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

Angel investor · Palo Alto, United States

Adam D'Angelo.

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 PATTERN2011–2026
42%

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

First investment stage across 12 companies5 Seed, 0 Angel and 7 other-stage entries. Each dot represents one company.
Seed 5Angel 0Other 7

One dot = one company at first recorded investment.

12 companies · 12 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 11 May 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

Adam D'Angelo has dated investments in 12 companies. 5 first entries were at Angel, Pre-Seed or Seed (41.7%). 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

4 first company relationships appear in the latest 24 months, compared with 2 in the preceding window. The latest recorded investment is 2026-05-11. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

5 of 8 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.

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04

Use a specific point of relevance

AI Infrastructure is the largest displayed sector by company count, appearing in 3 portfolio companies; sector tags overlap. 0 first entries carry a recorded lead flag and the median first-round syndicate includes 7 other named backers. Shared rounds are evidence of co-investment, not evidence of an introduction route.

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01 / THE READOUT

Four signals before you pitch.

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

01 — ROUND CONTEXT
$10M–$25M

The middle half of entry rounds

25th–75th percentile across 11 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
4companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 2 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
63%

Another equity round within 24 months

5 of 8 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 8 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.

12matching companies
$18Mmedian first round (11 disclosed)
4first backed in last 24 months

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

Seed

Espa ↗

Provider of AI-powered assistant for email management and calendar scheduling

Undisclosed total first round
Seed

Town ↗

Provider of a platform that connects to tools to triage inbox, draft in your voice, manage your schedule, and run workflows

$18M total first round
Series A

Mercor ↗

AI-powered platform connecting job seekers with companies

$30M 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.
SectorSeedSeries ASeries BAll stages
AI Infrastructure3
Artificial Intelligence3
Future of Work2
AI as a Service2
Social Platforms2
Productivity Software1
Business Process Management Software1
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
Seed4 disclosed
$15M$11M–$18M
Series A5 disclosed
$10M$7.0M–$30M
Series B1 disclosed
$20M$20M–$20M
$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.

8
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
62.5%
5 of 8 companies

Backed again by this investor

A subset of the companies above
0%
0 of 8 companies
i

Includes first investments on or before 22 May 2024. 4 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
Seed21 / 20 / 2
Series A43 / 40 / 4
Series B10 / 10 / 1
Series C11 / 10 / 1
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

SV Angel

4 shared rounds · 4 companies

Latest shared round May 2026
02
FIRM

Conviction

2 shared rounds · 2 companies

Latest shared round Mar 2025
03
ANGEL

Jack Dorsey ↗

2 shared rounds · 2 companies

Latest shared round Sep 2024
04
FIRM

8VC

1 shared rounds · 1 companies

Latest shared round Mar 2016
05
ANGEL

Aaron Levie ↗

1 shared rounds · 1 companies

Latest shared round Sep 2014
06
ANGEL

Aditya Agrawal

1 shared rounds · 1 companies

Latest shared round Mar 2016

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.

12 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Espa ↗United States
May 2026SeedUndisclosedNo later round recorded
Town ↗San Francisco
Mar 2025Seed$18MNo later round recorded
Mercor ↗San Francisco
Sep 2024Series A$30MNo later round recorded
Protege ↗New York City
Sep 2024Seed$10MNo later round recorded
DatologyAI ↗Redwood City
Feb 2024Seed$12MNo later round recorded
Pika Labs ↗Palo Alto
Nov 2023Series A$35MNo later round recorded
Apr 2022Seed$20MNo later round recorded
Aug 2017Series B$20MNo later round recorded
Jodel ↗Berlin
Jun 2017Series A$6.8MNo later round recorded
Asana ↗San Francisco
Mar 2016Series C$50MNo later round recorded
Sep 2014Series A$10MNo later round recorded
Instagram ↗San Francisco
Feb 2011Series A$7.0MNo later round recorded
0 more companies have undated investments

Kept in the 12-company portfolio; excluded from entry-timing calculations.

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