Every year, angel investors and venture capital funds invest about the same amount of capital — around $25 billion in the US and $3 billion in Canada.
When it comes to returns, there is a great deal of information available on venture capital funds, but almost no information on angel returns.
Fortunately, the first large scale study on angel investor returns was published this week by the Ewing Marion Kauffman Foundation and the Angel Capital Education Foundation.
The study was authored by Robert Wiltbank of Willamette University and Warren Boeker of the University of Washington.
This was the largest study of angel investment returns ever conducted, analyzing results from 86 organized angel investor groups throughout the United States, involving 539 individual angel group investors who have experienced more than 1,130 exits in which investment-receiving companies were acquired, went public, or were closed.
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