. He described it as a close group of operators, knitted by the same relationships and even some of the same deals.The name "super angel" is a misnomer. An angel investor describes someone writing checks with their own money, as opposed to an institutional investor, who pools money from outside sources to purchase shares of a private company.
The name is more a reflection of the super angel's background. A good number of them start out investing their own savings — money stashed away from years working in tech or from cashing out their company shares after an exit. Of those founders who leave a business after an acquisition or an initial public offering, at least 5.7% go on to become angel investors, according to
, though its senior analyst Alex Frederick says the percentage could be much higher because many angels are unnamed in regulatory filings.Some of those angel investors graduate to raising a fund. They can access better opportunities with more money to play with, said Katie Jacobs Stanton, the sole general partner ofTwitter's former head of media came out of its market debut with enough cash to start angel investing.
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