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

Angel investor · United States

Lenny Rachitsky.

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 PATTERN2020–2026
60%

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

First investment stage across 35 companies20 Seed, 1 Angel and 14 other-stage entries. Each dot represents one company.
Seed 20Angel 1Other 14

One dot = one company at first recorded investment.

35 companies · 35 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 23 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

Lenny Rachitsky has dated investments in 35 companies. 21 first entries were at Angel, Pre-Seed or Seed (60.0%). 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

11 first company relationships appear in the latest 24 months, compared with 5 in the preceding window. The latest recorded investment is 2026-03-23. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

10 of 24 companies with a full 24-month observation window raised another equity round. This investor backed 0 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 8 portfolio companies; sector tags overlap. 0 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
$4.9M–$18M

The middle half of entry rounds

25th–75th percentile across 35 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
11companies

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
42%

Another equity round within 24 months

10 of 24 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
0%

This investor invested again within 24 months

0 of the same 24 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.

35matching companies
$10Mmedian first round (35 disclosed)
11first backed in last 24 months

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

Seed

Crafting ↗

Cloud integrated development environment for multi-services applications

$5.5M total first round
Seed

Vybe ↗

Provider of a platform for building secure internal applications quickly

$10M 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 Intelligence8
Future of Work6
EdTech5
FinTech5
Cybersecurity4
Application Development Tools3
Mobile DevTools3
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
$30M$30M–$30M
Seed20 disclosed
$5.0M$3.3M–$6.6M
Series A10 disclosed
$16M$13M–$20M
$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.

24
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
41.7%
10 of 24 companies

Backed again by this investor

A subset of the companies above
0%
0 of 24 companies
i

Includes first investments on or before 22 May 2024. 11 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
Seed145 / 140 / 14
Series A62 / 60 / 6
Series B32 / 30 / 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
ANGEL

Scott Belsky ↗

7 shared rounds · 7 companies

Latest shared round Mar 2026
03
FIRM

a16z

5 shared rounds · 5 companies

Latest shared round Dec 2025
06
FIRM

Y Combinator

4 shared rounds · 4 companies

Latest shared round Dec 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.

35 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Mar 2026Seed$11MNo later round recorded
Crafting ↗Palo Alto
Mar 2026Seed$5.5MNo later round recorded
Vybe ↗San Francisco
Dec 2025Seed$10MNo later round recorded
Oboe ↗New York City
Dec 2025Series A$16MNo later round recorded
Simular ↗Palo Alto
Dec 2025Series A$22MNo later round recorded
Tempo ↗Toronto
Oct 2025Seed$5.0MNo later round recorded
May 2025Series B$43MNo later round recorded
Fyxer ↗London
Mar 2025Series A$10MNo later round recorded
TrueFoundry ↗San Francisco
Dec 2024Series A$19MNo later round recorded
Oct 2024Seed$13MNo later round recorded
Vultron ↗West Hollywood
Oct 2024Seed$4.9MNo later round recorded
Artie ↗San Francisco
Feb 2024Seed$3.3MNo later round recorded
Stelo ↗San Francisco
Feb 2023Seed$6.0MNo later round recorded
meez ↗New York City
Nov 2022Series A$12MNo later round recorded
Pogo ↗New York City
Jul 2022Series A$15MNo later round recorded
Jun 2022Seed$2.2MNo later round recorded
Bravado ↗San Francisco
May 2022Series B$26MNo later round recorded
Levels ↗United States
Apr 2022Series A$38MNo later round recorded
Mar 2022Series A$15MNo later round recorded
Goldcast ↗Cambridge
Feb 2022Seed$10MNo later round recorded
Jan 2022Seed$1.3MNo later round recorded
Arcade ↗San Francisco
Jan 2022Seed$2.5MNo later round recorded
WRITER ↗San Francisco
Nov 2021Series B$21MNo later round recorded
Mage Systems ↗Santa Clara
Oct 2021Seed$6.3MNo later round recorded
INAI ↗London
Sep 2021Seed$4.0MNo later round recorded
Syndicate ↗San Francisco
Aug 2021Series A$20MNo later round recorded
Gatheround ↗Los Angeles
May 2021Seed$3.5MNo later round recorded
Finary ↗San Francisco
Apr 2021Seed$3.2MNo later round recorded
Offsyte ↗San Francisco
Mar 2021Seed$1.5MNo later round recorded
Office Hours ↗San Francisco
Feb 2021Seed$5.0MNo later round recorded
ClassDojo ↗San Francisco
Jan 2021Angel$30MNo later round recorded
Descript ↗San Francisco
Jan 2021Series B$30MNo later round recorded
Linear ↗San Francisco
Dec 2020Series A$13MNo later round recorded
Dec 2020Seed$7.5MNo later round recorded
Stytch ↗San Francisco
Jun 2020Seed$6.0MNo later round recorded
0 more companies have undated investments

Kept in the 35-company portfolio; excluded from entry-timing calculations.

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