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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