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Valuations 3.5
T he median valuation in 2021 was $5 million, lower than in 2020 ($6 million) (which might reflect the higher proportion of follow-on investments in 2020) but the same as in 2019. However, there is considerable vari- ation in valuations (Figure 14A). Just under one-quarter (23%) of investments were valued at $4 million or less (with 4% valued at under $1 million), with 55% valued at $6 million or less. Just over one-quarter (27%) of invest- ments were made at valuations of $10 million or above, similar to the proportions in 2019 and 2020.
As might be expected new investments had a lower valu- ation than follow-on investments (Figures 14B and 14C). New investments had a median valuation of $6 million compared with $10 million for follow-on investments.
2022 ANNUAL REPORT ON ANGEL INVESTING IN CANADA
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