Founders’ Friends & Family Angel Investors Venture Capitalists

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Presentation transcript:

Founders’ Friends & Family Angel Investors Venture Capitalists Pre-seed Stage Seed/Start-up FUNDING GAP Early Stage Later Stages Founders’ Friends & Family Angel Investors Very few angel deals done above $1 million Very few VC deals done below $4 million Venture Capitalists $0 $250K $1.5 million $4 million $10 million & up

Financing Life Cycle SBIR Discovery Proof-of Concept Product Design Phase I Phase II Discovery Proof-of Concept Product Design Development Manufacturing/ Delivery Idea Pre-seed Funding Seed Funding Start-up Funding Expansion/Mezzanine Operating Cap. Founder Venture Funds Friends and Family Institutional Equity Angels Loans / Bonds Angel Groups Seed Funds

New Company Formation (USA) Source of Equity Funds – Typical Year

HAIL TO THE JOB CREATORS Source: Business Dynamics Statistics Briefing: Jobs Created from Business Startups in the United States. Kauffman Foundation, January 2009.

Who are Angel Investors? Often successful, exited entrepreneurs or retired business persons Active investors Invest both time and money in companies Accredited investors - SEC definition (US & a few others) Invest their own money (not money managers) Generally invest in local companies Invest at least $20K in businesses not run by family

Angels Fund Majority of Startups in US Angels Provide ~90% of Outside Equity for Startups Angel Investors (2012) Venture Capital (2012) $22.9 billion 67,030 deals 23,460 seed 22,129 early stage 21,441 expansion > 268,000 individuals $26.7 billion 3,723 deals 280 seed 1,647 early stage 1,796 later/expansion 522 active firms Sources: Center for Venture Research/ UNH; NVCA 2013 Yearbook; PwC MoneyTree

Angels Invest in the Majority of Startup & Early Stage Deals Number of Deals in 2009: Angel Investment and Venture Capital Source: Jeffrey E. Sohl, Center for Venture Research and 2010 NVCA Yearbook

Angel Capital Association Today Mission: Fuel the success of angel groups and private investors who actively invest in early-stage companies 185 member angel groups 8,500+ accredited investors 20 affiliated organizations 51 states/ provinces Charitable partner:

Median Angel Round Size Dips Slightly for the Year… $980K $990K $900K $625K $600K $500K *Angel rounds include angels & angel groups only

Median Early Stage Pre-Money Valuation Stays the Same in 2012 3rd Quartile $6.6M $1.5M 1st Quartile $0.11M *Including all rounds with angel groups before Series A

Share of Mobile Deals Grows, Healthcare Shrinks Share of Angel Group Deals by Sector 2012 vs 2011