At a recent LUMUS event in San Francisco, we had the privilege of hosting a panel with Hilary Shirazi (Head of Corporate Development at Notion) and Peter Gajdoš (Partner at Fifth Wall), both active investors with deep experience across the early-stage ecosystem. What emerged from the conversation was a clear signal: angel investing is undergoing a profound transformation.
From Clubhouse to Infrastructure
Historically, angel investing was an opaque, relationship-driven game—more cocktail party than capital strategy. Deals were often reserved for insiders with the right rolodex and a high tolerance for risk. That’s no longer the case.
Today, angel investing is increasingly structured, data-informed, and collaborative. The rise of angel syndicates, purpose-built investment platforms (such as AngelList, Odin, and Stonks), and investor communities has created more transparency and access for those outside the traditional power networks. As Peter Gajdoš pointed out, the infrastructure for angels now resembles what venture capital firms had to build in-house a decade ago—deal sourcing pipelines, diligence templates, and portfolio support systems.
Accessibility Is Up, but So Are Expectations
One of the most encouraging shifts in the ecosystem is accessibility. As minimum check sizes drop and educational resources proliferate, more operators, founders, and domain experts are becoming angel investors. This democratization is reshaping who gets to participate in early-stage capital formation—and what kind of support founders can expect.
But increased accessibility has also raised the bar. As Hilary Shirazi noted, writing a check is no longer enough. Founders are looking for “value-add angels”—those who bring something distinct to the table, whether it’s operational insight, strategic advice, industry connections, or credibility in future fundraising rounds.
The Scarcity of Top Deals
While there are more investors than ever, the number of high-quality opportunities remains relatively constrained. This imbalance means that access—always a currency in venture—is now a competitive differentiator. For angels without institutional brand names or massive Twitter followings, this can be a challenge.
Here, syndicates offer a powerful workaround. By pooling capital and expertise, they allow newer investors to participate in deals they couldn’t access alone, while giving founders the benefit of collective reach and influence. Some syndicates now function more like micro-funds, complete with investment committees, LP updates, and portfolio support.
Syndicates as Strategic Capital
For founders, choosing angels is increasingly a strategic decision. It’s not just about capital, but about who can open doors, vouch for them in future rounds, and offer hands-on help. Syndicates—especially those formed around shared verticals or communities—can give founders targeted access to experts in product, go-to-market, hiring, and international expansion.
Long-Term Thinking in a Short-Term World
One of the most resonant takeaways from the discussion was the importance of long-term thinking that Peter talked about. Markets shift, valuations fluctuate, and hype cycles come and go. But the best investors maintain conviction over the full arc of a company’s journey.
Successful angels don’t just ask, “Is this a good investment today?” They ask, “Where will this company be at exit, and what market forces will shape that future?” This mindset requires patience, pattern recognition, and a willingness to invest ahead of the curve.
Final Thoughts
Angel investing is entering a new chapter—one defined by greater access, deeper specialization, and increased intentionality. As barriers to entry continue to fall, the need to differentiate as an angel investor is rising. That differentiation might come through building a strong personal brand, leveraging unique domain expertise, or joining a syndicate to tap into collective networks and deal flow.
As both Peter and Hilary emphasized, angel investing is about far more than writing checks. It’s a powerful way to stay close to emerging technologies, learn how markets are evolving, and actively participate in the growth of ideas that will shape the future.
