Abstract: Venture capitalists often choose to form syndicates (groups of VCs) which jointly invest in projects instead of one VC funding the project individually. What are the determinants of who chooses to syndicate with whom? What kinds of projects are matched with which kinds of syndicates? What are the implications of the structure of syndication networks for the funding of entrepreneurial companies? This paper seeks to estimate a structural model of the matching market between VC syndicates, to analyze the implications of the matching market for the network among VC’s, and consider differences across industry and time that lead to variations in the level of VC funding.