The National Angel Capital Organization (NACO) is the champion of the Angel-asset class in Canada, accelerating a thriving early-stage investing ecosystem that is critical to innovation, commercialization and economic growth. As the steward of Angel intelligence, NACO leads national data collection on Angel investing to provide industry insights, support the development of best practices and help our members make informed investment decisions. These highlights are taken from the 2012 Report on Angel Investing Activity in Canada. To learn more about NACO and to download the full 2012 Report on Angel Investing Activity in Canada, visit www.nacocanada.com.

1. 2012
Report on Angel
Investing Activity
in Canada
Released September 2013

2. The National Angel Capital Organization (NACO) is
the champion of the Angel-asset class in Canada,
accelerating a thriving early-stage investing ecosystem
that is critical to innovation, commercialization and
economic growth.
As the steward of Angel intelligence, NACO leads
national data collection on Angel investing to provide
industry insights, support the development of best
practices and help our members make informed
investment decisions.
These highlights are taken from the 2012 Report on
Angel Investing Activity in Canada. To learn more about
NACO and to download the full 2012 Report on Angel
Investing Activity in Canada, visit www.nacocanada.com.
This report was made possible with the financial
contribution from:
With support from:
Industry Canada
National Sciences and Engineering Research Council
of Canada (NSERC)
FedDev Ontario
BDC Venture Capital

3. Total Number of Investments
Median Valuation and Mean Valuation
Average Round Size
Note: This data is based on 25% of investments providing
specific valuations.
Median
$1.55 million
2010 66 Investments
2010 $271,992
2011 71 Investments
2011 $506,679
2012 139 Investments
+
on
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2012 $313,935
Mean
$2.06 million
2012 Report on Angel Investing in Canada
nacocanada.com

4. Top 3 Industry Sectors in 2012 by
Number of Investments:
20
9
57
Investments
Length of Time to Exit
Investments
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87% of Angel group investments took only three years or less to mature
before exit. This is shorter than 2011’s 4+ years to exit.
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Investments
Top 3 Industry Sectors in 2012 by
Value of Investments:
23%
1 Year
2 Years
3 Years
4 Years
2012 Report on Angel Investing in Canada
In
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10%
54%
nacocanada.com

5. Types of Co-Investors
Number of Investments Made by
Groups in 2012
17%
Trends show
Angel groups are
making more
investments
per year
Venture Capital
9%
35%
Angel Investors
Associated with
Other Groups
Institutional
Angel Investor
2%
Other
37%
Individual
Angel Investors
0
1-5
6-10
11-25
26-50
Number of Investments
2011
2012 Report on Angel Investing in Canada
2012
nacocanada.com

6. Investments by Region 2012
$6.5 million in 21 investments
captured in Western Canada
$670K in 3 investments
captured in Eastern Canada
$33.4 million in 115 investments
captured in Central Canada
Western Canada
Central Canada
2012 Report on Angel Investing in Canada
Eastern Canada
nacocanada.com

7. Top 5 Angel Groups in 2012 by Value of
Investments Made
Top 5 Angel Groups in 2012 by Number
of Investments
The first 3 groups are tied with an equal number of investments:
Golden Triangle Angel Network
Angel One Network
Northern Ontario Angels
Northern Ontario Angels
Capital Angel Network
Capital Angel Network
Golden Triangle Angel Network
VANTEC
2012 Report on Angel Investing in Canada
Angel One Network
WUTIF Capital
nacocanada.com

8. Copyright © 2013 National Angel Capital Organization
This report is produced by the National Angel Capital Organization.
National Angel Capital Organization
101 College Street, MaRS Centre, Suite HL30B
Toronto, Ontario M5G 1L7
www.nacocanada.com