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Angel group investing this year appears to have fallen at least 10 percent below 2007 levels, but 2009 could show improvement, according to survey results the
Angel Capital Association released Thursday.
The survey provides a preliminary prediction of North America angel group investment levels before full data for 2008 investments is available. Although investment size has risen, angel groups have made fewer investments in startups, mostly due to economic concerns and market uncertainty, the association said in a release.
The ACA, a national angel group trade association, collected the data in November from leaders of its 165-member angel groups, with about two-thirds participation.
The survey indicated that the average group investment was $280,936 a deal, up 6 percent from the 2007 average. However, each group averaged 6.1 investments, about 16 percent fewer than in 2007. That would make the average total financing by each group about $1.72 million, down more than 10 percent from $1.94 million last year.
Nearly half of survey participants had expected more investment activity in 2008.
About 76 percent of respondents expect a greater number of investment requests next year, and about half said 2009 investment levels would rise or stay steady. However, more than a third said the number and dollar amount of investments would drop.
"Clearly, the economy is having an impact on what angel groups will do to fund startups," ACA Chairman John Huston said in the release. "However, a majority of groups expect to see the same or more investment opportunities in 2009. Some of these groups might aggressively seek new deals as they see new advantages in lower company valuations but also in fields such as green technologies, health care, mobile media, recreation and renewable energy."
