MONTREAL, QUEBEC--(Marketwired - July 13, 2016) - The National Angel Capital Organization (NACO) released the sixth annual Report on Canadian Angel Investing Activity. The data collected paints a vibrant and buoyant Canadian Angel Market. The report, which is based on a survey of 32 Angel groups across Canada, reveals that these groups made 283 investments, amounting to over $133 million, with an average deal size of over $1 million. The largest Angel deal was $22.7 Million.

"Angel groups are becoming a well-established and important part of the Canadian entrepreneurial ecosystem. Through the collaboration they create among investors, they are helping to improve access to capital through various stages of the Canadian Innovation Funding Continuum," says Yuri Navarro, CEO of NACO. "Canada has seen a boom in startups which is made possible by the larger concentration of investors in major markets in Central and Western Canada. We are excited to see this community continue to develop across the country as we further invest in growing and professionalizing the ecosystem of Canadian Angel investors."


Across Canada, 32 Angel groups participated in the 2015 survey, representing over 60% of NACO investors coast to coast. Angels tend to invest in close geographic proximity, with a majority of 67% of Angels located in Central Canada, 28% in Western Canada, and 5% in Eastern Canada. Angels are essential to the Canadian economy, driving innovation and fueling job creation.

For the fourth year in a row, the Northern Ontario Angels are the number one group in Canada by number of investments made.

"It's not just about rocks and trees anymore. Most people think big things happen in big cities. We take a lot of pride that we lead in number of investments across Canada," Says Mary Long-Irwin, Northern Ontario Angels Executive Director. "Northern Ontario is strong and supportive of small businesses and the result is a solid growing economic base."

Over the last three years, investment activity has continued to increase substantially. The almost 50% increase in the amount invested in 2015 was largely accounted for by follow-on investments, which more than doubled over the previous year.

"Small and medium-sized enterprises are key drivers of economic growth and are crucial to Canada's long-term innovation goals. The Government of Canada is a proud partner and contributor to NACO's report on the state of Canadian Angel Investing Activity, which provides insight into trends in investment in SMEs," says the Honourable Bardish Chagger, Minister of Small Business and Tourism. "Angel groups across Canada contribute to building successful companies and ultimately propel entrepreneurs from the start-up phase to international success."

NACO 2015 Report

Angel groups are now a fairly well-established part of the Canadian entrepreneurial ecosystem with 72% established for more than five years. Interest and participation is continuing to grow, and this year six Angel groups, that have been operating for three years or less, are part of the report.

Over 63% of Angel funded startups fall primarily within 2 sectors: ICT (information-communication technology) and Life Sciences (health related companies) distantly followed by energy.

"As a national funding partner of NACO, BDC Capital has once again supported the production of the Report on Canadian Angel Investing Activity. The report indicates that Canadian Angel groups are growing in maturity and are becoming increasingly strategic financiers," says Jérôme Nycz, Executive Vice President, BDC Capital. "These findings are encouraging. We believe that membership in Angel groups that adopt investment best practices should increase returns for individual Angels and enhance their impact on the Canadian economy."

NACO Report History

The Angel activity report conducted by NACO examines Canada's Angel investor community, and identifies key industry trends and best practices for investors and entrepreneurs.

Since 2010, the report has captured 995 investments, in 635 companies. This represents a remarkable $403 million injected into the Canadian entrepreneurial ecosystem, with over $220 million invested over the last two years.

The 2015 Report on Angel Investing Activity in Canada: Scaling Up Angel Capital to Drive Canadian Innovation, the sixth of its kind, is released in partnership with the Government of Canada, KPMG Enterprise and BDC Capital.

Read the Full Report

About the National Angel Capital Organization

The National Angel Capital Organization accelerates a thriving, early-stage investing ecosystem in Canada by connecting individuals, groups, and other partners that support Angel-stage investing. NACO provides intelligence, tools and resources for its members; facilitates key connections across networks, borders and industries; and helps to inform policy affecting the Angel asset-class. For more information please visit or follow us on Twitter @AngelCapCanada.

About BDC Capital

With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada's most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit

About KPMG Enterprise

KPMG Enterprise was formed in 2004 to respond to a growing need for a professional service firm that focuses on private companies. We were the first to dedicate a team of advisers exclusively to entrepreneurs, family businesses, and emerging fast growing companies. Our global network of trusted advisers are well positioned to respond to the specific needs of private companies. We bring extensive resources and expertise in audit, tax, and advisory services, scaled to the needs of our clients. We provide financial, operational, and strategic advice during any stage of the business lifecycle. For more information, visit

Media Inquiries

For more detailed data and/or to arrange an interview with Canadian Angel Investors or NACO's Executive Director Yuri Navarro, please contact:

Michelle Sklar
Director, NACO Marketing and Events
416 581-0009 Ext: 2
Melissa Durrell
President, Durrell Communications


Canadian Angel Investors

  • 32 Angel groups across Canada, representing 1,545 active Angels made 283 investments amounting to $133.6 million.
  • Of these, a majority of Angels are located in Central Canada, 1109 investors - $105.6 million in 200 investments

Western 459 investors - $27.5 million in 65 investments

Eastern Canada 85 investors, $0.43 million in 18 investments

  • The average deal size fell slightly to $1.16 million.
  • 63% of funding falls within 2 sectors: ICT (information-communication technology) and Life Sciences (health related companies).
  • 89% of the deals are syndicated, involving capital outside the Angel group and receive more investment.
  • 12 positive exits (from 9 companies) of which six were M&As and two were an IPO.
  • Central Canada continues to be the hotspot for Angel investment activity with 71% of investments made in the area.

Funding Success Funnel in 2015

  • 4473 startups applied for Angel Funding
  • 1139 companies presented*
  • 407 companies went through due diligence
  • 283 companies were funded

*based on 28 groups that reported the number of presentations held

Contact Information:

Michelle Sklar
Director, NACO Marketing and Events
416 581-0009 Ext: 2

Melissa Durrell
President, Durrell Communications