# Eric Ries: angel investments and portfolio

> Eric Ries is an angel. 31 investments on record, latest Mar 2025. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/eric-ries (Millionrounds; every figure on the page links to its filing or article)

[Investor](https://millionrounds.com/investors)

# Eric Ries

Last cheque observed Mar 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

Email

Quiet Angel

Seed Series A Venture

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Cheques on record

**0%** of best year **0** **cheques in 12 months**, 31 on record

Since the last cheque **600** days **00** hrs **00** min **00** sec

Median round **$14M** Rounds led **0 of 31** Sole investor **1 rounds** Exits **2 from the portfolio** Mostly in **United States, 96%**

Pitch Eric Ries

## Eric Ries highlights

- 01 31 rounds on record
- 02 Mostly Seed and Series A: 83% of its rounds
- 03 Sole investor in 1 rounds, median undisclosed
- 04 2 exits from the portfolio

## What they do

- **Type:** Angel (from a list, unverified)
- **Cheque size:** Not stated
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **31 appearances**

- **2025** 1 round
- **Mar** **[Harmony Intelligence](https://millionrounds.com/company/harmony-intelligence)** Seed · US · Startup Daily **$3.0M** With 3 others
- **2017** 1 round
- **Nov** **[Meural](https://millionrounds.com/company/meural)** Series A · US · FinSMEs **$5.0M** With 3 others
- **2016** 2 rounds
- **Nov** **[Gusto](https://millionrounds.com/company/gusto)** **$90M** With 103 others
- **Feb** **[Digit](https://millionrounds.com/company/digit)** **$23M** With 21 others
- **2015** 7 rounds
- **Oct** **[ArtLifting](https://millionrounds.com/company/artlifting)** Seed · US **$1.1M** With 4 others
- **Jul** **[codeSpark](https://millionrounds.com/company/codespark)** Seed · US **$1.4M** With 4 others
- **Jun** **[LiveOnDemand](https://millionrounds.com/company/liveondemand)** Venture · NL **Undisclosed** Sole investor
- **Apr** **[Crayon](https://millionrounds.com/company/crayon)** Venture · US **$1.5M** With 11 others
- **Apr** **[Mixmax](https://millionrounds.com/company/mixmax)** Seed · US **$1.5M** With 8 others
- **Apr** **[Telepathic](https://millionrounds.com/company/telepathic)** Seed **$650K** With 4 others
- **Mar** **[ToutApp](https://millionrounds.com/company/toutapp)** Series B · US **$15M** With 8 others
- **2014** 5 rounds
- **Dec** **[Digit](https://millionrounds.com/company/digit)** Seed · US **$2.5M** With 14 others
- **Aug** **[OnBeep](https://millionrounds.com/company/onbeep)** Series A · US **$6.3M** With 16 others
- **Jul** **[Birdi](https://millionrounds.com/company/birdi)** Seed · US **$700K** With 3 others
- **Jul** **[HandUp PBC](https://millionrounds.com/company/handup-pbc)** Seed · US **$850K** With 5 others
- **Jan** **[Geekatoo](https://millionrounds.com/company/geekatoo)** Seed · US **$500K** With 7 others
- **2013** 8 rounds
- **Dec** **[Heyday](https://millionrounds.com/company/heyday)** Seed · US · pehub.com **$2.0M** With 19 others
- **Nov** **[Reverb.com](https://millionrounds.com/company/reverb-com)** Series A · US · hypebot.com **$2.3M** With 5 others
- **Nov** **[Medicast](https://millionrounds.com/company/medicast)** Seed · US **$540K** With 12 others
- **Oct** **[Panorama Education](https://millionrounds.com/company/panorama-education)** Seed · US · techcrunch.com **$4.0M** With 22 others
- **Sept** **[Munchery](https://millionrounds.com/company/munchery)** Series A · US · techcrunch.com **$4.0M** With 7 others
- **Jul** **[Mattermark](https://millionrounds.com/company/mattermark)** Seed · US · techcrunch.com **$400K** With 16 others
- **Feb** **[CircleCI](https://millionrounds.com/company/circleci)** Seed · US · techcrunch.com **$1.5M** With 9 others
- **Jan** **[The Muse](https://millionrounds.com/company/the-muse)** Seed · US · allthingsd.com **$1.2M** With 8 others
- **2012** 4 rounds
- **Nov** **[Nuzzel](https://millionrounds.com/company/nuzzel)** Seed · US · finsmes.com **$1.7M** With 9 others
- **Jun** **[Rally.org](https://millionrounds.com/company/rally-org)** Series A · US · finance.yahoo.com **$7.9M** With 20 others
- **Mar** **[Gaston Labs](https://millionrounds.com/company/gaston-labs)** Debt · US · angel.co **$100K** With 10 others
- **Mar** **[Gaston Labs](https://millionrounds.com/company/gaston-labs)** Seed · US **$100K** With 11 others
- **2011** 2 rounds
- **Nov** **[WP Engine](https://millionrounds.com/company/wp-engine)** Series A · US · techcrunch.com **$1.2M** With 7 others
- **May** **[ToutApp](https://millionrounds.com/company/toutapp)** Seed · US · www1.toutapp.com **$350K** With 9 others
- **2010** 1 round
- **Sept** **[Votizen](https://millionrounds.com/company/votizen)** Venture · US · techcrunch.com **$1.5M** With 11 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **1** person at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**1** of 18 we have independently watched raise

