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  • Writer's pictureLeo Wang

IT Juzi: 2022 China Angel Investment Industry Report

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The report, based on years of data accumulation by IT Juzi and supplemented by external interviews, reports, and other public information, provides a statistical analysis and interpretation of the overall angel investment market in China. It aims to present a comprehensive view and development trajectory of Chinese angel investing through multi-dimensional data analysis, visually appealing charts, and detailed case studies of institutions and individuals, helping readers understand the 'core' of angel investing.

In essence, the fundamental difference between angel investing and venture capital lies in the stage of investment: angel investing focuses on early-stage companies, while venture capital is more concerned with growth-stage companies. Angel investments are typically smaller in scale and carry higher risks.

As of May 13, 2022, there were 2,450 seed funding events and 22,178 angel funding events in China, totaling approximately 24,500, collectively referred to as 'angel investments' in the report.

Data from IT Juzi indicates that domestic angel investments have experienced a cycle of rapid growth and decline. The number of publicly disclosed seed/angel round investments has decreased continuously for six years, from a peak of 5,188 in 2015 to less than 1,000 in 2020, significantly impacted by the pandemic. However, there was a slight rebound in 2021 with 1,321 events. Compared to the peak, the total volume of domestic angel investments has fallen by over 70%.

According to IT Juzi's database of defunct companies, the mortality rate of domestic angel-funded projects has reached 31%, nearly one-third. (Companies that have declared bankruptcy, been deregistered, announced closure, or taken down their products/official websites are referred to as 'defunct companies.')

IT Juzi data reveals that among the more than 20,000 Chinese companies receiving angel investments, the overall probability of advancing to the next round is 45%. There are currently 134 unicorn companies on the list, with 57 off the list, totaling 191. This means that the probability of advancing from angel investment to becoming a unicorn is less than 1%. Additionally, the probability of a successful IPO after receiving angel investment is only 2%.

With high risks, high failure rates, and difficult exits, the angel investment industry is becoming increasingly competitive. Investment institutions are becoming more cautious, making it harder for many startups to receive funding.

According to IT Juzi data, in 2012, when the Chinese angel investment boom was just beginning, PreAngel, ZhenFund, and Angel Bay were the three most active investment institutions in the Chinese angel investment stage.

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