[jacquesm]

Education is a very large market, not sure what all that money was for, but obviously they did a very good job of selling the project.

The fact that they didn't manage to get a second round (and that's a fact that is now very well published) could be due to any number of reasons, such as missing critical goals that they've set in their original presentation and/or changes in the marketplace. It's hard to tell what the real cause is without asking the 8 angel investors involved.

Drawing far reaching conclusions ('angels flee from tech start-ups') from a single sample is not very solid science.

One possible reasons why angel investors are holding back is because of their stock portfolios taking a huge hit.

I also don't see not wanting to invest for a second round as 'pulling out', and I think the fact that all 8 responded unanimously says a lot more about 'twosmartdogs' (what a name) than it does about the investors.

They've had their shot, now they will either have to swim or sink. It's not different for the rest of us, with or without outside investors.