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State of Angel Investing 2025
Key Finding: Angel investing in 2025 shows a 23.9% $1B+ company rate — about 5x the industry average of ~5%. With a combined company value of $2.32T and only 2.1% of companies shut down, disciplined angel investing continues to outperform expectations.
Executive Summary
This report analyzes the 234 companies in the public angel portfolio of Sahin Boydas, named the most active angel investor of 2024 by Lenny Rachitsky's newsletter. The portfolio spans 37 markets with a combined company value of $2.32T, demonstrating that systematic angel investing can produce outsized outcomes.
The data reveals several counter-intuitive findings: a 23.9% $1B+ company rate (vs. ~5% industry average), a remarkably low 2.1% shut-down share, and the emergence of AI / ML as the dominant category with 52 companies and 12 $1B+ companies.
Founding Year Performance
Each founding-year cohort shows distinct performance characteristics. The 2021 cohort dominates in combined company value because it includes Anthropic, while older cohorts show higher $1B+ conversion rates as companies mature.
| Year Founded | Companies | Combined Company Value | $1B+ Companies | $1B+ Rate |
|---|---|---|---|---|
| 2002 | 1 | — | 0 | 0% |
| 2009 | 1 | $750M | 0 | 0% |
| 2010 | 1 | $116M | 0 | 0% |
| 2011 | 4 | $21.7B | 2 | 50% |
| 2012 | 2 | $16.0B | 2 | 100% |
| 2013 | 5 | $5.2B | 4 | 80% |
| 2014 | 7 | $20.4B | 4 | 57% |
| 2015 | 9 | $21.4B | 4 | 44% |
| 2016 | 9 | $31.3B | 3 | 33% |
| 2017 | 9 | $8.5B | 2 | 22% |
| 2018 | 11 | $6.6B | 2 | 18% |
| 2019 | 11 | $15.3B | 4 | 36% |
| 2020 | 10 | $26.2B | 4 | 40% |
| 2021 | 10 | $2.0T | 4 | 40% |
| 2022 | 6 | $510M | 0 | 0% |
| 2023 | 10 | $7.5B | 2 | 20% |
| 2024 | 7 | $357M | 0 | 0% |
| 2025 | 5 | $142M | 0 | 0% |
Sector Analysis
AI / ML leads with 52 companies, reflecting the sector's explosive growth since 2023. Robotics (20) and Cleantech (16) round out the top three, with categories like Finance (15) gaining momentum.
- AI / ML (52 companies)
- Robotics (20 companies)
- Cleantech (16 companies)
- Finance (15 companies)
- Hardware (13 companies)
- Biotech (10 companies)
- SaaS (10 companies)
- Aerospace (8 companies)
- Investment Platforms (8 companies)
- Blockchain / Crypto (7 companies)
$100B+ Portfolio Companies
The portfolio includes one company worth more than $100 billion — a rare outcome for any angel portfolio:
- Anthropic — $2T company value
Investment Strategy Insights
"The best angel investments come from backing exceptional founders in large markets at the earliest possible stage. Conviction matters more than consensus."
Key patterns that emerge from the data:
- Sector concentration pays off: AI / ML companies have a 23% $1B+ rate
- Exits are still early: 6 public companies and 11 acquisitions so far, with most value still in private companies
- Low shut-down share: At 2.1%, the share of companies that have shut down is well below the typical 50-70% for angel portfolios
- Power law in action: The top 2 companies (Anthropic + Scale AI) represent over 85% of combined company value
Methodology
This report analyzes the 234 companies in Sahin Boydas' current public portfolio. Company values are the latest public company value shown on each company page: the most recent priced round for private companies and the current company value for public companies. Cohorts are grouped by the year each company was founded. The industry average $1B+ company rate of ~5% is based on data from Cambridge Associates and various VC benchmarking studies.
About the Author
Sahin Boydas is a serial entrepreneur and one of the world's most active angel investors. Named the most active angel investor of 2024 by Lenny Rachitsky's newsletter, he has backed 234+ companies across 37 markets. His investment thesis focuses on backing exceptional founders at the earliest stages in AI/ML, fintech, developer tools, and healthcare.
Related Resources
Published May 2025, updated May 2026 | Sources: public portfolio company data, Cambridge Associates and VC benchmarking studies