If you manage more than a handful of angel investments, you've probably asked the question: "Is there a better way to track all of this?"
Most angels start in a spreadsheet. Then the spreadsheet breaks - follow-ons complicate the rows, SAFE notes convert at different prices, partial exits create splits, and calculating portfolio-level XIRR requires a tutorial video and three tabs. At that point, you start looking at dedicated software.
This is a field guide to the options in 2026. I've used or evaluated all three platforms and built one of them, so this comparison comes from direct experience, not marketing copy.
The Four Options
| Spreadsheets | AngelHub | Seraf | Signed | |
|---|---|---|---|---|
| Free tier | Yes (DIY) | Yes (5 investments) | No (30-day trial) | Yes (5 investments) |
| Paid pricing | $0 | $29/mo Pro / $79/mo Fund | ~$60/mo | $29/mo Angel / $149/mo Investor |
| Target user | Everyone | Solo angels + syndicates | Established angels | Solo angels |
| MOIC/IRR/TVPI | Manual formulas | Automatic | Automatic | Automatic |
| AI features | None | Claude summaries | None | LLM diligence + update parsing |
| API access | N/A | Yes (Fund tier) | No | No |
| LP reporting | Manual | Yes (Fund tier) | Yes | No |
Let's dig into each.
1. Spreadsheets: The Default Choice
How most angels track investments:
A Google Sheet with one tab per company. Columns for investment date, amount, share price, current valuation, and maybe a MOIC formula. A summary tab that tries to aggregate everything.
Where spreadsheets shine:
- Zero cost, zero setup
- Infinite flexibility - add whatever columns you want
- Everyone knows how to use them
- No vendor lock-in
Where spreadsheets break down:
This is the important part, because the breakpoint comes earlier than most people think.
At 10+ investments: You start making formula errors. A single wrong cell reference in your XIRR formula produces a plausible-looking number that's completely wrong. There's no validation, no error checking.
At 15+ investments: Follow-on rounds create tracking complexity. Your initial $25K SAFE converts at a different price than your $50K follow-on. Now you need two rows per company, linked by name but with different cost bases, share counts, and conversion dates. One typo in the linking formula and your MOIC is wrong.
At 20+ investments: Partial exits happen. You sold half your position in the Series B. How do you model that? New row? Subtract from existing? What happens to the cost basis? Spreadsheets don't have a concept of "partial exit" - you're building that logic from scratch.
At 25+ investments: Cross-border investments create FX complexity. You invested at EUR/USD 1.10. The company is now valued in EUR. Do you track in EUR and convert, or track in USD? What exchange rate do you use? Transaction date or current date? Different choices produce different MOICs.
The honest assessment: Spreadsheets work fine for 5-10 investments if you're disciplined about formulas and don't mind manual updates. Past that, the error rate and maintenance time grow faster than linear. You'll spend more time maintaining the spreadsheet than analyzing your portfolio.
2. AngelHub: The Modern Option
angelhub.app - Built for angels who hit the spreadsheet wall
AngelHub was built specifically for the "I've outgrown my spreadsheet" moment. It focuses on automatic calculation of the metrics that matter - MOIC, IRR, TVPI, DPI - and adds AI-powered investment summaries on top.
Strengths:
Automatic portfolio metrics. Enter your cashflows (investments, follow-ons, distributions, current valuations) and AngelHub calculates MOIC, IRR, TVPI, and DPI automatically. No formulas, no XIRR tutorials, no risk of a wrong cell reference producing a silent error.
AI-powered summaries. Upload a SAFE, pitch deck, or investor update, and Claude generates a structured summary - key terms, risk flags, action items. This is genuinely useful during due diligence and quarterly reviews. No other tool in this price range offers this.
Portfolio health score. A composite metric that looks at concentration risk (HHI), vintage year diversification, sector distribution, and follow-on ratio. Think of it as a "diversification grade" for your portfolio. If your health score is low, you know you're overconcentrated before it becomes a problem.
Free tier that's actually usable. Five investments with full analytics, no credit card required, no time limit. You can genuinely evaluate the tool with real data before paying anything.
7-day money-back guarantee. If you upgrade and don't like it, get a full refund within a week. This removes the risk entirely.
