SV Angel

Seed-stage VC; HQ San Francisco; active investing under the SV Angel name since 2009 (Ron Conway has invested in SF since the 1990s). 795+ portfolio companies, 77 unicorns, 32 IPOs, 270+ acquisitions. Notable portfolio: OpenAI, Anthropic, Airbnb, Stripe, GitHub, Figma, Slack, Square, Affirm.

Team

Managing Partners:

• Ron Conway — Founder & MP
• Ronny Conway — MP
• Topher Conway — MP
• Ashvin Bachireddy — MP, Growth

General Partners: Mike Sho Liu, Andrea Wang.

Note: Earlier wiki references to “SV Angel is Lee Bottoms + David Lee” were incorrect. David Lee left SV Angel years ago to found Refactor Capital. SV Angel is Conway-family-led.

Treeline Relevance

• Participated in Treeline’s $25M Series A (Mar 31, 2026).
• Specific Treeline deal partner not publicly disclosed ^[ambiguous].

Console Relevance

• Participated in Console’s $23M Series A (Sep 2025), alongside DST Global Partners and Thrive Capital.
• Specific Console deal partner not publicly disclosed ^[ambiguous].

Related

• treeline
• console

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Fundraise intel (2026-05-25)

Firm Profile (current model — verified)

Two funds: an early-stage Seed Fund and a late-stage Growth Fund (Series B+). The Seed Fund is the relevant one for init.inc.

• Stage: pre-seed / seed.
• Check size: ~$150k–$200k seed checks (SV Angel’s own site says “typically invests $200k";GP[[entities/andrea-wang|AndreaWang]{]}^{\prime }sLinkedInsaysshe"write[s]$150-200k checks in pre-seed”).
• Structure / behavior: SV Angel does NOT lead rounds and is “usually a smaller check within a fundraising round.” It does not take board seats (intentionally, to stay aligned with the founder).
  • ⚠️ Note: SV Angel was a named investor in the **[humans& $480Mseed](https://techcrunch.com/2026/01/20/humans-a-human-centric-ai-startup-founded-by-anthropic-xai-google-alums-raised-480m-seed-round/)\ast \ast (Jan2026,$4.48B val) — a mega-AI-lab outlier. (TechCrunch lists SV Angel among investors; a Crunchbase News headline loosely framed them as lead, but the TC body does not say “led” — don’t assert SV Angel led.)
• Process / philosophy: speed + founder alignment; “meet founders where they are,” prompt/decisive feedback. “Inflection Point Approach” = network help at fundraising / M&A / BD moments. Looks for “passionate leaders playing the long game.”
• Cadence: ~38 investments in 2025; ~13 YTD as of Apr 2026. Lifetime ~795+ portfolio cos, 77 unicorns. Avg seed round they’re in ≈ $7.2M (they’re a small slice of it).
• HQ: 950 Mason St #1299, San Francisco. Founded 2009. ~17 employees.
• Fund vintage signal: “SV Angel Ascent I” closed Dec 2025 (a recent growth-side vehicle) ^[single-source: Private Equity International].

Partners (current — svangel.com/about/team)

Seed Fund:

• Ron Conway — Founder & Managing Partner.
• Ronny Conway — Managing Partner.
• Topher Conway — Managing Partner.
• Mike Sho Liu — General Partner.
• Andrea Wang — General Partner (joined Apr 2025 from General Catalyst; ex-Amplitude/Lime operator). ← init.inc’s live warm path.
• Sourav Gupta — Principal.

Growth Fund:

• Ashvin Bachireddy — Managing Partner, Growth.

Ops: Zachary Miller (COO), Aashai Avadhani (AI Lead).

Reconciliation w/ existing page above: the original “Team” section listed GPs as “Mike Sho Liu, Andrea Wang” and MPs as Ron/Ronny/Topher Conway + Ashvin Bachireddy (Growth) — ✅ consistent. This block adds Sourav Gupta (Principal) and the ops roster, and confirms Andrea Wang is a seed-fund GP. No contradiction.

Recent seed activity (Pass-1 sketch, ≤5 — full data → /Users/sazzad14/seed-market-scan/firms/sv-angel.csv)

• humans& — $480M seed, Jan 20 2026 (SV Angel participated; lead not isolated; +NVIDIA, Bezos, GV, Emerson, 500 Global). ✅ amount/date/participation confirmed. Human-centric AI lab (co-founder Andi Peng, ex-Anthropic).
• Protege — $10M (Jun 2025, NY, AI training-data). ⚠️ amount confirmed; SV-Angel role unverified.
• Vulcan Technologies — ~$10.9M (Nov 2025, enterprise AI/data). ❓ single-source.
• Conntour — ~$7M (Jul 2025, enterprise AI/data). ❓ single-source.
• Huskeys — ~$8M (Jan 2026, security/defense). ❓ single-source.
• (Plus Sage Care ~$20M/Liquid$18M and others in the CSV. Most non-humans& rows are Tracxn-aggregator single-source; SV Angel’s role rarely isolated since they don’t lead — VERIFY in Pass 2.)

Best data channels for this firm

• Firm’s own site (svangel.com/portfolio, /about/team, /faq) is best for model/process/team — current and authoritative.
• For deal data, SV Angel is HARD: they don’t lead, take no board seat, and rarely issue their own announcements, so they’re a near-invisible co-investor in press. Aggregators (Tracxn/Crunchbase/Dealroom) list participation but understate/omit role and are often single-source. Best deal corroboration = the lead investor’s or the startup’s announcement, then check if SV Angel is in the syndicate. Partner-per-deal attribution is essentially unavailable publicly.
• humans& is the exception (mega-round → heavy primary coverage: TechCrunch, Crunchbase News).

