Offshore Rocket Launch Platforms, Angel Board Representation is Cratering, and Why VCs Pass on "Hairy" Cap Tables

Happy Thursday.

In today’s issue:

• Angel Deals of the Week | 140 Deals, 94 Networks

• Bookmarks I think you’ll enjoy

• The best nugget from my conversation with Larry Warnock, Founding Partner of Ring Ventures

🔥 Angel Deals of the Week

Angel funding rounds announced in recent weeks, compiled from public sources. These deals represent the elite few that survived an angel network’s vetting process. Note: I have not personally analyzed these companies and am sharing for informational purposes only.

📊 Angel Network Investment Tracker: 140 Deals, 94 Networks.

Seagate Space | Offshore rocket launch platforms

Participating Groups: New World Angels

Seagate Space is developing Gateway-S, a semi-submersible offshore launch platform for commercial and defense missions. The company has received preliminary design approval from the American Bureau of Shipping, the maritime industry's leading safety certification body, as the first modular offshore platform to meet new spaceport requirements. Company materials indicate U.S. orbital launches have increased by more than 125% in recent years and are projected to double again by 2027, overwhelming land-based ranges. The platform is designed to be repositionable to avoid weather disruptions. Seagate Space will use the capital to accelerate platform certification and hydrodynamic testing.

Michael Anderson | St. Petersburg, FL | January 2026 | Source

Cartwheel | Non-toxic pediatric health solutions

Participating Group: Aggie Angel Network

Cartwheel is developing non-toxic over-the-counter health products for families, starting with Nit Happens, a head lice treatment the company says addresses drug-resistant "super lice." An independent study showed 95.8% effectiveness for the patented, natural formula. The company recently secured investment from Aggie Angel Network to support its national rollout, including a March 2026 launch in 6,000 Walgreens stores.

Joanna Shu | Marblehead, MA | January 2026 | Source

ClearCut Surgical | Multi-Function electrosurgical device

Participating Group: Angel Investor Forum, eCoast Angels, Harvard Business School Alumni Angels

ClearCut Surgical is developing a patented four-in-one surgical device that combines electrosurgery, liquid suction, blunt dissection, and smoke evacuation into a single-use tool. The device was invented by two Boston surgeons to address limitations in existing electrosurgery tools. By integrating multiple functions, the device reduces instrument switching during procedures while maintaining visibility throughout surgery. ClearCut recently secured $3.7 million in Seed Preferred funding led by MassVentures, with participation from Launchpad Venture Group, Angel Investor Forum, eCoast Angels, HBSAA, and Imbolc Partners.

Alex Yang | $3.7M Seed | Boston, MA | January 2026 | Source

📣 Have an Angel Deal to Announce?

🔖 Bookmarks

1. 🎮 Game Over for Game Devs? Google announced a new AI model called "Project Genie" that creates playable worlds from text prompts. Gaming stocks dropped 10-20% over the weekend on the news.

2. 🪑 Board Seat Pls: Piles of data from the Angel Capital Association illustrating how angel investor board representation is cratering, hitting just 16% in 2024 despite being correlated with stronger returns.

3. 📊 The Special Century: Marc Andreessen made a point that really caught my attention on Lenny's pod this week: despite all the tech optimism of late, US productivity growth has been running at half the pace of 1940-1970 for the last 50 years. Huh?? So I poked a bit on this idea and found Jason Crawford's summary of Robert Gordon's Rise and Fall of American Growth, which explores some data supporting Andreessen’s claims. The thesis: 1870-1970 was a one-time economic miracle where everything changed at once - food, clothing, homes, transportation, medicine, work. But since 1970 growth has been primarily centered in computing and communications, which have less substantive impact on daily life and overall well-being. Fascinating way to consider the definition of “progress.”

🥇 The Nugget: My Top Takeaway from A Conversation with Larry Warnock

Don’t be weird about it 👽

Side letters for extra common stock or "founder-esque" investor treatment can feel like smart moves - protect downside, boost upside. In reality, they can shoot a startup in the foot before it leaves the starting gate.

VCs who see messy cap tables face a choice: start the relationship with contention (unwinding the mess, simplifying things for their future investors) or simply pass. Based on what Larry shared with me, the answer is almost always pass. VCs don't walk away because the mess is unfixable. They walk because life's too short to untangle cap table complications before the real work even begins.

Takeaway: Early-stage founders are often receptive to angel input on terms - resist the temptation to carve out something special, and instead channel that energy into helping the business. Stick with standard instruments like SAFEs and convertible notes to help founders keep their cap table nice and boring.

Want more? Check out my full conversation with Larry 👇

Listen now on Apple Podcasts, Spotify, YouTube, and more.

Until Next Week 👋

Thanks for reading - have a great week.

-Andrew

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