Again, forget about who "needs" what. The basic problem is that you don't have a written agreement. Time to negotiate with your co founder and get something signed. I obviously don't know anything about each of you, but if you are truly each contributing 50% to the success of the company then your angel investor co-founder is not getting 50% of the value at present, so has, in this scenario, a point.
I've seen lots of best friend co-founders end up not being able to be in the same room together eventually. Most of these situations boil down to fundamental misunderstandings that could have been addressed at the beginning. That's why signed employee agreements (where compensation, equity, vesting, and expectations are clearly laid out in black and white) are a must.
I've seen lots of best friend co-founders end up not being able to be in the same room together eventually. Most of these situations boil down to fundamental misunderstandings that could have been addressed at the beginning. That's why signed employee agreements (where compensation, equity, vesting, and expectations are clearly laid out in black and white) are a must.