A guide to the venture world: who is who in the ecosystem

Limited Partners, LPs
These are investors who provide capital to venture funds. Most often, they are institutional players: pension funds, universities, family offices, and corporations. They do not actively participate in selecting startups—this is handled by the fund's managers.

General Partners, GPs
These are the managing partners of the fund—the ones who make decisions on which startups to invest in. They have experience, expertise, and accountability to LPs. They shape the fund’s strategy, select startups, manage deals, and support portfolio companies.

Venture Associates/analysts
A team that assists GPs—conducting initial screening, analyzing markets, and performing due diligence. Often, they are the first to interact with founders. They research niches and trends, conduct initial interviews, and prepare internal analytical reports.

Founders
Key individuals behind the creation of an innovative enterprise. They develop the initial business idea, build the product, assemble the team, and bear primary responsibility for the company’s strategic development.

Angels
Private investors who participate at the earliest stages. Most often, they are experienced entrepreneurs or investors with a high level of trust in the team. They provide initial funding and mentorship, help with networking, and often invest as individuals.

Board of Directors
After an investment round, investors and founders form a board that provides support on strategic matters. It helps make key decisions, monitors the use of raised funds, and assists in fundraising, entering new markets, and hiring key personnel.