Out of 526 investments by Tech Coast Angels through 2022, 279 (53%) are still active.

Of those no longer active:

  • 106 (43%) returned some cash to investors
  • 141 (57%) were total write-downs or seem inactive

Of the 106 Exits

  • 79 returned at least 100% of the investor’s capital
  • 31 returned between 5x and 368x
  • 2 have no info on the multiple returned

At the highest price achieved after IPOs, TCA’s return (assuming equal weighting) has been 6.4x and the IRR has been 25.2%.  Tax benefits from the write-offs are not included in TCA returns.

This analysis of 247 Tech Coast Angels outcomes from 1997-2022 compares favorably to other benchmarks including 115 Central Texas Angel Network outcomes from 2006-2022  and three previous large studies by Professor Rob Wiltbank which also showed IRR’s in a similar range: 27% (2007 study), 22% (2009 Study) and 22% (2016 Study).

Exits & Shutdowns by Year

Exits by Year of Exit

Outcomes by Years Since Investment

Exit Distribution by Years Since Investment

Cumulative TCA Return over Time