> One company that raised over $100M, with my shares at one point valued at over $1M on paper, acquired in a fire sale that returned zero to early investors
> Two others that were also “acquired” with some fanfare in the media, but returned nothing to early investors
> Four companies shut down after being unable to get to profitability or fundraise
> Four others that raised money but with painful recapitalizations that effectively wiped out early shareholders
TL;DR - Angel investing became too much like being an early employee at a startup always was, except it was actual money being lost instead of sweat equity.
> One company that raised over $100M, with my shares at one point valued at over $1M on paper, acquired in a fire sale that returned zero to early investors
> Two others that were also “acquired” with some fanfare in the media, but returned nothing to early investors
> Four companies shut down after being unable to get to profitability or fundraise
> Four others that raised money but with painful recapitalizations that effectively wiped out early shareholders
TL;DR - Angel investing became too much like being an early employee at a startup always was, except it was actual money being lost instead of sweat equity.