The document discusses trends in angel investing in Colorado, including data on funding amounts, company stages, and number of deals. It provides a review of FG Angels, a Colorado-based angel investment group, including details on the number of investments, average deal size, total money raised, and characteristics of portfolio companies. The document concludes with observations from the author that Colorado's angel investing ecosystem could improve by being more transparent, visible, authentic, and focused on putting entrepreneurs first rather than gatekeepers.

1. Lets Get Real About
Angel Investing
Seth Levine
@sether

2. Join the Conversation
#BSW16
@sether

3. @sether
US Angel Funding Trends

4. @sether
*Estimated
*

5. @sether
Colorado Seed Funding Trends

6. @sether

7. @sether

8. @sether
Denver vs. Boulder

9. @sether
602 Total CO deals since 2000
173 Seed X Angel
Average Size of Angel + Seed + Deals: $748,145
What stage(s): Angel + seed + convertible
Historical Investing in CO

10. @sether
Seed Stage in CO
~

11. @sether
FG Angels

12. @sether
FG Angels
# of Deals per Month
Source: FG Angel Data

13. @sether
FG Angels Review
★ Number of investments: 66
★ Average syndicate investment: $289K
★ Largest syndicate investment: $785k
★ Total number of syndicate investors: 582
★ Total number syndicate investments: 3,744
Source: FG Angel Data

14. @sether
FG Angels Review
★ Average # of deals participated in: 16
★ Most common # of deals participated in: 59
★ # of investors who have participated in at least
half of FG Angels deals: 25
★ Most active syndicate member investment total:
$1,097,112 in 63 deals
Source: FG Angel Data

15. @sether
FG Angels Review
★ Total $’s raised through FG Angels: $16.49M
★ Avg debt cap: $4.96M
★ Avg valuation $4.7M
★ % of investments with a female co-founder: ~25%
Source: FG Angel Data

16. @sether
FG Angels Goals:
✓ Understand AngelList and Syndicates
✓ Experiment with seed investments outside of
FG themes
✓ Extend our network
✓ Generate economic returns

17. @sether
✓ Reinforced that Angel investing is a lot about gut (more
than analysis)
✓ Ability to move quickly was critical
✓ Most Angels are unorganized and followers
✓ Many deals fail -> diversification is important
✓ Typical angels approach the market completely wrong
FG Angels
Outcome | Observations

18. @sether
History of Angel Investing in
Colorado

19. @sether
As an ecosystem we can do better

20. @sether
Too scattered
Too much process
Too many gate keepers
We’re not putting entrepreneurs first

21. @sether
More transparency
Be visible
Be authentic
Angel’s mentoring Angel’s

22. @sether
Don’t over-educate
$10K is not a lot of money
Dedicate capital

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Diversify
Have Fun

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You are not the market

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We are especially bad at supporting
women and diversity
in Technology and Entrepreneurship

26. @sether

27. @sether
This deck is on SlideShare and can
be viewed at:
bit.ly/sethangelco

28. Questions?
seth@sethlevine.com
@sether

29. • This information has been prepared solely for informational purposes and is not
an offer to buy or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any trading strategy.
• This material is not to be reproduced in whole or in part or used for any
purpose and is to be treated as strictly confidential and is not to be disclosed
directly or indirectly to any party other than the recipient.
• This document may contain forward-looking statements and projections that
are based on our current beliefs and assumptions and on information currently
available that we believe to be reasonable. However, such statements
necessarily involve risks, uncertainties and assumptions, and prospective
investors may not put undue reliance on any of these statements. Past
performance is not a reliable indicator of future results.
• All of the information herein is subject to change without notice. Certain
information included in this document is based on information obtained from
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made with respect to the accuracy or completeness of such data.
Disclaimer