We examine the role of angel investors in early venture financing using a unique sample of 182 Series A preferred stock rounds. Our sample includes deals in which angels invest alone, VCs invest alone, and where both investor types co-invest. We find that deals with more angel investors have...

STEM fields lead to innovation and economic growth. More than 6.6 million STEM jobs need to be filled by 2022, outpacing non-STEM job growth by 6%. In order to fully reach that potential and for the U.S. economy to continue to be competitive, women are needed in both STEM fields of study and...