THE DEATH OF THE ANGEL INVESTOR

Summary from the TLDR newsletter

The economics of angel investing have shifted. Many investors have realized it's potentially more profitable to raise a fund instead of using their own money. Technology startups now move much faster, and running around grabbing small checks from angels is less palatable than grabbing a pre-seed fund to fund a whole initial round. Also, when angels try to fund a round, they are often pushed out by the valuation game.