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top business angels network in europe by vestbee
18 August 2022·25 min read

Katarzyna Groszkowska

Editor, Vestbee

Top European Business Angel Networks

European VC and startup ecosystem is abundant in many sources of capital for early and growth-stage startups. Seeking funds from private investors, so-called angel investors, affiliated with one of many active business angel networks, could be an excellent opportunity for startup founders to get a head start. This type of financing often comes not only with a mere capital injection but also with industry connections and mentorship from leaders of the field. Having discussed the top business angels network in the CEE region, it is time to focus on those supporting startups in Europe. 

So without further ado, let’s have a closer look at these active business angel networks and learn more about their activities and investment strategies. 

Austrian Angel Investors Association

AAIA is a prominent player in the Austrian ecosystem, bringing together more than 200 private investors. It connects angel investors with startups, facilitates the transfer of relevant know-how, and plays a part in improving startup investment legislation and regulations in the region. AAIA is a great place for Austrian startups to look for funding as they can easily find support targeted for their business needs - not only in form of capital but also offers from corporate partners, valuable business insights and connections. Selected startups are also displayed on AAIA member platform, gaining traction and visibility. 

Angels Santé

Angels Santé is an association of private investors, based in France, investing in the healthcare sector. They support ambitious and innovative startups, that meet the challenges of European healthcare systems with economically responsible solutions and offer distinct and viable medical benefits. They carry out individual or joint investments, looking for seed and early-stage startups, operating in all health markets - including Biotech, Medtech, Digital Health, Animal Health and more. To be backed by Angels Santé, a company must have a POC, a strong founding team, and seek to raise between 400 k€ and 2 M€ in its first funding round. 

Angels For Women

A4W is an Italian-based association of private investors, investing in female-led startups with high growth potential. Its mission is to reduce the gender gap between male and female startup founders, promote entrepreneurship amongst women and assist them in obtaining the capital necessary for the development of their businesses. Startups are able to pitch their ideas in its regular meetings, and can later be selected in a screening process. A4W is investing in startups that are not only led by women but also ones that target primarily female customer base. To be eligible, a startup must have at least one woman, holding an operational role at the managerial level, a scalable business model, and a plausible exit strategy, within 5-7 years. 

Angels For Impact

This Italian network of business angels, based in Milan, invests primarily in highly innovative technology companies, with a focus on Impact Investing. When scouting for startups, it looks for cutting-edge ideas aimed at expanding markets, combined with a skilled and capable team. Organization’s members are willing to invest between € 100,000 and € 500,000 if a company has a plausible exit strategy and impact characteristics. So far, they have supported more than 40 companies and saw 2 successful exits. 

Association of Spanish Business Angel Networks

Next on the list is AEBAN, a Spanish network that comprises not only of private angel investors but also other investor networks, companies and funds, accelerators, incubators and venture builders, equity crowdfunding platforms, as well as companies that carry out investment activities. AEBAN serves as a platform for these entities to gather and network, exchange information and experience, collaborate on investment projects, and promote the activity of Spanish business angels. It also cooperates with educational and public institutions. 

Be Angels

Be Angels is a Brussels-based network, one of the two biggest associations operating in Belgium. It was founded 22 years ago and has a very long and diverse history of activities, with more than 450 members and 380+ financed startups. It has two primary goals - the first one is connecting entrepreneurs with experienced investors, assisting founders with the pitching and negotiations process, and the second - providing investors with an organized and structured network that can facilitate their investment decisions. Startups that are eligible for funding from Be Angels should seek a minimum amount of 100,000 EUR and have their headquarters in Belgium, Luxembourg, Hauts-de-France or plan a development strategy in Belgium. 

BAN Flanders

BAN Flanders, a second Belgian entity on the list, operates in the Flemish-speaking part of the country and is supported by its government. It is focused on added-value financing, thanks to the expertise and guidance offered to capital-seeking startups by its members. It facilitates the growth and upscaling of business in Belgium and cross-borders, offering them training, analyzing business plans, and launching them to BAN’s network of investors. It can provide funding up to 750.000€ and above (with co-financing) and professional guidance during the entire deal negotiation. Each year it chooses around 100 startups, out of many submissions, that are presented to the investors’ network.

