Lets Get Real About

Angel Investing

Seth Levine

@sether

Join the Conversation

#BSW16

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US Angel Funding Trends

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*Estimated

*

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Colorado Seed Funding Trends

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Denver vs. Boulder

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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

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Seed Stage in CO

~

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FG Angels

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FG Angels

# of Deals per Month

Source: FG Angel Data

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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

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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

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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

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FG Angels Goals:

✓ Understand AngelList and Syndicates

✓ Experiment with seed investments outside of

FG themes

✓ Extend our network

✓ Generate economic returns

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✓ 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

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History of Angel Investing in

Colorado

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As an ecosystem we can do better

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Too scattered

Too much process

Too many gate keepers

We’re not putting entrepreneurs first

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More transparency

Be visible

Be authentic

Angel’s mentoring Angel’s

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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

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This deck is on SlideShare and can

be viewed at:

bit.ly/sethangelco

Questions?seth@sethlevine.com

@sether

• This information has been prepared solely for informational purposes and is not

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• This material is not to be reproduced in whole or in part or used for any

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• This document may contain forward-looking statements and projections that

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available that we believe to be reasonable. However, such statements

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performance is not a reliable indicator of future results.

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made with respect to the accuracy or completeness of such data.

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