We seek to determine the correlation between the human capital of lead investors and their funding performance within equity crowdfunding syndicates. We posit that the multi-faceted human capital of lead investors conveys their credibility and project quality. Using data derived from a sample of 157 individual lead investors on AngelList, we find that lead investors with higher levels of investment experience and entrepreneurial experience display improved funding performance. The research also highlights that lead investors’ investment ambitions moderate the effects of work experience and managerial experience on their funding performance. However, educational level and Ivy League education do not lead to significant effects on lead investors’ funding performance. This article contributes to the ongoing discussion on the role of human capital in crowdfunding by offering a multi-faceted view from an investor’s perspective.

我们试图确定主要投资者的人力资本与其在股权众筹集团中的融资绩效之间的相关性。我们认为，主要投资者的多方面人力资本体现了他们的信誉和项目质量。根据AngelList上157位个人领投人的样本数据，我们发现具有较高投资经验和创业经验的领投人的融资绩效有所提高。研究还强调，主要投资者的投资雄心会调节工作经验和管理经验对其融资绩效的影响。然而，教育水平和常春藤盟校教育不会对主要投资者的融资绩效产生显着影响。本文从投资者的角度提供了多方面的观点，为正在进行的关于人力资本在众筹中的作用的讨论做出了贡献。