No public source ranks B2B SaaS angels specifically, and a complete list does not exist. The sourced starting points are Lenny's Newsletter's December 2024 ranking of the most active US angels, Elad Gil's investment list and the SaaStr Fund. The names with the most public SaaS evidence are Elad Gil and Jason Lemkin; the rest are generalists.
A useful "top SaaS angels" list has to separate generalists from specialists and cite its data. This one does. First it shows the one dated ranking that exists and what it covers, then the people whose own pages show a SaaS record, and then what the 2026 market suggests about which kind of angel to approach.
Is there a public ranking of B2B SaaS angels?
Not for SaaS alone. The closest is Lenny Rachitsky's "Top angel investors in the U.S.", published in December 2024 and built from Crunchbase data on public fundraising announcements. Lenny calls the numbers directional, not exact, and ranks overall activity, not sector. Over the past five years, the ranking runs:
Edward Lando and Nadav Ben-Chanoch of Pareto Holdings, whose fund had invested in more than 1,000 startups.
Gokul Rajaram, an investor and operator.
Elad Gil, who started Mixer Labs and Color Health.
Scott Belsky, a product leader and seed investor.
Jon Oringer, founder of Shutterstock and co-founder of Pareto Holdings.
Charlie Songhurst, a prolific British-born angel.
Naval Ravikant, a generalist with a B2C tilt.
Mark Cuban, noted for the widest spectrum of categories.
Lachy Groom, who spent seven years at Stripe and was Head of Stripe Issuing.
Sahin Boydas, the author of this site.
That tenth name is me. Lenny's also ranked me the most active angel investor of 2024. Since I would be ranking myself, I have left my name out of the SaaS sections below. The other nine are mostly generalists, so the list tells you who is active, not who knows SaaS.
Who has documented SaaS evidence, and who is a generalist?
Elad Gil
His own site lists past investments that include Notion, GitLab, Rippling, Gusto, Deel, PagerDuty, Samsara and Figma, alongside AI companies. Gusto is the company that acquired my company RemoteTeam in 2021. The site describes his work as a mix of investments, incubations and operating companies. He is a generalist with a large SaaS list, not a SaaS-only investor.
Jason Lemkin
The SaaStr Fund page says the fund is run by Lemkin, who has been investing since 2013. It aims to back two to four of the very top seed or late-seed startups with $10,000 to $150,000 in monthly recurring revenue, writes cheques of $750,000 to $4 million, and prefers to lead or co-lead. It lists Pipedrive, Salesloft, Talkdesk, Algolia, Gorgias, Greenhouse, RevenueCat, Owner and Treasury Prime as notable seed investments. Its navigation shows a $200 million fund. This is a fund, not an angel cheque, but its stated range is one of the few public benchmarks for SaaS seed.
The generalists: Lachy Groom, Gokul Rajaram and Scott Belsky
Lenny's profile of Groom says he spent seven years at Stripe, where he was Head of Stripe Issuing. The Ken reported in 2021 that Rajaram, based in Silicon Valley, was investing in the payments company Nium, so his range includes payments infrastructure. Neither source labels either of them a SaaS specialist. Scott Belsky's investing page says he has been an early-stage angel since 2010 and lists enterprise, developer and consumer tech investments including Notion, Replit, Supabase and WorkOS, plus fintech names such as Carta, Mercury and Ramp. It does not call him a SaaS specialist, but it does show software companies in his record; the profile of Scott Belsky goes through the list.
What does 2026 look like for SaaS angels?
A Crunchbase News column of April 2026 by Marc Schröder says Q1 2026 was the biggest quarter in venture history at $300 billion, with four companies taking $188 billion, or 65%. Early-stage funding was up 41% year over year. It cites Redpoint's 2026 Market Update, which shows horizontal SaaS down 35% over 12 months and vertical SaaS up 3%. Its advice to founders is to pick an industry, not a feature.
The takeaway for founders is that capital is available at the early stage but is chasing narrower, industry-specific software and AI. An angel with deep knowledge of your vertical is worth more than one with a famous name. Our guides on vertical SaaS investing and enterprise software startups show how investors judge those deals.
Which angel fits which stage?
The SaaStr Fund's range is a rough dividing line. Below $10,000 in monthly recurring revenue, a fund like that is unlikely to engage, and the first cheques come from angels. Between $10,000 and $150,000 you can take both, and a fund can lead. Treat these as one fund's stated thresholds, not a rule for the whole market.
What angels need to see before they write that first cheque is covered in the SaaS metrics angel investors care about. For the outreach itself, see how to find angel investors for your startup, and the angel investing section lists more guides.
Frequently Asked Questions
Q:Who are the most active B2B SaaS angel investors?
No source ranks them by sector. Lenny's December 2024 list ranks the most active US angels overall, and its descriptions mostly show generalists. For SaaS depth, look at the investor's own list of past investments.
Q:How much do SaaS angels invest per cheque?
Individual angels rarely publish this. The one stated range in these sources is the SaaStr Fund's $750,000 to $4 million, which is a fund's lead cheque, so it is not typical of a first angel cheque.
Q:At what revenue should I raise from a SaaS fund instead of angels?
The SaaStr Fund says it looks for seed or late-seed startups with $10,000 to $150,000 in monthly recurring revenue. Below that, angels and pre-seed investors are the more realistic source. That is one fund's stated rule, so check each investor's own criteria.
Q:Is horizontal SaaS harder to fund in 2026?
The evidence points that way but is thin. A Crunchbase News column cites Redpoint data showing horizontal SaaS down 35% over 12 months and vertical SaaS up 3%, and early-stage funding overall was up 41% year over year. Founders should expect more questions about their vertical.