Typical angel financing terms for mobile app startup?

What would you say are the average angel financing terms for a mobile app that is built and launched on the app store but yet to gain a large amount of traction?

We're planning on listing ourselves on AngelList and would like to get an idea first on what to expect.

Assuming your plan is to raise money from VCs after the initial seed funding from angels, there are two typical structures for the angel round:

Preferred Equity ("Light Series A"): It’s preferred stock similar to what a VC gets, but with lighter terms due to the low valuation associated with it since you're just starting out. If your startup is very early stage, 25% to 50% of the equity for a $500k investment might be "typical".

Convertible Debt: The easier approach. The investment is in the form of a promissory note which converts to equity on the terms of a “qualified financing” (which is usually defined with a minimum amount). The promissory note either converts at a discount to the price of the qualified financing (20% – 40% range is "typical") or will likely have warrant coverage (20% to 40% range) or in some cases, both. This gives the angel additional ownership in exchange for taking higher risk early on in your startup.