Angel investors are spending less, but are just as interested in funding new ventures as ever, according to the 2008 Angel Market Analysis released by the Center for Venture Research at the University of New Hampshire.

The report reveals that while angel investing dollars dropped by 26.2 percent last year, the number of entrepreneurs receiving funding was relatively unchanged from 2007. While angels invested $26 billion in 2007, last year they scaled back to $19.2 billion. Yet, while 55,480 entrepreneurs received angel funding last year, 57,120 entrepreneurs were funded in 2007—a decline, but a modest one in light of the significant drop in dollars.

"We expected the dollars to go down," says Jeffrey Sohl, director of the UNH Center for Venture Research, "but our report indicates that while angels are putting less money in, they are still investing."

The report also examined yield (or acceptance) rate, which reveals how many deals angels invest in out of the total amount of the deals that they view. For 2008, the yield rate was 10 percent. So for entrepreneurs looking for investors, "they have a one in 10 chance," says Sohl.

If you're looking for funding, there are some sectors that seem to be easier than others. Healthcare-related businesses accounted for the largest chunk of angel investments last year at 16 percent of the total. After that, software accounted for 13 percent, followed by retail (12 percent) and biotech ventures (11 percent).