The State of European Angels
2025

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

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About the report

This is the third edition of the State of the European Angels report, initiated by Ash Pournouri and Andreas Grape (Nordic Angels) in collaboration with BCG. The report combines quantitative market data with insights from leading angels across Europe to capture key trends shaping the startup and investment ecosystem in 2024 and early 2025. It provides a holistic view of the role of business angels and their evolving contribution to early stage growth, as well as a deep dive into the crucial sectors driving Europe’s growth and innovation competitiveness.

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Report highlights

GLOBAL VC ACTIVITY IS SHIFTING

Early-stage rounds declined as capital moved to late-stage deals with clearer exit paths

Total number of reported VC investment rounds globally (thousand)
Total value of VC investment rounds globally (B$)

Note: Figures may not sum to total due to rounding

Source: Dealroom

Europe’s angel networks are consolidating and scaling

Angel networks are becoming larger and more capitalized with fewer groups pooling more members and capital

Source: European Business Angel Network

Angel investment cooled in 2023 after a record high year

Angel investors made fewer deals butincreased their average investment value

Source: European Business Angel Network; Dealroom

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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