How angel deals actually work
Understanding angel investing conceptually is one thing; closing an actual deal is another. This is the mechanics layer — the paperwork, structures and numbers behind every angel check.
Seven guides, start anywhere
SPVs & syndicates
How groups of angels pool capital into a single deal, and the fees involved.
Term sheets
The clauses that matter most — valuation, liquidation preference, pro-rata, and what is actually negotiable.
Cap tables
How to read one, what fully diluted means, and what to check before you invest.
Due diligence
A practical checklist: team, market, traction, legal structure, cap table, terms.
Pre- vs. post-money valuation
The one-word difference that changes your ownership percentage.
Pitch red flags
Warning signs in the numbers, the team and the market story.
Business & revenue models
Marketplace vs. platform vs. aggregator, and subscription vs. freemium vs. take-rate — two separate questions.