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

Angel investor · United States

Dharmesh Shah.

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
80%

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

First investment stage across 30 companies23 Seed, 1 Angel and 6 other-stage entries. Each dot represents one company.
Seed 23Angel 1Other 6

One dot = one company at first recorded investment.

30 companies · 31 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 10 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

Dharmesh Shah has dated investments in 30 companies. 24 first entries were at Angel, Pre-Seed or Seed (80.0%). 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

10 first company relationships appear in the latest 24 months, compared with 6 in the preceding window. The latest recorded investment is 2026-03-10. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

6 of 20 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

Artificial Intelligence is the largest displayed sector by company count, appearing in 6 portfolio companies; sector tags overlap. 2 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
$1.2M–$5.0M

The middle half of entry rounds

25th–75th percentile across 30 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
10companies

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
30%

Another equity round within 24 months

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

Follow the path ↗
04 — REPEAT BACKING
5%

This investor invested again within 24 months

1 of the same 20 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.

30matching companies
$2.3Mmedian first round (30 disclosed)
10first backed in last 24 months

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

Seed

AgentMail ↗

AgentMail | Email Inbox API for AI Agents

$6.0M total first round
Seed

Willow Voice ↗

Provider of AI-powered voice dictation software for all applications

$4.5M total first round
Seed

Tryharmony ↗

Developer of a GTM intelligence platform providing data-driven sales insights

$1.6M 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
Artificial Intelligence6
MarketingTech5
Social Platforms5
AI as a Service4
AI Infrastructure3
Agentic AI3
Sales Force Automation3
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
$1.1M$1.1M–$1.1M
Seed23 disclosed
$1.7M$1.2M–$3.0M
Series A5 disclosed
$24M$18M–$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.

20
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
30%
6 of 20 companies

Backed again by this investor

A subset of the companies above
5%
1 of 20 companies
i

Includes first investments on or before 22 May 2024. 10 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
Angel10 / 10 / 1
Seed185 / 181 / 18
Series A11 / 10 / 1
Series C00 / 00 / 0
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

8 shared rounds · 7 companies

Latest shared round Mar 2026
02
ANGEL

Hiten Shah ↗

3 shared rounds · 3 companies

Latest shared round Nov 2021
03
FIRM

Hustle Fund

3 shared rounds · 2 companies

Latest shared round Jul 2025
04
ANGEL

Immad Akhund ↗

3 shared rounds · 3 companies

Latest shared round Jan 2023
05
FIRM

500 Global

2 shared rounds · 2 companies

Latest shared round Dec 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.

30 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
AgentMail ↗San Francisco
Mar 2026Seed$6.0MNo later round recorded
Willow Voice ↗San Francisco
Nov 2025Seed$4.5MNo later round recorded
Tryharmony ↗Chattanooga
Jul 2025Seed$1.6MNo later round recorded
Mem0 ↗San Francisco
Jul 2025Series A$24MNo later round recorded
Owner ↗Palo Alto
May 2025Series C$120MNo later round recorded
Composio ↗San Francisco
Mar 2025Series A$25MNo later round recorded
D3 ↗Orlando
Jan 2025Series A$25MNo later round recorded
Twenty ↗San Francisco
Nov 2024Seed$5.0MNo later round recorded
Persana ↗San Francisco
Nov 2024Seed$2.3MNo later round recorded
CrewAI ↗Sao Paulo
Oct 2024Series A$18MNo later round recorded
Recraft ↗San Francisco
Jan 2024Series A$12MNo later round recorded
Dec 2023Seed$2.2MNo later round recorded
Bluebirds ↗San Francisco
Oct 2023Seed$5.0MNo later round recorded
Entre ↗Pittsburgh
Mar 2023Seed$1.6MNo later round recorded
Jan 2023Angel$1.1MNo later round recorded
Pebble ↗Berkeley
Jan 2023Seed$1.1MNo later round recorded
Racket ↗San Francisco
Nov 2021Seed$3.0MNo later round recorded
Doola ↗New York City
Nov 2021Seed$3.0MYes · Nov 2022
Milk Video ↗New York City
Aug 2021Seed$1.5MNo later round recorded
Jul 2021Seed$3.5MNo later round recorded
Jul 2021Seed$1.0MNo later round recorded
Mar 2015Seed$2.5MNo later round recorded
Dec 2014Seed$1.2MNo later round recorded
Drync ↗Boston
Apr 2014Seed$2.1MNo later round recorded
Feb 2014Seed$1.7MNo later round recorded
TrueLens ↗Cambridge
Dec 2012Seed$1.2MNo later round recorded
Wefunder ↗San Francisco
Nov 2012Seed$530KNo later round recorded
Buffer ↗San Francisco
Dec 2011Seed$450KNo later round recorded
UserVoice ↗San Francisco
Nov 2011Seed$1.0MNo later round recorded
May 2011Seed$1.0MNo later round recorded
0 more companies have undated investments

Kept in the 30-company portfolio; excluded from entry-timing calculations.

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