INTRODUCTION Investment Activity of Angel Organizations in 2021: An Overview
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Angel investment activity was significantly higher in 2021 than in 2020. When the investments that were identified from public sources are included, the number of investments in 2021 was 53% higher than in 2020 and the amount invested was 150% higher. However, if publicly available data is excluded, then 22% more investments were made — with 57% more dollars invested — in 2021 than in 2020. A further refinement is only to consider organizations that reported their investments in 2020 and 2021. 6 The decline in the size of investments that occurred in 2020 was also reversed in 2021. The mean amount invested per company in 2021 was $346,024 compared with $289,792 in 2020. However, the median amount invested per company dropped from $100,000 in 2020 to $84,167 in 2021.
6 We perform this analysis because not every organization that reported its 2021 investment activity also reported its 2020 investments, and vice versa. This introduces potential response bias.
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