The angel investors are being more careful with their money decisions, with ninety-seven ventures gaining $30.7m in New Zealand in 2011, according to a report by the NZ Venture Investment Fund (NZVIF).

NZVIF noted that the angel investors - affluent individuals who support business ventures - were active in the second half of last year but were more interested in existing companies than new ventures.

Of the $30.7m invested last year, $11.7m was into first round investments and $19.0m went to follow-on investments in existing companies.

The average deal size in 2011 was $323,549, according to APNZ.

NZVIF is an administrative agency which looks into venture capital and seed co-investment programmes for the Government. It noted a significant fall in the level of investment in the second half of last year, when angels invested $13.1m, the lowest total since the NZVIF's Young Company Finance Index began collecting data in 2006.

NZVIF chief executive Franceska Banga said the pattern in which angels invest smaller amounts in both new and follow-on investments could mean the New Zealand angel market is maturing, which is consistent with angel trends overseas.

"Angels are learning more about how much and when to invest," she said.

APNZ has reported that angel investors have cumulatively invested $220m into high-growth companies since 2006, in an average deal size of $540,000.