Top 50 Angel Investors by Number of Unicorn Investments (2025)

New research from Stanford Graduate School of Business's Venture Capital Initiative, led by Professor Ilya Strebulaev, has ranked the top 50 angel investors by the number of pre-unicorn investments they made in companies that later achieved billion-dollar valuations.

The data reveals a fascinating picture of who consistently identifies breakout startups before anyone else — and the results may surprise you.

Key Findings

• David Morin leads with 23 unicorn investments, ahead of household names like Peter Thiel
• The top 10 alone account for over 190 unicorn investments combined
• Many top angel investors are themselves successful tech founders who reinvest their wealth
• Pre-unicorn means these investors backed the companies before they reached a B valuation — the hardest and most valuable stage to invest

The Full Top 50 Ranking

Tier 1: The Unicorn Kings (20+ Investments)

1. David Morin — 23 unicorn investments

The former Facebook executive and Path founder leads the entire ranking. Morin's portfolio includes dozens of companies that grew from early-stage startups into billion-dollar businesses. His network within Silicon Valley's founding community gives him access to deals before they hit mainstream investor radars.

2. Peter Thiel — 21 unicorn investments

PayPal co-founder and Founders Fund partner, Thiel is legendary for his contrarian bets. His angel investment in Facebook (the first outside investment of K for 10.2%) remains one of the most successful angel deals in history. He continues to back founders building transformative technology.

3. Lee Linden — 21 unicorn investments

Tied with Thiel, Linden has quietly built one of the most impressive angel portfolios in tech. A serial entrepreneur and operator, his ability to spot winners early has resulted in 21 companies reaching unicorn status.

4. David Sacks — 20 unicorn investments

The former PayPal COO and Craft Ventures founder is both an active VC and prolific angel investor. Sacks' operational experience at PayPal, Yammer (which sold to Microsoft for .2B), and Zenefits informs his ability to evaluate founding teams.

Tier 2: The Super Angels (15-19 Investments)

5. Marc Benioff — 19 unicorn investments

The Salesforce CEO doesn't just run a B+ company — he's also one of the most successful angel investors alive. Benioff's early bets on companies demonstrate his ability to see market trends years before they materialize.

6. Kevin Moore — 19 unicorn investments

A less publicly known name, Moore's track record of 19 unicorn investments puts him in elite company. His under-the-radar approach shows that the best angel investors don't always seek the spotlight.

7. Felix Shpilman — 19 unicorn investments

Tied with Moore and Benioff, Shpilman rounds out the 19-unicorn tier. His extensive network and early-stage instinct have produced one of the top portfolios in angel investing.

8. Scott Belsky — 18 unicorn investments

Adobe's Chief Strategy Officer and Benchmark advisor, Belsky founded Behance (acquired by Adobe) and has invested in companies like Uber, Pinterest, and Warby Parker. His focus on product-driven companies is a clear theme.

9. Nathaniel Turner — 18 unicorn investments

Turner matches Belsky with 18 unicorn investments, demonstrating consistent early-stage judgment across nearly two decades of angel investing.

10. Scott Banister — 18 unicorn investments

An early PayPal board member and serial entrepreneur, Banister was an early investor in Uber, SpaceX, and numerous other unicorns. He's been angel investing since the early 2000s.

Tier 3: The Proven Pickers (14-17 Investments)

11. Ronald Conway — 17 unicorn investments

Known as the "Godfather of Silicon Valley," Ron Conway (SV Angel) has been the first check in hundreds of startups over three decades. Google, Facebook, Twitter, Airbnb — Conway was early to all of them.

12. Jeremy Stoppelman — 17 unicorn investments

The Yelp co-founder and CEO has parlayed his own startup experience into a prolific angel career, with 17 companies in his portfolio reaching unicorn status.

13. Paul Buchheit — 16 unicorn investments

The creator of Gmail and a Y Combinator partner, Buchheit's angel portfolio of 16 unicorns reflects his deep understanding of what makes a product truly valuable.

14. Kevin Hartz — 15 unicorn investments

The Eventbrite co-founder and A* Capital partner was an early investor in Airbnb, Pinterest, and PayPal. His pattern recognition for marketplace businesses is exceptional.

15. Max Levchin — 15 unicorn investments

The PayPal co-founder and Affirm CEO brings deep technical expertise to his angel investments. With 15 unicorns, Levchin demonstrates that technical founders make outstanding angel investors.

16-20:

• Shervin Pishevar — 14 unicorn investments (Hyperloop One co-founder, Sherpa Capital)
• Babak Yazdani — 14 unicorn investments
• Benjamin Ling — 14 unicorn investments (former Google and Facebook executive)
• David Tisch — 14 unicorn investments (BoxGroup Managing Partner, TechStars NYC co-founder)
• Kevin Colleran — 14 unicorn investments (Slow Ventures Managing Partner, early Facebook employee)

Tier 4: The A-List Angels (11-13 Investments)

21. Alexis Ohanian — 13 unicorn investments

Reddit co-founder and Seven Seven Six founder, Ohanian invests across consumer and enterprise. His 13 unicorn investments show his range beyond just social platforms.

