Some things in there we already knew. The level of angel activity in 2015 wasn’t much different from 2014 – $25 billion invested in over 70,000 companies. And as we know, investment sizes increased last year as angels did a few more “VC” rounds – though 5% in this report is much less of an increase than the HALO report found.
But also a surprise: the valuation of angel rounds fell – 13% lower – in this survey. That’s quite different from the significant increase in the HALO report. True angel investments (the average in this report was $2.3M valuation), rather than the angel->VC investments in the HALO report, continue to be sensibly priced – which is good news for us.