A new report in Canada shows angel investors are backing the country’s startup ecosystem.
According to Canada’s National Angel Capital Organization (NACO) startups received angel investments to the tune of $157.2 million in 2016, up 15% from the year before. The report, which surveyed 35 angel groups across Canada, was compiled with the support of the national government, along with BDC Capital, Ryerson Incubate and Innovate Network Canada, and RBC.
“Increasingly, the Angel network is filling the seed to growth stage in the investment scale stepping in to provide critically needed bridge capital to startups as they mature into scalable ventures. This growing angel funding bridge will not only generate more positive investment outcomes, it also helps to build stronger late stage innovation companies that strategic investors can support,” said Yuri Navarro, CEO of NACO.
Bardish Chagger, Canada’s Minister of Small Business and Tourism, praised the angel groups, saying they “provide important investments, they help translate ideas into new products and services, accelerate business growth, and propel entrepreneurs from the startup phase to international success.”
The most dollars were invested in life sciences, followed by ICT.