Thanks for the wake up call, I suppose.
Re targeting angel investors: even when we are talking about a 5M funding round? In continental EU it feels a bit over the powder of angels, or is it?
One well-connected angel who writes $25k checks can provide a founder intros to appropriate seed investors, and these intros are the strongest possible since they are coming from someone who has already invested or intends to invest in the round. The angel can also coach founders and help them prepare, detect weaknesses and validate their strategy, give inside information about who they are pitching etc. And they have more time to coach them whereas professional investors do not.