Investing in Public

In the spirit of “building in public”, I’ll share occasional updates on my angel portfolio here. This is not investment advice, nor is it an offer or solicitation to buy or sell securities or anything else.


This is the update for December 2023. You can read the update for June 2023 here.

As of December 2023, I’ve angel invested in 33 companies, and my investments have a blended IRR of 31%. (Company marks are based on the latest priced round; I’ve marked down companies where I don’t think prices reflect true valuations.)

9 companies have had definite outcomes: 1 substantial exit at ~40x, 1 okay exit at ~6x, 3 exits that each returned ~1x, and 4 failures.

24 companies are “live”. Of these, there are 5 companies that I’m confident will each return at least 10x; there are 6 others that I am pessimistic about; and it’s too early to tell for the remaining 13.


My dealflow funnel over 2023 looked like this:

My goal for 2024 is to see the same number of companies – 500 or so – but cultivate higher-quality sources of deal flow, such that at least 50-75 companies are worthy of a deep dive. I’d like to make 6-8 investments over the year.


Here are some ways to break down my portfolio:

(Note that this includes the 24 companies in cohorts II and III, but not the 9 companies in cohort I; see below.)


As of December 2023, my angel investments have a blended IRR of 31%.

My angel investing career has had several distinct phases. Combining them into a single portfolio isn’t as informative as breaking them into cohorts, which I do below. These cohorts analogize nicely to “traditional” venture fund cycles.

Cohort I: 2014 to 2017 (India)

I made my first arms-length angel investment in 2014, while running my own startup Quandl. Over the next 3 years I invested in 8 more companies. These were all small cheques into India-based startups, about half direct and half via syndicate. I didn’t follow any systematic strategy for selection or portfolio construction; this was a very ad hoc portfolio.

Key learnings: power law outcomes; pay attention to deal mechanics; DPI is more important than MOIC or IRR; avoid uncompensated risk (eg FX).

Cohort II: 2019 to 2021 (global)

Between 2019 and 2021 I wrote 22 cheques into 14 companies, while running Quandl post its acquisition by Nasdaq. These were slightly larger cheques, but with a different geographical focus than cohort I: Canada, the US and Europe. These investments were somewhat ad hoc initially, but got more intentional towards the end.

Key learnings: entry price matters; avoid both fomo and value investing; consensus decisions lead to mediocre outcomes.

Cohort III: 2022 to present (global)

Starting in 2022, I became more intentional about angel investing; this coincided with my moving on from Quandl and Nasdaq. I now have a tighter thesis, portfolio model, and dealflow channels.

Key learnings: differentiation matters; tech beats hype; reason from first principles; trust your judgement; don’t sweat the J-curve.

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