I don't have any data, but I feel the sentence "Angel investors, on the other hand, seem either to be walking away or raising an institutional seed fund of thei

I don't have any data, but I feel the sentence "Angel investors, on the other hand, seem either to be walking away or raising an institutional seed fund of their own." is one of the likely explanations. In Denmark (where I live), most angel investors seem to have syndicated together in collectives, micro-funds and other forms of investment vehicles. This reduces the number of angel rounds on paper, but I guess a lot of the angel investments are still hidden in small funds. One hypothesis is that it could be due to the increased size of the first investment rounds for new startups. I do believe it will make it harder for the very interesting and risky cases to succeed because instead of convincing one visionary individual, they have to convince a small fund with a management structure, a board, and an associate.