Yes, everyone gets in on the same terms, but you also have a choice about who you agree to sell to, presuming you have enough interest to do the round. If I'm

Yes, everyone gets in on the same terms, but you also have a choice about who you agree to sell to, presuming you have enough interest to do the round. If I'm raising $100k, and you, dave mcclure and donald trump are all willing to put up $50k, I'm going to pick you and dave mcclure, and exclude donald trump because I don't want him as an investor in my company. If the Angel List founders participated, then they might put up $50k, and reduce the participation of you and dave mcclure to $25k each, when you wanted to buy a larger chunk.