6 Angel Investors in Chicago Backing Founders

If you're building a startup in the Chicagoland area, connecting with the right people is essential for raising capital. Finding the right angel investors in Chicago can provide the early funding and support your business needs to grow.

Unlike venture capital firms, angel investors often invest their own personal funds. They frequently write the first checks into a company and can offer direct mentorship based on their own experience.

To help you with your fundraising, our team at Rho has curated this overview of several key angel investors in Chicago. Use this guide to quickly learn about individuals who are actively backing founders in the city.

Just raised or about to? Set up your financial stack with Rho in minutes. We provide business banking, corporate cards, accounting integrations, and more—built for startup teams moving fast.

Top Angel Investors in Chicago By Stage

Most angel investors in Chicago prefer to invest in early-stage companies, where they can provide hands-on support from the beginning.

Understanding who invests at which stage will help you target your outreach and find the right financial partners for your startup.

Pre-seed Angel Investors in Chicago

Pre-seed is the earliest of all startup funding types, typically used to validate an idea and build a minimum viable product. For founders at this stage, investors like Eric Lefkofsky, Matt Sacks, and Armando Pauker are active.

Seed Stage Angel Investors in Chicago

Seed funding helps a startup with initial market entry and product development, which is why it's a key focus when you find angel investors. You might consider reaching out to Chicago angel investors like Alex Meyer and Ryan Hrabak.

Series A Angel Investors in Chicago

Series A funding is for companies that have demonstrated traction and are ready to scale their operations and user base. Kirk Wolfe and Eric Lefkofsky are two examples of individuals who invest in Series A rounds.

Series B Angel Investors in Chicago

Series B rounds are for companies that are well-established and looking to expand their market reach and grow the business. For founders entering this later stage, investors to know include Ryan Hrabak and Kirk Wolfe.

Keep in mind that many investors are flexible and will participate in rounds across different stages, depending on the opportunity.

Here is a closer look at several key angel investors in Chicago. We've outlined their typical investment stages and sector preferences, and what makes each a potentially valuable partner for founders.

1. Alex Meyer

Alex Meyer is a partner at Origin Ventures, a Chicago-based venture capital firm. His position within a larger firm means he can bring institutional resources and a broad network to the companies he backs.

He primarily invests in early-stage companies, with a focus on Seed and Series A rounds. Meyer shows a strong preference for SaaS, enterprise software, and marketplace business models.

Founders building enterprise or SaaS companies could find Meyer to be a strong potential partner. His role at Origin Ventures makes him a good fit for startups seeking structured support alongside capital.

• Investment stages: Seed and Series A
• Industries of focus: SaaS, Enterprise, Consumer Internet, and Marketplaces
• Geographical presence: Chicago, Illinois
• Investment range: $500K to $6.0M
• Portfolio includes: Montes8615 GmbH

You can find more information about Alex Meyer on his LinkedIn or the Origin Ventures website.

2. Eric Lefkofsky

Eric Lefkofsky is a prominent figure in Chicago's tech community, known for co-founding major companies like Groupon and Tempus. He is also a co-founder of the venture firm Lightbank, which means he brings institutional resources to his investments.

His background as a serial entrepreneur is a key attribute, offering founders direct operational insights from his experience building companies from the ground up. His investment activity shows a preference for e-commerce and medical device startups, particularly at the pre-seed and seed stages.

Founders working in e-commerce or medical technology may find Lefkofsky to be an ideal partner. His deep experience as a founder is particularly valuable for teams that want hands-on mentorship alongside capital.

• Investment stages: Pre-seed, Seed, and Series A
• Industries of focus: E-commerce, Medical Devices
• Geographical presence: Chicago, Illinois
• Investment range: $500K - $1.5M
• Portfolio includes: Tempus, SpotHero, and Groupon

You can find more information about Eric Lefkofsky on his personal website or LinkedIn.

3. Matt Sacks

Matt Sacks is a partner at the venture firm Lightbank, which means he brings institutional support and a broad network to the companies he backs. His experience includes roles at New Enterprise Associates (NEA) and Goldman Sachs, giving him a strong foundation in finance and venture capital.

Sacks primarily invests in early-stage consumer internet companies, with activity spanning from pre-seed to Series A rounds. His background suggests a data-driven approach to evaluating opportunities, and his portfolio includes companies like Stride and SparkPlug.

Founders building consumer internet startups who value an investor with deep financial expertise may find a good partner in Sacks. His focus on early-stage rounds makes him a relevant contact for companies just getting started.

• Investment stages: Pre-seed, Seed, and Series A
• Industries of focus: Consumer Internet
• Geographical presence: Chicago, Illinois
• Investment range: $500K - $1.5M
• Portfolio includes: Stride and SparkPlug

You can find more information about Matt Sacks on his LinkedIn or the Lightbank website.

