2020 Report on Angel Investing In Canada


Preface
4

Executive Summary
9

Introduction
10

Angel Group Characteristics
11

Investment Activity in 2019
12

The Investment Environment
14

Conclusion
16

1. Introduction
17

1.1 The Role of Angel Investors in the Entrepreneurial Ecosystem
18

1.2 Survey Design and Respondent Profile
20

1.3 Investment Activity of Angel Groups in 2019: an Overview
22

1.4 The Impact of the COVID-19 Economic Crisis on Angel Investment Activity
24

1.5 Summary
26

2. Angel Group Characterisitcs
27

2.1 Introduction
28

2.2 Organizational Structure
28

2.3 Fee Income
29

2.4 Age of Group
30

2.5 Size - Membership Numbers
31

2.6 Gender of Group Membership
32

2.7 Women’s Entrepreneur Fund
33

2.8 Investment Activity by Group
34

3. Investment Activity in 2019
37

3.1 Demand For Angel Finance
38

3.2 The Financing Funnel
38

3.3 Investments
40

3.4 Deal Structures
43

3.5 Valuations
44

3.6 Investment Characteristics – Industry Sector
46

3.7 Investment Characteristics – Company Size
49

3.8 Investment Characteristics – Region
51

4. The Investment Environment
53

4.1 The Investment Climate For Angel Investing In 2019
54

4.2 Government Initiatives: What Angel Groups Need
56

5. Conclusion
57

5.1 Summary
58

5.2 Early Evidence on the Impact of the COVID-19 Pandemic on Canadian Angel Groups
59

5.3 Recommendations to Policymakers
61

Participating Angel Members
63

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