A group of twenty former Snap employees has launched a venture fund known as Ghost Angels to support early-stage companies building the next generation of social media platforms.

The fund, which focuses on pre-seed and seed-stage investments, has already backed at least five startups and plans to deploy its remaining capital into about 15 additional companies within the next year. It did not disclose the total amount raised.

Ghost Angels was founded in 2025 by Max Rivera, a former global partnerships lead at Snap who now works in Microsoft’s AI division. The initiative brings together around 20 founders and investors, including former Snap executives and alumni involved in product, design, and accelerator programmes.

Rivera said the aim is to combine different levels of experience within the Snap ecosystem to improve investment decisions and founder support.

According to him, the social media landscape has evolved significantly, with startups now operating leaner teams and focusing on faster product development cycles.

He noted that emerging companies are experimenting with new monetisation models beyond advertising, including subscriptions, usage-based pricing, and other outcome-driven approaches.

The fund says it is particularly interested in AI-driven consumer and social media startups, reflecting a shift in how digital platforms are being built and monetised.

Rivera also observed that the traditional concept of social media is evolving, with a growing separation between “social” interaction and “media” content distribution.

He added that Ghost Angels is backing founders developing AI tools that enhance creativity, as well as new formats in music, gaming, sports, and fashion that reduce barriers to content creation and distribution.

The launch of Ghost Angels highlights growing investor interest in AI-native consumer platforms and the continued influence of former Snap executives in shaping the next wave of social media innovation.