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As I've mentioned in past columns, there's a growing trend for angel investors to come together and invest as a fund. Typically, these funds make investments ranging from $100,000 to $500,000 at one time and occasionally are supplemented with private investments from individual angels.
Again, the amount of initial investment by founders and the amount being invested now has nothing to do with change in your ownership. Its all about how much equity now goes to the investor. Say at the start Robin has 40% and the other four has 15% each. The investor puts half a million and takes 20% of the company.