API access (Fund tier). If you're a micro-fund manager or syndicate lead who needs to integrate portfolio data with other systems, AngelHub's API is unique at this price point.
LP reporting (Fund tier). Generate professional LP reports automatically instead of building them from scratch every quarter.
Weaknesses:
25-investment cap on Pro tier. At $29/mo, AngelHub Pro limits you to 25 investments. If you're a prolific angel with 30+ positions, you need the $79/mo Fund tier for unlimited. This is a meaningful step-up in price.
No tax reporting. AngelHub doesn't generate tax summaries, cost basis reports, or K-1 tracking. If you need this, you'll still need a separate solution (or a CPA).
No investor update parsing. You can't forward investor emails to AngelHub and have them automatically parsed. You need to manually enter updates or use AI summaries on uploaded documents.
No pitch triage. There's no built-in deal flow intake where founders submit pitches. You track what you've already invested in, not what you're evaluating.
Best for: Solo angels with 5-25 investments who are tired of spreadsheet maintenance and want automatic metrics + AI summaries. Also good for syndicate leads and micro-fund managers who need LP reporting and API access at a reasonable price.
Pricing:
- Free: $0, 5 investments, 5 AI summaries/month
- Pro: $29/mo, 25 investments, 15 AI summaries/month
- Fund: $79/mo, unlimited investments, 50 AI summaries/month, API, LP reporting
3. Seraf: The Established Option
seraf-investor.com - The incumbent in angel portfolio management
Seraf has been around since 2015 and has built a reputation for comprehensive reporting and educational content. It's the tool many angels think of first when they search for portfolio tracking software.
Strengths:
Comprehensive reporting. Seraf generates detailed reports across your entire portfolio - IRR, MOIC, DPI, TVPI, RVPI, plus distributions and valuation summaries. If your LPs want quarterly reports with specific formats, Seraf probably produces them.
Educational content. The Seraf blog and resource library are genuinely useful. They cover topics like portfolio construction, follow-on strategy, and angel math. Many angels find Seraf through their educational content before becoming customers.
Established brand. Seraf is the most well-known name in this niche. If you search "angel portfolio tracking," Seraf shows up. This brand recognition means more reviews, more comparisons, and more trust for risk-averse buyers.
Weaknesses:
No free tier. Seraf offers a 30-day free trial, but after that you pay ~$60/month or nothing. There's no way to use the product long-term without paying. For angels who want to test with real data over a few months before committing, this is a barrier.
No AI features. As of April 2026, Seraf has no AI-powered summaries, no automated diligence, no LLM parsing. Everything is manual entry and static reports.
Dated UX. The interface feels like enterprise software from 2018. It works, but it's not pleasant. If you're used to modern SaaS tools, the UX will feel slow and clunky.
Most expensive option for solo angels. At ~$60/month with no free tier, Seraf is the priciest option on this list for individual investors. You're paying for fund-grade reporting that solo angels may not need.
Best for: Established angels with 20+ investments who need comprehensive LP-style reporting and don't mind paying a premium for it. Also good for angels who value the educational resources and community.
Pricing:
- ~$60/month (30-day free trial only)
- No free tier
4. Signed: The New Entrant
signed.com - "Spreadsheets are dead"
Signed launched in beta in February 2026, founded by Zach Holman (ex-GitHub). It takes a more expansive approach than pure portfolio tracking, adding deal flow management, tax features, and social investing.
Strengths:
Unlimited investments at $29/mo. This is Signed's biggest differentiator. While AngelHub caps Pro at 25 investments and Seraf charges ~$60/mo regardless, Signed's $29/mo "Angel" tier gives you unlimited investments. For prolific angels, this is significantly cheaper.
Investor update parsing. Forward your portfolio company update emails to Signed and it automatically extracts key metrics, milestones, and flags. This is a genuine time-saver for angels who receive dozens of quarterly updates.
Pitch triage. Founders can submit pitches through Signed, and the platform helps you evaluate and track deal flow alongside your existing portfolio. This turns Signed into a deal flow + portfolio tool rather than just portfolio tracking.
Social investing features. Signed has a public investor directory (signed.com/investors) and social features for deal sharing. If you want to discover co-investors or share deals, this is unique.
