I N T ROD UCT I ON Summa r y
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es that COVID-19 has had on angel investing and on angel organization activities, as well as other challeng- es that they are facing. Finally, the views of angel organizations on why government support is justified and the types of support that govern- ment should provide are presented. Section 5 concludes the report by highlighting the key themes that emerge from the analysis and con- siders what longer-term impact the COVID-19 pandemic might have on angel investing. This section also reflects on how federal and provin- cial governments might further sup- port angel investing to strengthen economic recovery.
funnel that tracks the number of businesses that originally approach the organizations that are selected to present to angels, and which are subject to due diligence and suc- cessful in raising capital. It then provides information on the sectoral and geographical characteristics of investments, new vs follow-on investments, size of investee busi- nesses, deal structures, valuation, sector, firm size, and geographical location of investee businesses. Section 4 assesses the current environment for angel investing in Canada based on a numerical rating of the investment climate and views of organization managers. It also re- ports on their views of the challeng-
The remainder of this report looks in more detail at angel organizations and their investments in 2020 and trends in investment activity over time. It is structured as follows: Section 2 presents angel organiza- tions’ characteristics. It covers their structure, age, fee structure, num- ber of members, gender composi- tion of their membership, number of investments, and amount invested in 2020. Section 3 presents an analysis of the investments made by angel or- ganizations in 2020 and compares this with previous years. It starts with an analysis of the demand for angel finance and the financing
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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