This can be explained by the natural organisation of the market, the entry into the ecosystem of novice investors who are making their first operations with rather low tickets, the strengthening of co-investment activity (which also increases the dispersion in the amount contributed by each investor) and the strong emergence of more or less structured investment groups or clubs that are more resolutely seeking to diversify their portfolios. While this is positive for investors, it forces entrepreneurs to spend more time articulating transactions and ensuring that they are operational and efficient. 

The least frequent amounts are in the range between 75,000 and 90,000 euros, as this is a high ticket range for angels and low for family offices and funds starting to operate in the seed stages of the value chain. As we have said, the size of the individual tickets of business angels means that the entry of funds into this segment is very positive for entrepreneurs, as it increases the size of operations. Even so, in Spain we are far from the magnitudes of the United States. During 2021 and 2022 the increase in the volume of investment, and also in valuations, which has also been accompanied by an increase in the size of investment rounds, giving greater potential and bandwidth to early-stage startups.

Average ticket in the United States

According to Pitchbook's analysis, the entry of venture capital funds has pushed business angels out of their comfort zone, traditionally with smaller rounds and smaller valuations. The average valuation of seed investments in the US grew by 34.3% (see Figure 20). In the US, the average size of an angel deal is $1.7 million, with a median of $600,000. The 25% of deals exceed $2 million. In the US seed segment, where angel investors are also involved, the size of deals has also increased significantly (see Figure 21).