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2025 Highlights

Invested $9.0 million in 43 companies during 2025, including 24 new companies. This is up from $6.8 million in 37 companies in 2024. This TCA VG investment in 2025 was part of $111 million invested in those same companies, reinforcing our role and that of other angel groups in “priming the pump.” Overall, TCA has invested $315 million in 594 companies since inception in 1997

Celebrated 309 Members at year end 2025

Deployed our annual network funds which invested $2.6 million of capital into deals in 2025 (in addition to $6.4 million from individual member investments) and brought diversification to our members

Realized four exits in 2025 including one “home run” (ParentSquare) for 44x MOIC, and Transcepta for 3.6x. In 2024, realized seven exits including Casestack for 23x, Influential Network for 13x and Textpower for 3.1x.

Achieved 5.3x multiple cumulative return on all outcomes (all exits and shutdowns) since 1997 with IRR of 22%

Demonstrated that TCA is more than a source of capital. Our members bring operating experience, governance, mentoring, industry knowledge, and relationships that can materially benefit our portfolio companies. Portfolio Companies with TCA VG Board Members/Observers realized 14 times higher MOIC; Increased % of 2025 investments with Board Representation to 66% in 2025 from 36% in 2024.

Continued to mentor and guide the 266 companies (45%) that are still active in the portfolio

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2025 Highlights

Invested $9.0 million in 43 companies during 2025, including 24 new companies. This is up from $6.8 million in 37 companies in 2024. This TCA VG investment in 2025 was part of $111 million invested in those same companies, reinforcing our role and that of other angel groups in “priming the pump.” Overall, TCA has invested $315 million in 594 companies since inception in 1997

Celebrated 309 Members at year end 2025

Deployed our annual network funds which invested $2.6 million of capital into deals in 2025 (in addition to $6.4 million from individual member investments) and brought diversification to our members

Realized four exits in 2025 including one “home run” (ParentSquare) for 44x MOIC, and Transcepta for 3.6x. In 2024, realized seven exits including Casestack for 23x, Influential Network for 13x and Textpower for 3.1x.

Achieved 5.3x multiple cumulative return on all outcomes (all exits and shutdowns) since 1997 with IRR of 22%

Demonstrated that TCA is more than a source of capital. Our members bring operating experience, governance, mentoring, industry knowledge, and relationships that can materially benefit our portfolio companies. Portfolio Companies with TCA VG Board Members/Observers realized 14 times higher MOIC; Increased % of 2025 investments with Board Representation to 66% in 2025 from 36% in 2024.

Continued to mentor and guide the 266 companies (45%) that are still active in the portfolio

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$9.0 million in TCA VG Investment in 2025 shows we continue to fund exciting companies, at a higher pace than 2024

Total investment for the year continues the longest sustained level of high investment activity since TCA was founded in 1997 -- 15 years at $10 million or more (including the spinout of NuFund Venture Group which was formerly TCA-San Diego)

From 2011-2025, total TCA investment (including spinout NuFund) each year was be tween $10 - $21 million

Three chapter funds and the target of a decision from the funds within 30 days of screening helped drive a strong pipeline. TCA is working diligently to be the Best Place for the Best Companies to get funded

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TCA invested in 43 companies in 2025, including 24 new companies

This total of 43 includes 16 companies in SAAS/Software/Data Analytics, 12 in Medical Devices, 3 in Energy/CleanTech, 2 in Medical Diagnostics, 2 in Agriculture/Food, 2 in Consumer Internet, 2 in Materials/Chemicals and 1 each in Pharma, Digital Health, Consumer Products/Services and PropTech

The 24 new companies included 10 in SAAS/Software/Data Analytics, 7 in Medical Devices, 2 in Energy/CleanTech and 1 each in Agriculture/Food, Pharma, Digital Health, PropTech, and Consumer Internet

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TCA VG’s 2025 Investment of $9.0 million was part of a total of $111 million into those 43 companies

TCA VG funding for new companies in 2025 averaged $183k per company and 24% of the total round -- compared to the ACA benchmarks of $245k per company

TCA VG funding for follow-on companies in 2025 averaged $245k per company and 16% of the total round -- compared to the ACA benchmark of $302k per company

Syndication was critical, and TCA VG helps with that through ASN and our relationships

The median total round size in 2025 for new was $2.0 million (up from $1.5 million in 2024) and for follow-on was $0.8 million (down from $1.5 million in 2024)

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Annual chapter funds brought significant incremental capital to entrepreneurs and diversification for members

