National Angel Capital Organization

What National Angel Capital Organization does

National Angel Capital Organization (NACO) is a Canadian national industry association (nonprofit) founded in 2002 and headquartered in the MaRS Heritage Building, Toronto, that functions as the only national umbrella body for Canada's angel investing ecosystem. NACO represents 100+ member angel organizations and 4,000+ individual angel investors, and since 2010 its members have collectively deployed CAD $1.92 billion into more than 3,000 Canadian ventures. The organization delivers value through three core program lines: (1) membership and education via tiered NACO Membership (angel groups/funds/accelerators, individual investors, corporate partners) and NACO Academy, including the complimentary Angel Passport credential that confers "Qualified Angel" status for the National Investment Tax Credit; (2) the Catalyst Programs portfolio — Moonshots Showcase™ (a national selection of Canada's top high-growth ventures, 27 in the 2026 cohort spanning ten sectors and eight provinces/territories), Women Who Build™ (women-investor initiative supported by the Government of Canada), and the awards program including Angel of the Year™; and (3) research and policy advocacy, anchored by the 16th-consecutive-year State of Angel Investing in Canada report, the NACO-Startup Genome Funding Gaps report, the Unified Capital Strategy, the Seeding Growth white paper, and Pre-Budget Submissions.

NACO operates a digital member and content platform across multiple web properties (nacocanada.com, summit.nacocanada.com, moonshots2030.com, nacoacademy.com, digital.builtbyangels.com) plus a French-language mirror, but it is not a technology vendor and does not publicly disclose a proprietary technology stack. Revenue is generated through three streams: recurring membership dues (subscription model across three tiers, pricing gated behind a 2-minute online assessment), transaction-based Summit and event registration (NACO Summit 2027 in Ottawa plus Catalyst programming), and government grants/sponsorships (notably Government of Canada support for Women Who Build™). Distribution is community-led, channeled through 100+ member angel networks, supplemented by direct online membership sales and inside-sales outreach for higher-tier partnerships, plus international partnerships with the Angel Capital Association (U.S.), European Business Angels Network (EBAN), and Global Business Angels Network (GBAN).

Strategically, NACO is currently the primary external advisor shaping how the federal government's CAD $750 million Budget 2025 early-stage envelope (within the broader CAD $1.75B Venture Capital Strategy) is deployed, having convened nearly 1,000 leaders at its April 2026 National Roundtable and filed Pre-Budget Submission 2026 with three formal recommendations. The organization is led by CEO Claudio Rojas (Toronto) and Board Chair Mary Long-Irwin (Thunder Bay), supported by a Board of Directors spanning Charlottetown, Kitchener-Waterloo, Montréal, Ottawa, and Calgary. While NACO's program and policy footprint is expanding, the underlying Canadian angel market contracted in 2025 — deployment fell 22.1% YoY to $113.79M across 490 investments (a five-year low) — which frames NACO's federal policy asks as much about market repair as about organizational expansion.

Name

National Angel Capital Organization

Legal name

National Angel Capital Organization

Website

https://nacocanada.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

National Angel Capital Organization (NACO) is a Canadian nonprofit industry association, founded 2002, that serves as the national umbrella for 100+ angel organizations and 4,000+ individual investors across Canada, delivering membership services, the Moonshots Showcase™ and Women Who Build™ programs, NACO Academy education, and policy advocacy on early-stage capital.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Membership Dues: Recurring annual or multi-year membership fees paid by angel networks, individual investors, and partner organizations across three tiers (angel group/fund leaders, individual investors, partner organizations). Members gain access to networking events, benchmarking data, education, policy influence, and the Angel Passport program.
2. Summit & Event Registration: Registration and ticketing revenue from the annual NACO Summit (next edition: Summit 2027 in Ottawa), the Moonshots Showcase, and related award dinners and Catalyst programming across Canada.
3. Government Program Funding & Sponsorships: Grants and sponsorships supporting NACO Catalyst Programs such as Women Who Build™ (supported by the Government of Canada) and other ecosystem initiatives.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

NACO is the national industry association for angel investors in Canada, delivering tiered membership services to 100+ angel networks and 4,000+ individual investors, angel investor training via NACO Academy, national showcase programs (Moonshots Showcase™ and Women Who Build™), an annual Summit in Ottawa, and longitudinal benchmarking research (State of Angel Investing in Canada). The organization also convenes policy roundtables and produces white papers and pre-budget submissions that shape federal early-stage capital policy.

