The lines are getting a little bit blurred. Angel capital really happens.... If you think about the pathway of a company to market, the company at the very early stage, pre-prototype, would seek typically a friends and family round. That would cover their costs of start-up and getting going, and hopefully get them to an early prototype stage. That's typically where an angel investor...where the angel risk capital would play. Angels would put in more than a friends and family round. Typically, angel investments range anywhere from $150,000 to upwards of $2 million into any given investment they make, sometimes with or without a follow-on round.
Venture capital is now going earlier. It never used to. Venture capital typically comes into the next round at a series A level, and the amount of money going in at an early stage venture round is typically in the neighbourhood of $500 to $1 million. It then ramps up from there all the way to $30 million, $40 million, $50 million, depending on the size of the investment and the capital requirements. That's the difference. If you wanted to follow a company through its financing rounds, that's how it would flow.