INTRODUCTION Angel Investment Data Sources
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investments; 11 organizations provided information on their aggregate investment activity during the year but not deal-level data. The number of organizations report- ing in 2022 is similar to the number of respondents in recent years (which ranged between 27 and 31). All of the organizations that responded reported that they had made at least one investment in 2022. It needs to be emphasized that the investments re- ported in this Report are a significant underestimate of overall angel investment activity in Canada. First, it only includes the visible segment of the angel market; it does not include investments made by angels invest- ing on their own and through informal groups — the in- visible market — that goes largely unreported. Second, because some organizations did not report their invest- ments it does not cover all of the investment activity in the visible market.
year. The total number of organizations responding var- ies from year to year.
88 angel organizations were contacted in January and February 2023. They were asked to provide information on various aspects of their angel organization character- istics and on each of the investments that they made in 2022. Additionally, they were asked open-ended ques- tions on the extent to which they have reverted to pre- COVID methods of operation, whether they have ob- served changes in the types of businesses approaching their organizations for finance, changes in the approach of their members to investment and whether they have changed their investment preferences, and whether those members who have joined and left the organiza- tion during the year have any distinctive characteristics.
Responses were received from 37 organizations. 26 an- gel organizations provided full or partial details of their
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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