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

Angel investor · Brussels, Belgium

Thibaud Elziere.

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
88%

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

First investment stage across 41 companies34 Seed, 2 Angel and 5 other-stage entries. Each dot represents one company.
Seed 34Angel 2Other 5

One dot = one company at first recorded investment.

41 companies · 41 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 28 Oct 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

Thibaud Elziere has dated investments in 41 companies. 36 first entries were at Angel, Pre-Seed or Seed (87.8%). An early-stage founder can use the sector and stage filters to find comparable companies before approaching the investor.

Explore the evidence ↗
02

Separate activity from reputation

7 first company relationships appear in the latest 24 months, compared with 13 in the preceding window. The latest recorded investment is 2025-10-28. This describes observed activity through 2026-05-22; it does not establish current availability.

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03

Plan the next financing step

17 of 34 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.

Explore the evidence ↗
04

Use a specific point of relevance

HRTech is the largest displayed sector by company count, appearing in 6 portfolio companies; sector tags overlap. 1 first entries carry a recorded lead flag and the median first-round syndicate includes 5 other named backers. Shared rounds are evidence of co-investment, not evidence of an introduction route.

Explore the evidence ↗
01 / THE READOUT

Four signals before you pitch.

Start with observed behavior.
Every rate has a defined denominator.

01 — ROUND CONTEXT
$1.6M–$3.8M

The middle half of entry rounds

25th–75th percentile across 39 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
7companies

First investments in the last 24 months

22 May 2024–22 May 2026, versus 13 in the preceding 24 months.

See the rhythm ↗
03 — NEXT FINANCING
50%

Another equity round within 24 months

17 of 34 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 34 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.

41matching companies
$2.5Mmedian first round (39 disclosed)
7first backed in last 24 months

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

Seed

DotBlocks ↗

Developer of numerical simulation platform designed for industrial applications

$1.6M total first round
Seed

Delos.so ↗

Provider of AI-powered productivity applications for businesses

$2.8M total first round
Angel

Candix ↗

Provider of hiring marketplace to connect software professionals with startups

$201K 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
HRTech6
B2C E-Commerce4
Future of Work4
Cybersecurity4
Enterprise Collaboration4
HR SaaS4
Remote Work Tools4
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
$638K$419K–$856K
Seed32 disclosed
$2.4M$1.8M–$3.6M
Series A3 disclosed
$4.5M$4.1M–$10M
$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.

34
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
50%
17 of 34 companies

Backed again by this investor

A subset of the companies above
0%
0 of 34 companies
i

Includes first investments on or before 22 May 2024. 7 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
Seed2914 / 290 / 29
Series A21 / 20 / 2
Series B10 / 10 / 1
Post-IPO11 / 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

Kima Ventures

17 shared rounds · 17 companies

Latest shared round Oct 2025
03
FIRM

Alven

5 shared rounds · 5 companies

Latest shared round Feb 2017
05
FIRM

Bpifrance

4 shared rounds · 4 companies

Latest shared round Nov 2023

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.

41 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Oct 2025Seed$1.6MNo later round recorded
Apr 2025Seed$2.8MNo later round recorded
Candix ↗San Francisco
Oct 2024Angel$201KNo later round recorded
Oct 2024Seed$3.6MNo later round recorded
Sep 2024Series A$4.5MNo later round recorded
Jul 2024Seed$3.5MNo later round recorded
Jun 2024Seed$2.2MNo later round recorded
May 2024Series A$3.8MNo later round recorded
Mar 2024Seed$3.8MNo later round recorded
Feb 2024Seed$3.0MNo later round recorded
Augment ↗New York City
Nov 2023Seed$6.6MNo later round recorded
Oct 2023Seed$3.4MNo later round recorded
Mar 2023Seed$4.7MNo later round recorded
Feb 2023Seed$5.4MNo later round recorded
Nov 2022Seed$4.1MNo later round recorded
Easop ↗San Francisco
Oct 2022Seed$2.5MNo later round recorded
Sep 2022Seed$2.0MNo later round recorded
Jun 2022Seed$2.0MNo later round recorded
Jun 2022Series A$16MNo later round recorded
May 2022Seed$2.1MNo later round recorded
Nov 2021Seed$4.5MNo later round recorded
Nov 2021Seed$2.0MNo later round recorded
Jun 2021Seed$2.4MNo later round recorded
Opal ↗Somalia
Jan 2021Seed$4.3MNo later round recorded
Bigblue ↗Toulouse
Nov 2020Seed$3.6MNo later round recorded
Sep 2020Seed$1.2MNo later round recorded
Look&Fin ↗Brussels
Oct 2019Series B$6.6MNo later round recorded
Jul 2019SeedUndisclosedNo later round recorded
Cowboy ↗Brussels
Apr 2018Seed$3.0MNo later round recorded
Jan 2018SeedUndisclosedNo later round recorded
Mar 2017Seed$1.6MNo later round recorded
Feb 2017Seed$1.5MNo later round recorded
Jan 2017Angel$1.1MNo later round recorded
Hull ↗Atlanta
Jan 2017Seed$2.9MNo later round recorded
Sqreen ↗San Francisco
Apr 2016Seed$2.3MNo later round recorded
Airstoc ↗Sheffield
Apr 2016Seed$700KNo later round recorded
Feb 2016Post-IPO$1.4MNo later round recorded
Poptop ↗United Kingdom
Feb 2016Seed$1.5MNo later round recorded
Cord ↗Brooklyn
Sep 2014Seed$1.8MNo later round recorded
Jun 2014Seed$1.4MNo later round recorded
Algolia ↗San Francisco
Oct 2013Seed$1.6MNo later round recorded
0 more companies have undated investments

Kept in the 41-company portfolio; excluded from entry-timing calculations.

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