Prepare to make an angel investment: 3 vital steps
Three must-know steps to take before you make an angel investment. Plus extra pro tips.
From algebra to AI to angel investing and beyond – Marc Cohen, partner at unbundled vc, has made some interesting pivots in his career. He’s gained unique expertise that guide fast, informed investment decisions.
We spoke to Marc to understand how he invests, what drives him and the lessons he’s learned. Marc’s story has invaluable insights for investors and founders to learn from.
Marc Cohen: My career has been anything but linear. I started as a maths undergrad at Cambridge, which led me to a job in the city as a trader. After about seven years in finance, I wanted to challenge myself intellectually, so I quit my job to pursue a master’s degree in AI.
This decision wasn’t the result of a calculated career move but rather sparked by a book I read on AI while on vacation. That curiosity and willingness to dive into new, challenging areas have been recurring themes in my career.
The decision to study AI was a pivotal moment as it led me to explore the intersections of technology and finance.
After building and systematising trading systems and developing what was then the world’s best poker AI, I decided I wanted to focus on the investment side of things.
Marc Cohen: My first real investment was through an angel group, and it didn’t go as planned—the company folded within a few months. It wasn’t a huge financial loss, but it was enough to make me reconsider how I approached investing. The experience taught me not to take everything at face value and to be more thorough in my due diligence. It was a tough lesson, but it has shaped how I approach investments today.
Marc Cohen: Over time, I’ve realised that the people behind the business are just as important as the business itself. I look for founders who can sell—not just their product, but also their vision and themselves. I also ask questions and get engaged to really understand what’s going on in the business. You’ve got to go deeper than the vision and get into the details of the execution. More complex business models require more digging. You have to make sure you understand the business model.
Marc CohenI’ve learned to trust my instincts more, especially when something doesn’t feel right, even if it looks good on paper.
Sole Partner,
Marc Cohen: Instinct is very important, particularly when you’ve been in the field long enough to recognise patterns. There have been times when everything looked good on paper, but my gut told me something wasn’t right. Trusting those instincts has been crucial because they often pick up on subtleties that aren’t immediately obvious. That said, I always back up my instincts with data and thorough analysis.
Marc Cohen: Runna is a great example of how I’ve applied what I’ve learned over the years. Initially, I wasn’t particularly excited about the idea—it seemed like something that should have been done already. But a founder I trusted introduced me to the team, and after seeing their video pitch, I decided to meet with them. The meeting was scheduled for 30 minutes but lasted much longer, and two days later, I had committed to the investment.
What really stood out was their rapid growth and the founders’ inspiring presence. They motivated me so much that I went out and bought a pair of running shoes the next day — my first in 25 years! That spoke volumes to me. Plus, the business model was straightforward, with very good unit economics which made it easier to make a quick decision
Within a few months, their Monthly Recurring Revenue (MRR) had tripled. On Christmas Day, I reached out to see if I could increase my investment towards their additional amount.
It was one of those rare situations where everything aligned: strong founders, a simple yet effective product, and a market that was ready for it.
Marc Cohen: Salesmanship, decision-making ability, and resilience are the key traits I look for.
A founder needs to sell their vision, attract top talent, land investment and, of course, sell their product. It’s crucial that they can persuade others to join them on their journey.
Marc CohenSales skills really stand out because without them, even the best ideas can falter. Founders also need to be trustworthy and have a clear vision for their company. And in early-stage companies they’ve got to have that drive, that hustle mentality and be able to deal with the challenges that come with running a startup.
Sole Partner,
Marc Cohen: I use LinkedIn extensively for networking and visibility. For research, I’ve started using ChatGPT quite a bit. It’s a very efficient tool to gather information quickly, which helps level the playing field, especially when exploring new industries or markets.
Marc Cohen: My first investment as part of an angel group didn’t go well—it was a travel-related startup that got hit hard by the pandemic. However, that failure taught me valuable lessons about what matters in a startup.
Marc CohenI learned not to take everything at face value and to dig deeper into the claims founders make. It’s essential to optimise for learning as fast as possible, especially in the early stages of your investing career. The quicker you learn, the better you get at identifying what good looks like.
Sole Partner ,
Marc Cohen: That’d be Runna, when I committed two days after the pitch. It felt safe to move fast because the company’s growth trajectory was clear, the unit economics were strong, and the founders had a compelling vision. In situations like these, the ability to make quick, informed decisions can be the difference between getting in on a great deal or missing out.
Marc Cohen: For first-time investors, joining a syndicate can be very beneficial.
Marc CohenSyndicates help you see a higher volume of deals, which is crucial for learning. Seeing what good looks like requires exposure to a lot of different opportunities.
Sole Partner,
I also recommend being active on platforms like LinkedIn to build a presence and generate inbound opportunities. However, always trust your instincts—if something doesn’t feel right, it’s worth digging deeper.
Marc Cohen: I got into stand-up and improv about six years ago after reading an article that encouraged stepping out of your comfort zone. I found a course on improv and decided to give it a try. It was tough at first, but I grew to enjoy it.
It’s been a great way to develop skills like thinking on my feet, which are surprisingly transferable to investing. Plus, it’s nice to meet people who aren’t in the business world—people who do completely different things.
Want to connect with Marc? Explore his LinkedIn to find out more.
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