This research investigates the differences between experienced private investors (‘serial angels’) in the UK, who have funded three or more unquoted ventures, and their less experienced counterparts (‘non-serial angels’). Using a theoretical base and data on 141 business angels, this study tentatively concludes that, relative to non-serial angels, serial angels may be less concerned with agency risks and more concerned with market risks. In particular, serial angels limit their investments more to (and conduct slightly more research on) industry sectors in which they have personal experience, prefer markets with less competition, choose to co-invest, are slightly less involved in their investments, and are less concerned with the location of the venture.
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