Todd Goldberg

Background

Todd Goldberg is an entrepreneur, angel investor, and Y Combinator alum (W14) ¹². He co-founded Eventjoy, a mobile ticketing platform, which was acquired by Ticketmaster ¹². He also co-founded Mailjoy ³. He has built and grown multiple consumer products, two of which were featured by Apple ¹.

Goldberg has been co-investing as an angel alongside Rahul Vohra (founder and CEO of Superhuman) for nearly a decade ⁴. Together they formalized their partnership into Todd & Rahul’s Angel Fund (now Todd & Rahul Capital), which has invested over $50 million into 120+ startups ⁴. Their first fund raised $7.3 million in approximately four months, and their second fund closed at $24 million in June 2021 ⁵⁶.

Goldberg serves as the full-time dedicated GP of the fund, while Vohra contributes approximately 1-2 hours per week alongside his CEO role at Superhuman ⁷. The fund’s LP base consists of 150+ founders, operators, and investors ⁴.

Stated Thesis

Goldberg has publicly stated his core investment philosophy: “We believe founders want to raise their first capital from their peers: current or former founders” ⁵. He views the fund’s small size as strategic, quoting Mike Maples: “Your fund size is your strategy” ⁵.

The fund writes $300K-$500K checks at pre-seed and seed stages, occasionally participating at post-seed and Series A ⁴. Goldberg has emphasized speed as a competitive advantage: “Deals aren’t done until the money is in the bank. When someone’s interested, you want to close fast” ⁵.

Todd & Rahul Capital describes its investment focus as backing “ambitious founders building exceptional products in potentially large markets” ⁴. On the consumer side, the fund is especially excited about productivity, viral SaaS, health/fitness/wellness, and creator/maker tools; on the B2B side, business infrastructure ¹.

Goldberg has stated: “We’re product people. We love building and growing products. The fund allows us to do this on a bigger scale” ⁵.

Inferred Thesis

The following analysis is based on 25 verified investments from the portfolio table below. Given that Goldberg and Vohra have invested in 120+ companies together ⁴, these 25 represent roughly 21% of their total portfolio. Percentages should be interpreted with that caveat.

Sector Distribution (25 verified investments)

• Enterprise SaaS / B2B Software: 8 of 25 (32%) — Mercury, Clearbit, WorkOS, Ashby, Scratchpad, Charthop, Pitch, Coda
• Developer Tools / Infrastructure: 3 of 25 (12%) — Supabase, Hex, Lob
• Consumer / Social: 3 of 25 (12%) — Clubhouse, Descript, Wander
• Fintech / Crypto: 3 of 25 (12%) — Circle, Manifold, Farcaster
• Health / Wellness: 3 of 25 (12%) — NexHealth, Loyal, Eight Sleep
• Analytics / Data: 2 of 25 (8%) — Placer.ai, Hightouch
• Education: 1 of 25 (4%) — ClassDojo
• Other: 2 of 25 (8%) — AngelList, OpenPhone

Stage Distribution

Pre-seed and seed investments, with checks of $300K-$500K ⁴. The fund targets companies with less than $100 million valuations for their early-stage fund ⁷.

Notable Patterns

• Product-led growth focus: Both GPs are product builders (Goldberg at Eventjoy, Vohra at Superhuman), and the portfolio skews toward companies with strong product-led growth characteristics.
• Collaborative positioning: By keeping checks small ($300K-$500K), the fund avoids competing with lead investors and positions alongside larger funds ⁵.
• Generalist with B2B lean: While nominally generalist, the portfolio has a noticeable B2B SaaS and infrastructure concentration.
• Founder-operator network as distribution: The LP base of 150+ founders serves as a sourcing and support network for portfolio companies ⁴.

Portfolio

Note: Specific investment years are not publicly available for most of Todd & Rahul’s investments. The fund confirms 120+ investments total ⁴; this table represents roughly 26% of that portfolio.

In Their Own Words

“We believe founders want to raise their first capital from their peers: current or former founders.” — Todd Goldberg, AngelList interview ⁵

“We’re product people. We love building and growing products. The fund allows us to do this on a bigger scale.” — Todd Goldberg, AngelList interview ⁵

“Your fund size is your strategy.” — Todd Goldberg, quoting Mike Maples, AngelList interview ⁵

“Keeping our checks small also allows us to be collaborative with other investors.” — Todd Goldberg, AngelList interview ⁵

“Deals aren’t done until the money is in the bank. When someone’s interested, you want to close fast.” — Todd Goldberg, AngelList interview ⁵

What Founders Say

One portfolio founder stated: “Todd & Rahul are two of the most helpful people on my cap table. They were pivotal in helping me close my last two rounds” ⁴.

Another founder said: “Todd and Rahul are the most incredible partners you could ask for. I am fortunate to have had Founders Fund, Redpoint, Bessemer, QED, and more on my cap table, and can definitively say that Todd and Rahul are in a league of their own” ⁹.

A third founder noted: “If you’re starting a company, you want Todd and Rahul as investors. They elevated our fundraising strategy and have helped put together every round since the pre-seed. They’ve advised on the pitch itself with written narrative and presentation coaching. They’ve scaled with us from being an early believer to now an active board member” ⁹.

Another testimonial described their involvement as “game-changing,” calling them “a class beyond their peers in the angel game,” noting that introductions were “instrumental” to their seed round and helpful across product, go-to-market, PR, and recruiting ⁹.

Note: These testimonials appear on the Todd & Rahul fund website and affiliated search results. While they are from actual founders, they are curated by the fund and should be understood in that context.

Sources