In 2025, $2.6 M from TCA’s four network funds supplemented $6.4 million in direct investment from members

24 of TCA’s 43 deals in 2025 received investment from at least one network fund

Direct member investment in 2025 increased to $6.4 M from $3.4 M in 2024

TCA now targets completing due diligence and making a fund decision within 30 days, after which individual members invest alongside the funds

The addition of the network funds has been a significant factor in bringing more capital to each company and more diversification to our members

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TCA invested $9.0 million in a total of 43 companies in 2025, up from $6.8 million in 37 companies in 2024

Investment was across a diverse mix of industries -- showing that TCA VG continues to invest in both tech and non-tech companies

Life Sciences was the largest sector (31% of amount). Within Life Sciences, Medical Devices was largest with 26% (and 28% of the companies). SAAS/Software/Data Analytics was largest single vertical with 53% of the amount invested

24 of these companies were new additions to the portfolio and 49% of the dollar investment went to these new companies (down from 70% in 2024 and 61% in 2023)

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Our members, with their extensive and broad industry experience, helped TCA VG invest with confidence in this diverse range of industries -- always a part of TCA VG’s DNA

Of new companies added to the portfolio in 2025, Life Sciences and SAAS/Software/Data Analytics continue to lead with 38% and 42% of the new companies

Within Life Sciences, the largest categories among new companies are Medical Devices (29%), followed by Pharma (4%) and Digital Health (4%)

Life Sciences was 39% of dollars invested in new companies and SAAS/Software/Data Analytics was 45%

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Our members, with their extensive and broad industry experience, helped TCA invest with confidence in this diverse range of industries

Combining new and follow-on investment, Life Sciences and SAAS/Software/Data Analytics continue to lead with 31% and 53% of the dollars invested

Relative to ACA benchmarks, in the past five years TCA VG has overall invested more in SAAS/Software/Data Analytics, Pharma, Digital Health and Medical Devices, and less in Industrials/BTB, Consumer Products & Services, Financial, IT Hardware and Energy & CleanTech

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3 In 2025 TCA VG had four networks:

Tech Coast Angels Los Angeles has 113 members. TCA Los Angeles invests in a wide range of businesses in the US primarily with emphasis on technology, adtech, healthtech, media, entertainment, and SaaS. For leadership & member profiles, click here.

Tech Coast Angels Orange County is where TCA began in 1997 and is comprised of 95 members. TCA Orange County invests in a wide range of businesses in the US and Canada with an emphasis on medical devices, technology, fintech, edtech, healthtech, software, cyber, SaaS, AI, iOT, and some CPG. For leadership & member profiles, click here.

Pasadena Angels has 87 members. Pasadena Angels invests at the seed to seed plus stage primarily in California and rest of the US and Canada with an emphasis on technology, fintech, edtech, entertainment, media, CPG and SaaS. For leadership & member profiles, click here.

Tech Coast Angels Inland Empire covers the area east of Los Angeles including Riverside and San Bernardino, with 14 members. Particular emphasis is on very early seed stage investing, with successful companies then exposed to the other networks within TCA. For leadership & member profiles, click here

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The TCA Venture Group’s four networks combined to fund $9.0 million into 43 companies

TCA-OC led 33% of the deals, TCA-LA led 29% and Pasadena Angels led 27% of the deals, followed by TCA VG’s accelerator 1752vc which led 11%

In terms of funding, TCA-OC led deals accounted for 48% of the funding, followed by Pasadena Angels (26%), TCA-LA (24%) and 1752vc (2%)

Regardless of the network leading due diligence, all deals were available to all members for investment, and six companies received funding from more than one network

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TCA VG had 11 exits across 2024 and 2025, including several large exits at MOIC of 44x, 23x, 13x, 4x and 3x -- all in a tough exit market 2024 Exits

Casestack (2014 TCA Investment) spinout SupplyPike was acquired by SPS Commerce for $200 million in cash and stock yielding a combined 23x return (additional 8x on top of earlier 15x return in 2018 when Casestack was acquired by Hub Group for $255 million in cash. Overall IRR has been 20%

Influential Network (2014 TCA Investment) was acquired by Publicis Groupe for a 13x return and 29% IRR

Textpower (2013 TCA Investment) was acquired by ARCOS LLC for a 3.1x return and 11% IRR

Actuate Therapeutics (2018 TCA Investment) IPO’d for 1.5x return and 7% IRR

Financial Fitness Group (formerly Educated Investor & Precision Information) (2013 TCA Investment) was acquired by iGrad (a subsidiary of Aztec Software) for a return of <1x