[Long-Term Stock Exchange](https://millionrounds.com/company/long-term-stock-exchange) Andrew Chen Blog Captable by LTSE Design Agency Enroll Now Fast409A by LTSE HiringPlan by LTSE Hosted by Media Temple Lean Deck Clinic Lean Startup Machine weekend Lean Startups session 2 Leanimpact Leanstartup Runway by LTSE Startup Maketing Blog The Entrepreneur Thestartupway here

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[Votizen](https://millionrounds.com/company/votizen)** Bought by Brigade **Undisclosed** Jun 2014

**[Votizen](https://millionrounds.com/company/votizen)** Bought by [Causes](https://millionrounds.com/fund/causes) **Undisclosed** Jan 2013

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Seed Series A Venture

Median round joined **$14M** the round, not its cheque Alone, median **-**

Led 0 of 31 rounds **0%**

- **Sole investor:** 1 rounds
- **Last cheque:** Mar 2025
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Seed *18*
- Series A *6*
- Venture *3*
- Debt *1*
- Series B *1*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [500 Global](https://millionrounds.com/fund/500-startups) 8
- [Google Ventures](https://millionrounds.com/fund/gv) 6
- [SV Angel](https://millionrounds.com/fund/sv-angel) 5
- [Alexis Ohanian](https://millionrounds.com/fund/alexis-ohanian) 4
- [Garry Tan](https://millionrounds.com/fund/garry-tan) 4
- [HubSpot Ventures](https://millionrounds.com/fund/hubspot-ventures) 4

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## Who they invest alongside

The investors most often in the same rounds as Eric Ries. A count of rooms they were both in, not a relationship either has claimed.

[**500 Global** Angel **8** rounds together](https://millionrounds.com/fund/500-startups)[**Google Ventures** Corporate VC **6** rounds together](https://millionrounds.com/fund/gv)[**SV Angel** VC firm **5** rounds together](https://millionrounds.com/fund/sv-angel)[**Alexis Ohanian** Angel **4** rounds together](https://millionrounds.com/fund/alexis-ohanian)[**Garry Tan** Angel **4** rounds together](https://millionrounds.com/fund/garry-tan)[**HubSpot Ventures** Corporate VC **4** rounds together](https://millionrounds.com/fund/hubspot-ventures)[**Practical Venture Capital** Private equity **4** rounds together](https://millionrounds.com/fund/practical-venture-capital)[**Baseline Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/baseline-ventures)[**DCVC** VC firm **3** rounds together](https://millionrounds.com/fund/data-collective)[**Founder Collective** VC firm **3** rounds together](https://millionrounds.com/fund/founder-collective)[**James Hong** Angel **3** rounds together](https://millionrounds.com/fund/james-hong)[**Jonathan Abrams** VC firm **3** rounds together](https://millionrounds.com/fund/jonathan-abrams)

## Recently backed

The latest companies Eric Ries put money into.

[**Harmony Intelligence** $3.0M · Mar 2025](https://millionrounds.com/company/harmony-intelligence)[**Meural** $5.0M · Nov 2017](https://millionrounds.com/company/meural)[**Gusto** $90M · Nov 2016](https://millionrounds.com/company/gusto)

## Books by the people here

5 books written by people at Eric Ries: [Eric Ries](https://millionrounds.com/person/eric-ries).

- The Lean Startup [Eric Ries](https://millionrounds.com/person/eric-ries) · 2011 4.11 from 374,139 ratings on Goodreads About the book Most new businesses fail. But most of those failures are preventable.The Lean Startup is a new approach to business that's being adopted around the world. It is changing the way companies are built and new products are launched. Essential reading for any ambitious entrepreneur,… On AmazonListen on Audible
- The Startup Way: How Modern Companies Use Entrepreneurial Management to Transform Culture and Drive Long-Term Growth [Eric Ries](https://millionrounds.com/person/eric-ries) · 2017 3.98 from 4,093 ratings on Goodreads About the book Entrepreneur and bestselling author of The Lean Startup, Eric Ries reveals how entrepreneurial principles can be used by businesses of all kinds, ranging from established companies to early-stage startups, to grow revenues, drive innovation, and transform themselves into truly… On AmazonListen on Audible
- The Leader's Guide [Eric Ries](https://millionrounds.com/person/eric-ries) · 2016 4.14 from 1,535 ratings on Goodreads About the book The Leader’s Guide is aimed at entrepreneurs, executives, or anyone leading a project or team. It contains stories about how companies both large and small are adopting Lean Startup methods to scale successfully and operate in conditions of extreme uncertainty. The Leader’s… On AmazonListen on Audible
- Startup Lessons Learned: Season One 2008 - 2009 [Eric Ries](https://millionrounds.com/person/eric-ries) 4.15 from 1,117 ratings on Goodreads On AmazonListen on Audible
- Incorruptible: Why Good Companies Go Bad... and How Great Companies Stay Great [Eric Ries](https://millionrounds.com/person/eric-ries) · 2026 4.37 from 355 ratings on Goodreads About the book Incorruptible is Eric Ries’s boldest work since The Lean Startup. Where his earlier books offered tools for product innovation and scaling, this one tackles a deeper, systemic why do even the best companies drift from their missions, betraying the trust of customers, employees,… On AmazonListen on Audible
- Find the books for what you are building, or how you invest. [Open the Reading List](https://millionrounds.com/reading-list)

