Angels usually target early-stage startups and invest anywhere from $25,000 to $500,000. Angel investors often provide the seed money to get a business up and running while the founders pursue other sources of financing, such as venture capital. Anything exceeding $500,000 is considered venture capital.
Some angel investors operate as a collaborative fund. This is similar to a venture capital fund, except the number and size of investments are generally smaller.
Remember, angels don´t just invest money. Most angels invest in businesses closely related to their areas of expertise and take a significant role in the development of young companies. Often the business experience and networking opportunities angels bring to a company are just as valuable as the money they invest.