This is a tough game for most of the existing players - not because of the network effect, but because they all lack tech and importantly, the power of curation!
"Our qualified view is that there definitely is a need. However, it requires a fresh approach than following the herd which has been shown by the present incumbents. While LetsVenture began with a nice fresh outlook to the problem, the lure of closing deals has made them forget the platform it could have been*. Unfortunate events internally have also hampered them a lot.
We do need the next set of angels to come on to a great platform. But not one whose only function is facilitating investments. Such platforms will inevitably be commoditized out. The real value addition is in integration upstream where qualified and curated leads come into systems – thereby making new (and existing) angels discover new startups easier AND invest easier."
I wrote about this earlier:
Are Funding Platforms Really Adding Any Ding To The Funding Ecosystem?
Aside, Letsventure's Utsav somani is joining Angejlist - maybe they should have had a no compete clause, just the way they had with their cofounder.