INVESTOR NOTES / 001ANGEL INVESTOR / ,
Lee Fixel
KNOW THE INVESTOR. SHARPEN THE PITCH.

Angel investor ·

Lee Fixel.

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 PATTERN2013–2026
22%

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

First investment stage across 18 companies4 Seed, 0 Angel and 14 other-stage entries. Each dot represents one company.
Seed 4Angel 0Other 14

One dot = one company at first recorded investment.

18 companies · 20 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 06 Jan 2023
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

Lee Fixel has dated investments in 18 companies. 4 first entries were at Angel, Pre-Seed or Seed (22.2%). 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 1 in the preceding window. The latest recorded investment is 2023-01-06. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

11 of 18 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

FinTech is the largest displayed sector by company count, appearing in 3 portfolio companies; sector tags overlap. 3 first entries carry a recorded lead flag and the median first-round syndicate includes 5.5 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
$5.5M–$43M

The middle half of entry rounds

25th–75th percentile across 17 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 1 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
61%

Another equity round within 24 months

11 of 18 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
6%

This investor invested again within 24 months

1 of the same 18 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.

18matching companies
$13Mmedian first round (17 disclosed)
0first backed in last 24 months

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

Series A

Holey Grail Donuts ↗

Bakery cafe serving donuts & other bakery food

Undisclosed total first round
Series E+

Harry's ↗

Internet first brand offering subscription-based mens grooming products

$140M total first round
Series A

Ethyca ↗

Provides data security services

$7.5M 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
FinTech3
B2C E-Commerce2
Artificial Intelligence2
Logistics Tech2
B2B E-Commerce2
Retail Tech2
Open Source2
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
Seed4 disclosed
$4.3M$3.8M–$4.8M
Series A6 disclosed
$11M$8.3M–$12M
Series B2 disclosed
$42M$41M–$43M
$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.

18
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
61.1%
11 of 18 companies

Backed again by this investor

A subset of the companies above
5.6%
1 of 18 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
Seed42 / 41 / 4
Series A74 / 70 / 7
Series B22 / 20 / 2
Series C32 / 30 / 3
Series E+21 / 20 / 2
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

General Catalyst

4 shared rounds · 4 companies

Latest shared round Feb 2021
02
FIRM

Y Combinator

4 shared rounds · 4 companies

Latest shared round Oct 2021
03
FIRM

Founders' Co-op

3 shared rounds · 2 companies

Latest shared round Aug 2020
04
FIRM

Greylock

3 shared rounds · 2 companies

Latest shared round Jan 2023
05
FIRM

Lux Capital

3 shared rounds · 2 companies

Latest shared round Jan 2023
06
FIRM

Addition

2 shared rounds · 2 companies

Latest shared round Jan 2023

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.

18 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Jul 2022Series AUndisclosedNo later round recorded
Harry's ↗New York City
Jan 2022Series E+$140MNo later round recorded
Ethyca ↗New York City
Nov 2021Series A$7.5MNo later round recorded
Oct 2021Series A$25MNo later round recorded
Bzaar ↗Bengaluru
Sep 2021Seed$4.0MNo later round recorded
Sep 2021Series E+$76MNo later round recorded
Firemaps ↗San Francisco
Aug 2021Seed$5.5MNo later round recorded
Mar 2021Series B$40MNo later round recorded
Titan ↗New York City
Feb 2021Series A$13MNo later round recorded
Jan 2021Series B$43MYes · Jan 2023
Render ↗San Francisco
Oct 2020Seed$4.5MNo later round recorded
Zira ↗Los Angeles
Oct 2020Series A$3.1MNo later round recorded
Routable ↗San Francisco
Aug 2020Series A$12MNo later round recorded
Oct 2019Series C$140MNo later round recorded
Oct 2019Series A$11MNo later round recorded
Ally ↗Bellevue
Jan 2019Seed$3.0MYes · Jul 2019
Artsy ↗New York City
Mar 2015Series C$25MNo later round recorded
Next Door ↗San Francisco
Oct 2013Series C$60MNo later round recorded
0 more companies have undated investments

Kept in the 18-company portfolio; excluded from entry-timing calculations.

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