September 30, 2025
Some of the biggest SaaS and software companies began with a check from a San Francisco angel investor. The city’s deep tech history has created a unique concentration of backers who know what it takes to scale from idea to category leader.
For SaaS founders, these angels bring far more than capital. They open doors to customers, advise on early go-to-market strategies, and provide the kind of credibility that draws in follow-on funding. And because they invest as individuals, they can often move quickly, sometimes within weeks.
At Bonfire Ventures, we exclusively invest in seed-stage B2B software startups, and more than 75% of our portfolio companies go on to raise a Series A, nearly four times the industry average. We know firsthand how the support of the right San Francisco angel investors can accelerate a startup’s path to traction. Many of the investors featured here are trusted partners we’ve worked with and respect; each brings the networks and experience founders need to build enduring companies.
Angel investors are often the first outsiders to believe in a company and back that belief with capital. When you’re bootstrapping or relying on friends and family, progress can feel incremental. An angel check helps you take bigger swings, invest in growth earlier, and open the door to larger wins.
The best angels don’t just write checks. They’ve built and scaled companies themselves, so they know the traps of launching a product, landing the first customers, and assembling a team. Their experience and networks let them step in at the exact moment you need a warm intro, a candid piece of advice, or a reality check.
Just as valuable, their presence on your cap table signals credibility. A respected name makes it easier to attract strong seed investors when it’s time for the next round.
At Bonfire Ventures, we exclusively lead seed rounds. By the time we invest, the presence of great angels makes a visible difference. Their early conviction helps validate the opportunity, establish credibility, and often notch the first proof points that make a seed raise possible. With that foundation in place, we can focus on what we do best: helping founders scale—recruiting key leaders, building repeatable go-to-market processes, and preparing for the long haul.
The right angel investor can change everything for your SaaS or software startup. Let’s look at the most active backers in San Francisco and what they can bring to your team.
Immad Akhund has been active as an angel since at least 2016, with dozens of early-stage investments under his belt. In 2025, he formalized much of that activity by launching a $26 million fund for early-stage startups. It will prioritize companies focused on creating solutions that he believes are “advancing humanity.”
AngelList was founded in 2010 by Naval Ravikant and Babak Nivi as one of the first large-scale platforms for connecting startups with angels and syndicates. Being in the AngelList syndicate network can mean exposure to many small investors—and the potential for larger follow-on checks. The internal “Funders & Founders” programs allow certain individuals to source deals and invest up to around $100K via funds tied to AngelList.
AngelList was founded in 2010 by Naval Ravikant and Babak Nivi as one of the first large-scale platforms for connecting startups with angels and syndicates. Being in the AngelList syndicate network can mean exposure to many small investors—and the potential for larger follow-on checks. The internal “Funders & Founders” programs allow certain individuals to source deals and invest up to around $100K via funds tied to AngelList.
Angel Squad was founded by Hustle Fund co-founders Elizabeth Yin & Eric Bahn in 2021. It’s Hustle Fund’s community for new angels, aiming to make angel investing accessible to people from all backgrounds. Angel Squad includes 2,000+ investors to date, who together have invested over $30 million into 70+ companies.
Arba Group is a family investment group run by Dave Pell and his three sisters. They’ve built a portfolio of over 40 companies and have been involved in 1 IPO and nearly 20 acquisitions. Investments span across common SaaS and software plays.
Astia aims to elevate women entrepreneurs. They maintain a requirement that companies have at least one woman in leadership with equity and influence. Astia often brings additional resources or support beyond capital, like mentoring and network access for women-led SaaS/tech ventures.
Band of Angels is the oldest formal high-tech angel group in the U.S. It’s made over 400 investments since its founding in 1994, with dozens of successful exits and IPOs. Typical check sizes are $300K–$750K in rounds where the Band participates.
Sri Batchu is an operator-angel with a growth background at Opendoor, Instacart, and Ramp. He currently serves as CMO at The RealReal. Batchu has made more than a dozen early-stage investments, typically writing personal checks in the $1K–$25K range.
Bay Angels was founded in 1998 by Roger King. It is one of the oldest continuously operating angel groups in Silicon Valley. Members typically invest $25K–$200K individually, with group participation often building rounds in the $300K–$3M range.
The Berkeley Angel Network is made up of UC Berkeley and Haas alumni and faculty who are accredited investors. Companies don’t need a Berkeley affiliation to pitch, but the alumni connection creates a stronger foundation. The group typically writes checks starting around $25K, with total round participation that can reach up to $2M.
Broadway Angels is an invite-only network of senior women in venture capital and tech who invest together in early-stage companies. The group was founded in 2010 by Sonja Hoel Perkins and includes high-profile operators and investors from across Silicon Valley. Their choices often favor women founders or diverse leadership teams.
CapitalX was founded in 2017 by Cindy Bi as a solo GP fund that writes small but high-conviction early-stage checks. It’s known for investing at the very first institutional step. CapitalX often writes $100K–$250K checks into pre-seed rounds.
Cursor Capital is a small, founder-led fund based in San Francisco. The firm has built a portfolio with a heavy bias toward developer-first and enterprise SaaS products. Checks land in the $100K–$500K range, typically before they raise larger seed rounds.