Fundraise Relationship (init.inc)

• Profile (relevance): Warm path is Andrea Wang. SV Angel won’t lead; their value is the logo (OpenAI/Anthropic/Stripe pedigree), the network/“Inflection Point” help, and Andrea’s GTM/operator counsel. Andrea’s lane is “former operators solving their own pain.”
• Conversation log (newest first):
  • 2026-05-26 — Andrea Wang PASSED this round; SAFE for follow-on rounds when there is traction. ⚠️ Consider CRM Status→Lost.
  • 2026-05-13 — Alex re-intro’d Sazzad to Andrea Wang; working on a meeting time. (Live — act now.)
  • 2026-04-27 — Saanvi Chawla blurb-share path went stale.
• Mutual connections / warm path: Alex → Andrea Wang (live). Prior stale: Saanvi Chawla.
• Personal & rapport notes: firm culture = founder-aligned, fast, no-board-seat, network-heavy; relationship-first. Direct Conway-family pedigree. See Andrea Wang for the individual rapport map (art/Vermeer, operator empathy, East–West lens).
• Live stage: tracked in the CRM (Google Sheet).

Cross-check vs existing wiki (competitor exposure)

• ⚠️ Conflict-of-interest flag: SV Angel’s seed GP Andrea Wang publicly championed Serval (a threat_level: high direct init.inc competitor) while at General Catalyst — GC is on Serval’s cap table (seed co-lead, attributed to Marc Bhargava on the Serval page; Andrea was supporter/deal-adjacent ^[inferred]). SV Angel itself is not recorded on Serval’s cap table, but the GP relationship is a live consideration.
• Existing page facts (Treeline $25MSeriesAparticipationMar2026;Console$23M Series A participation Sep 2025; Conway-family-led; 795+ portfolio) — ✅ no contradictions with this research.

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Pass 2 deal pattern (2026-05-25)

Verified ~18–24mo pull (Nov 2024 → May 2026). SV Angel does huge volume (~38 new investments TTM as of May 2026; one tracker says “100+ AI seed rounds annually”), so per Pass-2 instruction the CSV is a verified representative sample of named recent seeds, not an exhaustive enumeration. Full table → /Users/sazzad14/seed-market-scan/firms/sv-angel.csv (16 rows: 10 real SVA seeds/A + humans& outlier + 5 Andrea-Wang-context). +4 net-new confirmed deals; every Pass-1 ”❓ Tracxn single-source” row was corrected to a primary-sourced ✅ (Pass-1 dates were systematically wrong — see below).

• Lead rate: Effectively zero — SV Angel does NOT lead and takes no board seat (by design, confirmed on svangel.com). Every verified row is “participated, alongside a name-brand lead.”
• Check / stage: Seed/pre-seed, ~$150k–$200k standard (up to $250k–$300k in competitive situations). A small slice of a larger round (the rounds it joins average several $M;e.g.14.ai$3M, Conntour $7M,Huskeys$8M, Sage Care 20M). The humans& 480M is a mega-outlier, not representative of SVA’s check.
• Cadence: ~38 new investments TTM (May 2026); PitchBook shows its latest investment as 14.ai (2 Mar 2026). Decisions reportedly 2–4 weeks from meeting to term sheet. Verified in-window representative sample spans Dec 2024 → May 2026 across many sectors.
• Sector mix: Broad generalist — AI agents (14.ai, humans&), security (Conntour, Huskeys, Corridor AppSec), healthcare (Sage Care), defense/dual-use (Terra Industries), legal/compliance-AI (Vulcan), crypto/fintech (Liquid), commerce (District). The signal is the SVA logo/network, not a vertical thesis. ⭐ init.inc-adjacent recent seeds: 14.ai (AI support agents replacing back-office teams), Vulcan (compliance-AI), Conntour/Huskeys (security).
• Partner attribution: Essentially unavailable publicly — SVA doesn’t lead, doesn’t self-announce, and doesn’t disclose deal partners. Andrea Wang (init’s warm path) is a seed-fund GP; her personal/GC-era history (Pylon, Mercor, Aaru, and the ⚠️ Serval-championing) is tracked as context rows in the CSV — those are not SVA fund deals.
• Best data channel: The lead’s or startup’s primary announcement, then scan the syndicate for “SV Angel.” humans& (mega-round) is the rare heavily-covered exception. ⚠️ Do NOT trust Tracxn dates/sectors — Pass-1’s Tracxn-sourced rows had wrong dates on every one (Liquid was even the wrong company/sector entirely).
• ^[flags] / corrections: Liquid — Pass-1 “crypto, $18M,Aug2025"wasWRONG;itisthe24/7\ast trading\ast platform,$18M, Apr 2026, SVA participated (3 sources; same deal Sunflower is in). Protege $10M seed is actually Sep 2024 (CRV-led, SVA confirmed) = just pre-window — retained, flagged. Date fixes: Sage Care Aug→Oct ‘25, Conntour Jul’25→Mar’26, Vulcan Nov→Oct ‘25, Huskeys Jan→Mar ‘26. ⚠️ Standing conflict: SVA seed GP Andrea Wang’s ties to Serval (direct init.inc competitor) — relationship-management consideration, not a legal block.