Ten Years of Angel Investing in 2023: Finally Becoming Evergreen?
- Peter Johnson
- Jan 1, 2024
- 4 min read
I had planned to write an annual letter as a full-time angel investor for a few years but was prevented from doing so last year due to certain health issues. Yet, as I am feeling in top shape this year, I am very glad to fill you in on the events of 2023 and some of the metrics that were prominent at the year's close. If you would like to read my prior year-end letters, I have included the links for those written in 2019, 2020, and 2021.
In 2021 I was very optimistic about early stage fintech startups and promised that I would make bigger investments in 2022. I kept my promise by investing in 41 deals as an angel investor that year, including 12 follow-on rounds that saw me ‘double my money’. Although it was a year of uncertainty, my confidence in Griffin Bank, Sharegain, Outfund, Cuvva, Atom Bank, and Post Quantum was stronger than my apprehension. Looking back now in late 2023, I'm still excited about these companies.
As 2023 is coming to an end, this letter is focused on the past 12 months.
In 2023, I personally made 19 direct investments, including six follow-on investments, and additionally took part in a further 20+ as a limited partner in two early-stage funds (although I don't have those investments registered). Here are a few of the companies that stand out!
I had the pleasure of being connected to the founder of Cloover, Peder, thanks to Juan Espinosa, whom I had previously provided support to. Cloover is a money-saving solution for environmentally conscious home improvement companies which helps make solar energy, heat pumps and electric vehicle charging more accessible and more affordable for their customers.
I had the privilege of connecting with Camion's founder by way of the venture capital firm investing in the project. Camion is setting up a system that assists landowners in recognizing the energy worth of their holdings, connecting with essential partners, and deploying the essentials necessary for companies and renters to stay ahead of the shift in energy.
I connected with Alex, founder of Connect Earth, through Portfolio Ventures where I am a Limited Partner. Connect Earth's transaction API allows banks and other businesses to give their customers a better understanding of the environmental impact of their spending choices.
I connected with the CEO of Renew Risk, Ashima, through a previous investor in my start-up. Renew Risk aids developers, insurers and financiers working on renewable energy projects with risk analysis and in doing so, unblocks pools of capital that speeds up the shift to sustainable energy sources.
I had the pleasure of meeting Jeremy through his brother – we were introduced by another person I'd met when his sibling joined Techstars in London. Jeremy is the founder of Arkifi.ai and has developed a Generative AI-based finance workflow automation tool that is the most advanced of its kind. This unique architecture produces conclusions that are reliable and never wrong, assuring that enterprises can really depend on the outcomes.
I was introduced to Anam through his cold outreach on Linked-in, which surprisingly proved to be successful. He is the co-founder of Kavida.ai, which provides a platform to integrate ERP and communication tools enabling procurement managers to more effectively manage order fulfilment.
I initially encountered Meghan through my portfolio firm Marshmallow CEO, wherein Oliver acts as CEO. Anansi is a technology business providing for insurance and claims services related to online goods shipment.
I came across Koala while volunteering to give a speech about my own business and I took part in office hours while at Techstars in Paris. When I learnt more about what Koala does I was really impressed; they create travel insurance products and services that are both trustworthy and easy to understand.
Open-Trade facilitates the development of institutional-level yield products supported by real world assets, providing investors with the possibility of building a diversified portfolio of tokenised fixed income products. I got in touch with the Founder, Dave, through an introduction from Michael whom I came across when he was still a senior official at Barclays.
As of today, I've had 13 exits (some more successful than others) and have witnessed 16 companies fail. Most of the companies I have backed are still in operation, but I am not exempt from the power law - a select few of my investments are responsible for the majority of my financial return. Nonetheless, since many of my investments were made in the past three years, I'm hoping to see broad based returns in the future. I would take great pleasure in being known as the angel investor who oversaw the most victorious outcomes, not just the most profitable!
In 2014, shortly after selling my startup, I set out on an angel investment journey. My aim was to commit 50% of the profits from the sale of my business into the next wave of start-ups. I have now achieved that target by 2023.
Incredulous as it may be, I have encountered in excess of 7,500 startups and invested in over 200 of them in the course of a decade, and it has been a highly rewarding experience.
The goals I have had have shifted somewhat, yet generally I aspire to:
Being an angel investor is not straightforward. As displayed by the few of my deals in 2023, it requires collaboration. I keep myself informed of chances from various sources. If only I had more hours in every day!
I dedicate my time to reading and studying, mentoring, speaking in public, travelling to meetings, joining other angel investors and VCs in striking deals, and providing portfolio companies with assistance. I willingly share my knowledge since I feel an ideal colleague should do so. I hope these actions will give others the motivation they need to take part.
I hope that you will have a joyous New Year and experience much prosperity and tranquility. is a very organized individual.
Chris is an exceptionally ordered person.
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