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By Lenny Rachitsky · lennysnewsletter.com · @lennysan on X · YouTube · LinkedIn
Lenny Rachitsky, working with Crunchbase data, ranks the most active and most successful U.S. angel investors across several time windows. The post is a directional guide to who early-stage founders might approach, and it argues warm introductions beat cold outreach for reaching these investors.
Subscriber post — summary only01Key takeaways
- Most early-stage funding and cap tables come from angel investors, not top venture funds.
- Crunchbase angel rankings are directional proxies, since many deals and cap tables go unreported.
- Warm introductions filter deal flow for top investors, so seek mutual connections before cold emailing.
- Active investors in 2024 included AI- and web3-focused angels, reflecting where capital was flowing.
- Investors with the most exits may differ from the most active ones, so track success rates too.
Summary and takeaways written by PM Atlas; quotes are short excerpts. © the original author.