as heavily reliant on ad-driven algorithms, which has led to user disillusionment regarding the original promise of connecting people. In response, Ghost Angels is backing founders who utilize AI to create more authentic social connections. On the media side, the firm targets AI-native formats and generative creative tools across music, gaming, sports, and fashion. These technologies are designed to lower the barriers to creation and distribution, enabling new forms of digital expression.