Startups Decoded S2E16: Angel Money Isn’t ‘Play Money’. It’s a Major Advantage - with Katie Dunn.
Women, BIPOC, and LGBTQIA+ founders still get boxed out of capital, but Katie Dunn has built her angel investing thesis to do the opposite, and she’s doing it with actual reps (29 investments) and serious financial scar tissue (25+ years in banking with $10B financed).
In this episode, Katie breaks down what early-stage angels really look for when they say they’re “betting on the founder”, why most cold outreach fails (hint: nobody reads the investor’s thesis), and how underrepresented founders can cut through the noise with clarity, credibility, and a simple story that lands.
We also get into the underrated part: investor relationships. Katie explains why your first investors should be your easiest next-round capital, why founders go dark when things get hard (and how that backfires), and how angels often deliver more value than VCs because they actually have time, context, and intent to help.
If you’re raising pre-seed/seed, building community, or trying to stop fundraising from eating your soul, this one’s a practical reset.
Chapters
- 00:00 Introduction to Angel Investing
- 04:18 Katie’s Journey in Finance
- 06:55 The Importance of Diversity in Funding
- 10:04 The Role of Immigrants in Startups
- 12:43 Building Community and Networks
- 15:30 The Value of Collaboration
- 18:23 The Role of Angels vs. VCs
- 21:07 The Importance of Communication
- 23:45 Finding the Right Investors
- 26:45 Using Technology to Connect
- 29:32 Assessing Founders and Their Pitches
- 32:20 The Art of the Pitch Deck
- 35:01 Final Thoughts and Resources
An experienced angel investor, board director, and startup advisor investing in underrepresented U.S. founders at the pre-seed and seed stages, primarily in CPG and technology. Through Masthead Strategies, she’s helped founders raise over $30M by combining investor psychology, storytelling, and AI-powered tools.
Her portfolio includes Outcast Brands (Blood Monkey Gin, Two Shores Rum), Another Tomorrow, Juliet Wine, WTHN, Forecastr, and Goodword. Katie also serves on the boards of Outcast Brands and the Enthuse Foundation, and advises Fierce Foundry, a femtech venture studio.
Who Should Listen
- Founders preparing to raise pre-seed or seed capital
- Underrepresented founders seeking tactical fundraising advice
- Angels or new investors looking to sharpen their evaluation process
- Anyone who wants to understand how trust, clarity, and communication drive funding decisions
Music Credit
“Neptuno” – Phondupe (Album: Onykia)
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