PitchBook Analyst Note: Angels: Foundational Investors to VC

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.