Shotzoom (formerly Edufii) (2014 TCA Investment) was acquired by Golf Genius for a return of <1x

Connected Signals (2015 TCA Investment) assets were acquired by Zero Infrastructure Mobility Solutions for a return <1x 2025 Exits

ParentSquare (2016 Pasadena Angels Investment) had an optional buyout from Serent Capital for a 44x return and 52% IRR

Transcepta (2005 TCA Investment) was acquired by HighRadius Corporation for a 3.6x return and 7% IRR

Verivend (2021 TCA Investment) was acquired by iAltA for a 1.2x return and 5% IRR

Glassbeam (2010 TCA Investment) was acquired by PartsSource, via its financial sponsors Bain Capital and Ergo Partners, through an LBO

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Since TCA VG’s founding in 1997, the MOIC return (assuming equal weighting) on all outcomes has been 5.3x and the IRR has been 22% This brings the total outcomes since TCA VG’s inception in 1997 to 138 exits, and 190 shutdowns. Of the 594 investments TCA has made since its founding, 266 (45%) are still active. At the highest price achieved after IPOs, TCA’s return (assuming equal weighting) has been 5.3x and the IRR has been 22%. This compares to 2.5x and 22% benchmarks for angels per Angel Resource Institute. Tax benefits from the write-offs are not included in TCA VG returns.

Since TCA VG’s founding in 1997, the MOIC return (assuming equal weighting) on all outcomes has been 5.3x and the IRR has been 22% This brings the total outcomes since TCA VG’s inception in 1997 to 138 exits, and 190 shutdowns. Of the 594 investments TCA has made since its founding, 266 (45%) are still active. At the highest price achieved after IPOs, TCA’s return (assuming equal weighting) has been 5.3x and the IRR has been 22%. This compares to 2.5x and 22% benchmarks for angels per Angel Resource Institute. Tax benefits from the write-offs are not included in TCA VG returns.

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TCA VG’s results make it clear that patience is required -- with largest exits happening after 5 years or more, and most failures occurring in the “Valley of Death” 2 years to 5 years after investment

TCA VG’s results make it clear that patience is required -- with largest exits happening after 5 years or more, and most failures occurring in the “Valley of Death” 2 years to 5 years after investment

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The number of both Exits and Shutdowns dropped in 2025 to historic lows

Exits dropped to 4 in 2025 (the lowest year since 2012 other than 2023) from 2024’s 7 exits

Shutdowns also declined dramatically to 6 (the lowest year since 2016) from 16 in 2024

Based on previous stock market peaks in 2000 and 2008, exit activity tends to surge just before peaking, followed by a surge in shutdowns just after the peak

If the stock market continues to rebound, exits should recover

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TCA VG members take an active role in governance in 66% of the investments in 2025 -- a dramatic increase from 37% in 2022

For 66% of investment in TCA VG’s 2025 companies, there is a TCA VG member serv ing as either a board member or observer compared to only 37% in 2024

This is notably higher than ACA’s comparable benchmark in 2025 of 42%

Recent studies from other angel groups show returns tend to be higher with board in volvement by members (click here and here)

Hence it has been TCA VG’s conscious strategy to push for more board representation

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TCA VG members add significant value as Board Members -- realizing 14x higher MOIC

With Board Representation, TCA VG portfolio companies funded 1997-2002* realized more exits (55%) compared to 32% exits where there is no board representation

Companies with TCA VG Board Reps realized fewer shutdowns (45%) compared to 68% shutdowns where there is no board representation

MOIC on all outcomes (exits and shutdowns) was 14 times higher with Board Rep

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Greater syndication activity through ASN coupled with virtual screening and remote due diligence has shifted the geographic mix to more companies based outside of Southern California since 2020

Traditionally, the mix has been 85% - 90% in Southern California where TCA’s members can be actively involved in mentoring and governing

Due to Covid-19, the formation of ASN, the shift to virtual screening and due diligence, and the addition of virtual members across the USA, more than 50% of TCA deals are now outside SoCal providing increased geographical diversification

56% of all deals and 42% of all investment were outside SoCal in 2025

ACA Benchmarks since 2022 show similar levels of non-local funding

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Investments in Southeast, Mid-Atlantic and New York were the largest concentrations outside Southern California

