The 2019 Halo Report is based on an analysis of 2,492 transactions across 2,444 companies – all completed in 2019. We culled and narrowed our focus to those transactions, that were clearly Seed or pre-Series A deals, and Series A. This resulted in a data set of 2,154 transactions: 1,921 transactions that were at various stages of Seed – from first financings to second and sometimes third, but still Seed, and 233 transactions were Series A deals. We identified an additional 94 transactions that were later stage, mostly Series B, but a few C and even D rounds in which angels were still participants. However, consistent with 2018 and prior, we did not include an analysis of these later stage deals (post Series A) other than to track and count their occurrence in our New vs. Follow-on investment metric. It remains interesting to see just how far beyond early investing stage angels continue to fund their companies, when they have the opportunity to do so.
These transactions represented a total of $4.3B invested. Our focus remains most intently on these 2,154 early stage deals. Our goal is to continue to serve the angel community with relevant data on trends, challenges, and opportunities from as large a set of transactional data as possible.