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Investment Activity byOrganization 2.7
T here is considerable variation among organizations in terms of their level of investment activity. This is a long-standing feature of investment activity (Figure 7). In 2020, five organizations (17%) did not make any investments. Four organizations (14%) made between one and five investments. At the other extreme, 13 orga- nizations (45%) each made more than ten investments, with five of these organizations making more than 25 investments (Figure 7).
The growing significance of a small group of highly active angel organizations making more than 25 investments a year has become apparent in recent years. These organizations accounted for 17% of all organizations in 2020, higher than in 2019 but lower than in 2017 and 2018. In 2020, 17% of groups surveyed made no invest- ments which is comparative to 2019 but higher than 2018 where 7% reported making no investments and 2017 where 13% reported making no investments.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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