Angel investing has slipped over the first half of the year because of a slowing economy but it is expected to pick up in the second half.
Angel investing offers small scale lending to start ups and entrepreneurs, often from family and friends, but it fell 20 percent to $20.6 million in the first six months of the year compared with last year. As well, much went to follow-on investment rather than as start-up capital.
Angel Association chair Marcel van den Assum said most of the investment happens around events, many of which would take place in the second half of the year.
"I think the levels overall are at a sustainable level and we expect them to pick up in the second half of the year," he said.
Almost half of angel investment is in software and service companies, with pharmaceuticals and biotechnology accounting for 16.5 percent in the first half of the year.