From time to time, I read the phrase "leading the angel round". What does that mean exactly?
Typically, leading means to take on the extra burden of sorting out the due diligence, working on the term sheet and doing the negotiations for the entire round. The person that leads usually puts in the most money as well.
Whatever terms the lead comes up with, the "followers" will just use the same ones since terms for a round have to be the same.
The term can be applied to any investor (angels, VC, strategic).