INVESTOR NOTES / 001ANGEL INVESTOR / San Francisco, United States
Justin Kan
KNOW THE INVESTOR. SHARPEN THE PITCH.

Angel investor · San Francisco, United States

Justin Kan.

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 PATTERN2012–2026
52%

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

First investment stage across 52 companies26 Seed, 1 Angel and 25 other-stage entries. Each dot represents one company.
Seed 26Angel 1Other 25

One dot = one company at first recorded investment.

52 companies · 54 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 06 Nov 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

Justin Kan has dated investments in 52 companies. 27 first entries were at Angel, Pre-Seed or Seed (51.9%). 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

5 first company relationships appear in the latest 24 months, compared with 5 in the preceding window. The latest recorded investment is 2025-11-06. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

23 of 47 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

FinTech is the largest displayed sector by company count, appearing in 13 portfolio companies; sector tags overlap. 1 first entries carry a recorded lead flag and the median first-round syndicate includes 8 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
$3.0M–$8.0M

The middle half of entry rounds

25th–75th percentile across 49 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
5companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 5 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
49%

Another equity round within 24 months

23 of 47 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 47 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.

52matching companies
$5.7Mmedian first round (49 disclosed)
5first backed in last 24 months

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

Seed

Wabi ↗

Developer of a personal software platform with customizable mini applications

$20M total first round
Seed

Flora ↗

Developer of a platform providing creative artificial intelligence tools and workflows

$6.5M total first round
Seed

ClearGrid ↗

Provider of AI-powered debt recovery solutions

Undisclosed 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
FinTech13
HealthTech7
Artificial Intelligence5
Web 3.05
Blockchain in Financial Services5
MarketingTech4
Decentralized Finance4
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
Angel0 disclosed
UndisclosedUndisclosed–Undisclosed
Seed24 disclosed
$3.0M$2.5M–$5.2M
Series A17 disclosed
$8.0M$5.9M–$10M
$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.

47
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
48.9%
23 of 47 companies

Backed again by this investor

A subset of the companies above
4.3%
2 of 47 companies
i

Includes first investments on or before 22 May 2024. 5 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
Seed2312 / 231 / 23
Series A159 / 151 / 15
Series B41 / 40 / 4
Series C11 / 10 / 1
Series E+10 / 10 / 1
Token10 / 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

Y Combinator

14 shared rounds · 13 companies

Latest shared round Sep 2024
04
FIRM

a16z

6 shared rounds · 6 companies

Latest shared round Nov 2025
05
ANGEL

Emmett Shear ↗

5 shared rounds · 5 companies

Latest shared round Sep 2024
06
ANGEL

Garry Tan ↗

5 shared rounds · 5 companies

Latest shared round Nov 2025

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.

52 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Wabi ↗San Francisco
Nov 2025Seed$20MNo later round recorded
Flora ↗New York City
May 2025Seed$6.5MNo later round recorded
Mar 2025SeedUndisclosedNo later round recorded
Jan 2025Series A$25MNo later round recorded
Yuma ↗Singapore
Sep 2024Series A$5.0MNo later round recorded
Scenario ↗San Francisco
Jan 2023Unattributed$6.0MNo later round recorded
Nov 2022Series A$8.0MNo later round recorded
Aug 2022Series B$56MNo later round recorded
Gunzilla ↗Frankfurt Am Main
Aug 2022Series C$46MNo later round recorded
BR1 ↗Montreal
Jul 2022Seed$3.0MNo later round recorded
Space Runners ↗San Francisco
Mar 2022Series A$10MNo later round recorded
Finless Foods ↗New York City
Mar 2022Series B$34MNo later round recorded
Portals ↗San Francisco
Feb 2022Seed$5.0MNo later round recorded
Creator Now ↗Santa Monica
Jan 2022Seed$3.0MNo later round recorded
Fion ↗San Francisco
Dec 2021Seed$3.0MNo later round recorded
Nov 2021Series A$8.0MNo later round recorded
KYVE ↗Frankfurt Am Main
Oct 2021SeedUndisclosedNo later round recorded
Sep 2021Seed$2.7MNo later round recorded
Jul 2021Seed$4.0MNo later round recorded
Apr 2021Seed$7.0MNo later round recorded
Abacum ↗New York City
Apr 2021Seed$7.0MNo later round recorded
Apr 2021Series A$8.0MNo later round recorded
OpenSea ↗New York City
Mar 2021Series A$23MNo later round recorded
ForeVR ↗Los Angeles
Dec 2020Seed$1.5MNo later round recorded
Nabis ↗Oakland
Oct 2020Series A$5.0MNo later round recorded
Digits ↗San Francisco
Nov 2019Series A$11MNo later round recorded
BLADE ↗San Francisco
Aug 2019Seed$4.3MNo later round recorded
Jul 2019Seed$6.6MNo later round recorded
Nova ↗Dallas
Dec 2018Token$2.0MNo later round recorded
Dec 2018Series A$2.0MNo later round recorded
Aug 2018Series A$7.0MNo later round recorded
Ambition ↗Chattanooga
Jun 2018Series A$5.9MNo later round recorded
ZeroCater ↗San Francisco
May 2018Series B$12MNo later round recorded
Rare Bits ↗San Francisco
Apr 2018Series A$6.0MNo later round recorded
Dec 2017Seed$5.7MNo later round recorded
Burrow ↗New York City
Dec 2017Seed$4.3MNo later round recorded
Alto ↗San Francisco
Jun 2017Series B$23MNo later round recorded
Scale AI ↗San Francisco
May 2017Series A$4.5MYes · Aug 2018
Simple Contacts ↗New York City
Apr 2017Series A$10.0MNo later round recorded
Dec 2016Seed$1.3MNo later round recorded
Drivezy ↗Bengaluru
Nov 2016Seed$3.0MYes · Oct 2017
Automile ↗Pleasant Grove
Jul 2016Series A$6.2MNo later round recorded
Meadow Care ↗San Francisco
Apr 2016Seed$2.1MNo later round recorded
Human Interest ↗San Francisco
Feb 2016Seed$3.5MNo later round recorded
Razorpay ↗Bengaluru
Oct 2015Seed$2.5MNo later round recorded
Triplebyte ↗San Francisco
Sep 2015Seed$3.0MNo later round recorded
Taplytics ↗Palo Alto
May 2015Seed$2.4MNo later round recorded
SAY Media ↗San Francisco
Dec 2014Series E+$257KNo later round recorded
Parenthoods ↗San Francisco
Nov 2014Seed$1.3MNo later round recorded
Jul 2013Seed$2.1MNo later round recorded
Apr 2013Series A$12MNo later round recorded
SocialCam ↗Santa Clara
Apr 2012AngelUndisclosedNo later round recorded
0 more companies have undated investments

Kept in the 52-company portfolio; excluded from entry-timing calculations.

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