California represented 62% of investment and 51% of companies

Southeast was 13% of investment and 12% of companies

Mid-Atlantic was 9% of investment and 9% of companies

New York was 4% of investment and 7% of companies

Other states were 12% of investment and 21% of companies

There were no International deals in 2025

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TCA funding continues to be more likely when initial products/services are already developed and there is evidence of customer traction

59% of investments in 2025 were in companies with revenue and those seeking expansion capital, compared to 41% for ACA Benchmarks. This is driven by: -- Companies are launching products/services earlier with MVPs (Minimum Viable Products) before seeking investment -- Investors at this downturn stage of the investment cycle expect companies to be closer to breakeven in order to survive the anticipated downturn

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For companies where specific revenue numbers were available, 83% had less than $3 million in revenue in 2025

Investors are seeking safety in developed products and proof there are customers -- there was a shift from 45% with no revenue in 2022 to 41% in 2025

ACA Benchmarks have shifted in the opposite direction -- from 41% with no revenues in 2022 to 59% in 2025

Companies with revenue over $5 million representing 4% of TCA VG’s funding but 10% of ACA Benchmark funding

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TCA VG’s investment focus continues to be on “seed” deals

73% of deals and 75% of investments in 2025 were Seed or Pre-Seed -- compared to 51% of investment for ACA Benchmarks

Series A represented 16% of investment compared to ACA Benchmark of 32%

Some of this TCA VG bias towards earliest stage deals has been the pursuit of lower valuations associated with Seed activity, since later rounds have been increasingly at less attractive valuations.

Series B & up represented 5% of deals and 9% of investments in 2025

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Most investments in 2025 continue to be either Preferred Equity or Convertible Debt that converts into Preferred Equity

The 49% invested in Preferred Equity is stable within the historical range -- in contrast to ACA Benchmark of 41% down from 63% in 2022

SAFEs declined to 13% of investments in 2025 compared to a peak of 32% in 2022

Convertible notes and SAFEs with a combined 48% of investment remains concerning to some because it limits long-term returns due to 1) less initial lift in valuation before Series A and 2) fewer deals will realize QSBS Section 1202/Section 1244 favorable tax treatment

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Traction among TCA VG members deciding to invest directly in the most popular deals increased significantly

Funding of deals with more than 10 TCA VG members participating increased from 17% in 2024 to 36% in 2025

Funding of smallest deals (with 1 - 3 TCA VG members) participating declined from 49% in 2024 to 15% in 2025

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TCA VG has embraced syndication, with 86% of deals involving other angel funding sources outside TCA VG

Angel syndication grew from 55% of investment in 2022 to 84% in 2025

This trend toward syndication is apparent in the ACA Benchmarks, which grew at a slower rate from 53% in 2022 to 61% in 2025

But ACA Benchmarks in 2025 still show 39% of investment involving no syndication compared to only 16% of TCA VG investment

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While Angel Syndication is increasing, involvement of VC’s and Strategics is decreasing

VC’s and Strategics fell from 73% of the amount invested in 2022 to 52% in 2025, but this is an increase over the past two years

VC’s and Strategics grew to 71% of companies in 2025 compared to 49% in 2024

For the ACA Benchmark, the % of amount invested in these deals fell to 30% in 2025

TCA VG is helping fill in the gap due to the retrenchment of VCs

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TCA VG funding was a larger portion of each round, and VC funding was lower

In terms of dollar funding, TCA VG and other angel groups contributed 34% of funding in 2025 -- down from 49% in 2023

Share of Strategics increased from 2% of investment in 2024 to 19% in 2025

VC share of investment dropped from 51% in 2022 to only 12% in 2025

This shift is not unusual since VCs tend to cut back more aggressively on funding new companies during a downcycle, focusing instead on sustaining existing portfolio

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These shifts are affecting both new investments and follow-on investments

In terms of dollar funding, TCA VG and other angel groups contributed 41% of new funding in 2025 -- compared to 30% for follow-ons

Share of Strategics increased dramatically in follow-ons from 5% in 2022 to 30% in 2025

VC share of investment dropped for both new and follow-on investment

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Headcount of funded companies is shifting to larger teams

The percentage of funding going to companies with 1 - 4 FTEs dropped from 53% to 26% in 2025, reflecting a higher bar and greater maturity before funding. Surprising given AI has enabled smaller teams. ACA Benchmark trend increased to 26%

This parallels the shift to fewer companies without revenue

Funding to teams 10-19 FTEs increased significantly to 41% of investment in 2025 compared to 11% in 2024 and is higher than the ACA Benchmark of 29% in 2025

