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Released October 13, 2026 - get the latest angel network market intelligence

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WHAT'S INSIDE

FINDINGS

1. California led startup HQ geography for the first time in our tracking history. CA accounted for 7 of 21 US featured deals (33%), followed by FL with 3 (14%). Texas, which led Q2 with 7 deals, does not appear among Q3's top states. Activity spread across 13 states, down from 18 in Q2.

2. Healthcare held its lead for the third consecutive quarter. Healthcare & Life Sciences captured 35% of featured deals (8 of 23), down from 41% in Q2. Healthcare Devices and Supplies remained the dominant subsector with 6 deals. Aerospace & Defense surged to 4 deals, the sector's highest count across all tracked periods.

3. International activity declined modestly. 2 deals (9%) were international, down from 4 (10%) in Q2. Canada (Galaxia) and Switzerland (Valuemize) represented, replacing the Germany, Finland, Canada, and Norway mix from Q2.

4. Atlanta Technology Angels led all networks with 3 appearances; syndication rose sharply to 21.7% (5 deals), the highest rate across all tracked periods

5. Raise disclosure fell to 17.4% (4 of 23 deals), the lowest point recorded; median raise $2.35M; largest was Karoo Health at $16.2M

6. US West’s share rose sharply to 48% (10 of 21 US deals), up 22 points from Q2’s 26%

The 23 Angel Networks

Every network featured during Q3 2026. Subscribe to access full profiles, contact information, and application links.

MOST ACTIVE NETWORKS

1. Atlanta Technology Angels – 3 deals

2. Bridge Angel Investors – 2 deals

3. Citrine Angels – 2 deals

4. Georgetown Angel Investor Network – 2 deals

5. Veterinary Angel Network for Entrepreneurs – 2 deals

ALL NETWORKS (A-Z)

1891 Angels • Aggie Angel Network • Anges Québec • Ankeny Angels • Atlanta Technology Angels • Band of Angels • Baylor Angel Network • Bridge Angel Investors • Charlottesville Angel Network • Citrine Angels • FIN Capital Investor Association • Georgetown Angel Investor Network • Gopher Angels • Harvard Business Alumni Angels of Greater New York • Hyde Park Angels • Life Science Angels • NuFund Venture Group • OMA Business Angels • Park City Angels • Plains Angels • SWAN Impact Network • VentureSouth • Veterinary Angel Network for Entrepreneurs

The 23 Companies

Companies that secured angel network backing across 5 sectors. Subscribe to access full company profiles, funding details, and participating networks.

SECTORS REPRESENTED

• Healthcare & Life Sciences (35%)

• Technology & Software (17%)

• Consumer & Commerce (9%)

• Other (26%)

• Energy & Industrial (13%)

ALL COMPANIES (A-Z)

AccuBreath • Anumio • Bloomi • Botsi • ChargeMate • ConKay Medical Systems • Connexus • DefEYE • Familify • Galaxia • Genvax Technologies • Karoo Health • Maguro Surgical, Inc. • NextMinder • Overlord Labs • PawPay • Skyline Instruments • StimCardio Medical • Valuemize • Vasowatch • VesprSolar • WarpWare • Zulu Pods

Bonus: The 5 Rules of Angel Investing

When you subscribe, you'll also receive "The 5 Rules of Angel Investing" - insights distilled from my 50+ interviews with experienced angels and VCs.

WHAT'S INSIDE

• Why making only 3-5 investments is statistical suicide

• The founder trait that matters more than traction

• Why year 5-10 is where the magic happens

Unlock the Full Report

Get the complete analysis including:

• Infographic + 12 charts analyzing deal flow patterns

• Full profiles for all 23 startups and 23 angel networks

• Geographic analysis across 13 US states and 3 countries

• Sector breakdowns covering 11 subsectors

• Analysis of angel group participation in $21.6M funding raised

• Syndication details for 5 multi-network deals

• California Angel Ecosystem Spotlight

• Access to the live tracker (updated weekly). Starting Q4 2026, The Diligent Observer increased its featured deal volume from 3 to 5 deals per week.

• BONUS: The 5 Rules of Angel Investing

Plus: Get essential angel intel delivered every Thursday morning.

About The Diligent Observer

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