Business Angels Network Germany

Next on the list, is an umbrella organization from Germany, that brings together many German entities and networks. It aims to strengthen the early-stage investment market in Germany and bring together Business Angels and their regional or thematic associations - groups, clubs and syndicates, family offices, seed funds, crowd investing platforms, accelerators, incubators and academic institutions. BAND has a mission to make the angel investment market a vibrant and eventful place - engaging in a dialogue with public policymakers as well as the media, advocating for favorable conditions in the private investment markets, and promoting angels' projects. It also creates a platform for education and best practices exchange, serving as a source of market information thanks to the frequent collaborations with academics and researchers from the region. It also must be noted that BAND creates a bridge between all of these key market players and scalable startups, looking for funding in Germany. Businesses can look for capital injections from BAND's members that include: 

and more. 

Business Angels Malta

BAM Malta is an active association bringing together business angels and emerging startups, looking for funds. Its members meet monthly to co-invest and pool their industry know-how. The organization takes care of every part of the investment process - which includes screening and due diligence, organising pitching events, linking up investors to facilitate syndicated investments, mentoring new business angels and founders as well as strengthening the local startup community through networking events. Startups selected by BAM can benefit not only from the raised funding but also from the strategic leverage, and industry contacts - from Maltese and international investors. 

Business Angels Norway

BAN Norway brings together 10 regional angel groups and more than 800 individual angel investors. It represents its members in dialogue with government bodies and the media as well as improves their deal flow through provided training and collaborations. On the regional level, they organize pitching events where startups and investors can meet, however, their mission is to empower its angels to invest outside of their local area - startups from all over the world are welcome to get in touch with BAN and submit their ideas.

Business Angels Network the Netherlands

Business Angels Networks Netherlands represents the most important business angels and financing networks in the Netherlands, which include: 

  • Oost NL: a business angels association investing in sustainable companies with a social impact in sectors such as Health, Agri & Food, Energy, High Tech & Manufacturing. It invests on average between €50,000 and €250,000, in startups located in the regions of Gelderland or Overijssel.
  • Business Angels Connect: a business angels network targeting companies operating in the Chemical, Life Sciences, Biobased and Food sectors, with a special focus on those that are somehow linked to universities, academic hospitals and business accelerators. It facilitates deal flow and connects entrepreneurs with Dutch and German investors.

BANN’s objective is to be the voice of all national business angels - the clubs and private investors alike, stimulating awareness and promotion of this type of investing model. It also organizes frequent meetings and events that invigorate the Dutch startup ecosystem. 

Business Angels Network Catalunya

Business Angels Network Catalunya is another Spanish entry on the list, connecting Catalan startups with business angels, looking forward to another successful investment. In 2020 members of the BANC network obtained financing worth €1,609,000 - some of it was divided into grants and soft loans and some in equity. They back scalable startups from many sectors, devoting their capital, knowledge, and industry contacts. 

Big Ban Private Investors

BIG BAN is yet another Spain-based organization that operates in the private investment sector in seed and early-stage capital. It brings together more than 120 business angels, investing in innovative business projects. It provides its members with the tools necessary to succeed in the competitive market such as training, facilitation of private investors' deal flow, connecting them with high-growth potential projects, and bringing together all the key market players, creating synergies and knowledge exchanges. It also provides mentoring for individuals, that seek to become angel investors. Moreover, BIG BAN collaborates with local accelerators and incubators, making sure its members stay up to date with all the recent market happenings. 

Cyprus Business Angels Network (CYBAN)

CYBAN is as of now, the first and the only, Business Angel Organisation operating in Cyprus. It was established in 2013 with the aim to leverage regional investment capabilities against economic crises. It connects the most innovative, fast-growing companies in the country with smart equity finance. Its 45 members have so far invested more than 4,5M€. Each year CYBAN reviews 100 business ideas and selects the top 15 to pitch to its members. It conducts screening and due diligence, ensuring a good deal flow and selecting startups with a growing addressable market, an innovative and scalable business model, a clear competitive advantage, and an experienced management team. Members of CYBAN are very diverse, representing different groups and market sectors, including successful entrepreneurs and former CEOs, chairmen, and non-executives of large private and public companies, therefore providing startups not only with financial but also relevant intellectual capital. 