Product overview

NACO operates as a single national industry association platform combining membership services, education, programs, policy advocacy, and research rather than a multi-product SaaS suite. The core platform is its membership network of 100+ angel organizations and 4,000+ individual investors (unified under NACO Membership), through which it delivers the NACO Academy (angel investor training), Catalyst Programs (Moonshots Showcase™ for top ventures, Women Who Build™ for women investors, and the Moonshots Alumni Network), the annual NACO Summit conference, and awards programs (Angel of the Year, Lifetime Achievement, Nation Builder, Trailblazer). Underpinning the platform are recurring research publications — the State of Angel Investing in Canada annual data report, the NACO-Startup Genome Report on Canada's Funding Gaps, the Unified Capital Strategy report, the Seeding Growth white paper, and the annual Pre-Budget Submission — plus the Vision 2040 strategic initiative. Together, these offerings form NACO's integrated model for mobilizing angel capital, building investor capability, shaping federal/provincial policy, and connecting Canada's angel community globally.

Differentiator

Problem solved

Functional benefit

Brands

• Moonshots Stage™: NACO's flagship national showcase program selecting Canada's top early-stage ventures; includes Moonshots Top 20™ and Moonshots Ventures™ trademarks.
• Women Who Build™
• NACO Academy
• Catalyst Programs
• Vision 2040™
• Canada's Angel of the Year™
• Built By Angels™

Products and services

• NACO Membership Tiered membership program uniting 100+ angel organizations and 4,000+ individual investors across Canada. Benefits include networking (invitation-only events, private receptions, CEO roundtables), investment benchmarking data and research, member-only resources and curated deal flow, policy influence, and Angel Passport (complimentary tier for members of recognized angel organizations). Targeted at angel group leaders, individual investors, and partner organizations.
• Moonshots Showcase™ / Moonshots Stage™ Annual national showcase program that selects and promotes Canada's top high-growth ventures. The 2026 cohort featured 27 ventures across ten sectors and eight provinces/territories (first-ever Yukon and PEI representation), collectively raising $140M+. A 2025 alumni cohort (Top 20 Moonshots Ventures) had raised $190M+ to date. Open to NACO member-driven nominations of Canadian early-stage ventures.
• Women Who Build™ National initiative for women investors and entrepreneurs, dedicated to increasing the participation and leadership of women in Canada's angel investing ecosystem through mentorship, community, and capital access. Supported by the Government of Canada.
• NACO Academy (Angel Academy™) Angel investor training program backed by 20+ years of frameworks for investing at the angel, syndicate, and fund level; leverages collective knowledge of 4,000+ investors. Available to NACO members and the broader Canadian angel investing community.
• NACO Summit Canada's national gathering of angel investors, held in Ottawa (2026, 2027). Three-day event shaping early-stage investing and featuring the annual Moonshots Showcase™ unveiling and the Angel of the Year awards dinner. Open to NACO members, individual investors, founders, and ecosystem partners.
• State of Angel Investing in Canada (Annual Data Report) Annual data release tracking Canadian angel investment activity (16th consecutive year). 2026 edition reports 2025 findings from 37 angel investor organizations: $113.79M deployed across 490 investments, plus regional per-capita data and women's participation metrics. Includes downloadable chart pack (SVG + PNG). Used by policymakers, investors, and ecosystem partners as the authoritative Canadian benchmark on angel activity.
• Seeding Growth White Paper White paper outlining two policy recommendations to mobilize over $1.5B in capital over five years, addressing Canada's structural early-stage funding gap. Companion to the National Roundtable convening nearly 1,000 leaders.
• NACO Pre-Budget Submission 2026 Written submission for pre-budget consultations ahead of Budget 2026. Proposes three recommendations: a Canadian Sovereign Scalable Company Tax Program, a focused $750M early-stage envelope, and a Canada Strong Fund innovation & growth stream. Available as a PDF download from NACO's policy page.
• NACO-Startup Genome Report on Canada's Funding Gaps Landmark joint report analyzing 65,000+ funding rounds since 2006; quantifies $66B in lost ecosystem value and 133,000 lost high-quality startup jobs between 2019 and 2024. Distributed as a downloadable PDF via nacocanada.com.
• Unified Capital Strategy Report Report proposing four interconnected policy tools — a 30% investor tax credit, Sovereign Capital Catalyst Initiative, strategic capital gains deferral, and Entrepreneurial Capital Investment Program — to mobilize up to $15B in private capital and create up to 72,000 jobs.
• NACO Awards Program (Angel of the Year / Lifetime Achievement / Nation Builder / Trailblazer) Annual awards recognizing excellence across four dimensions: Angel of the Year (investor impact), Lifetime Achievement (foundational contributions), Nation Builder (business/cultural leaders driving innovation economy), and Trailblazer (visionary entrepreneurs). Recognized in past years by the Prime Minister and Governor General. Ceremonies held at the NACO Summit in Ottawa.

