I'd argue you're actually seeing the emergence of a "new series A"/"first money in" investor category. Often angel investors who raise seed funds or small venture funds fit in this category. These include (but not limited to) Mike Maples/Floodgate, Aydin Senkut/Felicis, Hunter Walk/Homebrew, Aileen Lee/Cowboy, Michael Deering/Harrison, and several others. Also see Heavybit for a recent category-specific innovation. Also Union Square, Foundry, Upfront (Mark Suster) do a lot of this. I think there may be more high quality investors at the early Series A tier than ever before, but many of them are new.