Collaborating with the federal government, NACO produces various research reports and public policy initiatives throughout the year.

NACO Initiatives 

  • Leading national data collection and aggregation on Angel investing in Canada through our Angel Activity Reports
  • Identifying, standardizing, and sharing industry best practices from Angel groups and other ecosystem partners across the country
  • Working with and supporting our members to promote relevant Angel industry information, news and events

Reports on Angel Activity in Canada

The annual Report on Angel Investing Activity in Canada is NACO’s most prominent research initiative. Each year, the report analyzes national Angel investing trends and delivers comprehensive insights to our stakeholders of how the Canadian Angel investing landscape is evolving, helping them better understand the future of the Angel ecosystem.

2017 Report on Angel Investing Activity in Canada


We are excited to present the 2017 Report on Canadian Angel Investing Activity.

This year’s data not only highlights the vibrant and buoyant Canadian Angel market, it also found that Angel groups are continuing to support entrepreneurs in all stages, both first time investment seeking companies and those looking for follow-on investment in a diverse list of industries. It reveals that Angel groups made 505 investments, amounting to over $162.6 million - with a higher average deal size than in 2016.


Past Reports

Critical Perspective on SME Funding in Canada

NACO's report on the state of external funding for small and medium-sized enterprises (SMEs) in Canada.

2018 Critical Perspectives on Small and Medium-Sized Enterprise (SME) Funding in Canada


This report offers a contemporary perspective on the state of external funding for small and medium-sized enterprises (SMEs) in Canada. Access to funding is a widely recognized challenge for SMEs, and particularly for more innovative, knowledge-based SMEs, whose intangible assets may not qualify them for traditional financing instruments.


Early Stage Funding

NACO's newest research initiative covers the broader early-stage funding opportunities for entrepreneurs in Canada. By engaging all types of organizations that support startups across the country, this report provides a wider perspective on opportunities for funding and support as well as the general state of the startup ecosystem.

2015 Report on Early-Stage Support for Canadian Companies

This new report builds on the NACO Report on Angel Investing Activity in Canada to examine the contrasting perspectives of key players in the industry. It draws on and integrates the results of surveys administered to 10 incubators, 17 accelerators, 24 Angel groups, 8 venture capitalists and 54 entrepreneurs, as well as other data collected by NACO. This is the first in what will be an annual report for years to come.

2015 Report

Public Policy


NACO is the champion of the Angel asset class in Canada, and as such represents the interests of all Angel investors across the country. Through several public policy initiatives, NACO represents Angel asset class issues of national significance, assumes a leadership role in areas requiring national coordination and support, and promotes the Angel asset class to the general public in Canada and abroad.

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Angel Investment Dashboard


In an effort to provide value to NACO members, an interactive dashboard based on investment data they provided is accessible through the member portal. The dashboard provides members access to NACO’s aggregated database while allowing them the flexibility to perform some analysis of their own. The investment data is updated regularly, making the dashboard more dynamic than the Angel Activity Report.




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