Often emerging companies require more funding that any single Angel group can muster. This has led many groups to collaborate with neighboring groups to raise larger rounds by syndication. This does place additional requirements on Angels and your interaction with them.
First, you will need to get an Angel group ready to invest in your opportunity that is prepared to lead the deal. Leading involves:
- Organizing all the due diligence
- Negotiating the terms of the investment
- Engaging, by their relationships, other Angels in other groups
- Herding all the Angels to consummate any transaction
It does take a lot of work and we have done this on numerous occasions for priced preferred stock rounds and convertible notes. We have solid relationships with many Northern California and Neveda groups, as well as some in the San Francisco Bay Area.