Club Degli Investori

Club Degli Investitori is another Italian organization featured on the list. It connects business angels with startups, scaleups, and innovative SMEs from fast-developing sectors such as PropTech, DeepTech, Food & Agri Tech, Digital, Healthcare & Biotech and Fintech & InsurTech. Its angels are entrepreneurs and professionals with international experience and as such, they are looking for Italian startups, that are planning to establish their global presence. The organization's portfolio includes many of the most promising Italian ventures, with worth mentioning D-Orbit - that in the upcoming months is set to land on Nasdaq. On average, Club Degli Investitori backs from 5 to 10 companies every year, involving its members with industry-specific experience to ensure the biggest chances of succeeding. They invest from 100k to 1.5M across seed, scale and growth startups. 

Cambridge Capital Group

CCG is a private syndicate of business angels, private family offices, international investors, investment funds, and co-investment vehicles, operating in the innovation centers of the UK - Cambridge, London and Oxford. They closely collaborate with other regional organizations, universities, incubators, and other angel groups to scout the best investment opportunities for its members. So far, they have invested £30M+ in more than 100 hi-tech businesses in Europe's leading tech clusters. They are looking for startups from seed to Series A stage, seeking from £150,000 to £2m in S/EIS eligible equity financing. Their sectors of interest include Medtech, Biotech, Agritech, Software, AI, and Life Sciences and they are looking for the potential to return 5X and above within 5 to 8 years.

Danish Business Angels Network 

Danish Business Angels is a non-profit network, matching startups with business angels. Every month it organizes pitching events during which promising startup founders can share their ideas with more than 300 investors. It also pools resources across its wide network of collaborators such as venture funds, banks, advisers, business promoters and incubators. With many diverse DAN members, comes a lot of industry-specific knowledge, deployed in the investing process, ensuring selected startups can succeed in their field. The organization looks for early-stage startups with competent and diverse teams, proven traction (revenue, soft funding or pilot customers), MVP, scalability, and a good market fit. In exchange, founders can expect an investment ticket that averages 3M DDK. 


Established in 1999, EBAN is a pan-European organization that brings together all parties involved in the angel investment process. As it is present across more than 50 countries with over 100 member organizations, it plays a vital role in the development of the early-stage investment European ecosystem, boosting its growth and accelerating innovation through many channels of communication established between its members. It doesn’t provide funding for entrepreneurs but rather represents European Angel Investors willing to do so. It caters to all professionals on the market thanks to many networking opportunities, knowledge centers, international events, and partnerships established with various private, governmental, and investor/startup organizations. 

Finnish Business Angels Network

Helsinki-based FiBAN is a very active business angels network offering its members and startups a wide variety of services. They match high-growth potential companies with private investors, facilitating co-investing and ensuring an efficient deal flow. Moreover, they provide training resources and startup investing materials for prospective angel investors, looking to enhance their skills and strengthen their position in the market. Their network ranges from the Nordics to the Baltics, with more than 650 members. Startups from these regions (with emphasis on Finland) are welcome to apply and get an opportunity to pitch and receive support during the funding rounds, once they secure investors' interest. Prospective companies should have a validated business model, competitive advantage, and clear financial goals. So far, FiBan members have more than 2000 companies in their portfolio, but this number is constantly on the upwards trajectory, as new startups are screened and presented during their regular meetings.

French Federation of Business Angels

France Angels is an umbrella organization for more than 62 Business Angels groups operating in the French territory. It brings together investors and entrepreneurs in monthly meetings, during which business projects are presented in front of the members. The member organizations are divided based on the location of their activities (local, regional), on their thematic scope (specializing in specific sectors such as Health, ICT, Agri-food, Environment, Wood industry, etc.) or they are affinity-based (for alumni of specific colleges or higher education institutes such as ESSEC). This model of operating allows business angels to pool resources, share knowledge, and co-invest and broader and smaller levels - depending on the founder's needs and specifications. 

