How do I do diligence on a prospective angel?

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There’s a few things you can do that are non-obvious that most folks outside the industry don’t know:

1) SEC form D filings if they’re a super angel or VC- you can actually see if they’re listed as the managing director or if you’re dealing with a decision maker, as well as AUM for the particular investment vehicle at that moment in time.

2) grabbing a beer with someone you know who’s worked with them and casually mentioning you’re considering raising capital from them. You can screw up if you go direct and try to question someone you don’t know as to how “legit” the angel is, and I’ve seen it backfire on founders. But watching someone’s body language when you mention a person who invested in them tells you everything.

Big no-no: directly trying to ask them for references, etc. Many angels are UHNW and have egos and you’ll develop a reputation as arrogant

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