Who is The American Angel?

Angel investors provide $25B to 70,000 companies annually—90%

of outside equity for startups – but very little is known about angels
themselves. From the world’s most in depth dataset on individual angel
investors, The American Angel study confirmed some assumptions about
angels and found some surprises. More at www.theamericanangel.org.

Angel Background

Gender Race Age

< 30 1%
> 80 1% 31-40 7%
1.3% Black
5.7% Asian 71-80
77.9% Male 22.1% Female 87.6% 13%
41-50
White 2.3% Hispanic
16%
3.1% Other
Angels are more 61-70
diverse than VCs, 30%
51-60
with considerably 32%

more women investors.

30% of new angels are women. The numbers highlight the racial gap
vs the general population.
Mean age of
first investment: 48
Geographic Diversity

Alaska Median check size across country is

Where Angels Live

$25,000
0.6%

Great Lakes New England

Northwest 16.2% 12.8%
5.3%
New York
Mean Check Size by Region
Great
Plains 7.5% $40,000
6.4% Mid-Atlantic
Southwest 10.7% $35,000 $36,920
3.8%
Southeast $32,432
$30,000
California 15.4%
Texas
17%
4% $25,000
Hawaii
0.3%
Hawaii $20,000
California/ All Other
0.3%

63%
New England / Geographies
of angels in the study are based outside New York

of San Francisco, New York and Boston.

Gender Differences
Gender of Founder More Social Impact of Business More
Important To Women Investors Important to Women Investors

51% 49% 6% 94% 33% 67% 16% 84%

Women care about the

gender of founders by nearly
%
10 times more than men for women
51 6%
for men
Women are twice as
likely to say social
impact is important
33% 16%
for women for men

Impact of Experience

Percent Active 70%

66% Angels with
Roles with Portfolio 60%
60% entrepreneurial
Companies 50% 52%
background write
40% 46%

30%
38%
34%
larger checks,
w/ entrepreneurial 26% invest in more
20% 22%
experience
10%
20%
companies and
take more active
3%
w/o entrepreneurial
0
experience Advisory Board Management Informal
Mentoring
Lead Investor
roles in them.

SOURCE: Laura Huang, Andy Wu, and Angel Capital Association (Marianne Hudson, Elaine Bolle)

ANGEL CAPITAL ASSOCIATION