Below is a clear comparison of how venture capital (VC) funds and angel investors differ, plus the practical implications for founders choosing between them.

1. Who they are

• Angel investors: High‑net‑worth individuals (often founders, executives, or professionals) investing their own money.
• VC funds: Professionally managed pooled investment vehicles (partners/managers investing other people’s capital — institutions, family offices, high‑net‑worths).

2. Typical check sizes and timing

• Angels: Smaller checks, commonly from a few thousand up to low‑six figures (can be larger for “super angels”). Used for pre‑seed and seed rounds.
• VCs: Larger checks (often mid‑six to multi‑millions), suitable for Series A and later rounds, or as lead investors in larger seed rounds.

3. Investment stage and appetite

• Angels: Comfortable with very early, higher‑risk companies with unproven traction.
• VCs: Prefer companies with traction, scalable business models, and clear exit potential; some VC micro‑funds and early‑stage VCs do seed deals but still expect a path to scale.

4. Decision process and speed

• Angels: Faster, informal decision‑making (individual judgment). Can close quickly.
• VCs: Formal investment committee process, longer diligence and legal negotiation — slower to close.

5. Due diligence and structure

• Angels: Lighter diligence; deals often done with simpler documents (e.g., convertible notes, SAFEs, simple equity).
• VCs: Rigorous due diligence (financial, legal, market, technical) and more complex term sheets (preferred stock, detailed governance, protective provisions).

6. Governance, control and terms

• Angels: Tend to accept founder control and simpler terms; less insistence on board seats or protective rights (though some angels take advisory roles or seats).
• VCs: Typically require stronger governance protections — board seats or observer rights, anti‑dilution, liquidation preferences, covenants, and milestones.

7. Involvement and value add

• Angels: Often very hands‑on mentoring, introductions, early customer or engineer recruitment — but varies by individual.
• VCs: Provide strategic guidance, hiring and fundraising support, network access, introductions to customers and later‑stage investors; can provide follow‑on capital.

8. Incentives and time horizon

• Angels: May have longer personal time horizons and varying return expectations; some invested for strategic or philanthropic reasons as well as returns.
• VCs: Operate on fund life cycles (typically ~7–12 years) and have fiduciary duty to deliver returns to limited partners, leading to stronger focus on exit timing and high multiples.

9. Follow‑on funding

• Angels: May not have large amounts to follow on; founders often need to raise from VCs for larger rounds.
• VCs: Can and often will reserve capital for follow‑on rounds, providing continuity across growth stages.

10. Pricing and valuation negotiation

• Angels: More flexible; pricing sometimes based on founder relationships or simpler market signals.
• VCs: Valuations are negotiated with more rigorous benchmarking, market comps, and term tradeoffs.

11. Legal/administrative overhead and costs

• Angels: Lower up‑front legal cost if using standard docs; fewer reporting requirements.
• VCs: Higher legal complexity and ongoing reporting/covenants; founders should expect more formal governance processes.

12. Syndication and signal

• Angels: Syndicates of angels can pool checks; presence of well‑known angels provides endorsement but less institutional signal.
• VCs: A reputable VC lead gives a strong market signal, which helps attract follow‑on investors, hires and customers.

13. Tax and regulatory aspects (high level)

• Angels: Personal tax treatment varies; some countries or regions offer investor tax incentives.
• VCs: Fund structures and tax rules differ by jurisdiction; VCs are professional entities following regulatory and reporting rules. (Check local rules for specifics.)

When to choose which

• Use angels when you need fast, small amounts, early validation, or founder‑friendly terms and hands‑on mentoring.
• Seek VC when you need larger capital to scale quickly, want institutional credibility, and are prepared for rigorous diligence and governance.

Hybrid options and variations

• Super angels, angel syndicates, micro‑VCs and pre‑seed funds blur the lines — some angels act very professionally and some VCs operate at seed size. Many startups take angel money to get to metrics that attract VC leads later.

Practical tips for founders

• Match investor type to your stage and capital needs.
• Consider who brings the most useful network and domain expertise, not just money.
• Read term sheets carefully: smaller checks can still have restrictive terms; institutional VCs tend to standardize more complex protections.
• Preserve runway and optionality — too much early concentrated control by a single investor can complicate future rounds.

If you’d like, I can:

• Give typical check‑size ranges in a specific currency/region (e.g., Australia),
• Summarize common term sheet clauses to watch for, or
• Draft a short checklist to evaluate an investor.