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

Angel investor · Seattle, United States

Bill Gates.

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 PATTERN2009–2026
22%

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

First investment stage across 45 companies7 Seed, 3 Angel and 35 other-stage entries. Each dot represents one company.
Seed 7Angel 3Other 35

One dot = one company at first recorded investment.

45 companies · 76 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 28 May 2024
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

Bill Gates has dated investments in 45 companies. 10 first entries were at Angel, Pre-Seed or Seed (22.2%). 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

1 first company relationships appear in the latest 24 months, compared with 2 in the preceding window. The latest recorded investment is 2024-05-28. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

24 of 44 companies with a full 24-month observation window raised another equity round. This investor backed 5 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

Life Sciences is the largest displayed sector by company count, appearing in 9 portfolio companies; sector tags overlap. 15 first entries carry a recorded lead flag and the median first-round syndicate includes 5 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
$13M–$74M

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
1companies

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
55%

Another equity round within 24 months

24 of 44 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
11%

This investor invested again within 24 months

5 of the same 44 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.

45matching companies
$22Mmedian first round (39 disclosed)
1first backed in last 24 months

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

Series B

Lucy Therapeutics ↗

Developer of drugs for treating neurological disorders

$11M total first round
Seed

Lumotive ↗

Developer of programmable optics technology for 3D sensing and communications

Undisclosed total first round
Series B

Terabase ↗

Developer of a web-based solar power plant optimization platform

$44M 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
Life Sciences9
Renewable Energy Tech5
FinTech4
Energy Storage Tech4
Food Tech4
Novel Foods4
Circular Economy3
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
$20M$20M–$20M
Seed4 disclosed
$5.0M$3.1M–$7.4M
Series A10 disclosed
$16M$12M–$24M
$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.

44
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
54.5%
24 of 44 companies

Backed again by this investor

A subset of the companies above
11.4%
5 of 44 companies
i

Includes first investments on or before 22 May 2024. 1 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
Angel31 / 30 / 3
Seed73 / 70 / 7
Series A118 / 110 / 11
Series B106 / 103 / 10
Series C71 / 70 / 7
Series D54 / 52 / 5
Series E+11 / 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

Lux Capital

17 shared rounds · 6 companies

Latest shared round Feb 2022
02
FIRM

Khosla Ventures

11 shared rounds · 6 companies

Latest shared round May 2022
03
FIRM

Breakthrough Energy

7 shared rounds · 7 companies

Latest shared round Aug 2022
04
FIRM

General Catalyst

7 shared rounds · 2 companies

Latest shared round Aug 2020
05
ANGEL

Jeff Bezos ↗

7 shared rounds · 7 companies

Latest shared round Feb 2022
06
FIRM

Temasek

7 shared rounds · 4 companies

Latest shared round Apr 2022

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.

45 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
May 2024Series B$11MNo later round recorded
Lumotive ↗Bellevue
Aug 2022SeedUndisclosedNo later round recorded
Terabase ↗Berkeley
Aug 2022Series B$44MNo later round recorded
Apr 2022Series D$225MYes · Jun 2023
Neutral ↗Portland
Apr 2022Series AUndisclosedNo later round recorded
Luminous ↗Mountain View
Mar 2022Series A$105MNo later round recorded
HUBUC ↗Barcelona
Feb 2022Seed$10MNo later round recorded
Dec 2021Series B$30MNo later round recorded
CFS ↗Cambridge
Dec 2021Series B$1.8BNo later round recorded
Form Energy ↗Somerville
Jul 2021Series D$155MNo later round recorded
Jul 2021Series C$350MNo later round recorded
May 2021Series C$777MNo later round recorded
H2PRO ↗Caesarea
Mar 2021Series A$25MNo later round recorded
Aug 2020Series A$13MNo later round recorded
Cerevance ↗Cambridge
Apr 2020Series B$45MNo later round recorded
minu ↗Miguel Hidalgo
Sep 2019Seed$6.5MNo later round recorded
Mar 2019Seed$2.0MNo later round recorded
Kallyope ↗New York City
Dec 2018Series B$21MYes · Mar 2020
DMC ↗Boulder
Oct 2018SeedUndisclosedNo later round recorded
Beyond Meat ↗El Segundo
Sep 2018Series E+$15MNo later round recorded
Sep 2018AngelUndisclosedNo later round recorded
Aug 2018Series A$5.8MNo later round recorded
Stream ↗Arlington
Aug 2018Series A$5.8MNo later round recorded
Apeel ↗Goleta
Jun 2018AngelUndisclosedNo later round recorded
Jun 2018Series C$65MYes · Sep 2022
Fictiv ↗San Francisco
May 2018Series B$15MYes · Mar 2019
Apr 2018SeedUndisclosedNo later round recorded
Dec 2017Series D$275MNo later round recorded
Aug 2017Series C$83MYes · Dec 2020
Aug 2017Series A$22MYes · Apr 2020
Jun 2017Series A$17MYes · Feb 2021
Mar 2017Series B$18MYes · Jan 2020
Renmatix ↗King Of Prussia
Sep 2016Series D$14MNo later round recorded
GRAIL ↗Menlo Park
Jan 2016Series A$100MNo later round recorded
Aug 2015Series D$108MYes · Jul 2017
Echodyne ↗Kirkland
Dec 2014Series A$15MYes · May 2017
Dec 2014Series C$25MYes · May 2017
Ambri ↗Marlborough
May 2014Series C$35MYes · Aug 2021
Evolv ↗Waltham
Oct 2013Series A$12MYes · Mar 2017
Varentec ↗Santa Clara
Sep 2013Series B$8.1MYes · Aug 2016
May 2013Series C$35MYes · Feb 2017
Schrodinger ↗New York City
Dec 2012Angel$20MNo later round recorded
Kymeta ↗Seattle
Aug 2012Series B$12MYes · Jul 2013
Jan 2011Series B$60MNo later round recorded
Jun 2009Seed$3.5MYes · Mar 2019
0 more companies have undated investments

Kept in the 45-company portfolio; excluded from entry-timing calculations.

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