Modwenna Rees-Mogg, who founded the service in 2003 after working with an angel network for two years, believes there is a clear correlation.

‘The companies who use us well tend to get bigger and use us better,’ says Rees-Mogg. ‘Those who communicate less well, or don’t communicate, tend to get ignored by the market.’

Rees-Mogg feels that many small businesses are excessively secretive, worried about revealing too much to the competition or exposing themselves to a savaging from the press. As a result, they lose the opportunity to gain investors’ trust.

‘If you’re consistently open, people will trust you,’ she says. ‘Then, at times when you really need to get something across, they will still trust you.’

Angel News carries press releases from 700 registered companies that have received angel funding or significant debt financing.