Weekly notes on angel investing, deal flow and building wealth.
( the newest one )
Post-money caps, pre-money caps with a discount, and uncapped MFN SAFEs each fit a different stage. How the math changes and which to expect when.
90% of startup exits happen under $100M, with a median of $44M. A diversified angel portfolio built on these base hits beats public markets 88% of the time.
56% of angels aren't in CA or NY. Regional startup ecosystems offer better entry valuations, faster local exits, and public matching capital VCs overlook.
Startup revenue numbers mislead. GMV, ARR, unit economics — learn the three terms angels most often misread, plus the AI-era tricks to spot.
VCs are chasing AI at $50M+ valuations. Meanwhile CPG, climate tech, women's health, and family tech offer angel investors lower entry points and faster exits.
Most founders think angel funding is a stepping stone to VC. Ep#16 challenges that, arguing angel capital may be the most valuable money a founder ever takes.
Your angel thesis isn't something you invent upfront — it's something you earn through experience. Cheryl and Andy on why new investors should stop waiting for the perfect framework.
Everything else we’ve published, newest first.
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