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PitchBook Analyst Note: Angels: Foundational Investors to VC

Q3 2020

PitchBook Analyst Note: Angels: Foundational Investors to VC

September 1, 2020

PitchBook Analyst Note: Angels: Foundational Investors to VC
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Angel investors are, in many ways, the backbone of the venture industry, providing founders with much more than capital early on in business development. In 2019, more than $3 billion was invested in rounds that contained only angel investors, a figure that doesn’t even include participation in rounds led by institutional investors. However, the high-profile, deep-pocketed angels that many believe are typical to the industry are far from it. In this research note we take a look at angel investment trends within the overall VC industry, as well as how angel dynamics have shifted to keep pace with the ever-changing venture market.