“The angel market is in a bit of a retreat,” said Alicia Syrett, founder and CEO of Pantegrion Capital, an angel investment vehicle focused on seed and early-stage investments. She is on the board of New York Angels and a CNBC contributor. Angel dollars invested from 2013 to 2015 range from $24.1 billion to $24.8 per year, which was near peak levels, according to the Center for Venture Research (CVR). In 2016, invested dollars dipped to $21.3 billion. “Valuations were frothy,” she explained. Some angels stayed on the sidelines, while others invested less per deal.