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

Angel investor · Cambridge, United Kingdom

Jonathan Milner.

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 PATTERN2010–2026
47%

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

First investment stage across 34 companies16 Seed, 0 Angel and 18 other-stage entries. Each dot represents one company.
Seed 16Angel 0Other 18

One dot = one company at first recorded investment.

34 companies · 53 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 02 Dec 2025
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 Milner has dated investments in 34 companies. 16 first entries were at Angel, Pre-Seed or Seed (47.1%). 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

6 first company relationships appear in the latest 24 months, compared with 2 in the preceding window. The latest recorded investment is 2025-12-02. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

11 of 28 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 30 portfolio companies; sector tags overlap. 5 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.

Explore the evidence ↗
01 / THE READOUT

Four signals before you pitch.

Start with observed behavior.
Every rate has a defined denominator.

01 — ROUND CONTEXT
$1.9M–$15M

The middle half of entry rounds

25th–75th percentile across 33 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
6companies

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
39%

Another equity round within 24 months

11 of 28 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
18%

This investor invested again within 24 months

5 of the same 28 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.

34matching companies
$5.3Mmedian first round (33 disclosed)
6first backed in last 24 months

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

Series A

Quibim ↗

Developer of medical imaging software for radiomics and biomarker analysis

$50M total first round
Series A

52 North Health ↗

Developer of diagnostic and digital solutions for emergency care settings

$6.3M total first round
Seed

Epitopea ↗

Developer of immunotherapeutics for the treatment of cancer

$31M 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.
SectorSeedSeries ASeries BAll stages
Life Sciences30
HealthTech13
Life Sciences Tech9
Biopharmaceuticals8
Genomics8
Life Sciences Platforms and Tools7
Oncology6
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
Seed15 disclosed
$2.9M$1.1M–$9.3M
Series A15 disclosed
$6.3M$2.6M–$16M
Series B3 disclosed
$9.9M$6.9M–$13M
$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.

28
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
39.3%
11 of 28 companies

Backed again by this investor

A subset of the companies above
17.9%
5 of 28 companies
i

Includes first investments on or before 22 May 2024. 6 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
Seed135 / 131 / 13
Series A125 / 123 / 12
Series B31 / 31 / 3
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

Parkwalk

9 shared rounds · 5 companies

Latest shared round Sep 2024
02
FIRM

Amadeus Capital

8 shared rounds · 5 companies

Latest shared round Jan 2025
03
FIRM

UK Innovation Science & Seed Fund

5 shared rounds · 4 companies

Latest shared round Aug 2023
04
FIRM

Astellas Venture Management

4 shared rounds · 2 companies

Latest shared round Sep 2024
05
FIRM

Cambridge Innovation Capital

4 shared rounds · 3 companies

Latest shared round Oct 2024
06
FIRM

Mercia

4 shared rounds · 2 companies

Latest shared round May 2021

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.

34 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Quibim ↗Valencia
Jan 2025Series A$50MNo later round recorded
Nov 2024Series A$6.3MNo later round recorded
Epitopea ↗Cambridge
Oct 2024Seed$31MNo later round recorded
Shift Bioscience ↗Letchworth Garden City
Oct 2024Seed$16MNo later round recorded
Clock.bio ↗Cambridge
Oct 2024Seed$5.3MNo later round recorded
Constructive Bio ↗Saffron Walden
Sep 2024Series A$58MNo later round recorded
Jan 2024Seed$40MNo later round recorded
Spirea ↗Harrogate
Jun 2022Seed$2.9MNo later round recorded
Nuclera ↗Cambridge
Apr 2022Series B$16MYes · Oct 2024
Apr 2022Series A$4.2MNo later round recorded
Dec 2021Seed$8.5MNo later round recorded
SolasCure ↗Cambridge
Aug 2021Series A$21MYes · Mar 2023
Jul 2021Seed$8.5MNo later round recorded
Jun 2021Series A$3.5MNo later round recorded
Invizius ↗Edinburgh
May 2021Series A$7.4MNo later round recorded
Mogrify ↗Cambridge
May 2021Series A$17MYes · Oct 2023
Nov 2020Seed$658KNo later round recorded
Psyomics ↗Cambridge
Oct 2020Series A$2.0MNo later round recorded
Totient ↗Cambridge
Sep 2020Seed$10MNo later round recorded
Jul 2020Seed$1.3MNo later round recorded
Qkine ↗Cambridge
Apr 2020Series A$1.9MNo later round recorded
Jan 2020SeedUndisclosedYes · Jan 2022
Dec 2019Seed$658KYes · Aug 2023
Oct 2019Series A$13MYes · Oct 2020
Gelemetix ↗Macclesfield
Nov 2018Series B$3.9MNo later round recorded
Phoremost ↗Cambridge
May 2018Series A$15MYes · Mar 2021
May 2018Seed$1.9MNo later round recorded
Apr 2017Series A$3.1MNo later round recorded
Healx ↗Cambridge
Oct 2016Series A$1.9MYes · Jul 2018
Jun 2016Seed$506KNo later round recorded
Sep 2015Series A$2.2MNo later round recorded
GeoSpock ↗Cambridge
Nov 2014Seed$1.3MYes · Oct 2015
Sep 2013Seed$918KNo later round recorded
Sep 2010Series B$9.9MYes · Sep 2011
1 more companies have undated investments

Kept in the 34-company portfolio; excluded from entry-timing calculations.

  • Spirea · Seed · date unavailable
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