TORONTO, Oct. 30, 2025 (GLOBE NEWSWIRE) — The National Angel Capital Organization (NACO) today released its 2025 annual report on angel investing in Canada, revealing that total angel investment in 2024 increased by 27.2% to $146.2 million. This is a significant increase that signals renewed confidence, but highlights the need to strengthen domestic infrastructure capital.
Members, partners and champions of NAKO at the NAKO reception
Among angel investors reporting in both 2023 and 2024, total investment volume increased by 13.9%, from $112.4 million to $128.0 million, with the number of investments increasing by 7.3%. The greater overall growth reflects both increased activity among existing angels and increased participation in Canada's angel ecosystem.
The over 160-page report, authored by Colin Mason, Emeritus Professor of Entrepreneurship at the University of Glasgow, provides in-depth analysis of angel investment trends with policy recommendations based on international best practice.
Comparable data shows a noticeable shift in investment patterns. The average investment size increased by 50 percent and the average investment size increased by 14 percent, indicating that investors are backing up-and-coming founders with significantly larger checks. This is a sign that angels are willing to make bigger bets on businesses they believe can scale.
However, the data also highlights that Canada's innovation economy remains fragile. The resumption of angel activity is encouraging, but early-stage capital continues to dwindle while founders increasingly turn to foreign investors, and without a coordinated national capital strategy, many of Canada's most promising businesses may struggle to scale domestically.
“Behind every piece of data in this report is a founder working tirelessly to create something extraordinary—often against all odds,” said Claudio Rojas, CEO of National Angel Capital Organization. “Their determination is the bedrock of Canada's innovation economy. Our collective responsibility is to match those ambitions with the risk capital needed to turn them into long-term national advantage.”
Moonshots Top 20 Ventures™: Meet Canada's Next Generation of Builders
This year's report features Moonshot Ventures™ NACO's Top 20 Companies of 2025, outstanding Canadian founders who are redefining what's possible in cutting-edge sectors—from artificial intelligence and cleantech to defense, dual-use technologies and digital health.
Collectively, these fast-growing businesses have raised more than $190 million, demonstrating the depth of entrepreneurial talent emerging in every region of the country. Moonshot's founders epitomize Canada's capacity for world-class innovation and show what can be achieved when ambition and ingenuity are combined with a network of mentorship and early-stage support.
“Stimulating the growth of Canadian businesses early on is essential to building the strongest economy in the G7. Now is the time to unlock risk capital and fuel innovators whose ideas will strengthen Canada's digital sovereignty and long-term competitiveness. I congratulate the top 20 NACO Moonshot Ventures of 2025 for their determination to improve our country's prosperity and productivity in key economic sectors such as artificial intelligence and environmental clean technologies”.
— The Honorable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister Responsible for the Federal Economic Development Agency for Southern Ontario
Cover of NACO Report featuring Moonshots Top 20 Venture Capital Companies
Key findings from the 2025 annual report
Total investment increased by 27.2% to $146.2 million in 2024. Among the business angels reporting in both 2023 and 2024:
- Total investment increased from US$112.4 million to US$128.0 million. (+13.9%)
- Investments made increased from 467 to 501. (+7.3%)
- The median investment per company increased from $83,635 to $129,520. (+50%)
- The average investment per company increased from $276,172 to $315,322. (+14.2%)
These figures confirm a slow but steady recovery from the post-pandemic recession. However, overall angel investment remains below 2021 levels and well below the capital needed to retain and scale Canada's most promising businesses domestically.
“Canada's Founders continue to prove that talent and ambition are not in short supply, but ambition alone cannot support a competitive innovation economy,” said Mary Long-Irvine, NACO Board Chair. “To keep this ingenuity at home, we must strengthen the infrastructure that makes it possible: angel networks, pre-seed funds, and ecosystem partners who provide mentorship and capital to help businesses scale.”
ABOUT NACO
Founded in 2002, the company National Angel Capital Organization (NACO) represents over 4,000 angel investors and over 100 member organizations across Canada. Collectively, NACO members have invested more than $1.8 billion in more than 2,000 Canadian businesses, driving innovation, job creation and economic sustainability across the country.
The full 2025 Annual Report on Angel Investing in Canada, including profiles of the top 20 Moonshot Ventures™ companies, is available at nacocanada.com
To schedule an interview, interested media may contact:
Claudio RojasCEO of National Angel Capital Organization
E-mail: [email protected]
Photos accompanying this announcement are available at:
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