E X ECU T I V E S UMMA RY I nves tment Ac t i v i t y i n 2020
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Higher valuations
used in just 7% of deals. Debt in- struments are uncommon, used in just 4% of cases. The proportion of deals using preferred shares have increased significantly compared with 2019 (19%) at the expense of common shares (38%).
Angels report using a variety of in- vestment instruments, with none being dominant. The most com- monly used instrument is preferred shares (34%), followed by convert- ible debentures/notes (28%) and common shares (26%). SAFEs were
amounts invested by other investors in deals because only some of the organizations were able to provide this information. However, several organizations report that the vast majority of their investments were syndicated with other investors.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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