EXECUTIVE SUMMARY Angel Organization Characteristics
33
five of the 24 organizations that provided detailed infor- mation on their membership. Every organization report- ed having women angel investors. The median is 18%, slightly improved compared to the previous year. There is considerable variation among organizations in terms of their level of investment activity. This is a long-standing feature. All of the 37 responding angel or- ganizations reported making one or more investments in 2022. 13 angel organizations (35%) made between one and five investments. 16 angel organizations (43%) each made more than 10 investments, with six of these orga- nizations making more than 25 investments (16%). Not surprisingly, there is a relationship between organiza- tion size (number of members) and investment activity, with smaller organizations making fewer investments than larger organizations. The most active organizations in 2022 are, once again, located in Ontario and Quebec. There is some consistency over time in the most active organizations.
There is considerable diversity in the size of organiza- tions, with membership ranging from less than 10 to more than 100. 47% of the angel organizations have 50 or fewer members; 31% of angel organizations have over 100 members. The long-term trend has seen an in- crease in the proportion of larger organizations and a decrease in the proportion of smaller organizations with 25 or fewer members. However, this trend has gone into reverse, with the proportion of larger organizations, de- fined as having over 50 members, lower in both 2021 and 2022. The proportion of women who are members of angel or- ganizations has been increasing year-over-year. Women account for 37% of the members of angel organizations in 2022, up from 27% in 2021, with the proportion more than doubling since 2017 when this information was first collected. A key driver has been the formation of angel organizations dominated by, or exclusively for, women, with women-only angel organizations accounting for
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
Powered by FlippingBook