Aug. 22, 2025 — The Angel Capital Association (ACA) today announced the publication of its free download, the Angel Funders Report 2025, an in-depth annual analysis of U.S. and Canadian angel investment activity. Drawing from direct investment data submitted by ACA member organizations, the report sheds light on critical trends shaping the future of early-stage funding and the entrepreneurial ecosystem.
Despite a challenging fundraising climate for startups, the 2025 report underscores the resilience of angel investors and their continued role as a stabilizing force in early-stage capital markets. Even as overall deal volume softened and exits slowed, ACA members maintained commitments to innovation, concentrated capital at the earliest stages, and adapted deal structures to meet founders where they are.
The Angel Funders Report goes beyond raw numbers — providing context for individual data points, identifying emerging trends, and highlighting strategies ACA members use to fuel startup growth. The report reflects investment activity from a wide range of angel organizations, including networks, funds, hybrid network-plus-fund models and syndicates, giving readers an insider’s perspective on the current market. Together, these perspectives make the Angel Funders Report one of the most comprehensive, member-sourced views of angel investing in North America.
“This year’s report reveals a nuanced market — capital is concentrating at the earliest stages, deal structures are evolving and sector allocations are shifting,” said Pat Gouhin, ACA CEO. “Amid volatility, angels remain resilient, continuing to back bold ideas, support diverse founders and adapt their approaches so early-stage companies can thrive.”
Inside the 2025 Angel Funders Report
From shifting deal structures and sector shake-ups to valuation swings and changing governance norms, this year’s findings show how angels are adapting in a turbulent market. The report details where capital is concentrating, which sectors are gaining momentum, how diversity is progressing, and what’s happening with exits, valuations and cross-regional investing. These insights capture not only the numbers but the approaches angels are using to stay resilient and keep innovation moving.
Access the full report, complete data and analysis — available now as a free, easy-to-access PDF here.
About the Angel Capital Association (ACA)
The Angel Capital Association (ACA) is the professional association of global angel investors to offer education, best practices, data, public policy advocacy, and significant benefits and resources to its membership of more than 14,000 accredited investors, who invest individually or through its 250+ angel groups, accredited platforms, and family offices. Visit angelcapitalassociation.org.
