Our job at PandoDaily revolves around reporting funding, whether it be from a large pool of angel investors or from one of the better-known venture capital firms. The flow from firm to startup is easy enough to follow – especially now that we’ve unveiled scout programs – but where do those firms get money? Betabeat reveals that in New York, a large number of startups are funded indirectly through pension funds. Money doesn’t come from nowhere, so every startup that raises money and fails can impact more lives than many of us realize.

[Source: Betabeat]