When Yohei and I initially started raising our fund, our first step was to approach famous angel investors. Many of these angels could only write us $300K — $1m checks. But for a $30m fund target, that wasn’t going to move the needle very much. We would have probably needed 30–60 angels to top up our fund. It would have been a very inefficient fundraising process, and a huge pain to manage so many investors afterwards.
So why did we approach them first?