Compare a friends & family round with an angel round — check size, terms, expectations, and cap-table impact.
Friends and family write the first check on trust. Angels write it on thesis. Both fund the earliest stage; only one scales into a real fundraise process.
$25K-$250K in small checks from people who love you. Use a simple SAFE, cap the round at 5% dilution, and be honest about total-loss risk.
$250K-$2M from 10-25 operator angels. Real diligence, real terms, real network value. Sets you up for a lead investor at seed.
F&F is bridge capital, not a strategy. Move to angels within 6 months to get real signal and follow-on capacity.
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