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Investment Activity by Organization 2.7
T here is considerable variation among organizations in terms of their level of investment activity. This is a long-standing feature of investment activity. All 37 angel organizations that reported made one or more in- vestments in 2022. Thirteen angel organizations (35%) made between one and five investments. Sixteen angel organizations (43%) each made more than 10 invest- ments, with six of these organizations making more than 25 investments (16%). These proportions have fluctuat- ed over time (Figure 7).
Not surprisingly, there is a relationship between organi- zation size (number of members) and investment activi- ty, with smaller organizations making fewer investments on average than larger organizations (Table 4). The most active organizations in 2022 that responded to NACO’s survey are once again located in Central Cana- da (specifically, Ontario and Quebec) (Table 5). There is some consistency over time in the most active organi- zations, with the Northern Ontario Angels (NOA) featur- ing in the top five ranks every year since 2015 in terms
2023 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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