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Those data read like they're limited to VC firms big enough to join the NVCA, which requires funds to have at least one full-time employee to qualify for membership (see http://nvca.org/index.php?option=com_content&view=articl...). So angel investment wouldn't be included, and (anecdotally, I know) it feels like angel investment is where a lot of the big recent money has come from.



Not among companies we've funded. Most of the money comes from VCs, even in what used to be called angel rounds. VCs' funds are just so much larger. A single VC fund is hundreds of millions. It would take a lot of angels to invest that much.




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