엔젤투자 유형 별 투자 특징 및 피투자기업의 성과 분석 연구

This study aims to empirically analyze the investment characteristics by types of angel investors and the performance of their investee companies. The goal is to provide foundational data to guide early-stage startups in attracting investment and to inform government policy formulation. The analysis covers 720 companies (946 investment cases) that received funding through the Angel Investment Matching Fund between 2012 and 2022. Investment types include individual investors, professional individuals, angel clubs, private investment associations (both individual and corporate), and corporate entities. Methodologically, descriptive statistics were used to analyze investment amounts, industry distribution, and regional bias. Statistical tests such as Chi-square and ANOVA were applied to examine differences between groups. In addition, Pearson correlation, multiple regression, and logistic regression analyses were conducted to evaluate the relationships among investment amount, company valuation at the time of investment, follow-on investment status, and survival rate. The results show significant differences in investment amount and valuation depending on investor type. Notably, companies with higher initial valuations were more likely to receive follow-on investments and exhibited higher survival rates. This study provides practical insights for enhancing angel investment policies and strategies.