Friends or Foes? The Interrelationship between Angel and Venture Capital Markets

Hellmann, Thomas; Thiele, Veikko

doi:10.2139/ssrn.2323553

Cited by 17 publications

(21 citation statements)

References 40 publications

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“…Thus, the relationship between angel investment and VC funds has become more complicated (Amatucci and Sohl, 2006), and angel-financed firms have had greater difficulty in attracting subsequent rounds of funding (Mason et al, 2013). Hellmann and Thiele (2013) show that the 'hold-up' problem for angels at the VC stage may encourage angels to exit early, in order to avoid VC funding.…”

Section: Classical Perspectivementioning

confidence: 99%

Canadian business angel perspectives on exit: A research note

Carpentier

Suret

2014

International Small Business Journal

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This research note analyses the investment harvest expectations of a large Canadian angel group. These angels co-finance large high-tech deals; on average, greater than CAN$1.2m. Canadian low listing requirements and the junior stock market make the initial public offering a possible exit mode. However, angels prefer a trade sale, consistent with the proposition that large acquirers can fully and rapidly exploit innovations and offer better exit values. Securities regulation impedes initial public offering exit; reluctance to pursue this exit strategy however, increases with angel experience. The classical funding escalator, including venture capitalists, no longer appears to be a dominant model.

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Section: Classical Perspectivementioning

confidence: 99%

Canadian business angel perspectives on exit: A research note

Carpentier

Suret

2014

International Small Business Journal

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“…Therefore, the differences in results might arise from the fact that our angel groups are quite sophisticated and experienced investors in their respective countries. See also Hellmann and Thiele (2014).…”

mentioning

confidence: 99%

The globalization of angel investments: Evidence across countries

Lerner

Schoar

Sokolinski

et al. 2018

Journal of Financial Economics

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“…This is different from the mindset of VCs who are the eligible subsequent investors and who wish to see majority of equity retained with the entrepreneur until this point (Hellmann and Thiele, 2015;. Goldfarb et al (2014) note that, for their specific sample, the entrepreneur retains majority ownership before a series A finance round.…”

Section: Individual Investmentsmentioning

confidence: 96%

Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review

2017

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Institutional financing, angel financing, and crowdfunding have evolved and matured in the entrepreneurial finance market and their field of research has progressed with it. Congruent to this, however, comprehensive literature reviews on these topics remain scarce. Herein, we provide an overview of a vast body of literature, presenting the contemporary state of research and succinctly identifying its subcategories. Additionally, we provide insight into major research trends and research gaps using a theoretical framework.JEL Codes: G20 (General), G23 (Non-bank Financial Institutions, Institutional Investors), G24 (Venture Capital)

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Friends or Foes? The Interrelationship between Angel and Venture Capital Markets

Cited by 17 publications

References 40 publications

Canadian business angel perspectives on exit: A research note

Canadian business angel perspectives on exit: A research note

The globalization of angel investments: Evidence across countries

Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review

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