Halo Report & Returns Study Research

for early-stage investors, entrepreneurs, and community builders



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

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.


Discover ARI programs

ARI has multiple courses designed for beginners to expert-level investors and entrepreneurs. Each course is ARI instructor led or ARI can train you to deliver courses.

Request a workshop proposal

ARI has delivered more than 400 courses across 38 states and 40 countries for angel groups, economic development organizations, and government initiatives to encourage early-stage investments and deal flow.


Join ARI's data collection initiative

ARI is continuously collecting data from Angel investors, groups, and entrepreneurs on early-stage and startup deals in order to provide better metrics.

View latest Halo Report

View the latest Halo Report and find out what trends will impact your current and future funding rounds.


ARI collaboration partners include:


Sue Preston, Angel Resource Institute, explains a new ARI program designed to educate women entrepreneurs and investors.

Books by ARI Lead Instructors and Others


We are entrepreneurs, angel investors, educators, board members, and community leaders. We are deal-makers and startup experts!