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Ari halo report 2014 final

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Halo Report

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Ari halo report 2014 final

  1. 1. Angel Group Update: 2014 Presents the
  2. 2. Table of Contents Q2 2014 Highlights p. 3 National Trends p. 5 Most Active Angels p.11 Regional Trends p.13 Sector Trends p.18 About the Halo Report p.21
  3. 3. 2014 Highlights
  4. 4. Angel Group Update: Halo Report 2014 Most Active Angel Groups Total Deals 2014 (descending order) •Houston Angel Network •Tech Coast Angels •Desert Angels •Launchpad Venture Group •New York Angels •Golden Seeds •Central Texas Angel Network •Maine Angels •Wisconsin Investment Partners •Baylor Angel Network •Atlanta Technology Angels •Keiretsu Forum Highlights •Angel only round sizes jump in 2014. Mean up 60%, median up 40%. •Median pre-money valuation increases to $3.0M, Highest in the HALO Report, up 20% from 2013. •TX and NY boast multiple angel groups on the list of most active for 2014. •Great Lakes does the largest share of angel dollars (17.2%) in 2014, just past California (17%). •Internet sector down nearly 20% from 2013, as a % of total U.S. deals.
  5. 5. National Trends
  6. 6. $0.3 $0.5 $0.5 $0.6 $0.8$0.56 $0.73 $0.83 $1.00 $1.64 $0.0 $0.5 $1.0 $1.5 $2.0 2010 2011 2012 2013 2014 MillionsUSD Median Round Size Mean Round Size Median and Mean Round Sizes – Angels Only 2014 Sees Both Mean & Median Angel Round Size Increase Significantly
  7. 7. $1.4 $1.3 $1.3 $1.8 $2.0 $2.76 $2.53 $2.54 $3.04 $3.59 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2010 2011 2012 2013 2014 MillionsUSD Median Round Size Mean Round Size Median and Mean Round Sizes – Angel Co-Investments Rounds Also Trending Up When Angel Groups Co-Invest With Non-Angels
  8. 8. Median Round Sizes Up Across Industries Deal Size Up Across The Board, Healthcare Deals Show Largest Increase $1.00 $0.75 $0.81 $1.57 $1.10 $1.12 $2.00 $1.20 $1.23 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Healthcare Internet Mobile / Telecom MillionsUSD 2012 2013 2014
  9. 9. Median Seed Stage Pre-Money Valuation Median Valuation Up 20% From 2013, Highest Ever Top Valuation In HALO $0.30M $13.5M MEDIAN : $3.0M 3rd Quartile: $4.4M 1st Quartile: $2.0M $9.3M 3rd Quartile: $4.2M $2.5M MEDIAN : 1st Quartile: $1.4M $0.50M 2013 2014
  10. 10. Active Angel Groups
  11. 11. Most Active Angel Groups 2014 – Total Deals (Alpha Order) Houston, TX Southern CA Tucson, AZ Boston, MA New York, NY New York, NY Austin, TX Portland, ME Madison, WI Waco, TX Washington, DC
  12. 12. Regional Trends
  13. 13. 2014 Share of Angel Group Deals by Region California 19.8% Northwest 4.3% Southwest 6.6% Great Plains 4.1% Great Lakes 13.0% Southeast 11.0% Mid-Atlantic 7.7% New England 11.5% Texas 11.4% New York 10.7%
  14. 14. Yearly Share of Angel Group Deals by Region Texas Gains 3.5% Share of Deals From 2013, Topping 11% 21.6% 19.8% 22.1% 22.2% 19.8% 12.8% 11.0% 9.9% 11.6% 13.0% 5.9% 5.8% 5.4% 6.1% 4.1% 7.6% 9.1% 6.5% 8.0% 7.7% 14.7% 13.6% 10.3% 10.5% 11.5% 7.3% 9.5% 10.3% 12.9% 10.7% 10.1% 7.1% 9.1% 7.1% 4.3% 8.6% 11.3% 13.3% 8.7% 11.0% 8.3% 6.8% 4.9% 5.0% 6.6% 3.2% 5.8% 8.4% 7.9% 11.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2010 2011 2012 2013 2014 Texas Southwest Southeast Northwest New York New England Mid-Atlantic Great Plains Great Lakes California
