[tomasien]

As a founder on the ground even in late 2015 (NYC), it was very hard to get a single angel check when we were trying to raise $500k. Ended up raising $2m from funds instead - which was the right thing but also very weird.

Fellow founders with companies that would have traditionally been at more "angel" friendly stages have had a similar experience recently - either funds invest or they can't raise more than $150k. Less true in smaller markets.