Angel investors are typically high-net-worth individuals who have a personal interest in funding new companies. They are often willing to invest in earlier stages and with smaller amounts of money than VC’s, in exchange for equity. They can take passive or active roles in the startup and typically have a longer investment horizon than VC’s. According to the Securities and Exchange Commission 2015 report there were approximately 316,600 active angel investors in the United States in 2014 and angel investing funded 73,400 entrepreneurial ventures. According to the survey, the average angel deal size in 2013 was $328,500.