INVESTOR NOTES / 001ANGEL INVESTOR / , United States
KNOW THE INVESTOR. SHARPEN THE PITCH.

Angel investor · United States

Aaron Levie.

Recorded investments.
A clearer sense of fit.

Find where your company fits, how rounds are assembled, and what happened after the first investment.

THE ENTRY PATTERN2012–2026
28%

of dated first investments
were at Angel, Pre-Seed or Seed

First investment stage across 40 companies10 Seed, 1 Angel and 29 other-stage entries. Each dot represents one company.
Seed 10Angel 1Other 29

One dot = one company at first recorded investment.

40 companies · 41 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 13 Mar 2026
THE FOUNDER’S BRIEF

Read the pattern before the pitch.

Written insights from the recorded portfolio, with the evidence linked below.

01

Start with the first entry

Aaron Levie has dated investments in 40 companies. 11 first entries were at Angel, Pre-Seed or Seed (27.5%). An early-stage founder can use the sector and stage filters to find comparable companies before approaching the investor.

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02

Separate activity from reputation

11 first company relationships appear in the latest 24 months, compared with 3 in the preceding window. The latest recorded investment is 2026-03-13. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

20 of 29 companies with a full 24-month observation window raised another equity round. This investor backed 0 of those companies again within that window. The difference is a reason to research the wider syndicate, rather than assume the same investor will fund the next round.

Explore the evidence ↗
04

Use a specific point of relevance

FinTech is the largest displayed sector by company count, appearing in 10 portfolio companies; sector tags overlap. 3 first entries carry a recorded lead flag and the median first-round syndicate includes 8 other named backers. Shared rounds are evidence of co-investment, not evidence of an introduction route.

Explore the evidence ↗
01 / THE READOUT

Four signals before you pitch.

Start with observed behavior.
Every rate has a defined denominator.

01 — ROUND CONTEXT
$6.1M–$26M

The middle half of entry rounds

25th–75th percentile across 39 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
11companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 3 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
69%

Another equity round within 24 months

20 of 29 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
0%

This investor invested again within 24 months

0 of the same 29 companies. Build a financing plan around the wider investor market.

Explore co-investors ↗
02 / FIND YOUR FIT

Where does your company sit?

Choose your sector and stage to find
companies he first backed in that space.

YOUR COMPANY

A match means a recorded investment in this category. It does not establish current interest or availability.

40matching companies
$14Mmedian first round (39 disclosed)
11first backed in last 24 months

All sectors · All entry stages. Round amounts are total financing, in USD.

Seed

Enclave ↗

Provider of AI-powered code security platform that triages and catches vulnerabilities

$6.0M total first round
Series A

Method Security ↗

Provider of network security services

$26M total first round
Series B

Factory ↗

Developer of artificial intelligence solutions for industrial automation and optimization

$50M total first round
Explore matching portfolio companies ↓

The sector × stage map

First investments · companies can appear in more than one sector
Number of first investments by sector and entry stage. Select a cell to explore companies.
SectorAngelSeedSeries AAll stages
FinTech10
Artificial Intelligence8
Finance & Accounting Tech8
CFO Stack7
Agentic AI5
Cybersecurity4
AI as a Service4
03 / ROUND DESIGN

The round around the investor.

Use stage-specific financing ranges
to frame the size of your syndicate.

First-round size, by entry stage

USD · middle 50% and median
Angel1 disclosed
$2.0M$2.0M–$2.0M
Seed9 disclosed
$3.7M$2.3M–$6.0M
Series A22 disclosed
$20M$11M–$25M
$10K$100K$1M$10M

Logarithmic scale. A dot marks the median; the band spans the 25th–75th percentiles. These are entire rounds, not individual cheques.

04 / WHAT HAPPENS NEXT

One investment. Two different paths.

A subsequent round and repeat backing
answer different fundraising questions.

29
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
69%
20 of 29 companies

Backed again by this investor

A subset of the companies above
0%
0 of 29 companies
i

Includes first investments on or before 22 May 2024. 11 newer companies and 0 undated histories are excluded. Follow-up stops at the dataset’s latest round on 22 May 2026. These observations do not measure returns or predict a company’s outcome.

See the stage-by-stage denominators +
First stageEligible companiesNext round ≤24 moSame investor again ≤24 mo
Angel11 / 10 / 1
Seed64 / 60 / 6
Series A1611 / 160 / 16
Series B64 / 60 / 6
05 / INVESTMENT RHYTHM

New names. Returning relationships.

