angel capital

New report highlights trends in habits, outcomes of angel investing

A recent report by PitchBook indicates that angel investing is seeing fewer unique participants and a greater share of activity from groups than individuals. The same report provides an analysis of startup outcomes based on whether the company began with an angel or venture capital (VC) round and finds companies with angel backing initially look stronger but have a more mixed record over the long-term.

$8.1 billion in state angel tax credits: Creating investors or more successful entrepreneurs?

Many of the most successful technology, life science and advanced companies in the country received financing in the form of an equity investment during their rapid growth and scaling stages of development.  Whether viewed as valiant, villains or vultures, the presence of individuals and firms willing to provide capital to companies when they have few physical assets or revenues is strongly associated with healthy regional innovation economies. As a result, considerable policy attention has been focused by states on increasing the amount of risk capital flowing to local startups.

Recent research: Angel tax credits not showing economic impact

In a new working paper, Sabrina T. Howell of New York University and Filippo Mezzanotti of Northwestern University provide a systematic review of state angel tax credits. One of the most notable aspects of their research is a seemingly-comprehensive index of all of the relevant programs authorized by states over the past 30 years. The results indicate that angel tax credits have some impact on investment activity but not on economic outcomes.

2018 Halo Report released

The Angel Resource Institute has released its latest analysis of 2018 angel investing. Characterizing the full year of investments captured in the annual survey – more than 2,500 individual transactions – the report profiles activity by several different factors useful in understanding regional differences in the early stage financing community. It should be noted, however, that adjustments in the deal size ceiling for inclusion in the analysis for 2018, to reflect the degree to which angels are participating in next-stage rounds (Series A), make comparisons to previous years less meaningful.  

States look to investment tax credits to increase economic growth in DE, NJ, TN

Over the past few weeks, Delaware, New Jersey, and Tennessee have proposed, announced or expanded investment tax credit programs to spur job creation and innovation. In Delaware, Gov. John Carney signed the Angel Investor Job Creation and Innovation Act, while Tennessee is expanding its Angel Tax Credit criteria, and New Jersey is proposing establishing innovation zones and tax credits for high-tech businesses within those zones.

Angel deals see big increase in female firms and greater geographic diversity, according to HALO Report

In 2017, 25.7 percent of all angel capital group deals went to a founding team with at least one female founder, up from 17.0 percent in 2016, according to the Angel Resource Institute’s (ARI) HALO Report: 2017. The report also found a sizeable increase in the number of deals made for companies that included at least one minority female founder – 5.5 percent in 2017 (1.0 percent in 2016).

Angel investment more widespread, still struggles with diversity

While venture capital remains heavily concentrated across a select few metropolitan areas, the geographic distribution of angel investors is widespread, according to new research from the Angel Capital Association, The Wharton School at the University of Pennsylvania, and the John Huston Fund for Angel Professionalism at Rev1 Ventures.

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

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.

Angel dollars and deals down in 2016, CVR report

The angel investor market in 2016 experienced a decrease in investment dollars and deal size, according to a new report from the Center for Venture Research (CVR) at the University of New Hampshire. CVR researchers found that total investments were $21.3 billion in 2016, a decrease of 13.5 percent from 2015.

2016 Halo Report: $3.5B invested, pre-money valuations down, syndicated deals up, inclusion is a work in progress

In collaboration with the Angel Capital Association and Pitchbook, the Angel Resource Institute (ARI) released its 2016 Annual Halo Report, which highlights several trends including a decrease in median pre-money valuation from 2015; an increase in the number of syndicated deals; and, data revealing the lack of angel investments in both female- and minority-led startups.

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