2020 Report on Angel Investing In Canada

Table of Contents

Preface

4

3. Investment Activity in 2019

37

38 38 40 43

3.1 Demand For Angel Finance

Executive Summary

9

3.2 The Financing Funnel

10 11 12 14 16

Introduction

3.3 Investments

Angel Group Characteristics

3.4 Deal Structures

Investment Activity in 2019

3.5 Valuations 44 3.6 Investment Characteristics – Industry Sector 46 3.7 Investment Characteristics – Company Size 49 3.8 Investment Characteristics – Region 51

The Investment Environment

Conclusion

1. Introduction

17

1.1 The Role of Angel Investors in the Entrepreneurial Ecosystem

4. The Investment Environment

53

18

4.1 The Investment Climate For Angel Investing In 2019

1.2 Survey Design and Respondent Profile

54

20

4.2 Government Initiatives:

1.3 Investment Activity of Angel Groups in 2019: an Overview

56

What Angel Groups Need

22

5. Conclusion

57

1.4 The Impact of the COVID-19 Economic Crisis on Angel Investment Activity

24 26

58

5.1 Summary

1.5 Summary

5.2 Early Evidence on the Impact of the COVID-19 Pandemic on Canadian Angel Groups

2. Angel Group Characterisitcs

27

59

28 28 29 30 31 32 33 34

2.1 Introduction

5.3 Recommendations to Policymakers

2.2 Organizational Structure

61

2.3 Fee Income

Participating Angel Members

63

2.4 Age of Group

2.5 Size - Membership Numbers

2.6 Gender of Group Membership

2.7 Women’s Entrepreneur Fund

2.8 Investment Activity by Group

8

ANNUAL REPORT ON ANGEL INVESTING IN CANADA

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