Dissertation Research — University of Kentucky Help Us Track These Companies →

The Economics of Angel Investing in Kentucky

Tracking the performance of startups that participated in the Kentucky Angel Investment Tax Credit program from 2015 to 2018.

Companies
57
2021–2025 (Post-Restart)
Investors
212
Total Invested
$28,772,300
Tax Credits
$7,693,520
Avg. per Company
$504,777
About this data: Investment amounts, counties, and activity types are drawn from public KAITC administrative records. Company performance data (status, subsequent funding, exits) is gathered through primary research and community contributions. Fields marked "unknown" have not yet been verified — you can help.
Period:
All Years 2015–2018 2021–2025
2021–2025 (Post-Restart)

Company Outcomes

Active
44 companies
Unknown
11 companies
Acquired
2 companies

Investment by Year

Year Companies Investors Total Invested Tax Credits Effective Rate
2021 17 80 $5,718,614 $1,460,940 25.5%
2022 16 57 $6,122,208 $1,480,549 24.2%
2023 18 54 $5,133,364 $1,365,814 26.6%
2024 16 41 $4,928,417 $1,324,595 26.9%
2025 17 42 $6,869,697 $2,061,622 30.0%

Investment by County

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County Companies Total Invested Avg. per Company Tax Credits Share
Fayette 13 $9,013,577 $693,352 $2,252,132 31.3%
Jefferson 32 $7,964,395 $248,887 $1,978,506 27.7%
Kenton 3 $6,166,828 $2,055,609 $1,490,882 21.4%
Rowan 1 $2,800,000 $2,800,000 $1,000,000 9.7%
Campbell 1 $800,000 $800,000 $200,000 2.8%
McCracken 3 $617,500 $205,833 $247,000 2.1%
Bath 1 $550,000 $550,000 $220,000 1.9%
Logan 1 $500,000 $500,000 $200,000 1.7%
Oldham 1 $260,000 $260,000 $65,000 0.9%
Warren 1 $100,000 $100,000 $40,000 0.3%

By Qualified Activity

technology sector

No activity data for this period (2021+ records do not include activity type).

Investment Distribution

57 companies
< $25K
5 companies
$25K–$50K
7 companies
$50K–$100K
6 companies
$100K–$250K
13 companies
$250K–$500K
10 companies
$500K–$1M
9 companies
$1M+
7 companies

Portfolio Concentration

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212 participants · all years
1 company
187 people
2 companies
12 people
3 companies
4 people
4 companies
5 people
5 companies
1 person
7 companies
2 people
13 companies
1 person