# Tien Tzuo: angel investments and portfolio > Tien Tzuo is an angel. 8 investments on record, latest Oct 2025. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/tien-tzuo (Millionrounds; every figure on the page links to its filing or article) [Investor](https://millionrounds.com/investors) # Tien Tzuo Last cheque observed Oct 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds. Email Quiet Angel Seed Series A Venture Follow Tien Tzuo and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ftien-tzuo) Cheques on record **0%** of best year **0** **cheques in 12 months**, 8 on record Since the last cheque **395** days **00** hrs **00** min **00** sec Median round **$20M** Rounds led **0 of 8** Exits **1 from the portfolio** Mostly in **United States, 100%** Pitch Tien Tzuo ## Tien Tzuo highlights - 01 8 rounds on record - 02 Mostly Seed and Series A: 86% of its rounds - 03 1 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 **8 appearances** - **2025** 2 rounds - **Oct** **[Maximor](https://millionrounds.com/company/maximor)** Seed · US · Ventureburn **$9.0M** With 4 others - **Feb** **[Anchor](https://millionrounds.com/company/anchor)** Series A · US · TechStartups **$20M** With 6 others - **2016** 1 round - **Nov** **[Gusto](https://millionrounds.com/company/gusto)** **$90M** With 103 others - **2015** 2 rounds - **Oct** **[Concord Worldwide, Inc.](https://millionrounds.com/company/concord-worldwide-inc)** Venture · US **$2.7M** With 5 others - **Oct** **[Neumob](https://millionrounds.com/company/neumob)** Series A · US **$8.5M** With 6 others - **2014** 1 round - **Jun** **[AnyPerk](https://millionrounds.com/company/anyperk)** Seed · US **$3.0M** With 7 others - **2013** 1 round - **Oct** **[Koality](https://millionrounds.com/company/koality)** Seed · US · techcrunch.com **$1.8M** With 7 others - **2012** 1 round - **Dec** **[Gusto](https://millionrounds.com/company/gusto)** Seed · US · techcrunch.com **$6.1M** With 25 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. ## Exits from the portfolio Companies it backed that were later bought or listed **1 in all** **[Koality](https://millionrounds.com/company/koality)** Bought by [Docker](https://millionrounds.com/fund/docker) **Undisclosed** Oct 2014 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 **$20M** the round, not its cheque Led 0 of 8 rounds **0%** - **Sole investor:** Never alone - **Last cheque:** Oct 2025 - **Exits:** 1 from the portfolio Rounds by stage said on their site - Seed *4* - Series A *2* - Venture *1* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [Cota Capital](https://millionrounds.com/fund/cota-capital) 3 - [Lee Linden](https://millionrounds.com/fund/lee-linden) 3 - [Aaron Levie](https://millionrounds.com/fund/aaron-levie) 2 - [Bling Capital](https://millionrounds.com/fund/bling-capital) 2 - [DCVC](https://millionrounds.com/fund/data-collective) 2 - [Dan Rose](https://millionrounds.com/fund/dan-rose) 2 **Pitching Tien Tzuo?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as Tien Tzuo. A count of rooms they were both in, not a relationship either has claimed. [**Cota Capital** VC firm **3** rounds together](https://millionrounds.com/fund/cota-capital)[**Lee Linden** VC firm **3** rounds together](https://millionrounds.com/fund/lee-linden)[**Aaron Levie** VC firm **2** rounds together](https://millionrounds.com/fund/aaron-levie)[**Bling Capital** VC firm **2** rounds together](https://millionrounds.com/fund/bling-capital)[**DCVC** VC firm **2** rounds together](https://millionrounds.com/fund/data-collective)[**Dan Rose** Angel **2** rounds together](https://millionrounds.com/fund/dan-rose)[**David Sacks** VC firm **2** rounds together](https://millionrounds.com/fund/david-sacks)[**Elad Gil** VC firm **2** rounds together](https://millionrounds.com/fund/elad-gil)[**Google Ventures** Corporate VC **2** rounds together](https://millionrounds.com/fund/gv)[**Jawed Karim** Angel **2** rounds together](https://millionrounds.com/fund/jawed-karim)[**Jeremy Stoppelman** Angel **2** rounds together](https://millionrounds.com/fund/jeremy-stoppelman)[**Joshua Schachter** VC firm **2** rounds together](https://millionrounds.com/fund/joshua-schachter) ## Recently backed The latest companies Tien Tzuo put money into. [**Gusto** $90M · Nov 2016](https://millionrounds.com/company/gusto) ## Books by the people here One book written by people at Tien Tzuo: [Tien Tzuo](https://millionrounds.com/person/tien-tzuo). - Subscribed [Tien Tzuo](https://millionrounds.com/person/tien-tzuo) · 2018 On 8 reading lists at Open Library About the book "Companies like Netflix, Spotify, and Salesforce are just the tip of the iceberg for the subscription model. The real transformation--and the real opportunity--is just beginning. Subscription companies are growing nine times faster than the S&P 500. Why? Because unlike product… On AmazonListen on AudibleOn Open Library - 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 1 episode naming Tien Tzuo in the title, and 1 more that mention it. - [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 30 Jan 2017 · 28 min SaaStr 094: The $100m Question All SaaS Founders Must Ask, Learnings From Working with Marc Benioff at Salesforce & Scaling Zuora To A $Bn Valuation with Tien Tzuo, Founder & CEO @ Zuora Mentions [Marc Benioff](https://millionrounds.com/fund/marc-benioff)[Tien Tzuo](https://millionrounds.com/fund/tien-tzuo)[Redpoint](https://millionrounds.com/fund/redpoint) Apple PodcastsShow page ### Mentioned in - [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 2 Mar 2020 · 22 min SaaStr 313: What The World's Largest SaaS Incumbents Taught Me About Founding & Scaling SaaS Businesses Apple PodcastsShow page ## Quick answers about Tien Tzuo ### What does Tien Tzuo invest in? Tien Tzuo invests most often at Seed and Series A (86% of the rounds on record). ### How active is Tien Tzuo? 8 investments on record, 0 of them in the last 12 months. The most recent was in Oct 2025. ### What has Tien Tzuo invested in recently? Its most recent investments on record: Maximor (Seed, Oct 2025), Anchor (Series A, Feb 2025) and Gusto (Nov 2016). ### How big are Tien Tzuo's cheques? The median round it joins is $20M. ### Does Tien Tzuo lead rounds? Rarely, if at all: none of its 8 investments on record names it as the lead. ### Where does Tien Tzuo invest? Most of the companies it backs are in the United States (100%). ### Is Tien Tzuo investing now? No investments in the last 12 months; the latest was in Oct 2025. ### Who does Tien Tzuo invest alongside? Most often Cota Capital (3 rounds together), Lee Linden (3 rounds together) and Aaron Levie (2 rounds together). ## Raising now? 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