Who are the angels behind the unicorns?
There’s a reason why some investors spot the future before everyone else: they’re called angel investors, and they were the first to bet on what are now legendary names like Airbnb, Uber, Slack, and SpaceX.
This was revealed by a research study led by Professor Ilya Strebulaev, finance professor at Stanford University, who—alongside his team—analyzed thousands of deals to identify the 50 angel investors who made the highest number of early-stage investments in U.S. startups that later became unicorns (i.e. companies valued at over $1 billion) before they reached that milestone.
Full Ranking: The Top 50 Angel Investors (by unicorn investments)
1. Dave Morin
- Mini-bio: Former Facebook executive, co-creator of Facebook Platform and Facebook Connect. Founder of the social network Path.
- Background: Co-founder of Slow Ventures and Offline Ventures, he has invested in companies like Slack, Pinterest, Evernote, and Nextdoor.
- Link: Wikipedia, Offline Ventures
2. Peter Thiel
- Mini-bio: Co-founder of PayPal and Palantir Technologies; first external investor in Facebook.
- Background: Founder of Founders Fund, he has invested in companies like Stripe, SpaceX, Airbnb, and LinkedIn.
- Link: Wikipedia, Founders Fund
3. Lee Linden
- Mini-bio: Founder of Tapjoy and Karma (acquired by Facebook); former head of commerce initiatives at Facebook.
- Background: Managing Partner at Quiet Capital, he has invested in numerous tech startups.
- Link: Quiet Capital
4.David Sacks
- Mini-bio: Former COO of PayPal; founder of Yammer (acquired by Microsoft for $1.2 billion).
- Background: Co-founder of Craft Ventures, he has invested in over 20 unicorns, including Airbnb, Uber, Slack, SpaceX, and Palantir.
- Link: Craft Ventures
5. Marc Benioff
- Mini-bio: Founder, chairman, and CEO of Salesforce; owner of Time Magazine since 2018.
- Background: Through Time Ventures, he has invested in over 200 companies, including Zocdoc and Chainalysis.
- Link: Wikipedia, Salesforce Bio
6. Kevin Moore
- Mini-bio: Former tech investment banker; now president of KRM Interests with over 300 companies in the portfolio.
- Background: Founder and Managing Partner of Serac Ventures, he has invested in numerous tech startups.
- Link:Serac Ventures
7. Felix Shpilman
- Mini-bio: President and CEO of Emerging Travel Group; co-founder and General Partner of Start Fund.
- Background: Early investor in companies like Uber, Coinbase, DoorDash, and Instacart..
- Link: Profilo Bloomberg, Profilo Wellfound
8. Scott Belsky
- Mini-bio: Founder of Behance (acquired by Adobe); currently Chief Product Officer at Adobe.
- Background: Since 2010, seed-stage investor focused on consumer and marketplace companies; he has invested in Uber, Pinterest, and Warby Parker.
- Link: Official Site
9. Nathaniel Turner
- Mini-bio: Co-founder of Flatiron Health (acquired by Roche for $2.1 billion in 2018); previously co-founder of Invite Media (acquired by Google).
- Background: He has invested in over 250 startups, including BarkBox, Cedar, Clover Health, and Plaid.
- Link: Official Site, Operator Partners
10. Scott Banister
- Mini-bio: Co-founder of IronPort (acquired by Cisco for $830 million); former advisor and board member at PayPal.
- Background: He has invested in companies like Uber, SpaceX, and Facebook; known for his role in the “PayPal Mafia.”
- Link:PitchBook
11. Ronald Conway
- Mini-bio: Known as the “angel of Silicon Valley,” he began investing in the 1990s.
- Background: Founder of SV Angel, he has backed companies like Google, Facebook, and Twitter.
- Link: Wikipedia, SV Angel
12. Jeremy Stoppelman
- Mini-bio: Co-founder and CEO of Yelp.
- Background: He launched Yelp in 2004 after working at PayPal and attending Harvard Business School.
- Link: Arete Index
13. Paul Buchheit
- Mini-bio: Creator of Gmail and the “Don’t be evil” motto at Google.
- Background: Partner at Y Combinator, he has invested in over 200 companies.
- Link: Wikipedia, Y Combinator
14. Kevin Hartz
- Mini-bio: Co-founder of Eventbrite and Xoom.
- Background: He has invested in Airbnb, Pinterest, and Palantir.
- Link: Wikipedia
15. Max Levchin
- Mini-bio: Co-founder of PayPal and Affirm.
- Background: He has invested in Yelp and other tech startups.
- Link: Wikipedia
16. Shervin Pishevar
- Mini-bio: Co-founder of Hyperloop One and Sherpa Capital.
- Background: He has invested in Uber, Airbnb, and Slack.
