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Basics of Angel Investing 
Silvia Armitano Mah
What is an angel investor? 
• Wealthy individuals / Accredited investors 
• Invest in high risk, early stage ventures 
• Reserve a portion of their total investment 
portfolios to provide emerging companies 
with seed and startup capital through 
direct, private investments. 
• They want a better return than they’d get in 
a normal investment 
• Typically looking for 5-25% stake
What Angels Want 
• Scalable 
• High gross margins 
• Large niche market 
• Unfair competitive 
advantage 
• Ready for customers
The Jockey or the horse? 
Do you invest on 
the horse (=idea/business) 
or 
the jockey (=founder/CEO)? 
The Jockey
$ 
1. It’s always personal 
2. Angel Sweet Spot: 
$150,000 – $1.5 million 
3. Go to them EARLY ... but not too early 
4. Most angels are ACTIVE investors 
5. Angels like to make a DIFFERENCE 
Angel Investing ...
It’s always personal 
Angels write checks out of their own accounts. 
They want to connect with entrepreneurs and 
their businesses, but also with people. 
Founders: 
Be authentic, 
not some PR story you've already concocted.
Angel Sweet Spot: $150,000 – $1.5 million 
• Up to $25,000, the choice is usually self-funding. If you don't 
have that much money in, many others will be uneasy about 
taking part. 
• From $25,000 to $150,000, you're looking at friends and 
family, offering either common stock or convertible notes. 
• The angel sweet spot is between $150,000 and $1.5 million, 
more often raised from a number of individuals but sometimes 
from a single generous and well-off person. 
• In the $1.5 million to $10 million range, you're in early-stage 
venture capital in at least two phases, with half of the money up 
front and the rest paid in phases. More than this, and it's a late-stage 
venture fund.
Go to them EARLY.. But not too early 
Angels want to see early stage ideas, 
accept some risk, see opportunities 
Founders: 
• Working with angels may make sense at a 
particular early stage of business growth. 
• Going to them too early or too late will 
minimize your chances of getting interest.
Venture Funding Stages 
Stage 0: Friends, Family, and Fools 
Seed Money (proof of concept – Angel) 
Start-up (Early-stage / Product development) 
First-Round / Series A (Early sales & manufacturing funds) 
Second-Round / Series B (Working capital, not turning profit) 
Third-round / Series B or C (Expansion, turning profit) 
Fourth-round (Finance the “going public” phase) 
Stage Final: IPO or sale of entire company to a bigger company
Most angels are AC T IVE investors 
Angles contribute their time and experience 
Focus on YOU! 
Magnificent YOU! 
Angels offer introductions to valuable contacts 
essential to the company's success. 
Founders: Better 20% of something HUGE than 
100% of something small
Angels like to make a DIFFERENCE 
Angels typically don't make money from their investments. 
They go into deals knowing they might loose it all. 
Angels are OPTIMISTIC and want to make a difference. 
1/3 or sometimes 1/10 of early stage investments are hits, 
meaning they return five times the investment or more. 
Founders: 
Be clear with angels about the risks, threats and obstacles 
your company might encounter and how you plan to 
mitigate them
What’s the state of female angel investing?
Business Accelerator 
Join the movement of 
female funders helping female founders!

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Basics angel investing

  • 1. Basics of Angel Investing Silvia Armitano Mah
  • 2. What is an angel investor? • Wealthy individuals / Accredited investors • Invest in high risk, early stage ventures • Reserve a portion of their total investment portfolios to provide emerging companies with seed and startup capital through direct, private investments. • They want a better return than they’d get in a normal investment • Typically looking for 5-25% stake
  • 3. What Angels Want • Scalable • High gross margins • Large niche market • Unfair competitive advantage • Ready for customers
  • 4. The Jockey or the horse? Do you invest on the horse (=idea/business) or the jockey (=founder/CEO)? The Jockey
  • 5. $ 1. It’s always personal 2. Angel Sweet Spot: $150,000 – $1.5 million 3. Go to them EARLY ... but not too early 4. Most angels are ACTIVE investors 5. Angels like to make a DIFFERENCE Angel Investing ...
  • 6. It’s always personal Angels write checks out of their own accounts. They want to connect with entrepreneurs and their businesses, but also with people. Founders: Be authentic, not some PR story you've already concocted.
  • 7. Angel Sweet Spot: $150,000 – $1.5 million • Up to $25,000, the choice is usually self-funding. If you don't have that much money in, many others will be uneasy about taking part. • From $25,000 to $150,000, you're looking at friends and family, offering either common stock or convertible notes. • The angel sweet spot is between $150,000 and $1.5 million, more often raised from a number of individuals but sometimes from a single generous and well-off person. • In the $1.5 million to $10 million range, you're in early-stage venture capital in at least two phases, with half of the money up front and the rest paid in phases. More than this, and it's a late-stage venture fund.
  • 8. Go to them EARLY.. But not too early Angels want to see early stage ideas, accept some risk, see opportunities Founders: • Working with angels may make sense at a particular early stage of business growth. • Going to them too early or too late will minimize your chances of getting interest.
  • 9. Venture Funding Stages Stage 0: Friends, Family, and Fools Seed Money (proof of concept – Angel) Start-up (Early-stage / Product development) First-Round / Series A (Early sales & manufacturing funds) Second-Round / Series B (Working capital, not turning profit) Third-round / Series B or C (Expansion, turning profit) Fourth-round (Finance the “going public” phase) Stage Final: IPO or sale of entire company to a bigger company
  • 10. Most angels are AC T IVE investors Angles contribute their time and experience Focus on YOU! Magnificent YOU! Angels offer introductions to valuable contacts essential to the company's success. Founders: Better 20% of something HUGE than 100% of something small
  • 11. Angels like to make a DIFFERENCE Angels typically don't make money from their investments. They go into deals knowing they might loose it all. Angels are OPTIMISTIC and want to make a difference. 1/3 or sometimes 1/10 of early stage investments are hits, meaning they return five times the investment or more. Founders: Be clear with angels about the risks, threats and obstacles your company might encounter and how you plan to mitigate them
  • 12. What’s the state of female angel investing?
  • 13. Business Accelerator Join the movement of female funders helping female founders!