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

Angel investor · United States

Reid Hoffman.

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 PATTERN2006–2026
48%

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

First investment stage across 40 companies14 Seed, 5 Angel and 21 other-stage entries. Each dot represents one company.
Seed 14Angel 5Other 21

One dot = one company at first recorded investment.

40 companies · 44 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 26 May 2025
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

Reid Hoffman has dated investments in 40 companies. 19 first entries were at Angel, Pre-Seed or Seed (47.5%). 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

5 first company relationships appear in the latest 24 months, compared with 3 in the preceding window. The latest recorded investment is 2025-05-26. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

13 of 35 companies with a full 24-month observation window raised another equity round. This investor backed 2 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 7 portfolio companies; sector tags overlap. 5 first entries carry a recorded lead flag and the median first-round syndicate includes 7 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
$2.3M–$25M

The middle half of entry rounds

25th–75th percentile across 37 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
5companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 3 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
37%

Another equity round within 24 months

13 of 35 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

2 of the same 35 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.

40matching companies
$7.5Mmedian first round (37 disclosed)
5first backed in last 24 months

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

Seed

Every ↗

Online platform allowing users to publish articles

$2.0M total first round
Series A

ReflectionAI ↗

Developer of autonomous coding systems

$105M total first round
Seed

Manas AI ↗

Provider of a platform for drug discovery for the treatment of cancer and rare diseases

$25M 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
FinTech7
Web 3.05
Blockchain in Financial Services4
Decentralized Finance4
B2C E-Commerce4
Artificial Intelligence3
Generative AI3
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
Angel3 disclosed
$1.4M$1.4M–$5.7M
Seed14 disclosed
$2.3M$1.9M–$6.0M
Series A14 disclosed
$13M$5.4M–$17M
$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.

35
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
37.1%
13 of 35 companies

Backed again by this investor

A subset of the companies above
5.7%
2 of 35 companies
i

Includes first investments on or before 22 May 2024. 5 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
Angel52 / 50 / 5
Seed114 / 110 / 11
Series A135 / 131 / 13
Series B41 / 40 / 4
Series C10 / 10 / 1
Series D11 / 11 / 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

Greylock

7 shared rounds · 7 companies

Latest shared round Jan 2025
02
ANGEL

Bill Gates ↗

4 shared rounds · 2 companies

Latest shared round Jun 2023
03
FIRM

Coinbase

4 shared rounds · 3 companies

Latest shared round Jun 2021
04
ANGEL

Jerry Yang ↗

3 shared rounds · 2 companies

Latest shared round Apr 2021
05
ANGEL

Joi Ito ↗

3 shared rounds · 3 companies

Latest shared round Feb 2019
06
ANGEL

Mark Pincus ↗

3 shared rounds · 3 companies

Latest shared round Jan 2022

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.

40 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Every ↗New York City
May 2025Seed$2.0MNo later round recorded
ReflectionAI ↗New York City
Mar 2025Series A$105MNo later round recorded
Manas AI ↗New York City
Jan 2025Seed$25MNo later round recorded
Workhelix ↗Beaverton
Oct 2024Series A$15MNo later round recorded
Resolve.ai ↗San Francisco
Oct 2024Seed$35MNo later round recorded
Wild ↗Delaware City
Dec 2022Seed$7.0MNo later round recorded
Sep 2022Seed$2.2MNo later round recorded
Meter ↗San Francisco
May 2022Series B$38MNo later round recorded
Manara ↗San Francisco
May 2022Seed$3.0MNo later round recorded
Apr 2022Series D$225MYes · Jun 2023
Mar 2022Seed$1.1MNo later round recorded
Daffy ↗Los Altos
Feb 2022Series A$17MNo later round recorded
Jan 2022Seed$9.0MNo later round recorded
Dec 2021Series B$65MNo later round recorded
Cent ↗San Francisco
Aug 2021Seed$3.0MNo later round recorded
Jun 2021Series A$25MNo later round recorded
World ↗San Francisco
Jun 2021Series A$25MNo later round recorded
Proxifile
Jun 2021Seed$2.3MNo later round recorded
LoanSnap ↗San Francisco
May 2021Series B$30MNo later round recorded
Apr 2021Series B$50MNo later round recorded
Mobilize ↗New York City
Oct 2020Series A$3.8MNo later round recorded
Alchemy ↗San Francisco
Dec 2019Series A$15MYes · Apr 2021
WaitWhat ↗New York City
Feb 2019Series A$5.0MYes · Jun 2021
RevUp ↗Redwood City
Oct 2018Series A$7.5MNo later round recorded
Aug 2018Seed$1.3MNo later round recorded
Apollo Fusion ↗Mountain View
Jul 2018Angel$10MNo later round recorded
Celo ↗San Francisco
Jun 2018Series A$6.5MNo later round recorded
Chairman Mom ↗San Francisco
Apr 2018Angel$1.4MNo later round recorded
May 2017Series A$5.0MNo later round recorded
Segovia ↗New York City
Sep 2015Series A$15MNo later round recorded
Aug 2015Seed$2.2MNo later round recorded
Dec 2014Series C$25MYes · May 2017
Gobble ↗Palo Alto
May 2011Seed$1.2MNo later round recorded
Mar 2011Seed$1.9MNo later round recorded
Dec 2010Angel$1.3MNo later round recorded
Permuto ↗Palo Alto
Sep 2010Series A$10MNo later round recorded
Triggit ↗San Francisco
Jun 2010Series A$4.2MNo later round recorded
Ping FM ↗San Francisco
Dec 2008AngelUndisclosedNo later round recorded
Sep 2007AngelUndisclosedNo later round recorded
May 2006Series AUndisclosedNo later round recorded
0 more companies have undated investments

Kept in the 40-company portfolio; excluded from entry-timing calculations.

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