The angel investor market in 2016 experienced a decrease in investment dollars and in the deal size. Total investments in 2016 were $21.3 billion, a decrease of 13.5% over 2015, according to the Center for Venture Research at the University of New Hampshire. A total of 64,380 entrepreneurial ventures received angel funding in 2016, a decline of 9.5% over 2015 investments. The number of active investors in 2016 was 297,880 individuals, a decrease of 2.3% from 2015. The change in both total dollars and the number of investments resulted in a deal size for 2016 that was smaller than in 2015. While these data indicate a cautious retreat in terms of dollars invested and deals, angels increased their appetite for seed and start-up investing, and the associated risk, but with a higher perceived value as demonstrated by the increase in valuations and decrease in deal (investment round) size.