Are you solely funding only immigrants and or a team with one or more immigrants?
Do you consider a team of US citizens?
Ironically, it'd probably be legal if structured as an actual VC / angel firm plus coworking, but "If selected, join Unshackled as employees" makes it subject to employment law.
The dual employee / investment model seems loaded with conflicts of interest on both ends. The only way it makes sense is if you need to be an employee for immigration purposes.
According to their FAQ, they do.
But it is supposed to be a company that is helping immigrants who want to start companies but can't due to legal reasons. That is massive pool of very hard working people, who are moving mountains else where for pennies. If you can direct the same monumental effort towards something more constructive, that would be a lot more profitable. Hence tapping into that talent pool.
But if you had an idea to build the next Google, Twitter or Facebook, I guess they would be more than willing to listen.
But then if you truly had such an idea, and are a US citizen why would you need them?
"All applicants should be authorized to work in the USA. This includes citizens of the USA"
Often you will spend pointless time just doing this circus. So much so you would be rather better off, directly working hard on the main exam.
Start ups are hard, you will likely fail certainly. In all that work there is to do. And all that stress, anxiety and tension you are likely to go on merely working on your start up. I wonder what is the point in taking all the pain to fight for a Visa amidst all this(Which you are very likely not to get).
There is no doubt there are amazing benefits of working in the USA. I would do anything to get an opportunity to work in the United States. But to get a H1-B(Or any work related visa) is a great challenge, especially for guys like me. Plus years of living under perennial threat of getting fired, losing your job, having to restart your green card process all over again(If you've started), and redoing all of this if you lose your job all over again, spending decades doing this and chasing sub goals. At some point you have to wonder, if its all worth it.
Why not spare yourself the pain. And work on the actual thing itself.
And what if a startup doesn't take off?
