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Summary 1.4
A ngels continued to invest during COVID-19. In- deed, angel organizations made significantly more investments in 2020 compared with 2019 (+39%). How- ever, the amount they invested was lower (-37%), and there was also a decline in the average size of the invest- ment. The impact of the pandemic was largely concen- trated in Q3 when investment activity dropped sharp- ly. Investment activity recovered in Q4. The increase in
the number of investments is likely to reflect, at least in part, the need to support their existing portfolio compa- nies to cope with the loss of customers and to pivot and take advantage of the opportunities created by the pan- demic. The decline in the amount invested may reflect smaller bridge financing rounds, increased co-investing to reduce risk exposure and the withdrawal of some in- vestors from the market.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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