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KANSAS CITY, Mo,
SANTA CLARA, Calif. and NEW YORK,
Jan. 22, 2014 /PRNewswire/ --
The Angel Resource Institute (ARI),
Silicon Valley Bank (SVB) and
CB Insights released the Q3 2013
Halo Report today, a national survey of angel group investment activity, which finds median round sizes down to
$520K per deal, healthcare round sizes up and a larger share of deals and investment dollars going to mobile companies. Together Internet, healthcare and mobile companies received 81% of dollars invested by angel groups in Q3.
The Great Lakes region in the US saw the largest increase in share of deals, and the biggest drop in share of dollars over Q2 2013.
California-based angel groups retained the lead in the number of deals, and New England-based angels continued to invest the most during the quarter. US angel investment continues to be dispersed nationwide and, of the 10 most active angel groups in the quarter, Hyde Park Angels, Life Science Angels and Wisconsin Investment Partners are new to the list.
"The big three – Internet, healthcare and mobile – continue to dominate the interest of angel groups, and we noticed a particular spike this year for healthcare companies," said
Rob Wiltbank, Vice Chairman of Research, Angel Resource Institute. "Despite the downward trend in round sizes overall and the drop in total dollars into healthcare for the quarter, we noticed a significant jump in full year round sizes for the healthcare industry – a trend we'll continue to watch."
Halo Report Q3 2013 Highlights:Round SizesMedian angel round sizes were still down for the second consecutive quarter at
$520K, following a peak of
$700K in Q1 2013 and three prior quarters of growth. When angel groups co-invest with other types of investors, the median round size is still trending higher to
$2M in Q3 from
$1.95M in Q2 and
$1.4M in Q1.
ValuationsThe most consistent finding in the report is median pre-money valuations in early-stage companies, which remain steady at
$2.5M for the rolling year.
Most Active Angel Groups Based on total deals, the 10 most active angel groups in Q3 were (alphabetic order) Alliance of Angels,
Golden Seeds, Houston Angel Network, Hyde Park Angels, Investors' Circle, Launchpad, Life Science Angels, Sand Hill Angels, Tech Coast Angels and Wisconsin Investment Partners.