Much like venture capital fund-raising, an angel funding round usually involves more than one angel. For example, if you’re raising $500,000, you may find angels that invest anywhere from $20,000 to $100,000 to finally get you to the $500,000 total.
Unless you are raising a very small round, you’ll need multiple investors. Also, there’s a benefit to having multiple investors – because it means you’ll have multiple people to approach if you end up needing more funding. And multiple people to go to to get introductions to other potential investors for future rounds.
Each individual angel may be hesitant to invest until they are confident that enough others will invest to ensure that you receive sufficient funds to pursue your growth strategy. One technique for increasing investor confidence is to have each investors check go into an escrow account (likely an account with your law firm) with the agreement from the law firm that no funds get released to the company until some agreed-upon minimum investment amount is reached.