Angel groups are writing larger cheques into fewer companies, according to the Angel Capital Association's 2026 Angel Funders Report. This episode of Angels Beacon reads the report's four main findings for a new angel writing their first cheques.
A recovery built on larger cheques: ACA-reported angel investment rose 12% to $491.3 million in 2025Where the money went: life sciences took nearly 47% of reported angel investment dollars, and nearly two-thirds of groups made an AI investmentFollow-on money, pro rata rights and the optional side letter to Y Combinator's SAFEThe seat at the table: board participation is declining, and what tends to earn oneAngel Capital Association, 2026 Angel Funders Report press release (13 July 2026)Harbison, Weissman and Giles, the decline in angel board representation (ACA blog, 29 January 2026)Y Combinator, SAFE documents and user guideAngels Beacon is produced by The Brutally Honest Angel for new and early angel investors. Educational only. Not investment advice.