Signs of global economic distress notwithstanding, U.S. angel investors kept a steady pace in funding startup companies in 2008’s first half, a new study says.

A study by the Center for Venture Research at the University of New Hampshire put total angel investment at $12.4 billion, 4.2 percent higher than the first half of 2007.

The study found that angels funded 23,100 startups, a 3.8 percent decrease versus the prior year’s period.

"The modest increase in total dollars and angel investors, coupled with the decrease in investments resulted in a larger deal size for the first half of 2008,” Jeffrey Sohl, director of the UNH Center for Venture Research, said in a statement. “These data indicate that angels are exhibiting a cautious approach to investing in light of the recent volatility in the economy and reducing their individual risk exposure by including more angels in each deal."

Software companies scooped up the biggest share of angel funding in the first half at 18 percent. That was followed by health-care services/medical devices and equipment with 17 percent and industrial/energy with 10 percent.

Forty-six percent of the angel investments went to seed and start-up stage deals, an increase from the 42 percent recorded in the 2007 period.

The study found that 58 percent of the membership of angel groups were “latent angels,” meaning that they had not injected money into deals, Mr. Sohl said.

The average size of deals in the first half grew 8 percent, the study found.

The study also found that angels funded 11 percent of the investment deals brought to their attention in the first half.

Women accounted for 13 percent of angel investors and minorities 4 percent. Among entrepreneurs seeking angel capital, 15 percent were women and 10 percent were minorities.