Designer Fund was founded in 2012 by Enrique Allen and Ben Blumenfeld to back startups where design is a competitive advantage. The fund also provides mentorship from experienced designers. They have invested in over 75 companies, including popular SaaS platforms like Stripe and Gusto.
Gaingels is an investment syndicate that focuses on supporting and funding LGBTQ+ founders and executives. They’ve been investing in companies with inclusive leadership since 2014. Gaingels has grown into one of the largest angel syndicates globally, investing over $700M across 1,000+ companies.
Hashtag Angels was created in 2015 by a group of early Twitter executives, including April Underwood, Jessica Verrilli, and Katie Stanton. The group is composed entirely of women operators with deep roots in product and growth at major tech companies. Their investments lean toward early SaaS and consumer startups, with individual members frequently active as advisors in addition to providing capital.
Karman Ventures is a venture capital firm founded by veterans of early-stage investing and company building. The firm often joins syndicates or leads rounds at the Seed and Series A stages. They typically write checks in the $100K-$500K range.
Elizabeth Niemczyk is a global sales leader who has helped multiple unicorns scale from under $1M ARR to nearly $100M in just a few years. She focuses on go-to-market strategy and opening networks for founders. While her specific investment activity isn’t public, her operator background allows her to advise early-stage SaaS companies.
Keiretsu Forum is one of the largest global angel investor networks, founded in 2000. The group has multiple chapters across the Bay Area, with over 3,000 accredited investor members across 50+ chapters worldwide. Members can invest individually or pool capital to fund larger rounds.
Path was founded by Billy Draper, who previously held roles in operations at Facebook and design at ApartmentList. They invest in pre-seed startups with check sizes typically in the $100K–$300K range. Investments center around $200K as their “sweet spot”.
Naval Ravikant is a serial angel investor and co-founder of AngelList. He’s widely known for early bets in companies that become category leaders. He has a large portfolio of over 100 companies spread across many sectors globally.
Sand Hill Angels is a group of 140+ Silicon Valley angel investors, with roughly 25 years of experience. Members are founders, executives, and technologists interested in both investment and hands-on mentorship. The group does not operate as a pooled fund; instead, each member makes independent investment decisions.
SF Angels Group was founded in 2013 and is an invite-only angel investor group based in San Francisco. Their members are accredited investors and angel members. They do not charge startups a fee to pitch.
South Valley Angels is a group of entrepreneurs and senior executives that invests in early tech companies. They can invest up to $500K per deal and lead a syndication of $2-3 million round if needed. Also, they accept companies from various sectors, including hardware/proprietary tech, not just pure software.
TiE Angels is part of TiE Silicon Valley, launched in July 2010. They have over 150 active members who invest through the group. Typical investment from TiE Angels-SV is around $300K, though deal sizes have ranged from $100K to $1.5M depending on the startup and stage.
Todd and Rahul’s Angel Fund is run by entrepreneurs Todd Goldberg and Rahul Vohra. They’ve been co-investing together as angels for several years and formally set up the fund to scale that work. They offer a check size range of $100,000–$250,000, with a “sweet spot” around $175,000.
Eric Woersching is the managing partner at Massive Tech Ventures. He helps with a $15M fund aiming to return over $150M to its LPs. His experience includes working at Palantir Technologies and Microsoft, where he has held significant roles in product management and portfolio management. He also received his Master's degree in Electrical and Electronics Engineering from Stanford University.
The right angel investor is someone who matches your company as a whole to accelerate your growth. Look for these qualities to see how they support you beyond the money.
Finding an angel who understands your target customers, industry sales cycles, and market dynamics can save you from costly mistakes. Ask which specific ICPs they’ve helped founders sell into and what messaging worked. Scan their portfolio for companies with sales cycles or request a founder intro to hear how their advice played out in real life.
An angel who is genuinely excited about new approaches will push you to test ideas and move faster. Look at whether they’ve backed founders with unconventional products or business models. Pay attention to the energy they bring to the table and think about whether you want them in your circle for the major decisions.
Every early SaaS company faces its own ups and downs. You want an angel who understands those moments are part of the journey and looks forward to overcoming them. Ask how they’ve handled setbacks with other portfolio companies to understand if they’ll stay supportive when your path isn’t linear.
Backers who have built and scaled their own companies bring a perspective you can’t get from a textbook. Ask about how they’ve dealt with tough hires, shifting markets, and fundraising challenges firsthand. When they offer guidance, it’s best when it's grounded in lived experience rather than abstract advice.
Connections can be just as valuable as capital. The right angel can recommend trusted service providers or connect you with seed investors when the time is right. Look for someone whose introductions have led to worthwhile opportunities for other founders.
San Francisco is full of investors who’ve been on the founder side of the table and know what it takes to turn an idea into a big company. The right angel will write that first check, open doors, and give you the push to reach your first seed investors.
At Bonfire Ventures, we step in at the seed stage to help SaaS founders scale go-to-market, land key hires, and prepare for future rounds. The angels in this guide can set that foundation, and we’re here to help you build on it when the time comes.
