There's a big difference between syndicating with VCs and syndicating with Angels. With VCs, everything Fred writes holds true -- they will crowd out future ro

There's a big difference between syndicating with VCs and syndicating with Angels. With VCs, everything Fred writes holds true -- they will crowd out future rounds and create other unbalanced dynamics. With Angels, however, they are used to being minority position holders and will encourage the introduction of later stage VCs, should your company require it. That's one distinction that I think is worth pointing out. The other is that my experience with my investors (Sequoia and Greylock and Minor) is that each of them would have preferred to be the only investor in the deal if they could have. I'm quite happy with the balance I ended up with, but it could have been a very different outcome.