ABSTRACT
Angel financing is defined as “[i]nformal venture capital-equity investments and non-collateral forms of lending made by private individuals … using their own money, directly in unquoted [private] companies in which they have no family connection” (Harrison & Mason, 1999). It plays a crucial role in financing growth-oriented ventures by filling the gap between informal family and friends and more formal institutional (venture capital) investment (Harrison & Mason, 1999; Van Osnabrugge & Robinson, 2000). However, comparatively little is known about the angel market, due in large part to its private nature (Mason & Harrison, 2008).
