TORONTO, Sept. 28, 2022 — Today, the National Angel Capital Organization (NACO) released its Annual Report on Angel Investing in Canada. This year’s report analyzes Canadian angel investment totaling $262.1 million, a record recovery from 2020’s pandemic low of $102.9 million.

For the first time in NACO’s history, the organization has leveraged its international platform to spotlight the achievements of 27 women trailblazers at the forefront of Canada’s innovation economy. Sharing the stories of these individual women leaders throughout the report will help accelerate change, while celebrating a remarkable achievement identified by NACO: a 50% increase in women’s participation in angel activity since 2019.

In another historical first, a coalition of senior leaders from across the innovation economy contributed to the development of the report, including unicorn founder Mike Wessinger of PointClickCare; Claudette McGowan, Founder of the Firehood and General Partner of Phoenix Fire Fund; Dinaro Ly, Head of Innovation Partnerships at Interac Corp; Jérôme Nycz, Executive Vice President at BDC Capital; and Stephen Stewart, Managing Director, M&A at TD Securities.

“On behalf of Canada’s innovation economy, I extend a sincere thank you to the 27 women trailblazers highlighted in our report, the dozens of ecosystem leaders who served on our review committee, and NACO’s vast network of members and community partners, each of whom played an essential role in the genesis of this document,” said Claudio Rojas, CEO of the National Angel Capital Organization. “Not in the least, I’d like to acknowledge the contributions of our report’s lead author, Dr. Colin Mason, Professor of Entrepreneurship at the University of Glasgow’s Adam Smith Business School. Dr. Mason’s groundbreaking research is a gift to the innovation economy in Canada and across the globe.”

To maximize its impact on Canada’s innovation economy, NACO’s annual report will be distributed to over 20,000 recipients, including investment organizations, academic institutions, and international trade embassies, among others.

In conducting the research underlying its report, NACO identified a number of areas in need of change: ranging from systemic barriers confronting diverse founders to regional isolation in Canada’s innovation economy. To address these challenges, and build a better Canada, NACO will be announcing the launch of numerous transformative initiatives over the next twelve months.

“NACO’s decision to showcase the accomplishments of individual women leaders across the innovation economy reflects its commitment to driving real progress and real change that impacts real people,” said Claudette McGowan, Co-founder of The Firehood and General Partner of Phoenix Fire Fund. “NACO’s Initiative for Women Entrepreneurs shares the core mission of Phoenix Fire Fund: increasing the number of women entrepreneurs who build high-growth companies.”

Among the national coalition of leaders who contributed to NACO’s report was Silicon Valley Bank, whose own recently released report, The Future of Climate Tech, identifies an additional area of opportunity and change: climate tech, which is an emerging sector of vital importance.

“We are proud to work together with NACO on this year’s report and see incredible potential in NACO’s capacity to support the growth and maturation of Canada’s clean economy,” said Filip Stoj, Vice President, Early Stage Startups at Silicon Valley Bank in Canada. “NACO has the unique ability to fill critical educational gaps in the venture ecosystem while simultaneously reducing barriers that hold back investment in emerging technologies. NACO’s report provides evidence of its ability to lead change, and we look forward to working with NACO to help build a more sustainable and inclusive future for Canada and the world.”

Download NACO’s 2022 Report on Angel Investing in Canada here.

About National Angel Capital Organization

National Angel Capital Organization (NACO) members have invested $1.38 billion into more than 1,900 Canadian companies. Incorporated in 2002, NACO is Canada’s professional association for angel investors and the only national platform for angel collectives and the innovation hubs that support Canada’s entrepreneurs. NACO’s national network includes 4,200 angel investors, 50 incubators and accelerators, and 45 angel groups. https://nacocanada.com/.

Data Collection Partners and Report Contributors

With input from leading angel organizations and funds across the country, NACO’s Annual Report on Angel Investing in Canada tracks important investment trends and analyzes the evolution of angel investing within Canada’s innovation economy to inform program and policy development.

In 2021, Canada’s angel investment ecosystem reported a record amount of investment, totalling $262.1 million. Over the past 12 years, Canadian angel investors have invested a cumulative $1.38 billion. The report also tracks a shift in the angel landscape with women now comprising 27% of the members of Canadian angel organizations, a 13% increase from 2020 and an approximate 60% increase from 2019 and 2018.

More than 40 organizations and firms from across Canada’s innovation ecosystem supported the data collection, development and review of this year’s report.

• Accelerate Okanagan
• Angel One
• Anges Québec
• Backbone Angels
• Bizfield Angel Network Ltd.
• Bluesky Equities Ltd.
• Brightspark Ventures
• Canadian International Angel Investors Ltd.
• Capital Angel Network
• DealPoint for Syndicates
• East Valley Ventures
• Entrevestor
• First Line Capital (Burlington)
• Foresight
• Genesis Centre
• Georgian Angel Network
• GIC Merchant Bank Corp
• Golden Triangle Angel Network
• GreenSky President’s Club
• HaloHealth
• Innovate Edmonton
• InterGen
• Island Capital Partners
• Keiretsu Forum Canada
• Killick Capital
• Launch Ventures
• Maple Leaf Angels
• New Brunswick Innovation Foundation
• Niagara Angel Network
• Northern Ontario Angels
• North Forge Technology Exchange
• Ontario Capital Growth Corporation
• Ontario Centre of Innovation
• Pelorus Venture Capital
• Peterborough Region Angel Network
• Southeastern Ontario Angel Network
• Southwestern Ontario Angel Group
• Silicon Valley Bank
• Spark Angel Network
• The51 Ventures Inc.
• Two Small Fish Ventures
• Valhalla Private Capital Inc
• VANTEC Angel Network and E-Fund
• Windsor Essex Capital Angel Network
• York Angel Investors Inc.
• Yukon Venture Angels