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Last Updated: October 23, 2025 | This content is intended for editorial/informational purposes only. Not investment advice or a solicitation to buy or sell securities.

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Table of Contents

Executive Summary

Angel network investment activity often flies under the radar. It doesn’t make headlines. Yet angel network activity quietly powers much of the startup ecosystem across the world. These investments happen at coffee shops, in university conference rooms, and through Zoom calls with angel groups most people have never heard of.

For the past 9 months, we've been tracking them, and in this analysis, I’m excited to share some of our findings.

The Numbers

• 101 deals tracked
• 72 angel networks participating (54 US-based, 18 international)
• 27 US states with angel network presence
• 30 US states received investments
• 15 countries represented
• 110 total investments
• Texas led US investment activity with 10 networks making 22 investments

Key Findings