If you’re a startup medical device company looking for an angel, it pays to go west, according to a new report.
The most active angel investors for medical device, diagnostics, biotechnology and other life science companies appear to be clustering, according to a new report by Silicon Valley Bank and the Angel Resource Institute.
The HALO Report, released earlier this month, looks at angel investing trends across all industries. But the healthcare angels highlighted have a uniquely Western feel to them. Of the 6 most active angels over the past year, only 1 group is on the East Coast, Blue Tree Allied Angels of Pittsburgh. Blue Tree has a couple of medical device investments listed among its broad portfolio.
Here are the other 5, in no particular order:
- Life Science Angels of Palo Alto, Calif., which has invested $32 million in 40 life science companies since 2005. The angel group counts Silicon Valley Bank as a founding sponso,r along with Silicon Valley law firm Wilson, Sonsini, Goodrich & Rosati;
- Central Texas Angel Network of Austin, which invested some $6 million in 20 companies during 2011 and has made more than 50 investments since its 2006 founding. The angel group has about 9 medical device, diagnostic and biotech companies in its portfolio;
- Ohio Tech Angels of Columbus, which has been around since 2004 and makes investments ranging from $150,000 to $1 million in primarily Ohio-based ventures;
- Desert Angels of Tuscon, which has invested about $17 million in 50 companies since 2000, according to its website;
- Tech Coast Angels of southern California, the longest-running group among the 6, having been in operation since 1997. This angel group has invested in 180 companies with a highly diversified portfolio based in Southern California only.
For the full HALO report, click here.