Fails to secure investor in La-La land (3,7)

I believe the answer is:

los angeles

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'la-la land' is the definition.
I can't judge whether this defines the answer.

'fails to secure investor' is the wordplay.
'fails' becomes 'loses' (I've seen this before**).
'to secure' is an insertion indicator.
'investor' becomes 'angel' (term for a financial backer of new businesses).
'loses' placed around 'angel' is 'LOS ANGELES'.

'in' acts as a link.

Can you help me to learn more?

(Other definitions for los angeles that I've seen before include "American city" , "Hollywood's city" , "LA, California" , "city abroad" , "Hollywood city" .)

I've seen this clue in The Telegraph.

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