Angel investors are individuals who invest their personal money in early-stage startups, typically writing smaller checks and often engaging in this as a side project rather than a full-time job.

Angel investors use their personal funds to invest in startups in exchange for equity, typically after the business has some validation but before it's ready for venture capital.

Angel investors often have experience in high-growth startups and can provide flexible terms and quick investment decisions, but they take equity and may have strong opinions about the business.

Angel investors can have a substantive impact on the companies they invest in, but often their impact is marginal, meeting with a company only once or twice a year.

After the recession in 2010, there was an increase in angel investors and seed funds investing smaller amounts, leading to seed rounds exceeding a million dollars for the first time.

The fundraising landscape has changed significantly, with the median Series A funding now close to $10 million, compared to $3-4 million in the past, raising expectations for startups.

Investors are noticing changes in revenue thresholds for Series A funding, which vary by sector and customer focus, indicating a shift in the investment landscape.

The death of the middle in venture capital means that traditional series A and B funds are becoming obsolete, as the market has shifted towards either very large or very small funds.

Taking small checks from angel investors does not negatively impact your chances with venture capitalists when you seek a priced round later.