Surprising views of startups on fundraising

We asked ~60 startups their fundraising experience and got some surprising results.

1. 40% startups raised money from angels, 30% from friends/family, 15% from VCs, 10% from accelerators and 5% still deciding. This is against popular notion that friends/family contribute more than angels.

2. 50% startups pitched to <5 angels/VCs, 30% pitched to 6-10 angels/VCs and 20% pitched to >10 angels/VCs. This too is against popular notion that one needs to pitch to many angels/VCs.

Is this variation because we have emerging market startups too in the respondents?

You could also please share your fundraising experiences at: http://bit.ly/18aFwFC