4. Ryan Hrabak

Ryan Hrabak is a partner at Craft Ventures, a venture capital firm. His position gives founders access to the institutional support and network of a larger organization.

He shows a strong interest in enterprise, SaaS, and marketplace companies, with investments spanning from Seed to Series B rounds. His background includes time at Bain Capital Ventures, indicating a solid foundation in venture capital.

Founders building SaaS or enterprise startups could find a valuable partner in Hrabak. He is a good fit for companies that need a partner who can invest early and continue to provide support through later growth stages.

• Investment stages: Seed and Series B
• Industries of focus: Enterprise, Marketplaces, SaaS
• Geographical presence: Chicago, Illinois
• Investment range: $1M - $50.0M
• Portfolio includes: Frigade

You can find more information about Ryan Hrabak on his LinkedIn or the Craft Ventures website.

5. Kirk Wolfe

Kirk Wolfe is a partner at MK Capital, a venture capital firm. This position allows him to offer founders the network and resources of an established institution.

He has a clear interest in enterprise and cloud infrastructure companies. His investment activity spans from Seed to Series B, showing a willingness to support companies through multiple growth phases.

Founders building in the enterprise or cloud infrastructure space may find Wolfe to be a good match. He is a particularly relevant contact for teams looking for a partner who can invest early and follow on in later rounds.

• Investment stages: Seed, Series A, and Series B
• Industries of focus: Enterprise, Cloud Infrastructure
• Geographical presence: Chicago, Illinois
• Investment range: $100K - $5.0M
• Portfolio includes: OneCause, SimpleReach, and Kollective Technology

You can find more information about Kirk Wolfe on his LinkedIn or the MK Capital website.

6. Armando Pauker

Armando Pauker is a co-founder and managing partner at Tensility Venture Capital. His role within a VC firm means he can provide founders with institutional backing and a wider network.

He concentrates on early-stage companies, investing from pre-seed to Series A rounds. His portfolio shows a clear interest in sectors like AI, cybersecurity, and digital health, with investments in companies such as BrainCheck and Polymer.

Founders building technology companies in enterprise applications or digital health could find a good partner in Pauker. His focus on the earliest stages makes him a relevant contact for teams needing initial capital to get started.

• Investment stages: Pre-seed, Seed, and Series A
• Industries of focus: Enterprise Applications, Digital Health, Cybersecurity, and AI
• Geographical presence: Chicago, Illinois
• Investment range: $300K - $500K
• Portfolio includes: BrainCheck, Polymer, and Mosaic

You can find more information about Armando Pauker on his LinkedIn or the Tensility Venture Capital website.

What Chicago’s Angel Investor Activity Tells Us

So, what does this overview tell you about fundraising in Chicago? The investors we've highlighted show a strong focus on early-stage companies, with significant activity in pre-seed and seed rounds. There is also clear support for startups moving into Series A and B, indicating that capital is available for companies as they grow.

In terms of sectors, Chicago's angel investors show a broad range of interests. You'll find active investors in enterprise software and SaaS, alongside more specialized fields like digital health, AI, and e-commerce.

This suggests a well-rounded environment for founders. We hope this guide from our team at Rho helps you identify the right people for your next steps.

Raise Confidently with Rho

Fundraising is demanding, so focusing your outreach on the most relevant investors is key to making progress efficiently. This curated list is designed to help you do just that, connecting you with individuals who align with your vision.

If you’ve just raised, Rho can help you set up your financial stack in minutes. Our platform offers integrated business banking, corporate cards, and bill pay solutions designed for growing startups.

This allows you to manage your new capital effectively, directing it toward growth and operations. You can spend less time on manual financial administration and more time building your business.

FAQs about Angel Investors in Chicago, Illinois

Which sectors are popular with angel investors in Chicago?

Chicago investors show strong interest in B2B companies, particularly enterprise software and SaaS platforms. You will also find active investors in fintech, healthtech, and logistics, reflecting the city's diverse economic strengths.

Are there angel investor groups in the Chicago area?

Yes, Chicago has several angel investor groups where individuals pool their capital and expertise to invest in startups. These groups are a great resource for founders seeking early-stage capital and a broader support network.

How does Chicago's angel scene compare to other tech hubs?

Chicago's angel community has a reputation for supporting B2B and enterprise software startups with a focus on sustainable growth. This can differ from coastal hubs like New York, which may have a heavier concentration of consumer or media-focused investors.

What are typical check sizes from Chicago angel investors?

Check sizes vary based on the investor and the company's stage. They can range from $25,000 for a pre-seed round to several hundred thousand dollars as part of a larger seed or Series A round.

How can Rho help manage my funds after raising from angel investors?

Once you've secured funding, our platform helps you manage it effectively. Rho provides integrated business banking, corporate cards, and expense management tools, all designed to help your startup scale efficiently.