As an Amazon Associate we earn from qualifying purchases.

## On podcasts

6 episodes naming Eric Ries in the title, and 4 more that mention it.

- [The Startup Leap](https://millionrounds.com/podcasts/startup-leap) 17 Oct 2026 · 1h 47m Your Good Intentions Are Not Enough - Eric Ries, Author, Lean Startup Mentions [Eric Ries](https://millionrounds.com/fund/eric-ries) Apple PodcastsShow page
- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 9 Jul 2026 · 7 min Investor Stories 483: Best LP Questions from David Ulevich, Eric Ries, and Larry Cheng: Mission, Partnership Culture, and Enduring Institutions (Ulevitch, Ries, Cheng) With [Larry Cheng](https://millionrounds.com/person/larry-cheng) Mentions [Eric Ries](https://millionrounds.com/fund/eric-ries)[Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz)[David Ulevitch](https://millionrounds.com/fund/david-ulevitch) *+1* Apple PodcastsShow page
- [The Startup Leap](https://millionrounds.com/podcasts/startup-leap) 16 Jun 2026 · 27 min Eric Ries: Incorruptible Book Review | #1 New York Times Bestseller in Business Mentions [Eric Ries](https://millionrounds.com/fund/eric-ries) Apple PodcastsShow page
- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 8 Jun 2026 · 58 min 510. The Hyper-Scaler CEO Whisperer and Founder of the Lean Startup Movement on Incorruptible Startups, Building to Thrive and Survive, and Creating a Governance Fortress (Eric Ries) Mentions [Eric Ries](https://millionrounds.com/fund/eric-ries)[Novo Nordisk](https://millionrounds.com/fund/novo-nordisk) Apple PodcastsShow page
- [BRAVE Southeast Asia Tech](https://millionrounds.com/podcasts/brave-southeast-asia) 31 May 2026 · 45 min Become Incorruptible - The Truth Behind Successful Businesses | Eric Ries - E700 Mentions [Eric Ries](https://millionrounds.com/fund/eric-ries) Apple PodcastsShow page
- [This Much I Know](https://millionrounds.com/podcasts/this-much-i-know) 29 May 2026 · 52 min How great companies can stay great with Eric Ries Mentions [Eric Ries](https://millionrounds.com/fund/eric-ries) Apple PodcastsShow page

### Mentioned in

- [BRAVE Southeast Asia Tech](https://millionrounds.com/podcasts/brave-southeast-asia) 19 Aug 2026 · 31 min Leadership Lessons From Best-Selling Authors - E723 Apple PodcastsShow page
- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 16 Jul 2026 · 7 min Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree) Apple PodcastsShow page
- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 18 Jun 2026 · 7 min Investor Stories 480: The Traits of Visionary Founders: Customer Obsession, Self Disruption, and Why Love Can Be a Competitive Advantage (Dillon, Patnam, Ries) Apple PodcastsShow page
- [TBPN](https://millionrounds.com/podcasts/tbpn) 26 May 2026 · 39 min The Lean Startup Author on What Ruins Good Companies Apple PodcastsShow page

## Quick answers about Eric Ries

### What does Eric Ries invest in?

Eric Ries invests most often at Seed and Series A (83% of the rounds on record).

### How active is Eric Ries?

31 investments on record, 0 of them in the last 12 months. The most recent was in Mar 2025.

### What has Eric Ries invested in recently?

Its most recent investments on record: Harmony Intelligence (Seed, Mar 2025), Meural (Series A, Nov 2017) and Gusto (Nov 2016).

### How big are Eric Ries's cheques?

The median round it joins is $14M.

### Does Eric Ries lead rounds?

Rarely, if at all: none of its 31 investments on record names it as the lead.

### Where does Eric Ries invest?

Most of the companies it backs are in the United States (96%).

### Is Eric Ries investing now?

No investments in the last 12 months; the latest was in Mar 2025.

### Who does Eric Ries invest alongside?

Most often 500 Global (8 rounds together), Google Ventures (6 rounds together) and SV Angel (5 rounds together).

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