Halo Report & Returns Study Research
for early-stage investors, entrepreneurs, and community builders
ANGEL RESOURCE INSTITUTE RESEARCH
Research forms the foundation of the Angel Resource Institute's perspectives and positions on angel investing. Our educational programs and papers are based on the collective knowledge of the angel investing community. ARI accumulates data from interviews and surveys of groups as small as a few dozen leading angels to the aggregated investment details of thousands of investors.
Our leading data source is formal angel organizations - over 250 of these groups provide transaction data to ARI on a regular basis. A long-term goal of ARI is to allow researchers to access an anonymized version of the data. This should expand the breadth and quality of analysis of early-stage investing.
ARI supplements its unique data set with published information from leading sources of entrepreneurship and venture capital activity, ensuring that our educational programs and publications reflect the perspectives of the entire startup community. The best source of this inofrmation is from our partnership with Pitchbook.
Papers developed by ARI are reviewed by a screening committee including angel investors and university level researchers prior to publication, and portions of the Education curriculum that leverage our research base are vetted by ARI staff as well as our lead instructor corps.
Past Research Reports
*2022 ARI HALO Report (Full-Year)
2022 was a sobering year for Angels and Startups. On a downward slide of the roller coaster after a boom in 2021, 2022 was tough on entrepreneurs; their focus shifted from growth at full tilt to preservation. Yet, the year presented opportunity for cautiously optimistic investors -- and those needing to protect current investments.
*2017 ARI HALO Report First-Half (Half-Year)
The Angel Resource Institute's Halo Report is a national survey of angel group and individual investment activity sponsored by Pitchbook. Download the first-half year report. This year's report, released on November 6, 2017, includes a special section on minority and female entrepreneurs, in addition to details on pre-money valuation and industry sectors.
*2016 ARI HALO Report (Infographic)
The Angel Resource Institute's Halo Report is a national survey of angel group and individual investment activity sponsored by Pitchbook. Download the full year-end report. This year's report, released on April 27, 2017 at the ACA Summit in San Francisco, includes special sections on cross-border investing, fundability of minority and female entrepreneurs, and regional reports.
*2016 Annual Halo Report (Full-Year)
The Angel Resource Institute's Halo Report is a national survey of angel group and individual investment activity sponsored by Pitchbook. Download the full year-end report. This year's report, released on April 27, 2017 at the ACA Summit in San Francisco, includes special sections on cross-border investing, fundability of minority and female entrepreneurs, and regional reports.
*2015 Special Edition: Geography Report (Special Edition)
The Angel Resource Institute(ARI) released the ARI HALO Report: Geography Edition on September 22, 2015, a national survey of angel group investment activity sponsored by PitchBook. ARI's Vice Chairman of Research Rob Wiltbank said, "For the first time ever, we are able to report on the geographic differences over the last several years for the key metrics we've been reporting in the HALO Report."
*2014 Annual Halo Report (Full-Year)
The Angel Resource Institute (ARI) released the 2014 Annual ARI Halo Report on April 15, 2014, a national survey of angel group investment activity sponsored by PitchBook. ARI's Vice Chairman of Research Rob Wiltbank announced the findings at the opening session of the Angel Capital Association's Annual Summit in San Diego.
*2013 Annual Halo Report (Full-Year)
On March 27, 2014, the Angel Resource Institute (ARI), Silicon Valley Bank (SVB) and CB Insights released the 2013 Halo Report, which finds angel activity on the rise with more high-valuation deals closed in 2013 than the previous year. While median round sizes held steady at $600K per deal, they were at a three year high when angels co-invested with non-angels. The share of angel investment in Internet, healthcare and mobile startups continued to increase.
*2012 Annual Halo Report (Full-Year)
April 17, 2013: In collaboration with Silicon Valley Bank (SVB) and CB Insights, Angel Resource Institute released the 2012 Halo Report today, a national survey of angel group investment activity, as the Angel Capital Association gears up for its biggest event of the year in San Francisco this week.
*2011 Annual Halo Report (Full-Year)
Angel Group Investment Trends: The Angel Resource Institute, Silicon Valley Bank and CB Insights set out to raise awareness of early stage investment activities by angel investment groups. The Halo Report™ is the result. The research series highlights angel investment activity and trends in North America and provides much sought after data that has not been previously available to entrepreneurs or early stage investors.
Provide your data to ARI to help with our research
If you are interested in participating and supplying data, email your data to our research team. This could be your year to make the list of most active angel groups in the US. Feel free to download our excel workbook outlining the minimum data requirements.
Most active groups from Halo Report™
Top 10 single location groups (alphabetical order)
Top 5 multi-location groups (alphabetical order)
These were the top groups in terms of deals completed or most capital deployed in the preceding fiscal year. Given the performance of these early-stage networks and funds, entreprenuers are encouraged to reach out to the groups to learn more about submitting plans for an investment review. Please note that there are many groups in the United States, Puerto Rico, and Canada that make significant investments in US-based startups.
