I'm not sure what the cause is. I've just noticed that I never come across startups who've been funded by them. If I had to guess, I think the problem might be

I'm not sure what the cause is. I've just noticed that I never come across startups who've been funded by them. If I had to guess, I think the problem might be the investors they attract. None of the top angels I know would join an angel group; they're all already plugged into the startup world, usually because they came from it themselves.