Separate first investments from later
rounds in companies already backed.

New companiesRepeat rounds

*2026 is partial, through 22 May. Bar height counts first investments + repeat rounds; earlier years are complete calendar periods in this dataset.

06 / THE CO-INVESTOR MAP

Who else belongs on your research list?

Frequent shared rounds suggest a place
to investigate sector and stage alignment.

01
FIRM

Y Combinator

7 shared rounds · 7 companies

Latest shared round Mar 2025
02
FIRM

Khosla Ventures

6 shared rounds · 5 companies

Latest shared round Feb 2026
03
FIRM

Sequoia Capital

6 shared rounds · 6 companies

Latest shared round Sep 2025
04
FIRM

General Catalyst

5 shared rounds · 5 companies

Latest shared round Nov 2025
06
ANGEL

Kevin Hartz ↗

5 shared rounds · 5 companies

Latest shared round Aug 2023

Shared rounds establish recorded co-investment. They do not establish a personal connection, introduction route, or current willingness to invest.

07 / THE EVIDENCE

Explore the portfolio.

First investment comes first.
Amounts refer to that entry round.

40 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Enclave ↗Tel Aviv
Mar 2026Seed$6.0MNo later round recorded
Nov 2025Series A$26MNo later round recorded
Factory ↗San Francisco
Sep 2025Series B$50MNo later round recorded
Console ↗San Francisco
Sep 2025Series A$23MNo later round recorded
Antimetal ↗New York City
Jun 2025Series A$20MNo later round recorded
May 2025Series A$23MNo later round recorded
Momentic ↗San Francisco
Mar 2025Seed$3.7MNo later round recorded
Basis ↗New York City
Dec 2024Series A$34MYes · Feb 2026
Nov 2024SeedUndisclosedNo later round recorded
Retell ↗San Carlos
Aug 2024Seed$4.6MNo later round recorded
Decagon ↗San Francisco
Jun 2024Series A$30MNo later round recorded
Jan 2024Series A$10MNo later round recorded
Socket ↗Stanford
Aug 2023Series A$20MNo later round recorded
BoomPop ↗San Francisco
Nov 2022Series B$14MNo later round recorded
Daffy ↗Los Altos
Feb 2022Series A$17MNo later round recorded
Collective ↗San Francisco
May 2021Series A$20MNo later round recorded
Routable ↗San Francisco
Apr 2021Series B$30MNo later round recorded
Trace ↗San Francisco
Mar 2021Seed$8.3MNo later round recorded
X1 Card ↗United States
Jan 2021Series A$12MNo later round recorded
Remote ↗Amsterdam
Nov 2020Series A$35MNo later round recorded
Nov 2020Series A$35MNo later round recorded
Oct 2020Seed$2.3MNo later round recorded
Digits ↗San Francisco
Nov 2019Series A$11MNo later round recorded
Turvo ↗San Mateo
Mar 2017Series A$25MNo later round recorded
Color ↗Burlingame
Apr 2015Series A$15MNo later round recorded
Robinhood ↗Menlo Park
Sep 2014Series A$13MNo later round recorded
Gametime ↗San Francisco
Sep 2014Series A$4.0MNo later round recorded
Sep 2014Series A$24MNo later round recorded
Authy ↗San Francisco
Sep 2014Seed$3.0MNo later round recorded
Sep 2014Series A$10MNo later round recorded
Instacart ↗San Francisco
Jun 2014Series B$44MNo later round recorded
Jun 2014Series B$30MNo later round recorded
Vicarious ↗San Francisco
Mar 2014Series B$40MNo later round recorded
NGINX ↗San Francisco
Oct 2013Series B$10MNo later round recorded
Jul 2013Seed$2.1MNo later round recorded
Jul 2013Series A$8.5MNo later round recorded
Judicata ↗San Francisco
Dec 2012Angel$2.0MNo later round recorded
Gusto ↗San Francisco
Dec 2012Seed$6.1MNo later round recorded
SingleStore ↗San Francisco
Jun 2012Series A$3.0MNo later round recorded
Crushpath ↗San Francisco
Jun 2012Seed$2.0MNo later round recorded
0 more companies have undated investments

Kept in the 40-company portfolio; excluded from entry-timing calculations.

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