Angel Activity Rises Modestly In First Half Of 2012

Angel activity rose modestly in the first half of the year with per-deal funding levels largely unchanged and investors shifting their focus toward expansion stage deal making.

Angels put $9.2 billion to work in in the first and second quarters of 2012, a 3.1% increase from the same period a year earlier, according to a study from the University of New Hampshire’s Center for Venture Research.

A total of 131,145 angels were active during the period and 27,280 ventures received funding, an increase of 3.7%, the study found. With dollars and deal volume rising at roughly the same pace, average deal size was stable at $336,390.

Seed and startup investing was 40% of the whole, largely unchanged from a year ago. But expansion stage financings rose as a percentage of total deals, to 22% of investments from 13% a year ago.

Health care services and devices deals were the most numerous, followed by software, biotech and retail.

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