Where Are They Now?

Tracking Angel Oregon Alumni

Robert E Wiltbank, PhD

Prof. Wade T Brooks

2004

Angel Oregon Alumni

2003 2005

2007

Angel Oregon Alumni

2006 2008

2010

Angel Oregon Alumni

2009 2011

2013

Angel Oregon Alumni

2012 2014

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)

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

2015Presents the

Median Seed Stage Pre-Money ValuationMedian 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

$3.0MMEDIAN :

1st Quartile:

$2.0M

$0.30M

2014 2015

$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 Only2015 Shows Round Sizes Increasing, Mean Ownership of Angel round is Relatively Stable 20-25%