Exactly: Tech angels who are not LPs in a VC fund are largely limited to the seed-stage investment market. Therefore founders can negotiate better terms (e.g. n

Exactly: Tech angels who are not LPs in a VC fund are largely limited to the seed-stage investment market. Therefore founders can negotiate better terms (e.g. no cap). Superangels / mini-VCs / actual VCs like Suster don't find it as appealing because they have plenty of Series A deals come their way. But then again I bet they would bite at a really quality opportunity at the seed stage, because the best companies will seek larger funds at their Series A than what superangels can offer. (So they're not necessarily seeing the best companies at Series A.) Part of me thinks this "no cap's for suckers" blogstorm is just FUD to improve their collective negotiating position. The only thing dumber than a superangel taking a no-cap convertible debt deal is a superangel passing on the next Facebook's seed because they didn't want to pay Series A prices. That would be incredibly shortsighted.