Software has regained its position as the largest angel investment category despite first quarter predictions of a looming 'SaaSpocalypse'.The second quarter (Q2) Catalist New Zealand Angel Market report (PDF) indicated software investments rose 48 percent on a punishing first quarter, and 42 percent on the year earlier period.Female-led startups also bounced back, capturing one-third of angel investment.The data also indicated Angel investors were doubling down on proven businesses, with 75 percent of capital and 83 percent of investments in follow-on rounds rather than in new startups.A total of $2.7 million was invested into 33 businesses, supported by 132 active angels, suggesting renewed confidence despite ongoing economic uncertainty."The conversation appears to be evolving," Catalist chief executive Colin Magee said."Earlier this year there was a lot of discussion about whether AI would undermine software business models."However, software attracted 43 percent of capital deployed during Q2.Angel Association chief executive Bridget Unsworth said it was too soon to call it a trend, though software's share of the investment was double the previous quarter and was moving back above its longer-term trend."And we're seeing some really phenomenal companies that have really nailed exactly what they're offering, exactly what the problem is that they're solving, and they are raising good rounds of capital, and that is really great to see," she said.The report indicated investment continued to be mostly focused on Auckland and Wellington, though Christchurch was quietly closing the gap.