 Femmes Business Angels

Femmes Business Angels is the only French business angel network that is solely dedicated to women. It brings together more than 100 female investors that support up-and-coming startups to emerge and subsequently develop and succeed. This association for many years has been a vocal proponent of women's participation in the process of financing the real economy, through its activities such as the Women's Investment Forum. Its mission is also to encourage women to become angel investors and to help them pool resources and support each other against the backdrop of the mostly men-led VC and startup landscape. FBA investors are looking for high-potential French companies, at a seed stage with a proof of concept, run by either men or women, seeking to raise between €100,000 and €1 million. 

Geneva Angel Investor Network

Geneva Angel Investor Network is a Swiss non-profit association that backs early-stage startups and SMEs, located in the Romandie region. It deploys its resources from a wide network of reputable professionals, domain experts, accredited private equity angel investors, and public and private partners in order to ensure its portfolio companies can thrive. However, they must be aligned with Sustainable Development Goals or create a positive social impact, participating in the mission to better the global economy and society. When investing, GAIN members are looking for a strong, impact-driven team, an ESG-compliant business model, and tangible success metrics (such as engaged users or revenue). Startups should also have a functional prototype and capital-efficient operations (operational at less than USD 1M in external financing). 

Hellenic Business Angels Network

HeBAN is a key part of the early-stage investment ecosystem in Greece, creating a large network of business angels and other early-stage investors, professionals, policymakers, technologists, and innovators. It fosters public awareness and advocates for the needs of its members towards local and international bodies. Moreover, it collaborates with international organizations, connecting the Greek community with international investors and startups. It also facilitates match-making of equity investors and start-ups as well as encourages syndicated investments among Business Angels.


HBAN is an Irish umbrella organization, comprising 17 different angel groups including 10 syndicates and 5 regional networks. They are divided either by the location of their activities (Dublin Investor Forum, HBAN South East, HBAN South West, London Syndicate, and more) or by their focus (Impact, MedTech, and more). It develops business angel activities, uniting private investors and providing them with learning tools for deal-flow improvement and risk mitigation. It has also so far invested in more than 599 companies, successfully connecting entrepreneurs with investment capital. Early-stage, Irish-based startups are welcome to apply to HBAN, with the hopes of receiving investment tickets up to €250,000+, mentorship from industry experts as well as invaluable connections. They should operate in Technology, MedTech, AgriTech or Food sectors, have a product ready for commercialization and have an internationally scalable business model.

Italian Business Angels Network

Italian Business Angels Network has been operating for more than 20 years, coordinating and developing the Italian angel-investors market. Its members include former CEOs, managers, and business owners that deploy their connections, skills, and a wealth of experience to support startups and SMEs based in Italy. It creates programs that aim to achieve a favorable economic environment in Italy by connecting entrepreneurs and business angels as well as assisting in the process of drafting business plans, raising funds, and outlining strategic goals. It also evaluates business proposals and provides startup founders with valuable feedback. 

Italian Angels

Italian Angels is another association that grew on the fertile ground of the Italian startup ecosystem. It was founded in 2007 and gathers private investors willing to make investments in innovative startups, collaborating and leveraging best practices. The organization also cooperates with corporate partners in order to give a boost of prosperity to both the Italian and international markets. IA members invest in early-stage startups from sectors such as Life Science, Deep Tech, Digital and Fintech; with a ticket ranging from €0.2 to €1.5M.

Investors Portugal

Recently incorporated, Investors Portugal, previously known as Business Angel Association, represents the whole early-stage investing ecosystem in Portugal. It was developed with the aim to connect VCs, corporate VCs, incubators, accelerators, and private angel investors and foster dialogue between these entities as they need to synergize with each other at different stages of the investment process. Investors Portugal intends to represent its members in the dialogue with public bodies, foster lines of relationship and support between the various players in the national entrepreneurial ecosystem, disseminate best practices, and provide knowledge about the sector. 

