Annual Report 2021 (Tech Coast Angels)

Summary

• Tech Coast Angels invested a record $20.4 million across 53 companies in 2021.p.2
• Membership reached a new record high of 581 members by year-end 2021.p.2
• Life Sciences remained the largest investment sector, taking 39% of total invested capital.p.3
• A total of 40 new companies were added to the portfolio in 2021.p.3
• The organization achieved 11 exits in 2021, highlighted by a 368x return on Procore Technologies following its IPO.p.7
• Annual chapter funds contributed $9.7 million in capital alongside $10.8 million from direct member investments.p.17
• Seed round financing accounted for 70% of deals and 64% of investment dollars in 2021.p.19

Key insights

1. Procore Technologies completed a $10 billion IPO, generating a record 368x return for Tech Coast Angels.p.7
2. Since 1997, Tech Coast Angels has recorded an overall 6.7x multiple on all outcomes with an IRR of 26.1%.p.7
3. New investments outside Southern California rose to 53% in 2021 due to expanded virtual screening and syndication.p.16
4. Over 58% of 2021 investments went into companies that already generate revenue and are seeking expansion capital.p.18
5. Preferred Equity accounted for 43% of total capital invested, while Convertible Debt represented 42%.p.20
6. The median valuation for investments remained stable at $8.0 million in both 2020 and 2021.p.21