Snap Alumni Fund Bets on Splitting Social from Media

Twenty former Snap executives launched Ghost Angels in 2025 to back pre-seed and seed AI startups in social media and consumer tech. The fund has deployed capital into five companies with plans for at least 15 more over the next year. Its thesis: users increasingly seek authentic human connection over algorithmic feeds optimized for ad revenue. Max Rivera, the fund's lead and former Snap partnerships head, sees "social" and "media" diverging as separate concepts in next-generation platforms.