22. Sam Altman — 13 unicorn investments

Before leading OpenAI, Altman was president of Y Combinator and one of the most connected angel investors in Silicon Valley. His 13 unicorn investments include companies from the YC ecosystem and beyond.

23. Jared Leto — 12 unicorn investments

The Oscar-winning actor is also a serious tech investor with 12 unicorn investments. Leto was an early investor in companies like Airbnb, Spotify, and Snapchat.

24. Ullas Naik — 12 unicorn investments

The Streamlined Ventures founder has a focused portfolio that produced 12 unicorns, demonstrating the power of a disciplined, thesis-driven approach.

25. Keith Rabois — 12 unicorn investments

Khosla Ventures GP and former executive at PayPal, LinkedIn, and Square, Rabois brings operational insight to every investment. His 12 unicorns span fintech, marketplace, and enterprise software.

26-35:

• Nat Friedman — 11 investments (former GitHub CEO)
• Joshua Buckley — 11 investments
• Gokul Rajaram — 11 investments (DoorDash executive, former Google/Square)
• Ilya Sukhar — 11 investments (Parse founder)
• Raymond Tonsing — 11 investments (Caffeinated Capital)
• Charles Songhurst — 11 investments (former Microsoft exec)
• Joshua Reeves — 11 investments (Gusto CEO)
• Timothy Draper — 11 investments (DFJ/Draper Associates founder)

Tier 5: The Power 10 (10 Investments Each)

36-45:

• Justin Kan — 10 investments (Twitch co-founder)
• Avichal Garg — 10 investments
• Adam D'Angelo — 10 investments (Quora CEO, Meta board member)
• Mark Cuban — 10 investments (entrepreneur, Shark Tank)
• Tikhon Bernstam — 10 investments (Scribd founder)
• Chih-Yuan Yang — 10 investments
• Fabrice Grinda — 10 investments (serial marketplace founder and investor)
• Jared Kopf — 10 investments

Tier 6: The Elite Nine (9 Investments Each)

46-50:

• Greg Brockman — 9 investments (OpenAI co-founder)
• Aaron Levie — 9 investments (Box CEO)
• Jeffrey Bezos — 9 investments (Amazon founder, Bezos Expeditions)
• Garry Tan — 9 investments (Y Combinator CEO, Initialized Capital co-founder)
• Jeffrey Weiner — 9 investments (former LinkedIn CEO)

Also at 9: Andrew Dunn, Matthew Ocko, Biz Stone (Twitter co-founder), and Marc Andreessen (a16z co-founder).

What Makes a Great Unicorn Picker?

Several patterns emerge from this data:

1. Founders Invest in Founders

The vast majority of the top 50 are themselves successful founders — PayPal (Thiel, Levchin, Sacks, Rabois), Google (Buchheit), Facebook (Morin, Colleran), Reddit (Ohanian), Twitch (Kan), Twitter (Stone). They understand what it takes to build a company from zero, which gives them an edge in evaluating founding teams.

2. Network Effects Compound

Early angel investing success creates a flywheel. As your portfolio companies become unicorns, the best founders seek you out for your next fund. Ron Conway's SV Angel is the quintessential example — three decades of investing have created a self-reinforcing brand that attracts the best deals.

3. Operator Experience Matters

Investors with direct operating experience at high-growth companies (Buchheit at Google, Belsky at Adobe, Sacks at PayPal/Yammer) consistently outperform. They've lived through the chaos of scaling and can spot the patterns — and red flags — that pure financial investors miss.

4. Consistency Over Time

Many of these investors have been angel investing for 15-20+ years. Building a portfolio of 10+ unicorns isn't about one lucky bet — it's about consistently writing checks, maintaining deal flow, and having the patience to hold through the inevitable ups and downs.

Methodology

This data comes from Professor Ilya Strebulaev's Venture Capital Initiative at Stanford Graduate School of Business (published May 2025). The ranking only includes pre-unicorn investments — meaning the investor backed the company before it reached a B valuation. This is the most rigorous measure of an angel investor's skill, as it excludes late-stage investors who pile in after a company's success is already apparent.

How to Connect With Top Angels

Want to connect with angel investors like these? Many of the investors on this list have profiles on AngelBacked with verified contact information. Search our database of 55,000+ investors to find angels and VCs by location, industry focus, investment stage, and check size.

Data source: Ilya Strebulaev, Venture Capital Initiative, Stanford Graduate School of Business (05/2025). Chart originally shared by @IlyaSTREBULAEV. Only pre-unicorn investments in unicorns are included.