2022 Report on Angel Investing in Canada 110822

14

Preface

36

Executive Summary

63

1. Introduction

64 67

1.1

The Role of Angel Investors in the Entrepreneurial Ecosystem

1.2 1.3 1.4

Angel Investment Data Sources

71

Investment Activity of Angel Organizations in 2021: An Overview

78

Summary

82

2. Angel Organization Characteristics

83 84 87 89 90 91 96

2.1 2.2 2.3 2.4 2.5 2.6 2.7

Introduction

Organizational Structure

Fee Structures

Age of Organizations

Size of Organizations – Membership Numbers

Gender of Organization Membership Investment Activity by Organization

Contents

102

3. Investment Activity in 2021

103 105 110 117 119 124 155 158

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8

Demand for Angel Investment

The Financing Funnel

Investments

Deal Structures

Valuations

Investment Characteristics - Industry Sector Investment Characteristics - Firm Size

Investment Characteristics - Region

180

4. The Investment Environment

181 184

4.1 4.2

The Investment Climate for Angel Investing in 2021 The Impact of COVID-19 on the Investment Process

189

5. Angel Organization Challenges

195

6. Policy Recommendations

223

7. Conclusion

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