I N T ROD UCT I ON I nves tment Ac t i v i t y o f Ange l Organ i za t i ons i n 2020 : An Ove r v i ew
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As Table 2 shows, this is significantly less than the amount invested by angel organizations. And it needs to be emphasized that the angel organization investments reported here represent a significant under-estimate of overall angel investment activity. First, it only includes the visible segment of the angel investor market; it does not include investments made by angels investing on their own and in informal organizations that typically go unrecorded. 9 Second, because some organizations did not report their investments, it does not cover all of the investment activity in the visible market.
9 The European Business Angel Network (EBAN) estimates that the visible market – which they define as comprising investments made by angels operating as part of a network which either has a direct relationship with EBAN or reports through a federation, reports through a national venture capital association or which appear on investment databases where startup investments are reported and specify investors – comprises just 10% of total angel investment. However, other commentators suggest that this figure is too low.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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