Introduction Executive Summary
A ngel investors play a critical role in the entrepre- neurial ecosystem. They are the main source of seed capital, investing relatively small amounts in com- panies at the start-up and early growth stages. As such, angel investors play a complementary role to that of the venture capital industry. Angel investors are often the first investors in businesses that go on to raise larger amounts from venture capital funds to finance their scale-up. Angel investors are difficult to identify. Many angels are independent, individual investors who either invest on their own or may co-invest with others on an ad hoc ba- sis. Their investments largely occur ‘below the radar’ and *Angel organizations include angel networks, family offices and funds that engage in or facilitate angel investment.
are therefore extremely difficult to identify and docu- ment. The analysis of angel investment activity is there- fore generally restricted to investments that are made in what has been termed the visible market — that is, by angel investors who are members of structured angel organizations. This is the 12th Annual Report on Angel Investing in Canada. It is based on information provided by 31 angel organizations on their investment activity in 2021. For the first time this information is supplement- ed with publicly available data on the investments of 10 organizations that did not respond to the request to provide this information.*
BY PROFESSOR COLIN MASON
Powered by FlippingBook