Where Have All the Angels Gone?

Seed fund checks are larger than angel checks, which corroborate what we all observe to be the case: valuations and round sizes at the very earliest stages are rising. It means that angels, while still an important part of the ecosystem, represent a small and shrinking share of investors who will lead your first round. You’re 20x more likely to raise your seed round from an institutional seed than an angel syndicate.

Source: tomtunguz.com