  15. 15. Northwest 3.6% Southwest 4.4% Great Plains 3.8% Great Lakes 17.2% Southeast 8.8% Mid-Atlantic 10.5% New England 14.2% Texas 6.2% New York 14.3% California 17.0% 2014 Share of Angel Group Dollars by Region
  16. 16. Yearly Share of Angel Group Dollars by Region Great Lakes Region Led 2014 With 9 Deals of $10M or Above 37.1% 24.1% 28.8% 25.8% 17.0% 8.4% 10.7% 11.8% 9.5% 17.2% 2.1% 5.8% 5.0% 6.8% 3.8% 5.6% 8.5% 5.6% 10.4% 10.5% 13.3% 12.2% 12.2% 12.2% 14.2% 9.7% 14.0% 10.0% 13.5% 14.3% 6.8% 2.9% 7.2% 7.1% 3.6% 9.4% 12.6% 9.8% 5.4% 8.8% 4.4% 4.7% 4.2% 4.0% 4.4% 3.4% 4.6% 5.5% 5.3% 6.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2010 2011 2012 2013 2014 Texas Southwest Southeast Northwest New York New England Mid-Atlantic Great Plains Great Lakes California
  17. 17. Sector Trends
  18. 18. Yearly Share of Angel Group Deals by Sector Internet, Healthcare, Mobile & Telecom Account for 68% of Deals 33.4% 36.1% 38.4% 42.6% 34.6% 24.3% 20.1% 16.7% 16.0% 18.3% 7.6% 11.3% 15.3% 17.9% 15.3% 5.0% 5.4% 4.8% 4.3% 4.2% 5.3% 5.1% 3.8% 4.2% 4.2% 3.4% 2.6% 2.6% 1.9% 3.2% 20.9% 19.5% 18.5% 13.2% 20.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2010 2011 2012 2013 2014 Other Food & Beverages Software Industrial Mobile & Telecom Healthcare Internet
  19. 19. Yearly Share of Angel Group Dollars by Sector Internet & Healthcare Alone Account for 63% of Invested Capital 32.4% 35.7% 34.9% 39.1% 38.3% 30.0% 29.0% 18.9% 22.7% 24.8% 6.3% 12.7% 16.7% 19.6% 15.3% 8.2% 3.9% 3.2% 4.1% 4.2%5.7% 4.2% 5.7% 3.8% 2.7%1.0% 1.1% 1.7% 0.9% 1.5% 16.3% 13.3% 18.9% 9.8% 13.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2010 2011 2012 2013 2014 Other Food & Beverages Industrial Software Mobile & Telecom Healthcare Internet
  20. 20. About the Halo Report™
  21. 21. 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. This report discusses angel group investment trends for 2014, which represents a total of 870 deals and $1.65B in total rounds including co-investors. A few charts report on an “Angel Round,” a special classification of investment when angel groups invest alone or just with other angels and angel groups. Unless otherwise noted, values of less than 1% are included, but are not labeled or noted as a change in activity. Internet Mobile & Telecom Software Energy & Utilities Computer Hardware & Services Healthcare Industrial Automotive & Transportation Business Products & Services Consumer Products & Services Electronics Environmental Services & Equipment Financial Services Food & Beverages Leisure Media Metals & Mining Retail Risk & Security Halo Report Industry Sectors
  22. 22. Angel Resource Institute Liz Bruning, liz@angelresource.org The Angel Resource Institute (ARI) is a charitable organization devoted to education, mentoring and research in the field of angel investing, a growing driver of our entrepreneurial economy. ARI was founded by the Ewing Marion Kauffman Foundation. The programs of ARI include educational workshops and seminars, research projects and reports, and information about angel investing for the general public. ARI is affiliated with the Angel Capital Association, the professional association of angel groups in North America. More information is available at www.angelresourceinstitute.org . Halo Report Contacts

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