Good News for Great Lakes Entrepreneurs
While technology and the viral nature of social media has made it possible to launch a startup with a global reach from day one, the funding to enable those startups still comes a lot closer to home. According to the latest Halo Report (Q1 2014) on angel investing, three out of every four angel deals are between an investor and company in the same state -- and the average size of those deals ($1.23M) is on the rise.
That is good news for entrepreneurs in Illinois, Indiana, Michigan, Ohio and Wisconsin – who are seeing an increasing amount of deals and dollars lately.
Nearly one-quarter of the angel dollars invested in the U.S. during Q1 came from groups in the Great Lakes region, easily surpassing all other regions (California is tracked as its own region for the purposes of the report). Great Lakes angel groups also fared well with the 17.1% of all deals closed, coming up just shy of California (17.7%).
The Q1 2014 Halo Report data, compiled by CB Insights, is based on 170 deals totaling $228 million in total rounds including co-investors. The report is published by Silicon Valley Bank and the Angel Resource Institute.