This document tracks the progress of Angel Oregon Alumni, a program that provides funding for startups, over several years from 2003-2015. It finds that the number of employees and economic impact of portfolio companies increased each year. The realized multiple on exits was 2.44x, higher than earlier years. In 2015, the median pre-money valuation for seed-stage companies was $4.6 million, up 53% from 2014 and the highest ever. Round sizes and ownership percentages for angel investors have remained relatively stable in recent years.

1. Where Are They Now?
Tracking Angel Oregon Alumni
Robert E Wiltbank, PhD
Prof. Wade T Brooks

2. 2004
Angel Oregon Alumni
2003 2005

3. 2007
Angel Oregon Alumni
2006 2008

4. 2010
Angel Oregon Alumni
2009 2011

5. 2013
Angel Oregon Alumni
2012 2014

6. Rev/FTE $174K +1%
FTE’s in 2015 758 +6%
Economic Impact of Angel Oregon Alumni
Revenue in 2015 (Remaining portfolio) $132M +8% from 2014
Raised $10.8M $134M cumulative
-
100
200
300
400
500
600
700
800
0
20
40
60
80
100
120
140
Sales (in millions) FTE (right axis)

7. Realized Multiple
Multiple of AO Exits as a Portfolio
2.44x 2.1 1.8 1.5 1.3 0.9 2.6x
30% 24% 25% 41%31% 0% % Portfolio Ongoing
Multiple by year, if portfolio were cut off after that year
Assumes even investment in every presenting company
Underspecified Terms/Dilution as an imaginary portfolio
22% 0%
www.AngelResourceInstitute.org

8. 2015
Presents the

9. Median Seed Stage Pre-Money Valuation
Median Valuation Up 53% From 2014, Highest Valuation in HALO History
$0.22M
$23.5M
MEDIAN :
$4.6M
3rd Quartile:
$7.5M
1st Quartile:
$3.1M
$13.5M
3rd Quartile:
$4.4M
$3.0M
MEDIAN :
1st Quartile:
$2.0M
$0.30M
2014 2015

10. $500k $500k $510k
$850k
$833k $829k $835k
$1,164k
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
2012 2013 2014 2015
Median Round Size Mean Round Size Mean Ownership Percentage
Median and Mean Round Sizes – Angels Only
2015 Shows Round Sizes Increasing,
Mean Ownership of Angel round is Relatively Stable 20-25%