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

Angel investor · Sunnyvale, United States

Ray Rothrock.

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
60%

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

First investment stage across 10 companies6 Seed, 0 Angel and 4 other-stage entries. Each dot represents one company.
Seed 6Angel 0Other 4

One dot = one company at first recorded investment.

10 companies · 12 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 25 Oct 2022
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

Ray Rothrock has dated investments in 10 companies. 6 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

0 first company relationships appear in the latest 24 months, compared with 1 in the preceding window. The latest recorded investment is 2022-10-25. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

4 of 10 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

Cybersecurity is the largest displayed sector by company count, appearing in 5 portfolio companies; sector tags overlap. 0 first entries carry a recorded lead flag and the median first-round syndicate includes 6 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
$3.4M–$11M

The middle half of entry rounds

25th–75th percentile across 10 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
40%

Another equity round within 24 months

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

Follow the path ↗
04 — REPEAT BACKING
10%

This investor invested again within 24 months

1 of the same 10 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.

10matching companies
$6.3Mmedian first round (10 disclosed)
0first backed in last 24 months

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

Seed

Perygee ↗

Provider of a platform for embeddable IoT security solutions

$4.8M total first round
Seed

Portal26 ↗

AI based data security platform for businesses

$6.0M total first round
Seed

Fluree ↗

Developer of a knowledge graph platform for trusted artificial intelligence

$6.5M 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
Cybersecurity5
Internet of Things Infrastructure2
MarketingTech2
Industry 4.01
IoT Network Security1
IoT Security1
Data Privacy Software1
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
Seed6 disclosed
$5.4M$3.1M–$6.4M
Series A2 disclosed
$5.0M$4.0M–$6.0M
Series B2 disclosed
$39M$32M–$45M
$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.

10
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
40%
4 of 10 companies

Backed again by this investor

A subset of the companies above
10%
1 of 10 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
Seed63 / 61 / 6
Series A20 / 20 / 2
Series B21 / 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

AllegisCyber Capital

4 shared rounds · 2 companies

Latest shared round Oct 2015
02
FIRM

DCVC

4 shared rounds · 2 companies

Latest shared round Oct 2015
03
ANGEL

Derek Smith

4 shared rounds · 2 companies

Latest shared round Oct 2015
04
FIRM

First Round Capital

4 shared rounds · 2 companies

Latest shared round Oct 2015
05
FIRM

Kleiner Perkins

4 shared rounds · 2 companies

Latest shared round Oct 2015
06
FIRM

Cowboy Ventures

3 shared rounds · 1 companies

Latest shared round Oct 2015

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.

10 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Oct 2022Seed$4.8MNo later round recorded
Portal26 ↗San Jose
Feb 2022Seed$6.0MNo later round recorded
Fluree ↗Winston-Salem
Sep 2020Seed$6.5MNo later round recorded
SCYTHE ↗Arlington
Sep 2018Series A$3.0MNo later round recorded
Toka ↗Tel Aviv
Jul 2018Seed$13MNo later round recorded
Colabo ↗Herzliya
Jun 2015Series A$7.0MNo later round recorded
Synack ↗San Francisco
Feb 2015Series B$25MNo later round recorded
Button ↗New York City
Jul 2014Seed$2.3MNo later round recorded
May 2014Seed$2.5MYes · Dec 2014
Planet ↗San Francisco
Dec 2013Series B$52MNo later round recorded
0 more companies have undated investments

Kept in the 10-company portfolio; excluded from entry-timing calculations.

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