Portfolio

In August 2018, I decided to invest in 50 startups over the course of 3-5 years. My plan is to deploy $10,000 in capital in 50 startups, averaging $200 per deal, and the annual CF regulation limit is $2800/year (14 investments a year.) For comparison, historically, accredited individuals investors have to put $25,000 per investment.

By the numbers, I’m a better-than-average angel investor and venture capitalist, but still on a journey to enter the top quintile. As of August 28, 2020, of my investments that have had follow-up raises, I’ve experienced 76.46% on average over 7 investments since 2017. (Of note, 4 investments have not had follow-up funding so they are not included in return calculations.) This averages to >20% IRR every year, compounded (1.2^3=172.80%.) Compare to other investments such as low-fee index funds (7% historically,) real estate (10% leveraged,) or other VC returns (median VC of 11.7%, SeedInvest’s 18%, or Benchmark Capital’s 7% for barely in business VC and 30% for a top tier fund.)

I invest as an individual and also work with multiple venture funds. If you’re working on a company that fits my thesis, feel free to drop me a line at mail@muhanzhang.com. The following deal memos will give you a taste of how I think.


  1. INVEST is companies I have money in,
  2. MISSED is missed connections (companies I would have put money in, but couldn’t due to crowdfunding regulation),
  3. PASS is companies I passed on:

INVEST (21)

2017

  1. WhereBy.Us, 2017-07
    • Invested at $5MM pre-money valuation, now valued at $15MM, representing. Total d(x): 200% increase.

2018

  1. Inside.com, 2018-08
    • Invested in a convertible note with $15MM valuation cap, no raises since August 2018. Latest investor update Q1 2020, still alive. Total d(x): unknown.
  2. NowRx, 2018-08
    • Invested at $2 a share, then again at $3.45 a share in Jan 2020. Total d(x): 72.5% increase.
  3. HyperSciences, 2018-08
  4. KingsCrowd, 2018-09
  5. Pongalo, 2018-10
    • Invested at $8MM valuation, no raises since. Latest investor update Q1 2020, still alive. Total d(x): unknown.
  6. 20/20 GeneSystems, 2018-10
  7. SapientX, 2018-11
    • Invested at $2.50 a share, $5MM valuation, now raising at $0.64 a share, $7MM valuation, but possibly did stock splits. Total d(x): 40% gain.
  8. Smilelove, 2018-11
    • Invested at a $9MM valuation, no raises since. Latest investor update Q3 2019, still alive. Total d(x): unknown.
  9. SeatAssignMate, 2018-11

2019

  1. Loop, 2019-09
    1. Invested at $8.5MM valuation, no raises since. Latest investor update Q2 2020, still alive. Total d(x): unknown.

2020

  1. Event Hollow ($6m), 2020-05
  2. Rentberry ($9m), 2020-05
  3. ARdVRk ($10m), 2020-06
  4. CodeCombat ($25m), 2020-07
  5. Contiq ($9M), 2020-07
  6. StartEngine ($140m), 2020-08
  7. Nada ($12m), 2020-08
  8. Solace ($6.5m), 2020-08
  9. GroomIt ($6m), 2020-09
  10. Rad Intelligence ($5m), 2020-09

MISSED (7)

2018

  1. Windchime Health (2018-08)

2019

  1. Gimme Radio (2019-03)
  2. Coursalytics (2019-06)
  3. Ubitquity (2019-05)
  4. BoodsKapper (2019-05)

2020

  1. Fleeting, 2020-07
  2. TruckBux, 2020-08

PASSED (48)

2018

  1. Death & Co (2018-07)
    • Raised 2.15MM on a $13MM valuation. No further raises since.
  2. Black Point Seafood (2018-09)
    • Raised $478k on $9MM valuation. No further raises since.
  3. iSport360 (2018-11)
    • Failed at fundraising at a $4.875MM valuation.
  4. DoneGood (2018-10)
    • Raised $722k on $5MM. No further raises since.

2019

  1. Digital Brands Group (2019-01)
    • Raised $3.2MM on $35MM valuation. Raised another round January 10th, 2020 at identical valuation.
  2. Monogram Orthopaedics (2019-03)
  3. Cytonics (2019-04)
    • Raised $486k at $32.4MM valuation. Just closed another round raising $653k on a $46MM valuation in 2020-09.
  4. Osiris (2019-06)
    • Raised $306k on $2.5M valuation. No further raises since.
  5. DADA (2019-06)
    • Failed to raise money from what I can see. No further raises since.
  6. Gali Health (2019-06)
    • Raised $781k on $12MM valuation. No further raises since.
  7. Vinty (2019-06)
    • Failed to raise money on a $3M valuation from what I can see. No further raises since.
  8. Taste (2019-06)
  9. ASX (2019-06)
    1. Raised $761k on $25MM. No further fundraising since.

2020

  1. Trust Stamp ($25m), 2020-05
  2. SnapStrat ($6.5m), 2020-05
  3. Miso Robotics ($80m), 2020-05
  4. CellarStash ($6m), 2020-05
  5. NanoVMs ($12m), 2020-07
  6. VasoGnosis ($4m), 2020-07
  7. Mighty Quinn’s (No Deal Memo, Passed Pretty Quickly)
  8. Hitch (No Deal Memo, Passed Pretty Quickly)
  9. Winc ($110m), 2020-03, retrospective
  10. Sene (No Deal Memo, Passed Pretty Quickly)
  11. Cherry (No Deal Memo, Passed Pretty Quickly)
  12. Thuzio (No Deal Memo, Passed Pretty Quickly)
  13. Bext360 ($7.75m), 2020-08
  14. Kingmaker Ops ($7.75m), 2020-08
  15. Caliber Co ($130m), 2020-08
  16. Legion (fund), 2020-08
  17. Graze ($23m), 2020-08
  18. Terracycle ($24m), 2020-08
  19. Piestro ($6.02m), 2020-08
  20. BlissDivorce ($8m), 2020-08
  21. Hidrent ($3m), 2020-08
  22. Vivoo ($15m), 2020-08
  23. Elemeno ($18mm), 2020-08
  24. CityZenith ($7mm-$50mm), 2020-08
  25. Swipeby ($12.5m), 2020-08
  26. HelloWoofy ($9m), 2020-08
  27. Streamlytics ($20m), 2020-08
  28. ThisWay ($25m), 2020-08
  29. Dollaride ($8m), 2020-08
  30. Beanstox ($15m), 2020-08
  31. Groundfloor ($73.9m), 2020-08
  32. Kiwibot ($19m), 2020-09
  33. Makeba ($30m), 2020-09
  34. Gatsby ($25m), 2020-09
  35. Alphaflow ($40m), 2020-09
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