can you elaborate on the 'fail because of timing'??

Do you mean a VC funding cycle where most funds are distributed in one quarter over another (or time of year)?

Maybe I continue to miss something.

Thanks

I mean more the fact that other startups will be raising at the same time, and you will be competing for attention and money.

Consider: Does an angel want take some dollars and a) invest in a new hot startup that he just got introduced to or b) double down in a startup that hasn't seen traction yet and is going back for another year's worth of runway?

Using story-based reasoning, the investor is able to convince himself that A is a much better opportunity.

Thanks for clarifying your thoughts on that.

Though I would have thought most start-ups are not returning to Angels for a follow-on round, but rather progressing to VCs for a seed round.

I see your logic as the business is probably relying on the initial angel to lead a Series A.

If you have raised 500k, and have been working for a year and have not shown any traction, you are going to get punished if you try for a series A. You'll do better going back to your angels -- but the current crop of angels may react differently than you expect/hope. That's my overall point.