The Mechanics of Angel Money See what actually happens to an angel check after it is wired: dilution across rounds, cap table math, and the long wait for an exit. Worked examples, not war stories.

Often between a fraction of a percent and a few percent at entry, and less after later rounds dilute that stake — the worked examples here show how fast it happens.

There is no guaranteed return. Most individual checks lose money; aggregate outcomes depend heavily on one or two outliers, which is why diversification matters.

No. This site is educational, not professional advice. Consult a licensed financial adviser or attorney before making investment decisions.