We analyze the funding of start-up companies across financing rounds, focusing on the dynamic interactions between angel investors and venture capitalists. Using unique data from British Columbia, Canada, we show that angels and venture capitalists are dynamic substitutes. This substitutes pattern applies across the performance range of companies. It is less pronounced for serial angels. An instrumental variable analysis, based on available investor tax credits, suggests that the substitutes pattern is driven by company characteristics. Overall, the evidence points to the existence of parallel streams of angel and venture capital funding, with fewer transitions between streams than is traditionally assumed.

我们分析了初创公司在各轮融资中的融资情况，重点关注天使投资者和风险投资家之间的动态互动。使用来自加拿大不列颠哥伦比亚省的独特数据，我们表明天使和风险投资家是动态的替代品。这种替代模式适用于公司的业绩范围。对于连续天使来说，它不太明显。基于可用投资者税收抵免的工具变量分析表明替代模式是由公司特征驱动的。总体而言，证据表明存在平行的天使和风险投资资金流，流之间的转换比传统假设的要少。