It seems like angel investing really only makes sense these days if you do it as option on future investment. Given how valuations are avoided until Series A,

It seems like angel investing really only makes sense these days if you do it as option on future investment. Given how valuations are avoided until Series A, the angels end up buying at only a modest discount off the VC price. I recently saw a small angel try to invest 50k in a startup, only to back out once he realized how much equity it would end up getting him. A larger angel could always add additional money during the Series A to end up with a larger chunk of the then more promising company.