A group of 20 former Snapchat employees have banded together to launch Ghost Angels, a fund aimed at supporting up-and-coming social media ventures. While they won't reveal their total kitty, they've already backed half-a-dozen firms and plan to invest in 15 more within the year.

Max Rivera, who once helmed global partnerships at Snap, initiated this initiative to formalise the existing alumni investing community. He's not alone; co-investors include former high-fliers like Alexandra Levitt, a tech accelerator whizz, and Will Wu, one of the original design brains.

Rivera emphasises diversity in thought as key: 'We want a mix of seasoned veterans and newer players, bringing all their perspectives to bear.' As for what these new social media darlings will look like, Rivera points out that founders are now leaner, more experimental with monetisation models, and more focused on founder-led growth.

Molly DeWolf Swenson, CEO of Ghost Angels portfolio company Mozi, highlights the network's unique advantage: 'The Snap alumni are packed with brilliant people who understand the industry inside out.' The fund's priority is to seed AI-driven social media startups, as Rivera notes a shift towards niche communities and AI-powered creativity across mediums.

Ghost Angels aims to bridge the gap between the original promise of connecting friends online and today’s ad-heavy platforms. Rivera believes we're seeing 'creativity applied in new ways' to deliver on that vision, with a focus on AI in social and generative media tools.