How Angel Investors Actually Make Money (The Math Behind Returns)
The real math behind angel investing returns. Power law, portfolio size, follow-on strategy, and why most angels lose money.
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Written by Sahin Boydas — serial entrepreneur, 2x exited founder, and angel investor in 207+ startups including OpenAI, Anthropic, Scale AI, and Hugging Face. Ranked #1 most active angel investor in 2024 by Crunchbase.
This article is part of my ongoing series on angel investing, based on real experience from building a portfolio of 207+ investments across AI, fintech, robotics, developer tools, and more.
For more insights on startup investing, visit my blog or follow me on Twitter.