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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