What is an “angel round”?
An angel round is an early-stage financing in which a startup raises capital from individual investors — “angels” — typically high-net-worth individuals investing their own money, often before institutional venture capital becomes involved. Angel rounds bridge the gap between founder savings or friends-and-family money and seed-stage VC funding. They are usually small (USD 100k–1M), informal, and structured as SAFEs or convertible notes.
Who angels are
- Operator angels: successful founders or executives investing in their domain.
- Industry angels: senior people in the company’s target market who bring expertise and network.
- Financial angels: high-net-worth individuals diversifying portfolios into venture.
- Super angels: active angels investing in 10-30+ companies per year, often with small fund-like structures.
Angel round mechanics
- Round size: typically USD 250k-1.5M, occasionally up to USD 3M.
- Check size: per-angel investment usually USD 10k-100k; super angels may write USD 100k-500k.
- Valuation cap: seed-stage caps typically USD 5-15M post-money for SAFE structures.
- Instrument: almost always SAFE or convertible note for speed and simplicity.
What angels bring beyond capital
- Domain expertise: operator-angels accelerate go-to-market by introducing relevant patterns.
- Customer introductions: industry-angels often deliver first-customer relationships.
- Recruiting help: active angels often connect founders to key hires.
- Follow-on credibility: a name-brand angel signals quality to institutional investors.
Türk angel ekosisteminde
Türk angel investment ekosisteminde Galata Business Angels, Keiretsu Forum Türkiye ve TBAA (Türkiye Business Angels Association) en aktif yapılardır. Yerel angel turları tipik olarak 100-500k USD aralığındadır; super angel kategorisi sınırlıdır. KOSGEB ve TÜBİTAK BİGG hibeleri angel finansmana paralel olarak seyreltici olmayan finansman sağlar. SPK lisanslı melek yatırım fonları (BSA — Bireysel Katılım Yatırımcısı) vergi avantajı sunar.
Do: select angels for both their capital and their non-capital contribution — operator-angels meaningfully accelerate early stages.
Don’t: accept too many small angel checks — managing 30 angels at $10k each creates governance complexity without proportional capital.