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What role has angel capital played at Phunware? Phunware was established in February 2009 and over the first five years we raised approximately $17.5M in angel money. In fact, this was the only type of external capital that we raised during our formative years as we purposefully chose not to take funding from any corporate, venture or institutional investors.

Image: http://www.angelcapitalassociation.org/ 

To read the original article: Protect Angel Funding: The View of an Active Angel Entrepreneur