NACO, in collaboration with leading academics, investors, and entrepreneurs, releases 2022 Report on Angel Investing in Canada

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TORONTO, Sept. 28, 2022 (GLOBE NEWSWIRE) — Today the National Angel Capital Organization (NACO) released its yearbook Report on Angel Investing in Canada. This year’s report analyzes Canadian angel investments totaling $262.1 million, a record recovery from the 2020 pandemic low of $102.9 million.

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For the first time in NACO’s history, the organization has used its international platform to spotlight the achievements of 27 pioneering women at the forefront of Canada’s innovation economy. Sharing the stories of these individual women leaders throughout the report will help accelerate change while celebrating a notable achievement identified by NACO: a 50% increase in female participation since 2019 in angel activity.

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In another historic first, a coalition of senior leaders from across the innovation economy helped develop the report, including Unicorn founder Mike Wessinger of PointClickCare; Claudette McGowan, Founder of Firehood and General Partner of the Phoenix Fire Fund; Dinaro Ly, head of innovation partnerships at Interac Corp; Jerome Nycz, Executive Vice President at BDC Capital; and Stephen Stewart, Managing Director, M&A at TD Securities.

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“On behalf of Canada’s innovation economy, I sincerely thank the 27 female trailblazers highlighted in our report, the dozens of ecosystem leaders who served on our review board, and the vast network of NACO members and community partners, all of whom played an essential role role in the creation of this document,” said Claudio Rojas, CEO of the National Angel Capital Organization. “Last but not least, I would like to thank our report’s lead author, Dr. Colin Mason, Professor of Entrepreneurship at the Adam Smith Business School, University of Glasgow. dr Mason’s groundbreaking research is a gift to the innovation economy in Canada and around the world.”

To maximize its impact on Canada’s innovation economy, NACO’s annual report is distributed to over 20,000 recipients, including but not limited to investment organizations, academic institutions and international trade embassies.

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In conducting the research underlying its report, NACO identified a number of areas in need of change, from systemic barriers faced by various founders to regional isolation in Canada’s innovation economy. To address these challenges and build a better Canada, NACO will announce the launch of numerous transformative initiatives over the next twelve months.

“NACO’s decision to showcase the achievements of individual women leaders across the innovation economy reflects its commitment to driving real progress and real change that impacts real people,” said Claudette McGowan, co-founder of The Firehood and General Partner of the Phoenix Fire Fund. “The NACO Initiative for Women Entrepreneurs shares the core mission of the Phoenix Fire Fund: increasing the number of women entrepreneurs building high-growth businesses.”

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The national coalition of leaders who contributed to the NACO report included Silicon Valley Bank, whose own recently published report, The future of air conditioning technologyidentifies an additional area of ​​opportunity and change: climate technology, which is an emerging sector of critical importance.

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“We are proud to be collaborating with NACO on this year’s report and see incredible potential in NACO’s ability to support the growth and maturity of Canada’s clean economy,” said Filip Stoj, Vice President, Early Stage Startups at Silicon Valley Bank in Canada. “NACO has a unique ability to fill critical learning gaps in the venture ecosystem while breaking down barriers that hold back investment in new technologies. NACO’s report demonstrates its ability to lead change, and we look forward to working with NACO to help build a more sustainable and inclusive future for Canada and the world.”

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Download the 2022 NACO Report on Angel Investing in Canada here.

About the National Angel Capital Organization

Members of the National Angel Capital Organization (NACO) have invested $1.38 billion in more than 1,900 Canadian companies. Founded in 2002, NACO is Canada’s professional association for angel investors and the only national platform for angel collectives and the innovation centers that support Canada’s entrepreneurs. NACO’s national network includes 4,200 angel investors, 50 incubators and accelerators and 45 angel groups.

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With contributions from leading angel organizations and funds from around the country, NACO’s Annual Angel Investing Canada Report tracks key investment trends and analyzes the evolution of angel investing in Canada’s innovation economy to inform program and policy development.

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In 2021, Canada’s angel investment ecosystem reported a record total investment of $262.1 million. In the last 12 years, Canadian angel investors have invested a total of $1.38 billion. The report also tracks a shift in the angling landscape, with women now accounting for 27% of Canadian angling organizations’ membership, a 13% increase from 2020 and an increase of about 60% from 2019 and 2018.

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More than 40 organizations and companies from across Canada’s innovation ecosystem contributed to the data collection, development and review of this year’s report.

  • Accelerate Okanagan
  • angel one
  • Anges Quebec
  • Angel of the Spine
  • Bizfield Angel Network Ltd.
  • Bluesky Equities Ltd.
  • Brightspark Ventures
  • Canadian International Angel Investors Ltd.
  • Capital Angel Network
  • DealPoint for syndicates
  • East Valley Ventures
  • Entreinvestor
  • First Line Capital (Burlington)
  • foresight
  • Genesis Center
  • Georgian Angel Network
  • GIC Merchant Bank Corp
  • Golden Triangle Angel Network
  • GreenSky President’s Club
  • HaloHealth
  • Renew Edmonton
  • intergen
  • Iceland Capital Partners
  • Keiretsu Forum Canada
  • Killick capital
  • Start ventures
  • Maple Leaf Angel
  • New Brunswick Innovation Foundation
  • Niagara Angel Network
  • Angels from Northern Ontario
  • North Forge Technology Exchange
  • Ontario Capital Growth Corporation
  • Innovation Center of Ontario
  • Pelorus Venture Capital
  • Peterborough Area Angel Network
  • Angel Network in southeastern Ontario
  • Group of angels in southwestern Ontario
  • Silicon Valley Bank
  • Spark Angel Network
  • The51 Ventures Inc.
  • Two small fish ventures
  • Valhalla Private Capital Inc
  • VANTEC Angel Network and E Fund
  • Windsor Essex Capital Angel Network
  • York Angel Investors Inc.
  • Yukon Venture Angels

To schedule an interview, contact:

Claudio Rojas
CHAIRMAN, National Angel Capital Organization
Email: [email protected]

A photo accompanying this announcement is available at

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