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2015	Annual	Report
Presents	the
Table	of	Contents
2015	Highlights,	p.	3
National	Trends,	p.5
Active	Angel	Groups,	p.	9
National	Trends,	p.	12
Sector	Trend...
2015	Highlights
•Pre-money	valuation	of	seed	deals	reaches	$4.6M,	53%	increase	from	2014	
•Valuation	growth	and	larger	round	sizes	highly	...
National	Trends
$500k $500k $510k
$850k
$833k $829k $835k
$1 164k
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0,0
$0,2
$0,4
$0,6
$0,8
$1,0
...
Median	and	Mean	Round	Sizes	– Angel	Co-Investments
Round	Sizes	Trending	Up	When	Angel	Groups	Co-Invest	With	Non-Angels
$1,...
Median	Seed	Stage	Pre-Money	Valuation
Median	Valuation	Up	53%	From	2014,	Highest	Valuation	in	HALO	History	
$0.22M
$23.5M
...
Active	Angel	Groups
Most	Active	Angel	Groups	2015	– Total	Deals
Angel	Group	Update:	Halo	Report	2015
Most	Active	Angel	Groups	
Total	Deals	2015	(descending	order)
1. Keiretsu	Forum1
2. T...
National	Trends
2015	Share	of	Angel	Group	Deals by	Region
California
20.9%
Northwest
8.7%
Southwest
7.9%
Great	Plains
4.3%
Great	Lakes
10....
2015	Share	of	Angel	Group	Deals by	Region
7,2% 8,0% 6,9% 10,3%
8,0% 9,2% 7,8%
7,9%
8,9%
11,8% 11,6%
12,2%
12,4%
10,6%
6,7%...
Northwest
9.8%
Southwest
9.9%
Great	Plains
3.9%
Great	Lakes
12.2%
Southeast
12.8%
Mid-Atlantic
4.2%
New	England
15.0%
Texa...
2015	Share	of	Angel	Group	Dollars by	Region
10,7% 10,5%
5,7% 6,9%
6,3% 8,1%
5,8%
9,9%
12,5% 15,3%
14,1%
12,7%
13,5%
12,8%
...
Northwest
In:	78.8%
Out:	22.2%
2015	Percentage	of	Deals	in	Region	vs.	Out	of	Region	by	Angel	Group	HQ	Region
California
In...
2015	Percentage	of	Investments	in	Region	vs.	Out	of	Region	by	Angel	Group	Region
Approximately	3	out	of	every	4	investment...
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 2015
Percentage	of	Investments	Made	In-Region	by	Angel	Group	Region,...
Sector	Trends
Yearly	Share	of	Angel	Group	Deals	by	Sector
Software	and	Healthcare	comprise	48%	of	investments	in	2015
21,8% 24,3% 22,1% ...
Yearly	Share	of	Angel	Group	Dollars	by	Sector
Healthcare	investment	continues	to	rise,	Pharma	&	Biotech	declines
23,6% 21,...
About	the	Halo	Report™
Support	the	American	Angel	Campaign!
As	proud	supporters	of	angel	investor	research,	the	Angel	Resource	
Institute	encoura...
Understanding	the	Data:
Special	Round	Types	and	Industry	Sectors
The	HALO	Report™	provides	analysis	and	trends	on	US	angel...
Katie	Hamburg,	khamburg@angelresource.org
The	Angel	Resource	Institute	(ARI)	is	a	501(c)(3)charitable	organization	devoted...
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FiBAN's business angel training "Comparison of Finnish and US angel activity" by Robert Wiltbank - Presentation "Halo report 2015"

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Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.

All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank

Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:

2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:

3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:

4. Effectuation in Venture investing - Do experts make decisions differently?​: https://www.youtube.com/watch?v=miWap...
- Slides

For additional details and questions: https://www.fiban.org/robertwiltbank

Published in: Investor Relations
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FiBAN's business angel training "Comparison of Finnish and US angel activity" by Robert Wiltbank - Presentation "Halo report 2015"

