INVESTMENT ACTIVITY IN 2022 Investment Characteristics: Firm Size
134
tively few investments in businesses with more than 20 employees (15%). Follow-on investments are typically in slightly larger firms – half were in businesses with 5-9 employees compared with 21% in businesses with 1-4 employees. However, just 7% of follow-on investments were in businesses with more than 20 employees.
FIGURE 19
Firm Size at Time of Investment
A: New Investments
B: Follow-on Investments
8
30
6
20
4
10
2
0
0
1 to 5
6 to 10
11 to 25
26 to 50
51+
1 to 5
6 to 10
11 to 25
26 to 50
51+
Firm Size
Firm Size
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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