INVESTOR NOTES / 001ANGEL INVESTOR / Reykjavik, Iceland
David Helgason
KNOW THE INVESTOR. SHARPEN THE PITCH.

Angel investor · Reykjavik, Iceland

David Helgason.

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 PATTERN2017–2026
63%

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

First investment stage across 49 companies28 Seed, 3 Angel and 18 other-stage entries. Each dot represents one company.
Seed 28Angel 3Other 18

One dot = one company at first recorded investment.

49 companies · 53 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 13 Feb 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

David Helgason has dated investments in 49 companies. 31 first entries were at Angel, Pre-Seed or Seed (63.3%). 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 6 in the preceding window. The latest recorded investment is 2026-02-13. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

16 of 45 companies with a full 24-month observation window raised another equity round. This investor backed 2 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

Gaming is the largest displayed sector by company count, appearing in 12 portfolio companies; sector tags overlap. 1 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
$2.8M–$10M

The middle half of entry rounds

25th–75th percentile across 46 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 6 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
36%

Another equity round within 24 months

16 of 45 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
4%

This investor invested again within 24 months

2 of the same 45 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.

49matching companies
$5.3Mmedian first round (46 disclosed)
4first backed in last 24 months

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

Seed

ScyAI ↗

Provider of resilience solutions integrating physical and digital risk management

$2.4M total first round
Series A

Flow Engineering ↗

Cloud-based collaboration platform for engineering teams

$23M total first round
Seed

Noah ↗

Digital wallet to save, send and spend Stablecoins and Bitcoins

$22M 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
Gaming12
Casual Game Developers8
PC & Console Gaming7
Mobile Game Developers6
Mobile Gaming6
EdTech4
PC and Console Game Developers4
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
Angel3 disclosed
$600K$430K–$2.1M
Seed25 disclosed
$3.7M$2.0M–$5.5M
Series A9 disclosed
$10M$6.8M–$26M
$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.

45
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
35.6%
16 of 45 companies

Backed again by this investor

A subset of the companies above
4.4%
2 of 45 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
Angel31 / 30 / 3
Seed269 / 260 / 26
Series A73 / 72 / 7
Series B73 / 70 / 7
Series C10 / 10 / 1
Unattributed10 / 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

Balderton Capital

5 shared rounds · 2 companies

Latest shared round Feb 2022
02
FIRM

Educapital

5 shared rounds · 2 companies

Latest shared round Feb 2022
04
FIRM

Alexa Fund

4 shared rounds · 4 companies

Latest shared round Apr 2025
05
FIRM

Northzone

4 shared rounds · 1 companies

Latest shared round Feb 2022
06
FIRM

Owl Ventures

4 shared rounds · 2 companies

Latest shared round Feb 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.

49 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
ScyAI ↗Zurich
Feb 2026Seed$2.4MNo later round recorded
Oct 2025Series A$23MNo later round recorded
Noah ↗London
Jun 2025Seed$22MNo later round recorded
IXI ↗Espoo
Apr 2025Series A$37MNo later round recorded
Sep 2023Seed$3.0MNo later round recorded
Jul 2023Seed$25MNo later round recorded
Jun 2023Seed$5.7MNo later round recorded
Feb 2023Seed$8.0MNo later round recorded
Jun 2022Unattributed$8.5MNo later round recorded
Terra.do ↗Stanford
Jun 2022Seed$5.0MNo later round recorded
Boxhub ↗New York City
Apr 2022Seed$2.7MNo later round recorded
Nov 2021Seed$4.4MNo later round recorded
Uiflow ↗San Francisco
Nov 2021Seed$5.2MNo later round recorded
Oct 2021Seed$5.2MNo later round recorded
Oct 2021Seed$1.5MNo later round recorded
Leap ↗San Francisco
Oct 2021Series B$34MNo later round recorded
Sep 2021Seed$2.0MNo later round recorded
Clockwork Labs ↗San Francisco
Aug 2021Series A$4.3MNo later round recorded
Aug 2021Series A$5.5MNo later round recorded
Jun 2021Seed$4.4MNo later round recorded
Apr 2021Series B$28MNo later round recorded
Parrot ↗New York City
Apr 2021SeedUndisclosedNo later round recorded
Feb 2021Series B$19MNo later round recorded
Flowrite ↗Helsinki
Dec 2020Seed$658KNo later round recorded
Nov 2020Seed$3.7MNo later round recorded
Avakin ↗Nottingham
Oct 2020Series A$27MNo later round recorded
Oct 2020Series A$26MNo later round recorded
Bigger ↗Istanbul
Oct 2020Seed$6.0MNo later round recorded
Siren ↗San Francisco
Sep 2020Series B$9.0MNo later round recorded
May 2020Series A$6.8MNo later round recorded
Apr 2020Seed$5.5MNo later round recorded
Preply ↗Brookline
Mar 2020Series A$10MYes · Mar 2021
Feb 2020Seed$3.0MNo later round recorded
Oct 2019Angel$260KNo later round recorded
Cylindo ↗Copenhagen
Oct 2019Series C$1.5MNo later round recorded
LifeX ↗Copenhagen
Oct 2019Seed$8.3MNo later round recorded
Lunar ↗Aarhus
Aug 2019Series B$52MNo later round recorded
Jul 2019Seed$1.1MNo later round recorded
Dreamdata ↗Copenhagen
Jul 2019Seed$596KNo later round recorded
Dec 2018Series B$34MNo later round recorded
Nextmind ↗Versailles
Dec 2018Angel$3.6MNo later round recorded
Oct 2018Series B$7.5MNo later round recorded
Aug 2018Seed$1.8MNo later round recorded
FRVR ↗Copenhagen
Jul 2018Seed$3.0MNo later round recorded
Seaborg ↗Copenhagen
Apr 2018SeedUndisclosedNo later round recorded
Saltfoss ↗Copenhagen
Apr 2018SeedUndisclosedNo later round recorded
Feb 2018Seed$674KNo later round recorded
Raw Fury ↗San Francisco
Dec 2017Angel$600KNo later round recorded
Labster ↗Somerville
May 2017Series A$10MYes · Feb 2019
0 more companies have undated investments

Kept in the 49-company portfolio; excluded from entry-timing calculations.

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