So... venture capital? The difference between angels and VC is that angels are investing their own money and VCs are general partners investing on behalf of their limited partners (investors). Not a new experiment at all, it's just smaller scale VC.
No management fees, angels invest their own money alongside, no 10-year lockup, enter / leave with one click, track everything online, and have 40 angels invest $25M instead of 2 VC Partners. But yes, other than that, there's nothing new here.
