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Cover of Angel in Hell
English · 2025 Featured

Angel in Hell

How to raise funds from investors and why it is not always worth it

by Lech Kaniuk

How to raise funds from investors and why it is not always worth it.

The English edition of Anioł w Piekle. Lech Kaniuk writes about startup financing from both sides: as a founder who raised money from business angels, funds, public sources, partners, suppliers, and customers, and as an investor himself. The book covers whether you really need an investor, financing sources, VC fund mechanics, preparation, negotiations, follow-on rounds, exits, and fundraising documents.

Table of contents

  1. Word from the author Free
  2. 1 Introduction – Angel in hell Free
  3. 2 Why do you need a business, do you need an investor, and financing sources Free
  4. 3 Glossary and Venture Capital Funds
  5. 4 Fund structure and how VC funds exit startups
  6. 5 Raising capital
  7. 6 Milestones, preparation, and getting an investor
  8. 7 Negotiations, the first round, and follow-on rounds
  9. 8 Exit
  10. 9 Documents: one-pager, pitch deck, term sheet, cap table, and ESOP

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What readers say

4.85★ · 20 ratings — Goodreads

"Highly recommended for anyone who's looking for VC and at the same time doesn't want to sell too much too early! 10/10."

Marcin Osman , Goodreads review

"Mandatory reading for anyone considering outside funding from angels or VCs."

Michał Pośnik , Goodreads review (transl.)