EXECUTIVE SUMMARY Introduction
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This is the 13th annual Report on Angel Investment in Canada. It is based on information provided by 37 angel organizations on their investment activity in 2022. The number of organizations reporting in 2022 is similar to previous years.
gel investors make 20-40 times as many investments as venture capital firms. Some angel-backed ventures will go on to raise further rounds of finance from ven- ture capital firms, emphasising their role at the start of the funding pipeline. It is increasingly common for an- gel organizations to invest as part of syndicated deals, investing alongside other investors, including other an- gels, venture capital firms, government co-investment funds, and equity crowdfunding. Angel investors are difficult to identify. Many angels are independent investors who invest on their own or with others on an ad hoc basis. Their investments largely oc- cur ‘below the radar’ and are therefore extremely diffi- cult to identify and document and are rarely captured in investment databases. The analysis of angel investment activity is therefore generally restricted to investments that are made in what has been termed the visible mar- ket, comprising managed angel organizations, with the number of members ranging from 10 to upwards of 100.
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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