Luxembourg Business Angel Network

Luxembourg Business Angel Network aims to equip its members with all the tools necessary for making the best investment decisions. In 2021, its members invested more than 8.3M€ across 25+ entrepreneurial projects. In their investment activities, they look for seed or pre-series A funding​ startups, seeking capital between €200,000 and €2,000,000​​, developing a product or service (MVP) that solves customers’ problems, that already generated revenue and have some market traction. In order to improve the deal flow of its members, LBAN conducts due diligence and screening and later invites selected startups for individual pitching sessions. It also assists in the following funding stages and deal closures.

Mediterranean Business Angels (Med Angels)

This organization covers the Mediterranean region and aims to increase foreign investment into innovative sectors and facilitate cross-border investing among 100+ member angel networks. Investing in early-stage startups is at the heart of its activities, at the same time promoting the culture of angel investing and providing educational resources for its members. Med Angels contribute to the development of the region thanks to its focus on innovative and fast-growing business ventures.

Nordic Angels

Nordic Angels was created in 2020 to address the need for bigger collaboration in Scandinavia. It aims to unite the Nordic startup ecosystem, increasing both its bandwidth and leverage, by bringing together business angels contributing to its growth. Its members include investors, startup board members, advisors, and other experienced professionals. The organization not only builds a community but also improves the efficiency and communication within, by providing a platform with events, tools (such as portfolio management, syndicate setup and other useful angel instruments) data sharing points and more. 

Angel Investors Ireland (Squarefish)

Squarefish is a tech-oriented network of Business Angels, located in Cork, Ireland. It provides comprehensive support for its portfolio companies that include everything from marketing, tech, company set-up, and accounting to proven business skills and experience. They back the companies as Business Angels, financing and guiding, or as Business Partners, creating a hands-on joint venture. Eligible companies are small to medium-sized, seeking a capital injection of €10,000 to €50,000.

Super Angels Club

European Super Angels Club is yet another Pan-European organization on the list, with a big scope and many diverse members such as business angels, high-net-worth individuals, family offices, and corporate ventures. It also allows its members to fully leverage the strength of its network thanks to partnerships with corporates and leading European VC funds. ESAC does the screening of the startups, giving investors access to the best tech deals and later supporting them on the journey from the initial interest to investment completion. They primarily target high-potential entrepreneurs with traction in their domestic market who are now looking to expand across Europe and worldwide, in the sectors such as AI, Cybersecurity, Digital Health, Reg- & Fintech, SportsTech, and Smart Mobility.

Sam Invest

Sam Invest is a Swedish-based organization that not only specializes in Business Angel activities but also invests through privately managed funds, backing the underfunded sectors of the Swedish economy from Life Science to Tech. The angel investors focus on pre-seed and early seed funding, while the investment funds' focus varies from seed to growth.

UK Business Angels Association

UKBAA has been founded in 2012 and since then it focuses on angel and early-stage investments in the United Kingdom.  It is an umbrella organization of more than 170 members' networks, creating a large and dynamic community, and supporting the startup ecosystem and UK's entrepreneurs with the highest growth potential. Its members include also individual investors, early-stage VCs, equity investment platforms, family offices, universities and accelerators. that collectively deploy around £2bn in their investment activities. Startups looking for funding will receive from this organization not only a big dose of educational tools and resources needed for securing a deal but also access to its members - highly specialized in its fields and located within many areas of the UK. However, one of UKBAA’s most unique ventures is The Angel Accelerator UK - an accelerator aimed at Angel Investors, providing them with disruptive and promising investment opportunities, connecting with other business entities across the island, and improving deal flow.

Business Angel Networks in CEE 

Now let’s move on to a brief overview of Business Angel Networks operating in the CEE region - for a more detailed analysis check our previous article. 

Estonian Business Angels Network 

EstBAN is an active organization in the angel investing landscape in the CEE region, with more than 10 years of experience. Its interest lies mostly in seed and early-stage startups from sectors such as Fintech, Business Software & HR, HealthTech, CleanTech, DeepTech or SpaceTech, that are in need of investment capital between 20k€ to 500k€. 

