Brad Feld has a post on angels and VCs, prompted by a GWU survey that said almost 60% of VCs view angel participation in venture deals to be "unattractive".
I am not going to link to the GWU survey because Brad links to it and anyone who wants to read the GWU survey can go read Brad's post, which is great and way more comprehensive than this lunch time blog post can and will be.
We view angels as extremely attractive. Particularly the experienced angels who come out of the industry and do a lot of early stage investing. We call them "super angels". We have a bunch of them as LPs in our fund and we are eager to get them into our deals whenever we can.
Smart angel investors can often do as much post investment work as VCs and they generally do not need to put a lot of capital to work in a deal to make it interesting to them.
In fact, given my less is more post this morning, I would venture to bet that syndicates of one VC firm and a couple super angels may be more common going forward than the two VC firm syndicate that has been the foundation of A round investing for as long as I've been in the business.
This doesn't mean that we don't want to do two VC firm syndicates, we do. But often its just too hard to fit two VCs into a deal.
Partners are a good thing in a deal. Super angels may be the answer in some situations.