The ACA found that average investment per deal increased 4 percent in 2008 from the previous year - landing at an average of $276,918 per deal - while the average number of investments decreased 16 percent in 2008 to reach 6.3.

In fact, one-third of angel investors confirmed that they are increasing their engagement in existing portfolios instead of adding new portfolios.

Despite this strategy, angel investors could not escape the recessionary reality of disappearing funds, as the total per group funding decreased to $1.77 million - 9 percent lower than the $1.9 million invested in 2007.

Still, angels reported optimistic outlooks about future deal quality and quantity, with 70 percent of respondents predicting that both will increase or stay the same in 2009, compared to last year.

A recent report from the Center for Venture Capital Research at the University of New Hampshire found that angel investments may be more attractive to entrepreneurs than venture capital backing, as VCs are more likely to underprice the startup.