A quarterly snapshot of organized angel investing activity from The Diligent Observer

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Last Updated: November 3, 2026

This content is intended for editorial/informational purposes only. Not investment advice or a solicitation to buy or sell securities.

Methodology: This report tracks 39 angel network deals featured in The Diligent Observer newsletter over a 3-month period from July 2026 to September 2026. These deals were selected using a proprietary deal selection methodology, and represent a focus sample of angel network activity. More on the process here.

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Table of Contents

Executive Summary

This is the Q3 2026 edition of the Angel Network Pulse report. Each edition compiles the deals we feature through the newsletter each week into a structured angel network market intelligence resource.

This edition covers a total of 39 deals tracked from July 1, 2026 through September 30, 2026, a tracking period of 13 weeks.

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Key Findings

  1. Healthcare & Life Sciences remained the largest sector, but its share fell. Among featured deals, the sector accounted for 11 deals (28.2%) in Q3 2026, compared with 16 deals (41%) in Q2 2026, a change of -12.8 percentage points. Healthcare Devices and Supplies was the largest subsector at 7 deals (17.9%), tied with Manufacturing & Industrial Tech at 7 (17.9%).
  2. Five networks tied for the most mentions, each with 3 deals. Aggie Angel Network, Atlanta Technology Angels, Band of Angels, Bridge Angel Investors and Gopher Angels each appeared in 3 featured deals in Q3 2026. In Q2 2026, Park City Angels and SideCar Angels led with 3 each. Angel-network mentions came from 35 networks in Q3 2026, compared with 29 in Q2 2026. Of the 35, 24 appeared in one deal, 6 in two and 5 in three or more.
  3. The share of deals with a disclosed raise fell. Raise size was disclosed for 10 of 39 featured deals (25.6%) in Q3 2026, compared with 30.8% (12 deals) in Q2 2026, a change of -5.1 percentage points. The median disclosed raise was $2,850,000, compared with $2,550,000 in Q2 2026. The largest disclosed raise was Karoo Health at $16,200,000. Because roughly three-quarters of deals did not disclose a raise, these figures describe only the disclosed subset.
  4. The West overtook the East and Central in the regional distribution of US deals. The West accounted for 14 of 34 US deals (41.2%) in Q3 2026, up 15.5 percentage points from 25.7% in Q2 2026. The East held 13 deals (38.2%, down 7.5 points) and Central 7 (20.6%, down 8 points). The West's rise is largely consistent with California's 9 deals.

The Participants

The following pages contain a directory highlighting each of the 39 startups and 35 angel groups covered.

Angel Network Directory

Startup Directory

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