The State of European Angels
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The annual deep dive into the angel investment climate of Europe.

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About the report

This is the second edition of our annual report, initiated by Ash Pournouri and Andreas Grape (Nordic Angels), along with BCG. The report embodies a comprehensive exploration and detailed data aggregation across the European startup- and private market ecosystem. Within the scope of this report, an 'angel' is defined as any business angel contributing to the startup and private market as an investor, board member, advisor, or through any other means that involve investing time, money, or effort to foster the growth of the startup scene. Below is a selection of key insights, providing a preview of the comprehensive content in the full report.


Report highlights

Startup Impact: Changing Society and Boosting Economies

Startups continue to drive societal change and economic prosperity

23%

Smaller entities, including startups, represent 23% of patent applications, up 3% percentage points from last year.

50%

Half of all new jobs in OECD countries are created by companies founded in last 5 years

8.4

The value of the global startup ecosystem is greater than than the GDP of France, Germany, Switzerland and Poland combined.

EUROPEAN ANGEL NETWORKS HAVE CONSOLIDATED IN RECENT YEARS AND COLLECTIVELY INVESTING MORE MONEY PER ANGEL NETWORK

The European angel community flourishes as networks attract members at record levels

Composition of the startup community

Number of Angels in the European Startup Ecosystem

We define an angel as any business angel contributing to the startup and private market as an investor, board member, advisor, or through any other means that involve investing time, money, or effort to foster the growth of the startup scene.

Europe: 6m
Europe 6m
Nordics: 200k
Nordics 200k

European investors need to take more calculated risks and work collaboratively across the ecosystem

“The reason why the US [VC investing] climate is the way it is, is because of risk appetite. People are willing to make bets on other people. In Europe, people are much more conservative.— Petter Made, EWOR

Take calculated risks

Take calculated risks

Back exceptional founders with bold ideas that redefine industries, rather than over-focusing on proven business models
Improve collaboration

Improve collaboration

Build structured Angel-to-VC and cross-border partnerships where angels can act as accelerators for VC pipelines
Foster success conditions

Foster success conditions

Strengthen Europe's talent, late-stage capital, and regulatory alignment so founders can succeed and scale out of Europe
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