If your company has VC investors, they will reduce the probabilities of an exit that would produce a 1-5x return for the angels. That exit might have produced a 100x return for the entrepreneurs because they paid much less than the angels for their shares. Having VC investors does increase the probabilities of exits above a 5x return. But there is no free lunch. This data shows that after a VC invests your chances of failing completely also increase significantly.