Quantifiable outcome

• $1.92B deployed across 3,000+ companies since 2010 by NACO member angel investors
• +5 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Angel Capital Association (ACA): The leading U.S. national trade association for angel investors, with 14,000+ accredited investors across 250+ angel groups and platforms. Directly comparable to NACO as the American counterpart providing member services, benchmarking research, policy advocacy, and an annual summit.
• European Business Angels Network (EBAN): The pan-European federation representing the early-stage investor community across 50+ countries. NACO is an EBAN partner, and the two organizations are directly comparable as national/regional umbrella associations running benchmarking, education, and policy advocacy for angels.
• UK Business Angels Association (UKBAA): The national trade association for the UK early-stage investment community, providing member services, research, and policy advocacy to angel networks and syndicates. Directly comparable in mandate, structure, and program mix to NACO.
• Canadian Venture Capital and Private Equity Association (CVCA): Canada's peak industry association for the VC and PE industry, with overlapping membership and complementary mandate to NACO. Comparable as a Canadian private-capital industry body running research, policy advocacy, and member events, but with a broader (VC/PE) focus versus NACO's angel-investor specialization.

Regional players

• Australian Investment Council: The Australian peak industry body for private capital (VC, PE, and angel). Comparable to NACO in providing member services and policy advocacy for early-stage investors, but operates in a different (Australian) geography and broader mandate across the private capital stack.
• Angel Association New Zealand (Angel NZ): The national industry body for angel investors in New Zealand, providing member services, research, and policy advocacy. Directly comparable to NACO in mandate and program design, but serving a smaller (NZ) market and a different regulatory environment.

Emerging players

• Keiretsu Forum: A global angel investor network with chapters in 50+ cities across the U.S., Europe, and Asia. Comparable to NACO's member organizations (Keiretsu Forum Canada is a NACO member) and intersects with NACO's mission in syndication and cross-border angel deal flow.

Others

• Global Business Angels Network (GBAN): A global industry body affiliated with the World Business Angels Investment Forum (WBAF) and an official partner of the G20 Global Partnership for Financial Inclusion (GPFI). NACO partners with GBAN to extend cross-border deal flow; GBAN is comparable as a global-level umbrella but is an enabling/ecosystem partner rather than a direct national competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AngelCapCanada
• Facebookfacebook.com/NACOCanada

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Angel Capital Organization