  1. 1. 2015 Annual Report Presents the
  2. 2. Table of Contents 2015 Highlights, p. 3 National Trends, p.5 Active Angel Groups, p. 9 National Trends, p. 12 Sector Trends, p. 20 About the Halo Report, p. 23
  3. 3. 2015 Highlights
  4. 4. •Pre-money valuation of seed deals reaches $4.6M, 53% increase from 2014 •Valuation growth and larger round sizes highly related, but percentage ownership after angel rounds remains relatively stable •New England has doubled share of deals and dollars nationwide in the past year •Most angel groups invest close to home –75% to 80% of investments take place in within the region of the investors –California, New York, and Mid-Atlantic angels most likely to invest out-of-region Angel Group Update: Halo Report Annual 2015 HIGHLIGHTS
  5. 5. National Trends
  6. 6. $500k $500k $510k $850k $833k $829k $835k $1 164k 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0,0 $0,2 $0,4 $0,6 $0,8 $1,0 $1,2 $1,4 2012 2013 2014 2015 Median Round Size Mean Round Size Mean Ownership Percentage Median and Mean Round Sizes – Angels Only 2015 Shows Round Sizes Increasing, Mean Ownership of Angel round is Relatively Stable 20-25%
  7. 7. Median and Mean Round Sizes – Angel Co-Investments Round Sizes Trending Up When Angel Groups Co-Invest With Non-Angels $1,21M $1,45M $1,50M $1,60M $1,70M $1,83M $1,91M $2,00M $0,0 $0,5 $1,0 $1,5 $2,0 $2,5 2012 2013 2014 2015 Millions USD Median Round Size Mean Round Size
  8. 8. Median Seed Stage Pre-Money Valuation Median Valuation Up 53% From 2014, Highest Valuation in HALO History $0.22M $23.5M MEDIAN : $4.6M 3rd Quartile: $7.5M 1st Quartile: $3.1M $13.5M 3rd Quartile: $4.4M $3.0M MEDIAN : 1st Quartile: $2.0M $0.30M 2014 2015
  9. 9. Active Angel Groups
  10. 10. Most Active Angel Groups 2015 – Total Deals
  11. 11. Angel Group Update: Halo Report 2015 Most Active Angel Groups Total Deals 2015 (descending order) 1. Keiretsu Forum1 2. Tech Coast Angels2 3. Central Texas Angel Network 4. Houston Angel Network 5. Alliance of Angels & New York Angels (tied) 6. Wisconsin Investment Partners 7. Hyde Park Angels & Maine Angels (tied) 8. Desert Angels, Launchpad Venture Group & Sand Hill Angels (tied) 1 Twenty-two chapters; 2 Five chapters
  12. 12. National Trends
  13. 13. 2015 Share of Angel Group Deals by Region California 20.9% Northwest 8.7% Southwest 7.9% Great Plains 4.3% Great Lakes 10.3% Southeast 12.2% Mid-Atlantic 4.1% New England 11.9% Texas 10.3% New York 9.5%
  14. 14. 2015 Share of Angel Group Deals by Region 7,2% 8,0% 6,9% 10,3% 8,0% 9,2% 7,8% 7,9% 8,9% 11,8% 11,6% 12,2% 12,4% 10,6% 6,7% 8,7% 9,2% 11,6% 13,2% 9,5% 8,6% 6,3% 6,3% 11,9% 5,5% 5,6% 5,8% 4,1%5,2% 5,1% 6,0% 4,3% 11,5% 11,4% 11,4% 10,3% 23,6% 20,5% 24,2% 20,9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2012 2013 2014 2015 California Great Lakes Great Plains Mid-Atlantic New England New York Northwest Southeast Southwest Texas
  15. 15. Northwest 9.8% Southwest 9.9% Great Plains 3.9% Great Lakes 12.2% Southeast 12.8% Mid-Atlantic 4.2% New England 15.0% Texas 6.9% New York 7.5% California 17.9% 2015 Share of Angel Group Dollars by Region
  16. 16. 2015 Share of Angel Group Dollars by Region 10,7% 10,5% 5,7% 6,9% 6,3% 8,1% 5,8% 9,9% 12,5% 15,3% 14,1% 12,7% 13,5% 12,8% 9,8% 9,8% 6,4% 10,4% 10,6% 7,5% 11,8% 7,3% 7,3% 15,0% 4,4% 4,2% 5,0% 4,2% 3,4% 5,8% 6,5% 3,9% 12,7% 8,1% 17,9% 12,2% 18,5% 17,5% 17,2% 17,9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2012 2013 2014 2015 California Great Lakes Great Plains Mid-Atlantic New England New York Northwest Southeast Southwest Texas
  17. 17. Northwest In: 78.8% Out: 22.2% 2015 Percentage of Deals in Region vs. Out of Region by Angel Group HQ Region California In: 65.8% Out: 34.2% Southwest In: 76.1% Out: 23.9% Texas In: 75.9% Out: 24.1% Southeast In: 79.1% Out: 20.9% Great Lakes In: 83.7% Out: 16.3% New York In: 58.5% Out: 41.5% New England In: 88.8% Out: 11.3% Mid-Atlantic In: 62.2% Out: 37.8% Great Plains In: 76.0% Out: 24.0%
  18. 18. 2015 Percentage of Investments in Region vs. Out of Region by Angel Group Region Approximately 3 out of every 4 investments by angels are within their region 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% 80,0% 90,0% 100,0% Percentage of Total Investments Region In region Out of region
