2023 Report on Angel Investing in Canada 121923W6

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Investment Characteristics: Regional Distribution 3.8

A ngel investment activity continues to be distrib- uted unevenly across Canada. Central Canada (Ontario and Quebec) accounted for 78% of the total amount invested in 2022, with Western Canada ac- counting for 18% of the amount invested and Atlantic Canada accounting for 4% (Figure 20A). Central Cana- da also dominates in the share of investments, but not to the same extent, accounting for 59% of investments in 2022 compared with 37% in Western Canada, and 3% in Atlantic Canada (Figure 20B). The dominance of Cen- tral Canada is longstanding (Figure 23).

Central Canada’s dominance is a function not just of its greater number of investments but also on account of its higher mean size of investment. The mean size of investment in Central Canada in 2022 was $285,161 compared with $220,274 for Canada as a whole. How- ever, as was the case in 2021, Atlantic Canada had the highest mean size of investment in 2022 ($294,274). Western Canada’s mean size of investment was much lower ($80,760) (Figure 21). 5

5 It is important once again to note that the investment activity in regions with fewer angel organizations is influenced by those angel organizations which provide invest- ment data and those which do not respond.

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