Short answer: less than you think.

Before we get into the specifics… hi! I’m Brian Nichols, founder of Angel Squad.

‍

Kera recently promoted me to head writer of Small Bets, and I couldn’t be more pumped that she chose me over Hustle Fund GP, Eric Bahn. 

I’ve been angel investing for 7 years, and have helped 175 startups raise a total of $80M+ in funding from well over 2,000 investors through my syndicates.

Kera interviewed me for a Small Bets article a few years ago, but today is my first time writing something on my own.

Am I nervous? Maybe a little. Do I secretly worry that you’ll like Kera more than me? Absolutely (she’s great, I get it).

So here’s my promise to you:

1. I will continue to deliver practical, tactical information on early-stage startup investing every Wednesday through this newsletter.
2. I will try REALLY hard to be as charming and brilliant a writer as Kera is.
3. I will regularly challenge archaic investing traditions that have no place in today’s world.

Deal?

And in return, would you do me a HUGE favor? Will you reply to my emails every so often and just let me know what you think? 

Good, bad, and in between…I’m here for it.

Ok, now onto the good stuff.

What’s the minimum amount I can invest as an angel?

Less than you think.

• Crowdfunding (e.g. on Wefunder): often $50–$500 per deal
• Syndicates / SPVs (e.g. on AngelList): usually $1k–$5k
• Direct rounds: typically $10k–$25k+

There isn’t a universal “minimum” anymore. Platforms have made room for smaller checks. 

More investors on the cap table → stronger networks → better deal flow.

Step 1: Start small on purpose

When many of us started, we made the classic mistake: trying to write “impressive” checks right out of the gate. 

“Look how fancy me and my $25k check are!” 

This is a bad idea. If you start with small checks, you’ll give yourself more shots on goal. This will allow you to learn as you invest.

Ten $1k reps beat one $10k swing when you’re still calibrating.

You’ll find the founders you click with, the sectors that energize you, and the few questions that unlock truth fast.

Like, “Do ALL food and beverage startups have a massive problem with packaging?”. Why yes, yes they do.

Founders also value the helpful $2k investor more than the silent – or worse, annoying – $25k investor.

Step 2: Maximize learning per dollar

Small-check investing isn’t just “write smaller checks”. It’s about deliberately maximizing learning per dollar.

Learn alongside a few experienced angels. Borrow their pattern recognition while you build yours.

They won’t mind, I promise. Experienced angels love showing off their smarts to new ones.

Take notes every time:

• why you invested
• what you expected
• what happened 

Those notes become your pattern engine.

Once you establish your pattern, you can decide if you want to keep writing checks, or watch how your existing ones play out.

Step 3: Build credibility beyond capital

Your check matters. But your help matters more.

One customer intro that actually converts. One sharp product note that saves a sprint. Quick market context. 

The founder community is surprisingly small. Build a helpful reputation and deal flow follows, regardless of check size.

Step 4: Scale when conviction is earned

Usually after 10–15 small checks, the picture sharpens.

You’ve seen great vs. good. You know your red flags. Your thesis tightens.

Then, scale deliberately.

Take the follow-on approach. 

When you find a company you believe in, participate in multiple rounds to double down on winners and learn how companies evolve.  Learn how they change from seed to Series A and beyond.

Notice we said “scale deliberately”. We did NOT say “scale quickly”. That was on purpose.

The goal isn’t to write bigger checks; it’s to get returns and support great founders.

A quick case study

Year 1: Ten $1k checks in familiar sectors. You’re helpful with intros. Your notes are tight. Your reputation is solid.

Year 2: Two companies pop. You follow on, with a clearer thesis pulled from your notes.

Result: Sharper judgment, founder referrals, and bigger allocations — without leading with check size.

The takeaway

Minimums are lower than ever, and that’s created an unprecedented on-ramp for new angels. 

Treat small checks as education, build relationships, and scale thoughtfully as your conviction grows.