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The case deals with the investment process followed by Calcutta Angels Network (CAN) to invest in early stage deals. Angel networks like CAN bring together angel investors on a common platform, so that they can benefit from a well defined procedure for deal analysis, investment and monitoring. However, investment in the angel stage is challenging since there is very little financial information available and the evaluation is mostly qualitative. To mitigate the issue, CAN follows a structured process to evaluate the proposal through a BCA (business case analysis) form, after which the DSC (deal screening committee) arrives at a score to evaluate the investment potential. Finally, for shortlisted start-ups, a deal session is conducted where the founders are judged and additional questions are asked to understand business potential. The case ends with the investor pondering the right questions to ask at the deal session, before making the final investment.