Angel investing is a relatively new phenomenon outside the US. As the digital economy successful exits reach Europe and Asia, new wealthy entrepreneurs are inclined to invest part of the gains back into the ecosystem. Besides, many countries provide a fiscal incentive for doing it.
Looking at angel investing from a US perspective might trigger interesting learnings.
For one thing, angel investment in the US has collapsed. In 2015 angels led 714 rounds, in 2018 only 156 rounds. In the same period, the median angel round has fallen from $500k to $270k. Angel investing is now less than 5% of the first round money.