From everything I've read so far and the founders I've spoken to there does not seem to be a strict demarcation between an angel fund and a pre-seed fund. Is this something more relevant for LPs than for founders? Is there a difference in the way an investment is structured? Thank you!
From an LPs perspective, the stage is being standardized as pre-seed right now, so use that.
When you use the term Angel, it indicates that you’re doing an Angel group model, which is quite different because you’re essentially syndicating the deal within the group.