Interesting data on impact of VC investment on startups with angel investment, based on a Kauffman Foundation study.

Couple of interesting nuggets:

• Angel investors are generating 27% Internal Rate of Return (2.6x investment in 3.5 years)
• However, average return is fairly meaningless; 52% of investments returned less than the investment amount, while 7% returned > 10x, accounting for 75% of the total investment returns.
• Startups that take VC money after taking angel money descrease their chances for a 1x to 5x exit by ~20%. They increase chances for a 5x to 10x exit by ~7%, however.