Michael Hart writes:

In 2014, angel investors switched their focus from startups to existing businesses according to an analysis released by the Center for Venture Research at the University of New Hampshire. Despite modest annual increases in the number of active angel investors (5.9% increase to 316,600 individuals) and number of entrepreneurial ventures that received angel funding (3.8% increase to 73,400 ventures), seed and start-up investments decreased from a combined 45% of total investments in 2013 to 25% in 2014. To put those figures into perspective, angel investors invested approximately $11.1 billion in entrepreneurial ventures at the seed and startup stages in 2013. In 2014, that number dropped to approximately $6 billion. Instead, angel investors shifted their focus to existing businesses with a need for early and expansion stage financing. Those stages of venture financing saw annual increases in funding of 5% and 16% respectively. If you would like more details on angel investing in 2014, I encourage you to read the full analysis here.

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