Angel investors often make "seed investments" and are not two separate categories. http://en.wikipedia.org/wiki/Seed_money http://en.wikipedia.org/wiki/Seed_mo

Angel investors often make "seed investments" and are not two separate categories. http://en.wikipedia.org/wiki/Seed_money http://en.wikipedia.org/wiki/Seed_money Angel investors are essentially not institutional by nature. I do not know of a single "institutional angel". However it’s not to say it couldn’t eventually happen or that there isn’t an edge case I am unaware of. All VCs on the other hand are institutional. The difference in title (institutional vs not institutional) comes from how they fund their investments. VCs pool money from investors who choose VC as a vehicle; angels typically use their own money or a small amount of outside pooled money. http://en.wikipedia.org/wiki/Institutional_investor http://en.wikipedia.org/wiki/Institutional_investor The NDA is extremely rare for any even semi-proficient investor to sign. Professional investors flat out refuse to sign them in almost every case. http://www.venturestab.com/2011/02/why-startups-shouldn%E2%80%99t-ask-investors-to-sign-ndas/ http://www.venturestab.com/2011/02/why-startups-shouldn%E2%8... (this is just the first link I found in google, there are literally 100s of articles written about this topic and is one of the most basic out there).