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

Angel investor · Ottawa, Canada

Tobi Lutke.

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 PATTERN2018–2026
11%

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

First investment stage across 18 companies2 Seed, 0 Angel and 16 other-stage entries. Each dot represents one company.
Seed 2Angel 0Other 16

One dot = one company at first recorded investment.

18 companies · 20 recorded equity rounds
Dataset’s latest round 22 May 2026/Latest recorded investment 24 Mar 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

Tobi Lutke has dated investments in 18 companies. 2 first entries were at Angel, Pre-Seed or Seed (11.1%). 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

10 first company relationships appear in the latest 24 months, compared with 3 in the preceding window. The latest recorded investment is 2026-03-24. 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 8 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

Artificial Intelligence is the largest displayed sector by company count, appearing in 7 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
$11M–$38M

The middle half of entry rounds

25th–75th percentile across 18 disclosed first rounds. Total round size; the investor’s own cheque is undisclosed.

Size your round ↗
02 — NEW RELATIONSHIPS
10companies

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
38%

Another equity round within 24 months

3 of 8 companies with a full observation window. The next round can include any investor.

Follow the path ↗
04 — REPEAT BACKING
13%

This investor invested again within 24 months

1 of the same 8 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.

18matching companies
$22Mmedian first round (18 disclosed)
10first backed in last 24 months

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

Series C

Stedi ↗

EDI platform to automate B2B transactions

$50M total first round
Series E+

Alan ↗

Platform offering health insurance, preventative care, and related well-being services

$116M total first round
Series B

Foxglove ↗

Provider of visualization and debugging solutions for robotics

$40M 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
Artificial Intelligence7
Native AI in Software Development4
Open Source3
AI Infrastructure3
FinTech2
Application Development Tools2
Low Code Development Platforms2
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
Seed2 disclosed
$5.1M$5.0M–$5.1M
Series A8 disclosed
$13M$9.3M–$21M
Series B6 disclosed
$35M$26M–$42M
$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.

8
companies with 24 months
of observable history

Raised another equity round

Any investor · within 24 months
37.5%
3 of 8 companies

Backed again by this investor

A subset of the companies above
12.5%
1 of 8 companies
i

Includes first investments on or before 22 May 2024. 10 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
Seed10 / 10 / 1
Series A31 / 30 / 3
Series B42 / 41 / 4
Series C00 / 00 / 0
Series E+00 / 00 / 0
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

Bessemer Venture Partners

4 shared rounds · 4 companies

Latest shared round Sep 2025
03
ANGEL

Nat Friedman ↗

3 shared rounds · 2 companies

Latest shared round Apr 2024
05
FIRM

Valar Ventures

3 shared rounds · 2 companies

Latest shared round Nov 2024
06
FIRM

Afore Capital

2 shared rounds · 1 companies

Latest shared round Nov 2024

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.

18 dated companies
Complete dated portfolio, ordered by first investment, newest first.
CompanyFirst backedEntry stageTotal entry roundSame investor again?
Stedi ↗Boulder
Mar 2026Series C$50MNo later round recorded
Mar 2026Series E+$116MNo later round recorded
Foxglove ↗San Francisco
Sep 2025Series B$40MNo later round recorded
Firecrawl ↗San Francisco
Aug 2025Series A$15MNo later round recorded
Createanything ↗San Francisco
Aug 2025Series A$11MNo later round recorded
Create ↗San Francisco
Aug 2025Series A$5.5MNo later round recorded
Jul 2025Series A$11MNo later round recorded
May 2025Series B$43MNo later round recorded
Sundial ↗San Francisco
Jul 2024Series A$23MNo later round recorded
Promptfoo ↗San Francisco
Jun 2024Seed$5.2MNo later round recorded
Perplexity ↗San Francisco
Jan 2024Series B$74MYes · Apr 2024
Sep 2022Seed$5.0MNo later round recorded
Aug 2022Series B$20MNo later round recorded
Cal.com ↗San Francisco
Apr 2022Series A$25MNo later round recorded
Descript ↗San Francisco
Jan 2021Series B$30MNo later round recorded
Dec 2020Series B$25MNo later round recorded
Dec 2020Series A$20MYes · Nov 2024
CanvasPop ↗Las Vegas
Feb 2018Series A$3.3MNo later round recorded
0 more companies have undated investments

Kept in the 18-company portfolio; excluded from entry-timing calculations.

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