INVESTMENT ACTIVITY IN 2021 Investments
In many cases, angels invest alongside other entities, including individual angels, funds, and SPVs, as part of a larger syndicate, so the overall deal size is often much larger than angel investments alone would indi- cate. Syndication is defined as deals where multiple in- vestors (typically angels but also including early-stage focused venture capital firms) are involved in the same round as the angel investors. It is not possible to report statistics on the amounts invested by other investors in deals because some of the reporting organizations were unable to provide information. However, available evi- dence suggests that syndication is significant and has increased in 2021. The majority of deals involved more than two investors.
2022 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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