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TCA VG is investing more in CEOs with prior experience as CEO

69% of funding in 2025 was for companies led by CEOs with previous experience as CEO, up from 36% in 2023

This compares to the ACA Benchmark of 35%

TCA VG members are taking note of recent studies by other angel groups that have shown higher returns for CEOs with previous experience -- click here

We will be studying this for TCA VG’s portfolio in the coming year

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We are striving for greater diversity in our members and the background of our portfolio company CEOs

In terms of funding, the percentage going to non-white CEOs has increased from 21% in 2022 to 26% in 2025

This minority representation is significantly higher than ACA Benchmarks of 14% in 2025

At the end of 2025, two of our four network Presidents are non-white

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After improvement in 2024, funding of female CEOs declined in 2025

In terms of funding of female CEOs, the amount at 11% was level with 2021- 2023, but down from a spike to 19% in 2024. In terms of number of companies, the percentage was 12% in 2025, down from 24% in 2024

Compared to ACA Benchmarks, funding percentage was slightly below ACA Benchmarks of 17% in 2025 down from 20% in 2024

At the end of 2025, two of our four network Presidents are female, as is our Vice Chair

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Valuations at the time of TCA VG investment continue to increase above historical levels -- this hopefully will reverse in 2026

20% of TCA VG’s investment dollars in 2025 were in companies with valuations below $6 million, continuing a steady decline since 61% in 2016

The long-term “sweet spot” for angel investing has been deals valued at $1-3 million --- this declined to 9% of invested capital from 18% in 2016

The 2025 valuation mix for TCA VG has less investment above $20 million compared to ACA Benchmarks

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AI played a role in 74% of TCA VG’s Investments in 2025

There are many types of AI, so we used the classification developed by ACA

TCA VG invested more in “Core” AI -- 39% vs 14% in the ACA Benchmark

TCA VG also invested more in “Industry-Specific” AI -- 21% vs 14% in the ACA Benchmark

TCA VG invested less in “AI Hardware” -- 1% vs 19% in the ACA Benchmark

TCA VG also invested less in “Applied” AI -- 10% vs 20% in the ACA Benchmark

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One myth to explode is that angels invest heavily in younger CEOs

95% of TCA VG investment goes to companies with CEOs aged 30 or higher, compared to the ACA Benchmark of 97%

With ACA Benchmark, there is a higher percentage of CEOs over 70 than there are CEOs under 30 -- 4% vs 3%

The sweet spot at TCA VG seems to be in the range of 40-59 years old at 67%, compared to the ACA Benchmark of 48%

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TCA VG is investing more in CEOs with prior experience as CEO

69% of funding in 2025 was for companies led by CEOs with previous experience as CEO, up from 36% in 2023

This compares to the ACA Benchmark of 35%

TCA VG members are taking note of recent studies by other angel groups that have shown higher returns for CEOs with previous experience -- click here

We will be studying this for TCA VG’s portfolio in the coming year

PDF page 39

We are striving for greater diversity in our members and the background of our portfolio company CEOs

In terms of funding, the percentage going to non-white CEOs has increased from 21% in 2022 to 26% in 2025

This minority representation is significantly higher than ACA Benchmarks of 14% in 2025

At the end of 2025, two of our four network Presidents are non-white

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After improvement in 2024, funding of female CEOs declined in 2025

In terms of funding of female CEOs, the amount at 11% was level with 2021- 2023, but down from a spike to 19% in 2024. In terms of number of companies, the percentage was 12% in 2025, down from 24% in 2024

Compared to ACA Benchmarks, funding percentage was slightly below ACA Benchmarks of 17% in 2025 down from 20% in 2024

At the end of 2025, two of our four network Presidents are female, as is our Vice Chair

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Valuations at the time of TCA VG investment continue to increase above historical levels -- this hopefully will reverse in 2026

20% of TCA VG’s investment dollars in 2025 were in companies with valuations below $6 million, continuing a steady decline since 61% in 2016

The long-term “sweet spot” for angel investing has been deals valued at $1-3 million --- this declined to 9% of invested capital from 18% in 2016

The 2025 valuation mix for TCA VG has less investment above $20 million compared to ACA Benchmarks

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More on Valuation Trends ...

The median valuation increased to $11 million from $9.5 million in 2024 and has still not dropped as much as later stage valuations and exits

The spread in valuations remains -- the 80th percentile is 2 times the median

New deals moved higher than follow-ons, driven partly by flat or down rounds, and partly because new deals had higher valuation due to more significant revenues

Series B+ valuations dropped dramatically, reflecting market forces for later stages

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More on Valuation Trends relative to benchmarks ...

