01/29/2026 – Angel Capital Association
The 2025 ACA Angel Funders Report (AFR) highlighted a very disturbing trend—declining participation by angels on the Boards of angel-backed portfolio companies.
The AFR further highlighted a strong correlation between writing larger checks and gaining representation on a company’s Board of Directors. In fact, angel groups that awarded Board seats typically invested twice as much as other groups. Less capital often means an angel group will be less engaged with the company going forward.