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Angel Deals Still Down

Mark Marich

Toward the tail end of 2013, we highlighted a couple of reports that pointed to a fairly stable angel market in the U.S.

The latest from one of those reports, the Halo Report — from Angel Resource Institute (ARI), Silicon Valley Bank (SVB) and CB Insights — may suggest reason for a bit of concern. According to the report, median angel round sizes are down $180,000 per deal since Q1 2013 ($700,000 to $520,000).

The Q3 2013 Halo Report data is based on 278 deals totaling $445 million in total rounds including co-investors.

California is still the leader when it comes to the number of deals with 20.1% of the national total. Following it is the Great Lakes region — anchored by Hyde Park Angels in Chicago and Wisconsin Investment Partners — which recently completed 14.0% of all deals — double the regional total from a year ago.

But while California has the volume, the New England region continues to see the bigger deals with 25.3% of all dollars invested — an increase of 6.6% over Q2 figures. California follows with 19.0% of dollars with New York at 14.9%.

Who is getting all the money?

“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.”

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