Currency Magic. Signed handles multi-currency portfolios with automatic conversion and "arithmetic" for cross-border investments. The branding is flashy but the underlying feature - proper FX handling - is genuinely important for international angels.
Weaknesses:
Still in beta. Signed launched in February 2026 and is actively developing features. Some listed features (tax reporting, K-1s, audit dashboard) are "coming soon" rather than available now. If you need stability, beta software carries risk.
$149/mo for tax features. To get tax reporting, K-1 tracking, and multi-entity support, you need the $149/mo "Investor" tier. That's 2x AngelHub's Fund tier and nearly 3x Signed's own Angel tier. Tax features justify the price for some angels, but it's a big jump.
No API access. Signed doesn't list API access on any tier. If you need programmatic access to your portfolio data for integrations, Signed can't provide it.
No LP reporting. There's no built-in LP reporting feature. Syndicate leads and fund managers who need to generate quarterly LP reports will need to build them manually.
New brand, no reviews. Signed is less than 3 months old. There are no G2 reviews, no Capterra listings, no established track record. You're betting on a product and team that haven't been tested at scale.
Best for: Solo angels who want unlimited investments at $29/mo and value deal flow management alongside portfolio tracking. Good for angels who receive lots of investor updates and want them auto-parsed.
Pricing:
- Free: $0, 5 investments
- Angel: $29/mo, unlimited investments
- Investor: $149/mo, tax reporting, multi-entity
Decision Framework
Here's how I'd think about it based on your situation:
You should stick with spreadsheets if: You have fewer than 10 investments, you're comfortable building and maintaining formulas, and you don't mind manual updates. The cost is right and the flexibility is real.
You should choose AngelHub if: You have 10-25 investments and want automatic metrics without spreadsheet maintenance. You value AI summaries for due diligence. You want a free tier to evaluate before paying. You're a syndicate lead or micro-fund manager who needs API access and LP reporting.
You should choose Seraf if: You're an established angel with 20+ investments who needs comprehensive, LP-style reporting. You don't mind paying $60/month for reliability and established reporting formats. You value educational content and community.
You should choose Signed if: You want unlimited investments at $29/mo. You value deal flow management and investor update parsing. You're comfortable with beta software and don't need API access or LP reporting.
You should choose AngelHub Fund if: You're a syndicate lead or micro-fund manager who needs unlimited investments, LP reporting, and API access at $79/mo - which is $70/month less than Signed's Investor tier and $19/month less than Seraf.
Pricing Comparison at a Glance
| Scenario | AngelHub | Seraf | Signed |
|---|---|---|---|
| Just getting started (5 investments) | Free | N/A (no free tier) | Free |
| Solo angel, 15 investments | $29/mo | ~$60/mo | $29/mo |
| Solo angel, 30 investments | $79/mo (Fund tier) | ~$60/mo | $29/mo |
| Syndicate lead, needs LP reporting | $79/mo (Fund tier) | ~$60/mo | N/A |
| Need API access | $79/mo (Fund tier) | N/A | N/A |
| Need tax reporting | N/A | N/A | $149/mo (Investor tier) |
The Honest Take
There's no single "best" tool - it depends on where you are in your angel journey.
If you're just starting out, use the free tier of either AngelHub or Signed. Five investments is enough to evaluate whether dedicated software is worth it. Don't pay $60/mo for Seraf before you know if you'll use the extra reporting.
If you've hit the spreadsheet wall with 15-25 investments, AngelHub Pro at $29/mo gives you automatic metrics and AI summaries at half the Seraf price. Signed at $29/mo gives you unlimited investments and deal flow features. Both are good choices depending on whether you value AI summaries or deal flow more.
If you're a syndicate lead or micro-fund manager, AngelHub Fund at $79/mo is the only option under $100 that includes both LP reporting and API access. Seraf's reporting is more established, but it doesn't offer API access. Signed doesn't offer LP reporting at any tier.
And if you need tax reporting specifically, Signed's $149/mo Investor tier is currently the only dedicated angel tool that offers it. But those features are still "coming soon," so verify they're live before committing.
AngelHub offers a free tier with 5 investments and full analytics - no credit card required. Try it free.