Chris Sacca: The Train Has Left The Station On Early Stage Valuations

Super angel investor Chris Sacca doesn't like all the new competition pushing up valuations in angel deals and seed rounds these days. "It is a train and it is kind of running away," he says on a panel this morning at the Wired business conference. "That layer of the market has an abundance of capital." Sacca, who funded Photobucket from his credit card and was one of the first to put money into Twitter, is now shying away from early stage deals. "I have definitely refocused Lowerstage Capital on later stage deals and my existing portfolio." Everyone wants to be an angel investor all of a sudden. "It is very hip to be an angel investor now," he laments. "There used to be a dozen, two dozen guys at these demo days writing checks. Now there are hundreds." And half of them don't even read the term sheets! How retail of them.