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Angel Group Update: Q1 2012
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What is the Halo Report?
Angel Group Investment Trends: The Angel Resource Institute,
Silicon Valley
an an ns g ts set out to ra se awareness o ear y stage
nvestment
activities by angel investment groups. The Halo Report is the
result. Theresearch series highlights angel investment activity and
trends in North America
and provides much sought after data that has not been previously
available to
entrepreneurs or early stage investors.
The Halo Report includes aggregate analysis of investment
activity by angels and
angel groups and highlights trends in round sizes, location and
industry
preferences. The data is collected via survey and aggregation of
public data using
CB Insights innovative data analyses.
Get Involved: Angel groups and individual angel investors
interested in including
their data in the Halo Report should contact Sarah Dickey, ARI
ResearchManager: 913-894-4700 and
[email protected].
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Angel Group Update Q1 2012: Report Highlights
Round Size p.5Valuation of Early Deals p.4
The median size of angel & angelgroup syndicate rounds
remains
The median pre-moneyvaluation for pre-Series A deals
compared to the 2011 median.
Spotlight p.14
.past 12 months
Syndication p.7
Most Active Healthcare AngelGroups & 1Q 2012 Most ActiveGrou
s
Angel groups syndicated 75%of Q1 2012 deals showing anincreasin
trend to co-invest.
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First Look: Pre-Money Valuations in Angel Group Deals;
Median of $2.5M over the last 12 months
$2.5M$1.4M
$4.0M .
Median1st 3rd
$.56M
4
*This includes all rounds with angel groups before Series A
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Median Angel Round* Size Held Steady at $700K in Q1 2012;
After a 40% increase in 2011 over 2010
$0.94
$0.701Q2012
$M
$1.06
$0.702011
$0.98
$0.502010
. . . .
Median Round Size Mean Round Size
5
*Angel rounds include angels & angel groups only
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Median Round Size is $1.4M when Angel Groups Co-
Invest with Other Types of Investors
Angels with Other Investors$M
$1.95
$1.381Q2012
$3.26
$1.502011
$3.96
$1.95
$0.00 $1.00 $2.00 $3.00 $4.00 $5.00
2010
Median Round Size Mean Round Size
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Angel Groups Co-Invested Deals Increased in Q1 2012
74.5%80%
100%%
.
36.9%40%
60%
.
0%
20%
Angel Group Co-Investment Not Co-Invested
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Angel Group Update Q1 2012: National Activity Snapshot
Note: The following data covering regions and sectors is
2011 March 2012) rather than Q1 2012 only, in order to best
demonstrate the angel group activity across the country.
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Angel Groups are Active Throughout the U.S.
over the past 12 months
ALASKA
Great Plains
14.5%
Northwest8.3% New York
6.2%
California18.8%
3.6% Great Lakes13.8% Mid-Atlantic
9.3%
Southwest11.9%
Southeast13.5%
HAWAII
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California Companies Received 25% of Total Funding
over the past 12 months
Great Plains
New York6.9%
Northwest
4.9%
.
California
Southeast
$M
a orn a25.7%
Southwest
Mid-Atlantic7.6%
New England
Great Lakes
Southwest
Southeast18.4%
New
Great Lakes12.0%
.Mid-Atlantic
New York
Northwest
12.3% Great Plains
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Internet Sector Dominates Angel Group Deals
over the past 12 months
40%
%
.
21.0%25%
30%
35%
10.8%
7.0%
12.8%
10%
15%
20%
. . 3.6%
0%
5%
Internet Healthcare
Mobile & Telecom IndustrialSoftware (non-internet/mobile)
Consumer Products & Services
Energy & Utilities Other
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Healthcare Companies Receive the Largest Share of Total
Dollars
over the past 12 months
32.7%30.5%
35%
$M
20%
25%
30%
6.8%
13.2%
10%
15%
.
0%
5%
Healthcare Internet
Mobile & Telecom Energy & Utilities
Industrial Software (non-internet/mobile)
Other
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Spotlight: Healthcare
Most Active Groups in Healthcare Deals over the past 12
months
Pittsburgh, PA
Palo Alto, CA Austin, TX
Columbus, OH
Southern CATucson, AZ
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Most Active Angel Groups: Total Deals for Q1 2012
Southern CA Seattle WA
Boston, MA
Boston, MAAustin, TX
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Understanding the Data:
Special Round Types and Industry Sectors
The Halo Report is a quarterly report that provides analysis and
trends on US angel and.
Angels and angel groups invest alone, together, and with many
other types of investors.Unless otherwise noted the Halo Report
data includes all rounds that have at least one angelgroup
participating and may include other types of investors in those
rounds.
This report discusses angel group investments over the past 12
months including 602 dealsand $749.7 M total funding including
co-investors.
A few slides report on an Angel Round, a special classification
of investment for when angel
groups invest alone or just with other angels and angel
groups.
Unless otherwise noted, values of less than
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Halo Report Contacts
Angel Resource InstituteSarah Dickey,
[email protected]
The Angel Resource Institute (ARI) is a charitable organization
devoted to education, mentoring and research in the field of
angelinvesting, a growing driver of our entrepreneurial economy.
ARI was founded by the Ewing Marion Kauffman Foundation.
Theprograms of ARI include educational workshops and seminars,
research projects and reports, and information about angel
investing
for the general public. ARI is affiliated with the Angel Capital
Association, the professional association of angel groups in
NorthAmerica. More information is available at
www.angelresourceinstitute.org.
Carrie Walsh, [email protected]
Silicon Valley Bank is the premier bank for technology, life
science, cleantech, venture capital, private equity and premium
winebusinesses. SVB provides industry knowledge and connections,
financing, treasury management, corporate investment and
international banking services to its clients worldwide through
27 U.S. offices and seven international operations. (Nasdaq:
SIVB)www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the
commercial banking operation of SVB Financial Group. Banking
servicesare provided by Silicon Valley Bank, a member of the FDIC
and the Federal Reserve System. SVB Financial Group is also a
memberof the Federal Reserve System.
CB Insightsnan anwa , asanwa c ns g s.com
CB Insights is a National Science Foundation-backed
data-as-a-service firm that collects information on private
companies and theirinvestors and acquirers. CB Insights data and
technology is used by firms to make better marketing, procurement,
lending, acquisitionand equity investment decisions and to gather
data-driven market and competitive intelligence. The firm's data is
regularly cited byleading media publications including the New York
Times, Forbes, BusinessWeekand Fast Companyamong others. For
moreinformation, visit http://www.cbinsights.com.
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2012 SVB Financial Grou . All ri hts reserved. SVB>
SVB>Find a wa SVB Financial Grou and Silicon ValleBank are
registered trademarks.
Angel Resource Institute and CB Insights are independent third
parties and are not affiliated with SVB FinancialGroup.
This material, including without limitation to the statistical
information herein, is provided for informational purposeson y. e
mater a s ase n part on n ormat on rom t r -party sources t at we e
eve to e re a e, ut w chave not been independently verified by us
and for this reason we do not represent that the information is
accurateor complete. The information should not be viewed as tax,
investment, legal or other advice nor is it to be relied onin
making an investment or other decision. You should obtain relevant
and specific professional advice beforemaking any investment
decision. Nothing relating to the material should be construed as a
solicitation, offer or
.
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