
The annual deep dive into the angel investment climate of Europe.
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
Smaller entities, including startups, represent 23% of patent applications, up 3% percentage points from last year.
Half of all new jobs in OECD countries are created by companies founded in last 5 years
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.
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

Improve collaboration
