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Valuations 3.5
V aluations in 2020 were higher than in 2019. The median valuation was $6 million compared with $5 million in 2019. However, there is considerable varia- tion in valuations (Figure 16A). Just over one-third (36%) of all investments were valued at between $2 million and $6 million, and just under half (47%) were valued at $6 million or less. Just over one-quarter (26%) of in- vestments were made at valuations of $10 million and above (similar to the proportion in 2019). As might be
expected, new investments had a lower valuation than follow-on investments (Figures 16B and 16C). The medi- an value of new investment was $5 million (the same as in 2019), with 52% valued at $6 million or less (35% at $4 million or less). This compares with a median valua- tion of $8 million for follow-on investment. Almost half (48%) of all follow-on investments were valued at over $10 million.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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