Impossible to define an actual number. My experience tells me that most individual angels like to write $25-50k checks for companies they really don’t know well. More professional angels seem to like to do $75-100k. Somewhat the amount you raise will depend on your needs, how much you’ve raised in the past and how much you think you can raise quickly enough. If it’s your first ever raise, many people try to go for $100-$250k because there are less people to ask for money. You can use this to get more product out the door, pay some staff and get your customer traction. Most larger angel rounds are in the $500-$750k range. Obviously harder because you either need a large anchor ($250k) or you’re talking about 10 x $50k people / 5 x $100k. If you’re less experienced I’d probably set a max of $250k on your first raise – but I want to emphasize that every situation is unique. I just wanted to provide some guidelines.