The angel investing industry in New Zealand has seen steady growth over the past 3 years, but deal volumes dropped significantly during the global financial crisis in late 2008. While the first half of 2009 saw strong performance, the key issues now are securing follow-on funding for existing portfolio companies and restarting the flow of new deals. The industry is maturing and models are diversifying, with trends toward more syndication, the development of matching funds, and increased specialization among angel groups.