The overall medians for TCA VG in the past three years are mostly consistent with ACA Benchmarks

Seed valuations generally track ACA Benchmarks

However, Series B and later valuations for TCA VG are significantly less than ACA Benchmarks -- perhaps because the ACA deals have been more Series C and later

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TCA VG’s Angel Syndication Network (ASN) covers 70+ angel groups

Founded by TCA VG in 2011, ASN’s nominating angel groups bring their best deals to share with other ASN angel groups for syndication

ASN hosts a monthly “virtual” web screening where the deals have been funded by the nominating group. The purpose of these meetings is to help fill a round, expedite a closing, and save the CEO from extended road shows. The screening sessions are open and viewed by accredited investors from these respective groups. So far, 30-50% of those presenting have received additional funding from these investors (totalling $29 million)

Collectively, the angel groups participating in ASN represent over 1,500 angels, and more than $1 billion in direct investment

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Angel Syndication Network (ASN) funded $5.9 million in 17 companies during 2024 and 2025 -- which was 30% of those screened: Otava RF Otava RF - Designs wideband RF and millimeter-wave beamforming semiconductor integrated circuits - Designs wideband RF and millimeter-wave beamforming semiconductor integrated circuits DeepLook Medical DeepLook Medical - Visual enhancement and measurement software for mammography - Visual enhancement and measurement software for mammography & cancer imaging & cancer imaging Delta Development Team Delta Development Team - Autonomous, ruggedized blood refrigeration & transport for tactical military - Autonomous, ruggedized blood refrigeration & transport for tactical military Nicklpass Nicklpass - Unified subscription management platform for seamless access to journalism publishers - Unified subscription management platform for seamless access to journalism publishers Groupize Groupize - Cloud platform managing simple meetings, corporate group travel, and attendee compliance - Cloud platform managing simple meetings, corporate group travel, and attendee compliance Linshom Medical Linshom Medical - Wearable sensor for continuous operating-room-quality bedside respiratory monitoring - Wearable sensor for continuous operating-room-quality bedside respiratory monitoring KneeVoice KneeVoice - Non-invasive acoustic biomarker platform diagnosing knee cartilage and joint degradation - Non-invasive acoustic biomarker platform diagnosing knee cartilage and joint degradation Terecircuits Terecircuits - Micro-assembly polymers and laser techniques for mass micro-LED and semiconductor - Micro-assembly polymers and laser techniques for mass micro-LED and semiconductor Croft Croft - Digital compliance, management, and petition filing platform for H-2A agricultural employers - Digital compliance, management, and petition filing platform for H-2A agricultural employers Iris Dynamics Iris Dynamics - Direct-drive linear electric motors providing high-fidelity magnetic haptic force feedback - Direct-drive linear electric motors providing high-fidelity magnetic haptic force feedback Advano Advano - Silicon-carbon battery anode material boosting energy density in lithium-ion cells - Silicon-carbon battery anode material boosting energy density in lithium-ion cells ReSuture ReSuture - Validated synthetic models providing realistic vascular and open surgical procedure simulation - Validated synthetic models providing realistic vascular and open surgical procedure simulation Octagon Therapeutics Octagon Therapeutics - Targeted enzyme-directed therapeutics for auto-immune and inflammatory B-cell - Targeted enzyme-directed therapeutics for auto-immune and inflammatory B-cell UNest UNest - Mobile app simplifying custodial investment, gifting, and college savings for families - Mobile app simplifying custodial investment, gifting, and college savings for families Obatala Sciences Obatala Sciences - Human-derived stem cell models, hydrogels, and systems simulating human fat tissue - Human-derived stem cell models, hydrogels, and systems simulating human fat tissue Couplet Care Couplet Care - Bassinet optimizing maternal-infant proximity, postpartum safety, & safe skin-to-skin bonding - Bassinet optimizing maternal-infant proximity, postpartum safety, & safe skin-to-skin bonding Alleviate Alleviate - Integrated physical therapy system targeting chronic foot pain and plantar fasciitis - Integrated physical therapy system targeting chronic foot pain and plantar fasciitis

