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

Angel investor · United States

Jonathan Bush.

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
46%

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

First investment stage across 13 companies5 Seed, 1 Angel and 7 other-stage entries. Each dot represents one company.
Seed 5Angel 1Other 7

One dot = one company at first recorded investment.

13 companies · 15 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 09 Nov 2022
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

Jonathan Bush has dated investments in 13 companies. 6 first entries were at Angel, Pre-Seed or Seed (46.2%). 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

0 first company relationships appear in the latest 24 months, compared with 3 in the preceding window. The latest recorded investment is 2022-11-09. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

8 of 13 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

HealthTech is the largest displayed sector by company count, appearing in 9 portfolio companies; sector tags overlap. 0 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
$3.6M–$23M

The middle half of entry rounds

25th–75th percentile across 13 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 3 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
62%

Another equity round within 24 months

8 of 13 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
15%

This investor invested again within 24 months

2 of the same 13 companies. Build a financing plan around the wider investor market.

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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.

13matching companies
$5.5Mmedian first round (13 disclosed)
0first backed in last 24 months

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

Series B

Fathom ↗

Provider of autonomous medical coding platform and related coding services

$46M total first round
Series D

Elation Health ↗

Online EHR for private practice physicians to deliver patient-centered care

$50M total first round
Angel

Fold Health ↗

Provider of primary care platform optimizing clinical performance

$6.0M 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
HealthTech9
Healthcare IT7
HealthTech SaaS5
FinTech3
Clinical Data Repository2
Chronic Disease Management2
Employee Health IT2
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
$6.0M$6.0M–$6.0M
Seed5 disclosed
$5.0M$3.2M–$5.0M
Series A4 disclosed
$4.6M$3.4M–$9.9M
$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.

13
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
61.5%
8 of 13 companies

Backed again by this investor

A subset of the companies above
15.4%
2 of 13 companies
i

Includes first investments on or before 22 May 2024. 0 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
Angel11 / 10 / 1
Seed54 / 51 / 5
Series A43 / 41 / 4
Series B10 / 10 / 1
Series C10 / 10 / 1
Series D10 / 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

Bessemer Venture Partners

2 shared rounds · 2 companies

Latest shared round Oct 2021
02
ANGEL

Brian Gambs

2 shared rounds · 1 companies

Latest shared round Jan 2022
03
FIRM

Dioko Ventures

2 shared rounds · 1 companies

Latest shared round Apr 2020
04
FIRM

F-Prime Capital

2 shared rounds · 2 companies

Latest shared round Oct 2021
05
ANGEL

Fay Rotenberg

2 shared rounds · 2 companies

Latest shared round Jul 2022
06
FIRM

Meridian Street Capital

2 shared rounds · 1 companies

Latest shared round Jan 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.

13 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Fathom ↗San Francisco
Nov 2022Series B$46MNo later round recorded
Elation Health ↗San Francisco
Jul 2022Series D$50MNo later round recorded
Fold Health ↗San Francisco
Jul 2022Angel$6.0MNo later round recorded
Stride Health ↗San Francisco
Oct 2021Series C$47MNo later round recorded
Oshi ↗New York City
Oct 2021Series A$23MNo later round recorded
Turquoise ↗San Diego
Jul 2021Seed$5.0MNo later round recorded
Skyflow ↗Mountain View
May 2020Seed$7.5MNo later round recorded
May 2020Seed$5.0MYes · Jan 2022
May 2020Seed$3.2MNo later round recorded
Apr 2019Series A$3.0MYes · Apr 2020
Sep 2014Series A$3.6MNo later round recorded
Apr 2014Seed$1.5MNo later round recorded
Jun 2011Series A$5.5MNo later round recorded
0 more companies have undated investments

Kept in the 13-company portfolio; excluded from entry-timing calculations.

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