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

Angel investor · Pittsburgh, United States

Paul Graham.

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
67%

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

First investment stage across 36 companies21 Seed, 3 Angel and 12 other-stage entries. Each dot represents one company.
Seed 21Angel 3Other 12

One dot = one company at first recorded investment.

36 companies · 40 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 21 May 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

Paul Graham has dated investments in 36 companies. 24 first entries were at Angel, Pre-Seed or Seed (66.7%). 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

18 first company relationships appear in the latest 24 months, compared with 2 in the preceding window. The latest recorded investment is 2026-05-21. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

5 of 18 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 6 portfolio companies; sector tags overlap. 4 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
$3.1M–$20M

The middle half of entry rounds

25th–75th percentile across 34 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
18companies

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
28%

Another equity round within 24 months

5 of 18 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 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.

36matching companies
$6.0Mmedian first round (34 disclosed)
18first backed in last 24 months

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

Seed

Luel ↗

Provider of curated, rights-cleared training data from verified contributors for AI

$31M total first round
Seed

AgentMail ↗

AgentMail | Email Inbox API for AI Agents

$6.0M total first round
Series B

Novig ↗

Platform for peer-to-peer sports prediction and trading, allowing users to make predictions against real people

$75M 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 Intelligence6
AI Infrastructure5
EdTech5
Future of Work3
K-12 EdTech3
Gambling Tech2
AI as a Service2
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
Angel2 disclosed
$1.0M$1.0M–$1.0M
Seed21 disclosed
$5.0M$3.0M–$6.0M
Series A5 disclosed
$20M$15M–$22M
$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
27.8%
5 of 18 companies

Backed again by this investor

A subset of the companies above
0%
0 of 18 companies
i

Includes first investments on or before 22 May 2024. 18 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
Angel30 / 30 / 3
Seed92 / 90 / 9
Series A32 / 30 / 3
Series B31 / 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
FIRM

Y Combinator

20 shared rounds · 20 companies

Latest shared round Mar 2026
02
ANGEL

Ron Conway ↗

6 shared rounds · 5 companies

Latest shared round Jan 2019
03
FIRM

General Catalyst

5 shared rounds · 5 companies

Latest shared round May 2026
04
FIRM

Initialized Capital

5 shared rounds · 3 companies

Latest shared round Nov 2021
06
FIRM

SV Angel

5 shared rounds · 5 companies

Latest shared round Oct 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.

36 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Luel ↗San Francisco
May 2026Seed$31MNo later round recorded
AgentMail ↗San Francisco
Mar 2026Seed$6.0MNo later round recorded
Novig ↗San Francisco
Feb 2026Series B$75MNo later round recorded
Autosana ↗San Francisco
Feb 2026Seed$3.2MNo later round recorded
Channel3 ↗New York City
Dec 2025Seed$6.0MNo later round recorded
Vesence ↗San Francisco
Oct 2025Seed$9.0MNo later round recorded
SalesPatriot ↗San Francisco
Oct 2025Seed$5.0MNo later round recorded
Kernel ↗San Francisco
Oct 2025Series A$22MNo later round recorded
Kernel ↗Claymont
Oct 2025Series A$22MNo later round recorded
Nia ↗San Francisco
Oct 2025Seed$6.2MNo later round recorded
Perseus Defense ↗San Francisco
Sep 2025Seed$6.0MNo later round recorded
Humanbehavior ↗San Francisco
Sep 2025Seed$5.0MNo later round recorded
Recall.ai ↗San Francisco
Sep 2025Series B$38MNo later round recorded
Mentra Labs ↗San Francisco
Jun 2025Series A$8.0MNo later round recorded
CTGT ↗San Francisco
Feb 2025Seed$7.2MNo later round recorded
Feb 2025Seed$2.6MNo later round recorded
Cartage ↗San Francisco
Oct 2024Seed$3.3MNo later round recorded
Speak ↗San Francisco
Jun 2024Series B$20MNo later round recorded
Apr 2024Series B$20MNo later round recorded
Novig ↗New York City
Aug 2023Seed$6.4MNo later round recorded
Manara ↗San Francisco
May 2022Seed$3.0MNo later round recorded
Mar 2020Series AUndisclosedNo later round recorded
Retool ↗San Francisco
Oct 2019Series A$20MNo later round recorded
Cloosiv ↗Charlotte
Oct 2019Angel$1.0MNo later round recorded
Jun 2019Seed$5.8MNo later round recorded
Apr 2019Seed$1.5MNo later round recorded
Jan 2019Series B$100MNo later round recorded
Titan ↗New York City
Oct 2018Seed$2.5MNo later round recorded
Replit ↗Foster City
Oct 2018Seed$4.5MNo later round recorded
Rescale ↗San Francisco
Jul 2018Series B$32MYes · Nov 2021
Triplebyte ↗San Francisco
Sep 2015Seed$3.0MYes · Feb 2018
Watsi ↗San Francisco
Jul 2013Seed$1.2MYes · Nov 2015
North ↗Kitchener
Jun 2013Series A$15MNo later round recorded
ClassDojo ↗San Francisco
Aug 2012Seed$1.6MNo later round recorded
Jul 2012Angel$1.0MNo later round recorded
SocialCam ↗Santa Clara
Apr 2012AngelUndisclosedNo later round recorded
1 more companies have undated investments

Kept in the 36-company portfolio; excluded from entry-timing calculations.

  • Kernel · Seed · date unavailable
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