About AngelList
AngelList is a platform for startups. It is a US website for raising equity or debt investments for startups. Only accredited investors can invest. It does not handle any investment funds.
Angel Nest is the code name of a project initially commissioned by a so called entrepreneur. The system itself and the business are modelled after AngelList. The goal of this project was to become one of the first ones targeted at the Chinese entrepreneurship and investment market. The story behind this: http://fredwu.me/post/9036730472/open-sourcing-a-200-hour-project-the-story-behind-it