My company was on the receiving end of $500k syndicate from AngelList in 2015-16. Part of the problem re: updates is companies aren’t required to provide them.

My company was on the receiving end of $500k syndicate from AngelList in 2015-16. Part of the problem re: updates is companies aren’t required to provide them. We’ve had individual syndicate investors reach out to us demanding to see our financials (even though they individually invested only $5-10k). Before they reached out directly to us I’m sure they went to the syndicate lead first. TLDR: I don’t think it’s a scam. But it’s 100% frustrating that companies don’t always provide satisfying updates because (simply) no one is making them.