The so-called early-stage funding frenzy seems to be a real phenomenon, with the numbers to prove it. The median angel round for American start-ups grew 40 percent last year, to $700,000 from $500,000.

All these assessments come from analysis of 573 deals in 2011, worth a total of $873.3 million dollars, as compiled in the first “Halo Report,” a joint project of the Angel Resource Institute, Silicon Valley Bank and CB Insights.