Lithuanian Business Angels Network 

LitBAN is an organization set in Vilnius that connects angel investors and their corporate members with early-stage companies that exhibit exceptional growth potential. It mostly cooperates with companies located in Lithuania and Northern Europe. 

Latvian Business Angels Network

LatBAN aims to extend and develop the community of investors in Latvia and support them in their future projects. They gather around 50 members that have invested so far more than 11M EUR in developing start-up projects, across 163 investments. 

TechAngels Romania 

TechAngels Romania is a group of experienced investors that have been developing tech businesses in Romania and South-Eastern Europe since 2013, connecting early-stage tech startups with business angels seeking profitable investment opportunities. They facilitate investments in tech projects that have either a ready product, a prototype or have reached a market fit stage in web, mobile, embedded software, hardware, or meditech. Their average size of investments varies between 10.000 and 200.000 EUR.

Business Angels of Slovenia

Business Angels of Slovenia connect ambitious startups with qualified angel investors from Slovenia and Europe through a series of different ventures. They evaluate entrepreneurs’ product or service propositions as well as their market strategies and either support startups on their journey to secure funding or help them become investment-ready through a mentorship program called Startup Clinic.  

Women Business Angels

This professional business non-profit organization, based in Budapest, has a mission to support female participation in innovative decision-making in the CEE region. They provide training, tools, networking and mentoring resources to expand innovation capacity in the region, foster a culture of inclusiveness and to ensure active engagement both from men and women. 

Hungarian Business Angel Network

HunBAN aims to integrate Hungary as a major player in the international network of business angels. They organize regular pitching sessions for early-stage companies with strong growth potential and a strategy clearly formulated for international markets. HunBAN anticipates investing between €50k to €500k. 

DEPO Angels Network

DEPO Angels Network is a part of Czech association DEPO Ventures, which builds a comprehensive and extensive investment ecosystem through a variety of activities, that include an international syndicate of more than 70 angel investors; Angel Fund “Grouport” and Seed Fund. 

CEO Angels Club 

CEO Angels Club is the largest network of business angels in Bulgaria. They are mostly interested in products that are already in the market or in their beta version and which are poised for fast growth and they can offer a capital between 10,000 EUR and 200,000 EUR. 

Transylvania Angels Network

Transylvania Angels Network (T.A.N) supports the growth of the startup ecosystem in Romania. It comprises of business specialists that are interested in angel investing and mentoring tech startups. The focal points of their activities are national, early-stage companies. 

Sterling Angels

This polish-based network of Business Angels aims to promote the idea of angel investing in the region, establishing connections between private investors and startup founders looking for capital. 

Cobin Angel

Cobin Angels is a Polish association of business angels, that supports startups from Poland and the CEE region. They are interested in early-stage, fast-growing startups, with the aim to invest between 100K PLN to 2M PLN per company.


Growceanu's mission is to catalyze early-stage investment in high-tech startups and to provide investors and entrepreneurs with a set of essential tools. It works with 50 business angels and targets startups from the fields such as Proptech, EdTech, Marketplaces, FinTech or MedTech.


CEEBAN is an international network of business angels affiliated with Next Road Ventures - a co-investment fund for business angels. Their main area of interest are European early-stage companies raising up to 1M EUR seed rounds.

Angels Partners

Angels Partners is a venture capital firm focused on investing in early-stage, high-growth companies. With a global network of experienced investors and industry experts, Angels Partners provides entrepreneurs with the support they need to succeed in today's competitive business environment. The firm's investment focus includes industries such as healthcare, artificial intelligence, robotics and more. Angels Partners takes a hands-on approach to investing, providing guidance and resources to help startups scale and reach their full potential. If you're an entrepreneur looking for a trusted partner to help you take your business to the next level, Angels Partners may be the perfect fit.

Related Posts:

Top Business Angel Networks in CEE (by Katarzyna Groszkowska, Editor, Vestbee)

Top 250 Questions VC Fund Will Ask Your Startup (by Paweł Maj, Investment Director, Warsaw Equity Group)

TOP 100 Innovative Companies From CEE Startup Challenge (by Agata Szewczykowska, Vestbee)

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