Isn't this down to the rise of angel investors, though? I feel like that concept has exploded in the last decade, and established VC's have moved "up market" in

Isn't this down to the rise of angel investors, though? I feel like that concept has exploded in the last decade, and established VC's have moved "up market" in response to it--hence their first look is now more like a Series A than a seed. Has available seed capital declined overall or is it just coming from different places now?