Angel investing doesn’t have to be a lonely sport.
More and more solo investors are forming angel networks: groups that give their members access to more deals and the ability to write bigger cheques as a collective. Some of these groups are syndicates where angels can pool cheques on a deal-by-deal basis, whereas others take angel cash to set up official funds, which investors can then have a say in.
Some of the most sophisticated networks often also have in-house employees to take over the “boring” bits of admin — like due diligence or sifting through the sea of startups to find potential gems — leaving angels more time to give portfolio founders advice and intros.
But which of these groups have closed the most deals recently? Here are Europe’s 10 most active angel networks by deal count over the last 12 months, according to Dealroom — unless the fund confirmed the numbers themselves.
SFC Capital
HQ: London, UK
Deal count over the last 12 months: 62
Founded: 2012
SFC Capital is a SEIS and EIS fund — a scheme by the UK government which aims to incentivise people to support early-stage British companies by offering income tax relief (50% on SEIS up to £200k and 30% on EIS up to £1m a year) on investments. It was an early backer of companies like identity verification service Onfido and B2B sales acceleration software Cognism.
In the last 12 months, it has supported startups including computer vision-powered home gym company Magic and alt meat producer Adamo Foods.
Lithuanian Business Angels Network
HQ: Vilnius, Lithuania
Deal count over the last 12 months: 25
Founded: 2017
An early-stage investor in mostly Lithuanian companies, Lithuanian Business Angels Network (LitBAN) is made up of both angel investors and some corporate members, like VCs Practica Capital and Baltic Sandbox. It’s invested in companies such as event management marketplace Breezit and alternative hiring platform NO-CV.
Green Angel Ventures
HQ: London, UK
Deal count between July 2022 and June 2023: 21
Founded: 2013
Green Angel Ventures is an angel syndicate focusing on climate tech startups. It launched its EIS/SEIS Climate Change fund in 2020 — this fund lets angel investors take a back seat and invest money without taking part in the selection of startups or due diligence process. In the last 12 months, it has backed startups including construction management platform Qualis Flow and water filtration company Molymem.
Graduate Entrepreneur
HQ: Delft, the Netherlands
Deal count over the last 12 months: 12
Founded: 2021
Graduate Entrepreneur backs graduate founders based in Delft and Rotterdam. Cheques range from up to €75k at pre-seed to between €200k and €2m at seed and Series A. At pre-seed, it focuses on founders that are fresh from uni (graduated less than five years ago from TU Delft, Erasmus University Rotterdam and Erasmus MC), and in later stages, backs alumni of any age.
Over the past year, it’s backed companies including ROCSYS, which automates electric vehicle charging sites, and superconducting quantum processor producer QuantWare.
DEPO Ventures
HQ: Prague, Czech Republic
Deal count over the last 12 months: 12
Founded: 2016
DEPO Ventures has over 200 angels involved and has managed angel funds as well as a syndicate of individual investors. Its angel funds focus on tech startups at pre-seed and seed stage, based across central and Eastern Europe, whereas its angel community looks at international investments. Recent companies backed include meal-kit provider Yummy, and Tapline, which offers SaaS startups an alternative financing option.
Club degli Investitori
HQ: Turin, Italy
Deal count over the last 12 months, according to Dealroom: 10
Founded: 2008
Club degli Investitori focuses on startups based in Italy and has around 350 angels investing in the network. It’s sector-agnostic and leans on the specific expertise of members when deciding deals — the selected companies are then displayed on an “Investor Day”, where members can express interest in investing. It typically contributes between €100k and €2.5m across seed and growth-stage companies.
BADideas.fund
HQ: Riga, Latvia
Deal count over the last 12 months: 9
Founded: 2022
An angel investor syndicate that focuses on startups in central and eastern Europe, BADideas.fund invests between €50k and €100k in companies that have a minimum viable product. It often offers a startup’s first cheque, and allows investors to contribute as little as €1k per deal. Angels can also become scouts for the syndicate. It’s recently invested in space risk-assessment platform Value.Space and FINFRA, which helps businesses embed financial services into their products.
COREangels
HQ: Ílhavo, Portugal
Deal count over the last 12 months, according to Dealroom: 6
Founded: 2019
The angel investors in COREangels all vote on investment decisions, plus offer mentorship to those founders they back. Due diligence processes and reporting are done by fund leaders who manage the network.
There are currently 11 angel funds operating within the network, varying by geographical focus or industry experience. Recent investments include the platform for car resellers Motoreto and guest engagement platform Hotel Manager.
Italian Angels for Growth
HQ: Milan, Italy
Deal count over the last 12 months, according to Dealroom: 6
Founded: 2007
Italian Angels for Growth (IAG) consists of over 300 business angels who typically invest in the early stages of life science, deeptech, digital and fintech startups. Cheques range from €200k to €1.5m, and the group has so far backed over 110 companies.
Recent additions to the portfolio include pharmacy platform 1000Farmacie and non-dilutive capital provider Viceversa.
Angels Capital
HQ: Valencia, Spain
Deal count over the last 12 months, according to Dealroom: 6
Founded: 2013
Angels Capital invests mostly at seed stage and has completed almost 40 investments based in Spain since launching, with a handful across other global locations. It’s sector-agnostic, and recent additions to the portfolio include VIP event management platform Fourvenues and business expenses app Okticket.
