5. Follow the Money..From Where? California Angel Groups
are responsible for over 27% of $ Invested
Seed/Series A Deals and $ invested by investor location
Source: 2020 Halo Report with 2,198 deals
24%
11%
11%
6%
9%
7%
8%
6%
3%
11%
3%
2020 % of all Seed/Series A Deals by Investor Location
California New York Southeast Mid-Atlantic Southwest Northwest
Great Lakes NorthEast Outside US Texas Great Plains
27%
10%
10%
10%
9%
9%
7%
6%
5%
5%
2%
2020 % of Dollars Invested by Investor Location
California New York Southeast Mid-Atlantic Southwest Northwest
Great Lakes NorthEast Outside US Texas Great Plains
6. From Where? The vast majority of Northwest Angel Groups deals are
homegrown while Angel Groups in New York aggressively invest
outside their home region 51% of the time – similar to last year
Source: 2020 Halo Report with 2,198 deals
90% 88% 88% 88% 87%
79%
73% 69%
62%
49%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
7. To Where: California remains a draw for investors with 16% of
out of home region deals being invested in companies there.
9% from other regions comes to the Northwest
Where Out of Home Region Deals Go -
% Deals
Where Out of Home Region Deals Go -
% $ Invested
Source: 2020 Halo Report with 2,198 deals
8. To Where? 8% of all Angel Group backed deals were
located in the Pacific Northwest shrinking 5% YOY
Source: 2020 Halo Report with 2,198 deals
11.% -3% 0% 1% 14% -5% 0% -9% -7% -12%
21.1%
15.7%
10.3% 10.2%
8.9% 8.4% 7.7% 7.6% 7.2%
4.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
9. What? Angel Groups in the Northwest fund Information
Tech at a higher % and Healthcare & Biotech at lower than
the National Average
Source: 2020 Halo Report with 2,198 deals
27%
25% 24%
16%
3% 3% 2%
0%
33%
26%
17% 17%
1% 2% 2%
1%
0%
5%
10%
15%
20%
25%
30%
35%
Information
Technology
Consumer Products
and Services (B2C)
Healthcare & Biotech Business Products &
Services (B2B)
Financial Services Energy/Enviro Materials & Resources Agriculture
US '20 Northwest' 20
10. How Much? Pre-Money Seed Round Valuation in Northwest was at
the National Median of $6M and below the National Average with
$7.3M
Source: 2020Halo Report with 1,921 deals
-8% -30%
23% 1% -13% -29% -3% 58% 20% -24% -23%-50% -25% -34% 0% -9% -44%-15% -23% -25% 79% -14%
YOY Growth%
$8.0
$7.0
$6.0 $6.0 $6.0 $6.0 $6.0
$5.0 $5.0 $5.0
$6.0
$10.0
$7.0
$13.3
$9.0
$8.2
$7.6 $7.3 $7.3
$6.6
$4.8
$8.5
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
Seed Round Pre-Money Valuation ( in Millions)
Median Pre-Money Average Pre-Money
11. How Much? Both Pre-Money Series A Round
Valuation National Median and Average increased
Year over Year
Series A Pre-Money Valuation Medians Series A Pre-Money Valuation Averages
$10
$10.6
$14.0
$-
$2
$4
$6
$8
$10
$12
$14
$16
CY 2018 CY 2019 CY 2020
Series A Median Pre-Money
$13
$18.2
$22.2
$-
$5
$10
$15
$20
$25
CY 2018 CY 2019 CY 2020
Series A Average Pre-Money
32%
22%
12. How Big? Seed Round - Northwest Median Actual Investment
is 66% of Funding Round Size while National Median Actual
was only 50% of Funding Round Size
Funding Round Size
Northwest:
• Median = $750K
• Average = $1.5M
National:
• Median = $1.0M
• Average = $1.9M
When the Average is larger than the Median value, we have outliers at the high end of the
distribution that are pulling up the averages
Source: 2020 Halo Report with 2,198 deals
Northwest:
• Median = $500K
• Average = $1.5M
National:
• Median = $500K
• Average = $1.6M
Actual Investment
66%
50%
13. How Big? Series A- Northwest Median Actual Investment is
12% of Funding Round Size while National Median Actual was
only 10% of Funding Round Size
Funding Round Size