- Link: Official Site
17. Babak Yazdani
- Mini-bio: Founder of Saba Software and Signatures Capital.
- Background: Specialized in early-stage investments in enterprise technologies.
- Link: Wikipedia, Cota Capital
18. Benjamin Ling
- Mini-bio: Founder of Bling Capital, former executive at Google, YouTube, and Facebook.
- Background: He has invested in Airtable, Lyft, and Square.
- Link: Bling Capital
19. David Tisch
- Mini-bio: Managing Partner at BoxGroup and co-founder of TechStars NYC.
- Background: He has invested in Warby Parker, Plaid, and Airtable.
- Link: Official Site
20. Kevin Colleran
- Mini-bio: First sales executive at Facebook.
- Background: Managing Director at Slow Ventures, he has invested in over 550 startups.
- Link: CB Insights
21. Alexis Ohanian
- Mini-bio: Co-founder of Reddit and Initialized Capital.
- Background: He has invested in Coinbase, Instacart, and Patreon.
- Link: Official Site
22. Sam Altman
- Mini-bio: CEO of OpenAI, former president of Y Combinator.
- Background: He has invested in over 400 companies, including Airbnb and Stripe.
- Link: Wikipedia
23. Jared Leto
- Mini-bio: Oscar-winning actor and musician, known for his career with 30 Seconds to Mars.
- Background: In addition to his artistic career, he has invested in over 20 startups, including Airbnb, Uber, and Slack.
- Link: PitchBook, Tracxn
24. Ullas Naik
- Mini-bio: Founder of Streamlined Ventures, with over 20 years of experience in venture capital.
- Background: He has invested in startups like Findigs and KYC Hospitality, focusing on emerging technologies.
- Link: PitchBook
25. Keith Rabois
- Mini-bio: Member of the “PayPal Mafia,” he held key roles at PayPal, LinkedIn, and Square.
- Background: Currently a partner at Khosla Ventures, he has invested in companies like Yelp and Xoom.
- Link: Wikipedia
26. Nat Friedman
- Mini-bio: Former CEO of GitHub, entrepreneur and developer with a long career in the tech industry.
- Background: He has invested in companies like Vercel, Scale AI, and Deel.
- Link: Official Site, PitchBook
27.Joshua Buckley
- Mini-bio: Founder of Buckley Ventures, with over $1 billion in assets under management.
- Background: He has invested in startups like Figma, Vercel, and Rippling.
- Link: Official Site, Buckley Ventures
28. Gokul Rajaram
- Mini-bio: Board member of Coinbase and Pinterest.
- Background: He has invested in companies like Airtable, Coda, and Faire.
- Link: Official Site, Signal NFX
29. Ilya Sukhar
- Mini-bio: Co-founder of Parse, acquired by Facebook.
- Background: Partner at Matrix Partners, he has invested in GitLab, Airtable, and Scale AI.
- Link: Official Site, PitchBook
30. Raymond Tonsing
- Mini-bio: Founder and Managing Partner of Caffeinated Capital.
- Background: He has invested in companies like Affirm, Airtable, and Opendoor.
- Link: PitchBook
31. Charles Songhurst
- Mini-bio: Former Microsoft executive, founder of Katana Capital.
- Background: He has invested in over 500 companies, including Verse and Perlego.
- Link: Investor’s Globe
32. Joshua Reeves
- Mini-bio: Co-founder and CEO of Gusto, a platform for human resources management.
- Background: He has invested in companies like Patreon, Heap, and Titan.
- Link: CB Insights, Dealroom
33. Timothy Draper
- Mini-bio: Founder of Draper Associates and Draper Venture Network.
- Background: He has funded companies like Tesla, SpaceX, and Skype.
- Link: Draper Associates
34. Justin Kan
- Mini-bio: Co-founder of Twitch and Fractal.
- Background: He has invested in companies like OpenSea, Yuma, and ClearGrid.
- Link: Tracxn
35. Avichal Garg
- Mini-bio: Co-founder of Electric Capital, former executive at Google and Facebook.
- Background: He has invested in companies like Airtable, Figma, and Cruise.
- Link: Official Site, CNAS
36. Adam D’Angelo
- Mini-bio: Co-founder and CEO of Quora, former CTO of Facebook.
- Background: He has invested in companies like Scale AI, Wealthfront, and Tapas.
- Link: Tracxn
37. Mark Cuban
- Mini-bio: Billionaire entrepreneur, owner of the Dallas Mavericks, and known for the show “Shark Tank.”
- Background: He has invested in over 500 companies, including Cost Plus Drugs and Spontivly.
- Link: Mark Cuban Companies, PitchBook
38. Tikhon Bernstam
- Mini-bio: Co-founder of Parse (acquired by Facebook) and Scribd.
- Background: He has invested in various tech startups, with a focus on infrastructure and platforms.
