A quarterly snapshot of organized angel investing activity from The Diligent Observer

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Last Updated: April 15, 2026 | This content is intended for editorial/informational purposes only. Not investment advice or a solicitation to buy or sell securities.

Methodology: This report tracks 60 angel network deals featured in The Diligent Observer newsletter over a ~6-month period from October 2025 to March 2026. These deals were selected using a proprietary deal selection methodology, and represent a limited sample of angel network activity, not a comprehensive database. More on the process here.

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Table of Contents

Executive Summary

In October 2025, The Diligent Observer crossed an exciting milestone: 101 angel network deals tracked, 72 networks, 9 months of data. We published a detailed analysis of that data, and the response from the angel community was overwhelming.

So we decided to make market intelligence a permanent fixture of The Diligent Observer.

Starting with this Q1 2026 report, The Diligent Observer will publish the Angel Network Pulse every quarter. Each edition compiles the deals we feature through the newsletter each week into a structured angel network market intelligence resource.

This edition covers a total of 60 deals tracked from October 30, 2025 through March 31, 2026.

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Key Findings

  1. Massachusetts was the Q1 hub for featured deals. Headquartering 6 angel networks (13% of US networks that participated this quarter) and 13 deals (23% of US activity), MA surpassed Texas and California to lead this quarter.
  2. Healthcare dominated. Healthcare & Life Sciences captured 44% of featured deals, up from 34% in the prior period. Healthcare devices alone accounted for 22% of all Q1 deals.
  3. AI messaging is even more widespread but not universal. 72% of startups incorporated explicit AI messaging in their description (up from 64% in the prior period), with concentrations in Technology & Software (11/13 deals) and Healthcare & Life Sciences (17/26 deals).
  4. US activity took the spotlight. 95% of featured Q1 deals were US-based, with only 3 international deals (France, Germany, Lithuania) featured, a shift toward domestic focus versus the first 101 deals, which featured 25% ex-us activity.
  5. Syndication rate increased but is likely still underdisclosed. 9 deals (13% of featured deals) involved participation from 2 or more angel groups, with the most complex involving SideCar Angels, Boston Harbor Angels, and TiE Angels backing GelMEDIX's $13M seed round.