Angel Syndication Network (ASN) funded $5.9 million in 17 companies during 2024 and 2025 -- which was 30% of those screened: Otava RF Otava RF - Designs wideband RF and millimeter-wave beamforming semiconductor integrated circuits - Designs wideband RF and millimeter-wave beamforming semiconductor integrated circuits DeepLook Medical DeepLook Medical - Visual enhancement and measurement software for mammography - Visual enhancement and measurement software for mammography & cancer imaging & cancer imaging Delta Development Team Delta Development Team - Autonomous, ruggedized blood refrigeration & transport for tactical military - Autonomous, ruggedized blood refrigeration & transport for tactical military Nicklpass Nicklpass - Unified subscription management platform for seamless access to journalism publishers - Unified subscription management platform for seamless access to journalism publishers Groupize Groupize - Cloud platform managing simple meetings, corporate group travel, and attendee compliance - Cloud platform managing simple meetings, corporate group travel, and attendee compliance Linshom Medical Linshom Medical - Wearable sensor for continuous operating-room-quality bedside respiratory monitoring - Wearable sensor for continuous operating-room-quality bedside respiratory monitoring KneeVoice KneeVoice - Non-invasive acoustic biomarker platform diagnosing knee cartilage and joint degradation - Non-invasive acoustic biomarker platform diagnosing knee cartilage and joint degradation Terecircuits Terecircuits - Micro-assembly polymers and laser techniques for mass micro-LED and semiconductor - Micro-assembly polymers and laser techniques for mass micro-LED and semiconductor Croft Croft - Digital compliance, management, and petition filing platform for H-2A agricultural employers - Digital compliance, management, and petition filing platform for H-2A agricultural employers Iris Dynamics Iris Dynamics - Direct-drive linear electric motors providing high-fidelity magnetic haptic force feedback - Direct-drive linear electric motors providing high-fidelity magnetic haptic force feedback Advano Advano - Silicon-carbon battery anode material boosting energy density in lithium-ion cells - Silicon-carbon battery anode material boosting energy density in lithium-ion cells ReSuture ReSuture - Validated synthetic models providing realistic vascular and open surgical procedure simulation - Validated synthetic models providing realistic vascular and open surgical procedure simulation Octagon Therapeutics Octagon Therapeutics - Targeted enzyme-directed therapeutics for auto-immune and inflammatory B-cell - Targeted enzyme-directed therapeutics for auto-immune and inflammatory B-cell UNest UNest - Mobile app simplifying custodial investment, gifting, and college savings for families - Mobile app simplifying custodial investment, gifting, and college savings for families Obatala Sciences Obatala Sciences - Human-derived stem cell models, hydrogels, and systems simulating human fat tissue - Human-derived stem cell models, hydrogels, and systems simulating human fat tissue Couplet Care Couplet Care - Bassinet optimizing maternal-infant proximity, postpartum safety, & safe skin-to-skin bonding - Bassinet optimizing maternal-infant proximity, postpartum safety, & safe skin-to-skin bonding Alleviate Alleviate - Integrated physical therapy system targeting chronic foot pain and plantar fasciitis - Integrated physical therapy system targeting chronic foot pain and plantar fasciitis

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TCA VG has embraced syndication, with 86% of deals involving other angel funding sources outside TCA VG

Angel syndication grew from 55% of investment in 2022 to 84% in 2025

This trend toward syndication is apparent in the ACA Benchmarks, which grew at a slower rate from 53% in 2022 to 61% in 2025

But ACA Benchmarks in 2025 still show 39% of investment involving no syndication compared to only 16% of TCA VG investment

PDF page 32

While Angel Syndication is increasing, involvement of VC’s and Strategics is decreasing

VC’s and Strategics fell from 73% of the amount invested in 2022 to 52% in 2025, but this is an increase over the past two years

VC’s and Strategics grew to 71% of companies in 2025 compared to 49% in 2024

For the ACA Benchmark, the % of amount invested in these deals fell to 30% in 2025

TCA VG is helping fill in the gap due to the retrenchment of VCs

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TCA VG funding was a larger portion of each round, and VC funding was lower

In terms of dollar funding, TCA VG and other angel groups contributed 34% of funding in 2025 -- down from 49% in 2023

Share of Strategics increased from 2% of investment in 2024 to 19% in 2025

VC share of investment dropped from 51% in 2022 to only 12% in 2025

This shift is not unusual since VCs tend to cut back more aggressively on funding new companies during a downcycle, focusing instead on sustaining existing portfolio

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These shifts are affecting both new investments and follow-on investments

In terms of dollar funding, TCA VG and other angel groups contributed 41% of new funding in 2025 -- compared to 30% for follow-ons

Share of Strategics increased dramatically in follow-ons from 5% in 2022 to 30% in 2025

VC share of investment dropped for both new and follow-on investment

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Looking Ahead: Technology & Strategic Partnerships Using AI to Improve TCA VG Investment Evaluation and Due Diligence Processes

Our AI-assisted TIRRs (TCA Investor Readiness Reports) provide a structured, consistent initial assessment of investment opportunities, highlighting company strengths, potential risks, and areas requiring deeper investigation.

