An Angel's Perspective: Put 100 Dollars into a Seed Startup or Growth-Stage 91APP?

I saw a discussion on Facebook and thought we could change perspectives with a hypothetical scenario. You are an angel investor—say, a retired executive from a large corporation with some spare money for different investments. Suppose you worked for 40 years, retired as a professional manager, and finally saved 100 million dollars. You have broad connections, know many people, and have experience running companies, assessing investments, and managing them. After retirement, out of goodwill, you advise startup teams and do some angel investing. You encounter a promising team. Suppose the founders are not coming empty-handed: they have sincerely put up 1 million dollars themselves. Your angel investment club also decides to invest, with several angels pooling 10 million. The team and the angels each own 50%. Suppose each side receives 100,000 shares; the angels' premium is nine times the team's cost. Calculate it, and the angels' cost is 100 dollars per share. For that investor, 100 dollars could instead buy 91APP in the secondary market, hoping for higher market share and overseas expansion. Of course, many other good companies are available too. The shares are liquid, the return multiple over ten years might be quite good, and an unexpected emergency could be met by selling at any time. If you were that retired executive, how would you invest? Would you put 100 dollars into a seed-stage startup or growth-stage 91APP? My additional suggestion: fundraising needs a sequence. You may not want to raise externally so early. First build an MVP and refine the product. Rushing to seek a high price without results may lead to repeated emotional bruising, followed by complaints that the environment is unfriendly.