  19. 19. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2013 2014 2015 Percentage of Investments Made In-Region by Angel Group Region, 2013-2015 California, Mid-Atlantic, and New York angels invest most frequently outside of region
  20. 20. Sector Trends
  21. 21. Yearly Share of Angel Group Deals by Sector Software and Healthcare comprise 48% of investments in 2015 21,8% 24,3% 22,1% 25,5% 2,6% 2,2% 1,6% 1,9%3,4% 2,2% 3,6% 2,4% 6,6% 6,7% 6,9% 7,3% 3,2% 5,5% 3,8% 2,4% 5,7% 5,8% 4,9% 3,8% 15,2% 12,0% 11,4% 14,1% 11,8% 9,4% 9,2% 8,7% 29,6% 31,8% 36,5% 33,9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2012 2013 2014 2015 Software Commercial Services Healthcare Media Consumer Goods & Recreation Pharma & Biotech IT Hardware Energy Other
  22. 22. Yearly Share of Angel Group Dollars by Sector Healthcare investment continues to rise, Pharma & Biotech declines 23,6% 21,8% 19,0% 22,6% 3,3% 3,9% 1,9% 3,0% 5,3% 2,8% 5,0% 2,6% 10,0% 9,0% 12,0% 6,3% 2,8% 4,0% 3,0% 2,4% 3,9% 5,7% 4,8% 3,9% 16,9% 13,1% 15,9% 22,9% 11,7% 10,3% 7,6% 6,4% 22,4% 29,4% 30,8% 30,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2012 2013 2014 2015 Software Commercial Services Healthcare Media Consumer Goods & Recreation Pharma & Biotech IT Hardware Energy Other
  23. 23. About the Halo Report™
  24. 24. Support the American Angel Campaign! As proud supporters of angel investor research, the Angel Resource Institute encourages all angel investors to participate in The American Angel campaign, a ground-breaking, comprehensive study that will benchmark the mix of angel investors across America by age, sex, ethnicity and pinpoint any commonalities such as the path that got them there or trends such as how they discover and fund early-stage companies. The campaign is a partnership between the Angel Capital Association and Wharton Entrepreneurship. Angel investors who are interested in participating in the study may sign up to do the survey at www.TheAmericanAngel.org.
  25. 25. Understanding the Data: Special Round Types and Industry Sectors The HALO Report™ provides analysis and trends on US angel and angel group activity. 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 angel group participating and may include other types of investors in those rounds. A few charts report on an “Angel Round,” a special classification of investment when angel groups invest alone or only with other angels and angel groups. Unless otherwise noted, values of less than 1% in the industry sectors are included, but are not labeled directly. HALO Report™ Industry Sectors Commercial Services Consumer Goods & Recreation Energy Healthcare IT Hardware Media Pharma & Biotech Software Other
  26. 26. Katie Hamburg, khamburg@angelresource.org The Angel Resource Institute (ARI) is a 501(c)(3)charitable organization devoted to education, mentoring and research in the field of angel investing, housed at Willamette University. ARI was founded by the Ewing Marion Kauffman Foundation, and is a sister organization of the Angel Capital Association, the professional association of angel groups in North America. The programs of ARI include educational workshops and seminars, research projects and reports, and information about angel investing for the general public. More information is available at: www.angelresourceinstitute.org PitchBook PitchBook is an impartial private equity and venture capital research firm that provides premium data, news and analysis. Through a combination of publicly available sources and rigorous firsthand research with industry professionals, PitchBook has developed an extensive database with in-depth information and statistics on hundreds of thousands of companies, deals, investors, service providers and limited partners. Willamette University MBA Willamette University MBA is a leader in early stage investment research and entrepreneurship. In addition to being the home of the Angel Resource Institute, Willamette launched the world’s first student run angel investment fund in 2008. Willamette faculty and researchers published the world’s largest and most cited study on angel investor returns, Returns to Angel Investors in Groups (2007), and one of the most widely used textbooks on entrepreneurship, Effectual Entrepreneurship (2011). They also perform data analysis for the HALO Report. HALO Report™ Contact Angel Resource Institute at Willamette University

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