This is a guest post from my partner, erik rannala thats originally published on Techcrunch.

Much has been written about the Series A crunch that is facing entrepreneurs and their investors. Those who believe the crunch is upon us contend that a significant number of seed-funded startups will not be able to raise follow-on financing. A cursory review of the data reported recently by CB Insights would seem to support the fact that the Series A crunch is a market reality.

However, while the CB Insights data, which includes angel-funded new ventures, shows a significant increase in seed activity, the PwC MoneyTree data shows a more nuanced story. Looking at PwC MoneyTree’s almost 20 years of venture investment data (below), it turns out that the Series A crunch is a phenomenon that is disproportionately driven by, and will disproportionately impact, the bottom of the startup financing market: angel investors.

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