TCA VG is also using AI to support due diligence, helping our investment teams evaluate opportunities more efficiently and focus their attention on the issues most relevant to investment decisions. While currently deployed selectively, we intend to integrate these capabilities more directly into our application and screening workflows. AI enhances, but does not replace, the experience and judgment of our members. Strategic Affiliate relationships

TCA VG continues to expand its relationships with selected angel investment organizations through its Strategic Affiliate program. These reciprocal relationships extend access to quality deal flow, provide opportunities for participation in screening and due diligence, and promote investment syndication across organizations. The program leverages the expertise, geographic reach, and industry specialization of participating angel groups while providing additional investment opportunities for their members. It builds on TCA’s collaborative investment model and complements the broader Angel Syndication Network. 44

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Tips for Entrepreneurs Going Forward Dramatic drops in later stage exit activity and valuations, a weak IPO market, and VCs collapsing back to support their existing portfolio companies all translate into a challenging funding environment. But early stage investors like TCA VG continue to invest in great companies. Our advice to smart entrepreneurs at this stage in the cycle is to be well prepared:

Get realistic about valuation and don’t look to historical averages. Any investment will be hard, and overpricing can be fatal if it leaves you underfunded or unable to secure follow-on funding a year or two in the future without a down round.

Maintain a healthy runway. In the next year or two, more good companies will likely fail for lack of financing than for all other reasons combined.

If you are lucky enough to attract funding, raise as much money as you can in the current round and don’t be concerned about dilution. You won’t regret it later.

Stay focused. Spend wisely and frugally. If the next dollar you spend doesn’t make for a better product or better customer experience, don’t spend it.

Seek investors who can provide you with experience, guidance and contacts that can help you navigate the challenges ahead (rather than those that are willing to offer the highest valuation), and listen to your advisers.

Welcome board representation from experienced angel groups such as TCA VG. Analysis of TCA VG portfolio shows returns on outcomes with board representation are 14 times better, and 8x better at CTAN.

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. Tips for Angels Going Forward Our advice to smart angels at this stage in the cycle is to be well prepared:

Accelerate funding of companies who embrace more realistic valuations -- particularly companies which can achieve breakeven with the funds raised in the current round

Be cautious about investing in companies that cannot achieve breakeven with funds from the current round if future funding sources do not materialize

Invest in funds if you have a limited amount of capital to deploy -- giving you the benefits of diversification that is so important in this class of investment. Supplement the investment in funds with direct investment in areas/markets in which you or your group have expertise

Join a trusted experienced angel group to access quality deal flow and the expertise of others in due diligence and mentorship of the companies moving forward

Learn from other experienced angels by participating in the Angel Capital Association’s Angel University, webinars and annual ACA Summit conference. TCA VG members are all members of ACA, and have access to those benefits.

Be patient -- you’ll likely have more failures than successes, and the successes will typically come later. But a few of the successes should more than compensate for the shutdowns and yield an overall attractive portfolio return

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FOR MORE INFORMATION WEBSITE: https://www.tcaventuregroup.com Apply for funding: https://tcaventuregroup.com/apply-for-funding Apply for membership: https://tcaventuregroup.com/angels Learn about Licensing: David Friedman at dfriedman@prodigy.net Questions about the Annual Report: John Harbison at john_harbison@techspin.com Linked In: https://www.linkedin.com/company/659209 X/Twitter: https://x.com/TCAventuregroup Facebook: https://www.facebook.com/tcaventuregroup

FOR MORE INFORMATION WEBSITE: https://www.tcaventuregroup.com Apply for funding: https://tcaventuregroup.com/apply-for-funding Apply for membership: https://tcaventuregroup.com/angels Learn about Licensing: David Friedman at dfriedman@prodigy.net Questions about the Annual Report: John Harbison at john_harbison@techspin.com Linked In: https://www.linkedin.com/company/659209 X/Twitter: https://x.com/TCAventuregroup Facebook: https://www.facebook.com/tcaventuregroup