I occasionally invest in startups, thought I don’t consider myself an active angel investor. Here are my investments as of December 2019:
- Locus: logistics intelligence (Series B - Tiger Global, Falcon Edge)
- Vue: computer vision for commerce (Series A - Sequoia)
- Doxper: smart tools for physicians (Series A - Alkemi)
- i2e1: internet for everyone, everywhere (Series A - Omidyar)
- Wellthy: controlling diabetes (Series A - Cipla)
- AdSparx: online video infrastructure (profitable)
- Daloopa: smart financial models (early)
- Mero: smart building infrastructure (early)
- FastFox: platform for rentals (acquired by Housing.com)
- GoMoLo: IMDB for Bollywood (failed)
- Qyk: marketplace for local services (failed)
- TableHero: restaurant platform (failed)
It’s early days, but so far the outcomes seem to follow a classic power law distribution. Out of 12 investments over 6 years, I have 1 at >20x, 1 at >5x, 3 at 2-5x, 4 at 1x, and 3 at 0x. My IRR on angel investments is 35% (including the failures), though it’s hard to tell how much of that is skill and how much is luck.
In addition to investing directly in startups, I am an LP in GrowX Ventures, a firm I believe is India’s best seed-stage venture investor.
If you’re a startup founder looking for investment, I’d be happy to chat – with the caveat that I say no to the vast majority of deals I see, and even when I do say yes, I invest fairly small amounts.
I prefer B2B to consumer. I’m most familiar with business models that involve data, APIs and network effects, though I’m open to others. I especially like startups solving tedious problems in unglamorous sectors. If any of this sounds like you, please email me!
Startups should only be a small part of any investment portfolio, and this is certainly true of mine. As of December 2019, my overall allocation is:
- 57% medium-duration bonds
- 20% cash
- 15% large-cap (public) equities via an index ETF
- 4% small-cap (startup) equities
- 4% residential real estate