After Rapid Ascent, Angel Rounds Flatten

The typical size of an angel-funded round rose dramatically a couple of years ago. But since then, deal sizes have been pretty flat.

Those were some of the findings from The Halo Report, an analysis of investment activity by angels and angel groups put out by The Angel Resource Institute, Silicon Valley Bank and CB Insights.

The report found that in the first quarter of this year, the median angel group investment was around $700,000 per deal. That’s about the same as the median amount for 2011, but up about 40% from 2010 levels.

For the first time, the report looked at valuations. It found that over the past 12 months, the median pre-money valuation for pre-Series A deals by angel groups was $2.5 million.

Internet and healthcare were the top sectors for angel investment. In the 12-month period ending in April, The Halo Report found that Internet companies represented 35% of deals, while healthcare accounted for 21%.

California was far and away the most popular state for investing, with California companies receiving 25% of total angel funding in the twelve month period. However, active angel groups were fairly broadly dispersed across the country.

According to The Halo Report, the most active angel groups were Tech Coast Angels in Southern California, Alliance of Angels in Seattle, Launchpad Venture Group and Clean Energy Venture Group in Boston and Central Texas Angel Network in Austin.

The most active angel groups in healthcare deals, meanwhile, were Life Science Angels, Ohio Tech Angels, Blue Tree Allied Angels, Desert Angels, Central Texas Angel Network and Tech Coast Angels.

A link to the report is here.

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