Angel activity fell last year, but investors were willing to pay more for their deals, according to the Center for Venture Research at the University of New Hampshire.
During 2015, angels in the United States completed 71,110 deals, a decline of 3.1 percent, the center found. The number of active investors fell by a similar 3.7 percent to 304,930.
At the same time, a three year correction in valuations continued with the average deal values falling 13.1 percent to of $2.32 million.
In contrast to the shrinking deal total, invested capital rose 1.9 percent to $24.6 billion and the average deal size climbed by 5.1 percent to $345,390, the survey found.
Eighteen percent of deals were software related and 13 percent involved biotech.