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Special Episode: Breaking Down "Angel Network Pulse: The First 101"
We just released Angel Network Pulse: The First 101 - an analysis of 101 angel network investments tracked over nine months through The Diligent Observer newsletter. Here's what I learned:
The Big Picture
101 deals across 72 angel networks in 15 countries. $288M in announced funding (likely closer to $500M total funding, since only 53% disclosed round sizes). This represents roughly 8-10% of total annual angel network activity based on ACA's tracking of 1,200-1,500 deals per year.
Key Findings
- Texas dominates. 10 of the 72 networks were Texas-based, responsible for 22 investments. This likely reflects two things: Texas angels are more public about their deals, and my team is based here so we catch their activity more readily.
- Angel groups regularly invest cross-border. Networks were based in 27 states and 12 countries, but funded companies in 30 states and 15 countries.
- Healthcare is the runaway leader at 34% of deals. AI integration appeared in 64% of deals across all sectors - and that's probably understated. AI infrastructure is woven into everything.
- Average angel network check: $329K (median $180K). This represents about 7% of the average $4.7M round size. That's meaningful capital, not just symbolic participation.
Behind the Scenes
Tracking 173 organizations (72 networks + 101 companies) was incredibly time-consuming. Multiple companies rebranded or pivoted between coverage and report publication. One shut down entirely. This underscores why we track activity weekly through the newsletter - these deals evolve fast.
Bottom Line
Organized angel investing is only 30 years old (Band of Angels formed in 1995), but it's rapidly maturing into a meaningful force. $330K checks representing 7% of funding rounds, combined with personal networks and hands-on support, deliver a different value proposition than institutional capital. This ecosystem is growing fast, crossing borders, and providing material support for early-stage innovation.
Full report with infographics, company profiles, and sector breakdowns available at thediligentobserver.com/c/101.
Stuff We Reference
- ACA membership exclusive code
Know someone who would enjoy this episode? Share it with them!
P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts.
Want more?
- Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter.
- Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube.
Connect with Andrew
LinkedIn | X | Angel Ops E-Book
All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.
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By Andrew KazlowWe just released Angel Network Pulse: The First 101 - an analysis of 101 angel network investments tracked over nine months through The Diligent Observer newsletter. Here's what I learned:
The Big Picture
101 deals across 72 angel networks in 15 countries. $288M in announced funding (likely closer to $500M total funding, since only 53% disclosed round sizes). This represents roughly 8-10% of total annual angel network activity based on ACA's tracking of 1,200-1,500 deals per year.
Key Findings
- Texas dominates. 10 of the 72 networks were Texas-based, responsible for 22 investments. This likely reflects two things: Texas angels are more public about their deals, and my team is based here so we catch their activity more readily.
- Angel groups regularly invest cross-border. Networks were based in 27 states and 12 countries, but funded companies in 30 states and 15 countries.
- Healthcare is the runaway leader at 34% of deals. AI integration appeared in 64% of deals across all sectors - and that's probably understated. AI infrastructure is woven into everything.
- Average angel network check: $329K (median $180K). This represents about 7% of the average $4.7M round size. That's meaningful capital, not just symbolic participation.
Behind the Scenes
Tracking 173 organizations (72 networks + 101 companies) was incredibly time-consuming. Multiple companies rebranded or pivoted between coverage and report publication. One shut down entirely. This underscores why we track activity weekly through the newsletter - these deals evolve fast.
Bottom Line
Organized angel investing is only 30 years old (Band of Angels formed in 1995), but it's rapidly maturing into a meaningful force. $330K checks representing 7% of funding rounds, combined with personal networks and hands-on support, deliver a different value proposition than institutional capital. This ecosystem is growing fast, crossing borders, and providing material support for early-stage innovation.
Full report with infographics, company profiles, and sector breakdowns available at thediligentobserver.com/c/101.
Stuff We Reference
- ACA membership exclusive code
Know someone who would enjoy this episode? Share it with them!
P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts.
Want more?
- Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter.
- Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube.
Connect with Andrew
LinkedIn | X | Angel Ops E-Book
All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.