This document tracks the progress of Angel Oregon Alumni, a program that provides funding for startups, over several years from 2003-2015. It finds that the number of employees and economic impact of portfolio companies increased each year. The realized multiple on exits was 2.44x, higher than earlier years. In 2015, the median pre-money valuation for seed-stage companies was $4.6 million, up 53% from 2014 and the highest ever. Round sizes and ownership percentages for angel investors have remained relatively stable in recent years.
7. Realized Multiple
Multiple of AO Exits as a Portfolio
2.44x 2.1 1.8 1.5 1.3 0.9 2.6x
30% 24% 25% 41%31% 0% % Portfolio Ongoing
Multiple by year, if portfolio were cut off after that year
Assumes even investment in every presenting company
Underspecified Terms/Dilution as an imaginary portfolio
22% 0%
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