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

Angel investor ·

Ray Stata.

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 PATTERN2001–2026
40%

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

First investment stage across 10 companies2 Seed, 2 Angel and 6 other-stage entries. Each dot represents one company.
Seed 2Angel 2Other 6

One dot = one company at first recorded investment.

11 companies · 17 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 01 Apr 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

Ray Stata has dated investments in 10 companies. 4 first entries were at Angel, Pre-Seed or Seed (40.0%). 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

1 first company relationships appear in the latest 24 months, compared with 2 in the preceding window. The latest recorded investment is 2026-04-01. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

3 of 9 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

IoT Applications is the largest displayed sector by company count, appearing in 2 portfolio companies; sector tags overlap. 3 first entries carry a recorded lead flag and the median first-round syndicate includes 2 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
$1.4M–$18M

The middle half of entry rounds

25th–75th percentile across 9 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
1companies

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
33%

Another equity round within 24 months

3 of 9 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
11%

This investor invested again within 24 months

1 of the same 9 companies. Build a financing plan around the wider investor market.

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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
$12Mmedian first round (9 disclosed)
1first backed in last 24 months

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

Series B

Butlr ↗

Developer of thermal sensing technology providing building occupancy and utilization data

$38M total first round
Seed

XanderGlasses ↗

Developer of smart glasses providing real-time captioning

$1.4M 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
IoT Applications2
Sensors2
Visitor Management Hardware2
Analog and Mixed Signal ICs2
Micro Electro Mechanical Systems2
Facility Management Tech1
Remote Work Tools1
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
$6.5M$3.9M–$9.0M
Seed1 disclosed
$1.4M$1.4M–$1.4M
Series A3 disclosed
$6.0M$3.4M–$9.5M
$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.

9
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
33.3%
3 of 9 companies

Backed again by this investor

A subset of the companies above
11.1%
1 of 9 companies
i

Includes first investments on or before 22 May 2024. 1 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
Angel20 / 20 / 2
Seed21 / 21 / 2
Series A32 / 30 / 3
Series B10 / 10 / 1
Series D10 / 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

YourNest

3 shared rounds · 1 companies

Latest shared round Oct 2016
02
FIRM

Almaz Capital

2 shared rounds · 1 companies

Latest shared round Apr 2026
03
FIRM

Blackbird Ventures

2 shared rounds · 1 companies

Latest shared round Sep 2025
04
FIRM

EBRD

2 shared rounds · 1 companies

Latest shared round Apr 2026
05
FIRM

HCVC

2 shared rounds · 1 companies

Latest shared round Apr 2021
06
FIRM

Indian Angel Network

2 shared rounds · 1 companies

Latest shared round Feb 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?
Butlr ↗Burlingame
Aug 2024Series B$38MNo later round recorded
Jan 2023Angel$1.4MNo later round recorded
Jan 2023Seed$1.4MNo later round recorded
Nov 2020Series A$13MYes · Sep 2025
Mar 2019Series A$6.0MYes · Apr 2021
Nano C ↗United States
Apr 2018Angel$12MNo later round recorded
Sep 2017Series B$18MNo later round recorded
Uniphore ↗Palo Alto
Mar 2014SeedUndisclosedYes · Feb 2015
Nov 2009Series A$828KNo later round recorded
Jan 2001Series D$101MNo later round recorded
1 more companies have undated investments

Kept in the 11-company portfolio; excluded from entry-timing calculations.

  • Tekoia · Seed · date unavailable
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