Northwest:
• Median = $5.1M
• Average = $6.7M
National:
• Median = $4.0M
• Average = $5.9M
When the Average is larger than the Median value, we have outliers at the high end of the
distribution that are pulling up the averages
Source: 2020 Halo Report with 2,198 deals
Northwest:
• Median = $600K
• Average = $2.5M
National:
• Median = $400K
• Average = $2.7M
Actual Investment
12%
10%
14. How Much? New Co Financing dominates the landscape with
Northwest Deals see 2/3rds for New Co & 1/3rd for Follow-on
Funding
Source: 2020 Halo Report with 2,198 deals
76% 74% 72% 72% 70% 70% 66% 66% 66%
58%
69%
24% 26% 28% 28% 30% 30% 34% 34% 34%
42%
31%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Great Lakes New York California Texas Southeast Mid Atlantic SouthWest Northeast Northwest Great Plains National
New Co Follow-on
15. How? Convertible Notes continues as the most common
Funding Type representing 57% in the Northwest
Source: 2020 Halo Report with 2,198 deals
64%
58% 57% 56% 54% 53% 53% 51% 50%
40%
54%
20% 29%
28% 29% 33%
29% 27% 32%
29%
38%
30%
10%
7%
9% 8%
9%
12% 12% 9%
10% 15%
10%
6% 5% 7% 7% 4% 6% 8% 8% 10% 7% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Great Lakes SouthWest Northwest Northeast Texas Southeast Mid Atlantic New York California Great Plains National
Convertible Note Preferred Equity Common SAFE
16. More Who? Northwest is at the National
Average for Female CEOs in the Region
% of Female CEOs across Regions % of Female CEOs within Region
22%
20%
18%
16% 16%
14% 14% 14%
12%
10%
16%
0%
5%
10%
15%
20%
25%
% of Female CEOs within Regions
26%
11% 11%
9% 9% 9% 8%
6% 5%
4%
0%
5%
10%
15%
20%
25%
30%
% of Female CEOs across Regions
17. More Who? Northwest is slightly below the
National Average for Minority CEOs in the Region
% of Minority CEOs across Regions % of Minority CEOs within Region
29%
13%
12% 10% 9%
6% 5% 5% 5%
2%
0%
5%
10%
15%
20%
25%
30%
35%
% of Minority CEOs across Regions
22% 22% 21%
16%
13%
12% 12%
10%
8% 8%
12%
0%
5%
10%
15%
20%
25%
% of Minority CEOs within Regions
19. Angel Groups in Seattle
@Elaingelinvest
Group Industry Stage Type Formed
Seattle Angel
Conference (SAC)
Designed to cultivate New Angel
Investors – Sector Agnostic
Early & Seed Event Fund 2012
GrubStakes Sector Agnostic Early & Seed Network + Ad-hoc Syndicates 2016
SWAN Tech: B2B software, medical
Devices, IoT and scalable
hardware, market-accelerating
technologies
Early & Seed Network + Fund 2015
SAF/SeaChange Sector Agnostic Early, Seed & Series A Active Fund 2015
Puget Sound Venture
Club
2/3rds tech/ & 1/3rd non-tech Seed Network 1985
Element 8 Cleantech Focus – Nation wide Seed & Series A Network + Managed Fund 2006
Alliance of Angels (AOA) Sector Agnostic Early, Seed & Series A
– Pre & post revenue
Network + Passive Fund 1997
Keiretsu Forum on the
NW
Tech, Consumer & Real Estate Seed & Series A –
Post revenue
Network + Managed Fund 2005
21. There is Strong Female Participation in the
majority of Seattle Angel Groups
Source: Self Reported Angel Groups
33%
30%
28% 28%
19%
17%
15% 14%
0%
5%
10%
15%
20%
25%
30%
35%
SAC E8 AOA Grubstakes Keiretsu Forum NW PSVC SeaChange Swan
% Female in Seattle Angel Groups in CY 2020
Hi – As a cofounder of a Advanced data Analytics company by day and an Angel investor in SAC since SAC seven by night, I wanted to share with you the latest numbers that I have pulled together on the state of the Angel Investing Market. My goals if for everyone to leave today with a juicy tidbit of knowledge that you didn’t have before so here we go.
The majority of the Seattle Angel Groups are at or above the National female participation average of 20%