Even that's okay but then companies are dressed up hard to attract a quick investment draw. When it's largely a cheap lottery ticket for the lead.
VC is broken and AngelList allows more exposure to startups but this isn't a good thing.
Compare that to 1-5% for a typical VC fund. Partners in a VC fund also take out 10-20% of the fund in management fees.
You can learn more here https://angel.co/economics-syndicates
Some leads have low skin in the game. In that case, you can always opt out of their investments. Or invest in our funds and we'll make the decision for you (for no additional cost) http://angel.co/funds
P.S. We don't hate VCs. They are among our users and customers.
I took a look at some data a while ago, and your "16% on average" sounds a bit off.
Is it weighted on the amount of investments, or not?
This doesn't make sense, a lead, almost by definition is putting in the largest share. Does that mean that AngelList deals are typically less than 5k?
Most importantly, this guy can break the ice for funding rounds, which gets the thermometer bar for cap table round going. VC's especially don't want to be first, so angels can help sort that out.
Also, another thing to consider is that angels, as a macroeconomic whole, have much more capital and data than in years past, so they're financially able (but not necessarily willing) to gobble up more and more of later-stage rounds.