Tech startup funding has been changing, with new kinds of investors these days backing most companies at their earliest, riskiest stages.
Where it’s leading is hard to tell.
And what to call people can be fuzzy, too. The old labels used for startup funding — who’s an angel and who’s a venture capitalist — often don’t work because things have changed so much.
Before the early 2000s, VCs with early-stage funds commonly made $200,000 to $500,000 investments for minority stakes in new…