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3. Trends in business angel investment activity 1993/4 to December 2003: investments in UK-based companies 20032 20021 2001 01 H2 00/01 99/00 98/99 97/98 Number of investments 161 136 186 74 217 224 192 225 190 Number of companies raising finance 159 134 182 73 211 215 185 221 n/a Number of registered business angels 3533 2163 3113 112 346 386 280 365 341 Amount invested by registered business angels (£m) 26.1 20.4 32.4 14.3 30.0 28.3 20.0 23.4 17.4 Amount raised from other financial sources (£m)4 27.7 18.0 20.3 9.5 19.6 23.2 14.1 17.0 19.3 Notes: 1. CMR is a non-response for 2002 2. It is possible that the level of investment activity in 2003 is inflated because statistics for Beer and Partners may include some investments in which angels were excluded. A general circular from the firm reported 25 investments amounting to £7.2 million. 3. In some cases where the investment was made by a syndicate the BAN was unaware of the actual number of investors involved. Consequently this statistic is under-stated for 2001, 2002 and 2003. 4. As noted in the text, many BANs are unaware of whether the firm has raised finance from other sources at the same time as receiving angel funding. In some cases the BAN is aware that other funders are involved but do not know the amounts involved. These statistics therefore a significant under-estimate of the overall deal sizes. 4. Number of registered business angels in each investment (a) Numbers Number of investments Number of business angels 2003 2002 01[2] 00/01 99/00 1 50 72 44 151 163 146
2 20 20 16 32 35 30 3 9 3 3 7 6 5 4-5 13 6 4 8 12 7 >5 35 28 1 9 7 4 Sub-total 127 129 68 207 223 192 Missing data 34 7 6 10 1 - Total 161 136 74 217 224 192 (b) Percentages Number of business angels 2003 2002 01[2] 00/01 99/00 1 39 56 65 73 73 2 16 15 24 15 16 3 7 2 4 4 3 4-5 10 5 6 4 5 >5 28 22 1 4 3 Total 100 100 100 100 100 Table 5. Amount invested per deal collectively by registered business angels Number Total amount invested by Number of investments registered business angels 2003 2002 01 [H2] 00/01 99/00 98/99 97/98 96/97 Up to £10,000 8 7 3 16 8 22 17 16