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

Angel investor ·

David Cheriton.

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 PATTERN1998–2026
0%

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

First investment stage across 4 companies0 Seed, 0 Angel and 4 other-stage entries. Each dot represents one company.
Seed 0Angel 0Other 4

One dot = one company at first recorded investment.

5 companies · 6 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 06 Sep 2012
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

David Cheriton has dated investments in 4 companies. 0 first entries were at Angel, Pre-Seed or Seed (0.0%). 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

0 first company relationships appear in the latest 24 months, compared with 0 in the preceding window. The latest recorded investment is 2012-09-06. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

2 of 4 companies with a full 24-month observation window raised another equity round. This investor backed 1 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

Analog and Mixed Signal ICs is the largest displayed sector by company count, appearing in 1 portfolio companies; sector tags overlap. 1 first entries carry a recorded lead flag and the median first-round syndicate includes 4 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
$3.5M–$18M

The middle half of entry rounds

25th–75th percentile across 3 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
0companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 0 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
50%

Another equity round within 24 months

2 of 4 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
25%

This investor invested again within 24 months

1 of the same 4 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.

4matching companies
$6.0Mmedian first round (3 disclosed)
0first backed in last 24 months

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

Series D

Altobeam ↗

Fabless IC design

$6.0M total first round
Series A

Nebula ↗

On-premise private cloud systems, built on OpenStack

Undisclosed total first round
Series C

AsterData ↗

Analytic database system

$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.
SectorSeries ASeries CSeries DAll stages
Analog and Mixed Signal ICs1
Communication ICs1
Internet of Things Infrastructure1
Cloud Infrastructure1
Open Source1
Big Data Infrastructure1
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
Series A0 disclosed
UndisclosedUndisclosed–Undisclosed
Series C1 disclosed
$30M$30M–$30M
Series D1 disclosed
$6.0M$6.0M–$6.0M
$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.

4
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
50%
2 of 4 companies

Backed again by this investor

A subset of the companies above
25%
1 of 4 companies
i

Includes first investments on or before 22 May 2024. 0 newer companies and 1 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
Series A11 / 11 / 1
Series C10 / 10 / 1
Series D10 / 10 / 1
Unattributed11 / 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.

02
ANGEL

Ram Shriram ↗

3 shared rounds · 2 companies

Latest shared round Sep 2012
03
FIRM

Highland Capital Partners

2 shared rounds · 1 companies

Latest shared round Sep 2012
04
FIRM

Kleiner Perkins

2 shared rounds · 1 companies

Latest shared round Sep 2012
05
FIRM

Cambrian Ventures

1 shared rounds · 1 companies

Latest shared round Sep 2010
06
FIRM

Comcast Ventures

1 shared rounds · 1 companies

Latest shared round Sep 2012

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.

4 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
May 2012Series D$6.0MNo later round recorded
Nebula ↗Palo Alto
Jul 2011Series AUndisclosedYes · Sep 2012
AsterData ↗San Carlos
Sep 2010Series C$30MNo later round recorded
Google ↗Mountain View
Sep 1998Unattributed$1.0MNo later round recorded
1 more companies have undated investments

Kept in the 5-company portfolio; excluded from entry-timing calculations.

RESEARCH THE FIT. THEN MAKE THE CASE.

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your company.

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