E X ECU T I V E S UMMA RY Ange l Organ i za t i on Cha r ac t e r i s t i cs
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between one and five investments. At the other extreme, a further sev- en angel organizations (36%) each made more than ten investments, with just two of these angel orga- nizations making more than 25 in- vestments. Not surprisingly, there is a relationship between organization size (number of members) and in- vestment activity, with the smallest angel organizations making fewer investments than larger angel orga- nizations.
made more than 25 investments (two out of twenty-five organiza- tions). The growing significance of a small group of highly active angel organizations making more than 25 investments per year is increasingly apparent. These groups accounted for 17% of all groups in 2020, higher than in 2019 but lower than in 2017 and 2018. This is a shift from 2019 where there were fewer very ac- tive organizations that made more than 25 investments. In 2019, sev- en angel organizations (36%) made
There is considerable variation among angel organizations in terms of their level of investment activity. Five angel organizations (17%) did not make any investments in 2020. Four angel organizations (14%) made between one and five invest- ments. At the other extreme, 13 an- gel organizations (45%) each made more than ten investments, with five of these angel organizations making more than 25 investments. This is a shift from 2019 where there were fewer very active organizations that
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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