- Link: PitchBook
39. Chih-Yuan Yang
- Mini-bio: Co-founder of Yahoo!, he played a crucial role in the development of the internet in the 1990s.
- Background: He has invested in various tech startups, with a particular focus on web innovation.
- Link: Wikipedia
40. Fabrice Grinda
- Mini-bio: Serial entrepreneur and investor, co-founder of OLX.
- Background: He has invested in over 600 companies, including Alibaba and Airbnb.
- Link: Fabrice Grinda’s Blog
41. Jared Kopf
- Mini-bio: Entrepreneur and investor, co-founder and chairman of NextRoll.
- Background: Previously worked at Slide and Clarium Capital. He has invested in startups like Enable Us and Wove.
- Link: PitchBook
42. Greg Brockman
- Mini-bio: Co-founder and President of OpenAI, former CTO of Stripe.
- Background: He began his career at Stripe in 2010 and became CTO in 2013. He has invested in over 30 startups, focusing on AI and developer tools.
- Link: Wikipedia,
3. Aaron Levie
- Mini-bio: Co-founder and CEO of Box, a cloud storage company.
- Background: He launched Box in 2005 from his college dorm room. He has invested in startups like Airtable and Notion.
- Link: Wikipedia
44. Jeffrey Bezos
- Mini-bio: Founder of Amazon and Bezos Expeditions.
- Background: He invested in Google in 1998 with approximately $250,000. He has also invested in companies like Google, Uber, and Airbnb.
- Link: Forbes, PitchBook
45. Garry Tan
- Mini-bio: CEO of Y Combinator, co-founder of Initialized Capital.
- Background: He co-founded Posterous, which was acquired by Twitter in 2012. He has invested in companies like Coinbase and Instacart.
- Link: Wikipedia
46. Jeffrey Weiner
- Mini-bio: Former CEO of LinkedIn, currently Executive Chairman.
- Background: Founder of Next Play Ventures, focused on investing in mission-driven companies. He has invested in startups like Speak and Not Diamond.
- Link: Wikipedia, PitchBook
47. Andrew Dunn
- Mini-bio: Co-founder of Red Swan Ventures, focused on investments in consumer companies.
- Background: He has invested in over 80 startups, including Warby Parker and Coinbase. His portfolio also includes companies like Monica + Andy and Interior Define.
- Link: Wikipedia, PitchBook
48. Matthew Ocko
- Mini-bio: Co-founder and Managing Partner of DCVC (Data Collective).
- Background: He has invested in companies like Zoom, Uber, and Facebook. His focus is on deep tech, AI, and national security.
- Link: DCVC, PitchBook
49. Biz Stone
- Mini-bio: Co-founder of Twitter, entrepreneur and investor.
- Background: He has invested in companies like Square, Slack, and Medium. He has also served as an advisor and board member for various startups.
- Link: Wikipedia,
50. Marc Andreessen
- Mini-bio: Co-founder of Netscape and the venture capital firm Andreessen Horowitz.
- Background: He has invested in companies like Facebook, Twitter, and GitHub. He is known for his visionary approach to technology investments.
- Link: Wikipedia, Andreessen Horowitz
The Magnificent 10 (Before the Billion)
At the top of the list is David Morin, a former Facebook executive, with 23 unicorns in his portfolio. He is followed closely by Peter Thiel (PayPal, Palantir), and Lee Linden, another Facebook alumnus now leading Quiet Capital. Next are David Sacks (Craft Ventures), Marc Benioff (Salesforce), Kevin Moore (KRM Interests), Felix Shpilman (Start Fund), Scott Belsky (Adobe), Nathaniel Turner (Flatiron Health), and Scott Banister (PayPal, SpaceX).
The Secret? Entrepreneurial Experience
According to Strebulaev, the typical top angel investor is a founder or executive from major tech companies such as Microsoft, Google, or Apple. Many have built and exited startups themselves before stepping into angel investing.
The Jared Leto Case
One of the most surprising names on the list is Jared Leto: Oscar-winning actor, musician—and early investor in Airbnb, Uber, and Slack. A powerful example of how talent, vision, and networking can break into tech investing, even from outside Silicon Valley.
No Women (Yet)
A sobering takeaway: no women currently appear in the top 50.
The threshold to make the list? At least 9 unicorn investments, with an average of 13.1.
By comparison, the top 50 venture capitalists average 50.5 unicorn investments, with a minimum of 26.
👤 Personal Investments Only
The ranking only includes personal angel investments, not those made through funds or firms.
The goal is clear: to capture the individual vision, instinct, and courage to invest when success is anything but guaranteed.
🔍 Want to learn more about the original research? Just search:
“Top 50 Angel Investors by Unicorn Investments – Ilya Strebulaev, Stanford”
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