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Angel Investment Data Sources 1.2 A ngel investors are difficult to identify. Many angels are independent, individual investors who may co-invest with others on an ad hoc basis. Their invest- ments largely occur ‘below the radar’ and are therefore extremely difficult to track and document. The analysis of angel investment activity is therefore generally re- stricted to investments that are made in what has been termed the visible market 3 — that is, by angel investors who are members of structured angel organizations.
However, the extent to which this information provides a comprehensive coverage of the market is dependent on the willingness of angel organizations to supply in- formation on the investments that their members have made during the year. Although investments facilitated by angel organizations are more likely to be identified in investment databases, these sources do not always provide comprehensive coverage of such investments.
3 Mason, C M and Harrison, R T (2008) Measuring business angel investment activity in the United Kingdom: a review of potential data sources, Venture Capital: an international journal of entrepreneurial finance , 10, 309-330.
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