Most of the deals that are actively invested on AngelList are by venture capitalists. They come in groups. The VCs are always tapping on each other, where the popular deal is. There are various aspects of the deal, whether it is early stage, middle or late stage. For successful startups, the angel investors and VCs like to come early. The problem is that there are tons of bad deals out there. A successful conversion for a superstar VC is around 4/200. That’s a lot of running around to invest and due diligence in 200 startups and only be hopeful on four of them. Remember, we haven’t seen a unicorn for a while, so even the 4 successful are not a sure bet. However, VCs invest on a 10 year run on a startup, because that’s where the big payout is. Everything is following the model of investment by what happened to Facebook. This takes out startups that are bootstrapped. There are many bootstrapped startups out on AngelList. The VCs look at them, they might send out a follow, once in a while, but most of the time, they are just looking. The herd mentality is large in the venture capital industry. They follow each other’s research. One wrong signal for a startup by a venture capital can bring down any future funding possibilities. On the other hand, any signal could be a great validation for the startup. The venture capitals are looking for a sure win. Those are hard to come by, but when they do, everyone jumps on it.