• Free Webinar: Regional Innovation Strategies informational webinar | June 14 at 3 p.m. EDT

    SSTI is hosting a webinar featuring EDA's Office of Innovation & Entrepreneurship on the $21 million, FY 2018 award cycle. Register today!
  • SSTI's 2018 Annual Conference - December 3-5 in Salt Lake City

    USTAR is hosting SSTI's 2018 Annual Conference: Navigating the New Innovation Landscape. Join your peers for conversations around emerging challenges and opportunities related to science, tech, innovation & entrepreneurship.
  • Become an SSTI Member

    As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies. Learn more about membership...
  • Policy Academy on Strengthening Your State's Manufacturers

    Funded by NIST MEP and organized by SSTI and CREC, the Policy Academy is an opportunity for states. An RFP and explanatory call are now available.
  • Subscribe to the SSTI Weekly Digest

    Each week, the SSTI Weekly Digest delivers the latest breaking news and expert analysis of critical issues affecting the tech-based economic development community. Subscribe today!

H1’17 HALO Report: $1B invested, median deal size, pre-money valuations both down

November 16, 2017

Median deal size from angel groups fell by 5.5 percent from $127,000 in 2016 to $120,000 in the first six months of 2017 (H1’17), according to the 2017 ARI HALO Report First-Half from Pitchbook and the Angel Resource Institute. In addition to a decline in median deal size, early-stage pre-money valuations also decreased from $3.6 million in 2016 to $3.5 million in H1’17. While there was only a slight drop from 2016, the median pre-money valuation dropped by nearly 24 percent from the record high median pre-money valuation of $4.6 million in 2015.

The report includes data from 1,465 deals and over $1 billion invested in total rounds including co-investors. ARI, however, excluded deals with first-time investment rounds greater than $5 million to avoid skewing the data.

For the first time, the HALO Report includes data on the percentage of angel-backed startups with co-founders versus single founder companies. ARI found that 57.5 percent of all angel-backed deals had multiple co-founders. The number of female-led, angel-backed startups increased from 16 percent in 2016 to 21 percent in H1’17. 

angel capital