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

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Last Updated: July 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 39 angel network deals featured in The Diligent Observer newsletter over a 3-month period from April 2026 to June 2026. These deals were selected using a proprietary deal selection methodology, and represent a focus sample of angel network activity. More on the process here.

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Table of Contents

Executive Summary

This is the Q2 2026 edition of the Angel Network Pulse report. 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 39 deals tracked from April 2026 through June 2026.

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Key Findings

  1. Texas and California led US deal activity. Texas claimed the top spot with 7 deals (20% of US activity), followed by California with 5 deals (14% of US deals). Unlike Q1, where Massachusetts concentrated a quarter of all US activity, Q2 deal flow was distributed across 18 states, suggesting broader network participation geographically.
  2. Healthcare held its dominant position. Healthcare and Life Sciences captured 41% of featured Q2 deals, sustaining the sector's commanding lead from Q1 (43%). Healthcare Devices and Supplies alone accounted for 28% of all Q2 deals, the single largest industry subcategory by a wide margin, with 11 companies tracked.
  3. International share recovered from Q1's low. With 4 deals across Germany, Finland, Canada, and Norway, international activity reached 10% of Q2 featured deals, doubling Q1's 5%. All four international deals were in Healthcare or Energy.
  4. Park City Angels and SideCar Angels were the most active networks in this quarter's sample. Both groups appeared in 3 featured Q2 deals each, ahead of all other networks. 8 additional networks (Aggie Angel Network, Alamo Angels, CAV Angels, Cowtown Angels, Gopher Angels, Harvard Business Alumni Angels of Greater New York, SWAN Impact Network, and Veterinary Angel Network for Entrepreneurs) each appeared in 2 deals.
  5. Raise disclosure dropped to its lowest point yet. Only 12 of 39 deals (31%) disclosed a raise amount, down from 43% in Q1 and 53% in the period prior. The median disclosed raise was $2.55M, across $63.82M in total reported fundraising.
  6. US East Coast activity remained strong. 46% of US deals originated from East Coast states, consistent with Q1's 56% US East share. New York (3 deals), North Carolina (2), Maryland (2), Florida (2), and DC (2) all contributed, though Massachusetts produced only 1 featured deal this quarter after leading Q1 with 13.

The Participants

The following pages contain a directory highlighting each of the 39 startups and 29 angel groups covered.

Angel Network Directory

Startup Directory