According to the latest Pitchbook data, Europe remains a fundamentally early-stage ecosystem, with a growing pool of capital competing for the most promising founders. In this landscape, business angel networks and syndicates are becoming an increasignly important source of pre-seed, seed, and often Series A capital.
Beyond funding, they provide smart money by connecting startups with experienced operators, specialist investors, strategic networks, and follow-on investment opportunities.
Below is a list of business angel networks and syndicates active across the CEE and wider European startup ecosystem.
Business angel networks in CEE
The networks primarily source startups, orginize pitch events, connect founders with investors, and facilitate co-investment, while investment decisions remail with individual angels.
Bulgarian Angels Club, Bulgaria
Bulgarian Angels Club is a network of senior executives and entrepreneurs investing their own capital in early-stage startups in Bulgaria and the wider region. Members invest individually or jointly, typically in post-accelerator companies targeting seed or Series A milestones within 12–24 months, while also providing mentorship and operational support.
Croatian Business Angel Network (CBAN), Croatia
CBAN is a network of private investors focused on early-stage investments in innovative and manufacturing companies. It provides “smart money” by combining capital with access to expertise, networks, and follow-on investors, with typical investment sizes ranging from €50,000 to €250,000 per startup through individual or syndicated deals.
Estonian Business Angels Network (EstBAN), Estonia
EstBAN is a non-profit business angel network founded in 2012 that connects angel investors and early-stage startups in Estonia and neighbouring countries. It provides access to deal flow, education, and cross-border cooperation within the Baltic and Nordic angel ecosystem, and is a member of EBAN and EstVCA.
Hungarian Business Angels Network (HunBAN), Hungary
HunBAN is a membership-based Hungarian business angel network that connects early-stage startups with active investors. It operates through structured pitch events, online pitching sessions, and a curated platform that gives investors ongoing access to vetted deal flow. The network focuses on improving startup quality through evaluation processes and enabling angels to co-invest, share feedback, and engage directly with founders.
Latvian Business Angel Network (LatBAN), Latvia
LatBAN is a Latvian angel investor network connecting experienced professionals and former entrepreneurs with early-stage startups seeking capital and expertise. It facilitates deal flow, co-investment, and knowledge sharing among members, focusing on high-growth startups in Latvia and internationally. The network combines financial investment with active mentoring and ecosystem-building support.
Lithuanian Business Angel Network (LitBAN), Lithuania
LitBAN is a Lithuanian business angel network that connects early-stage startups with experienced investors, including entrepreneurs, executives, and private individuals investing their own capital. It facilitates angel investing through deal syndication, networking events, and startup screening, with a focus on high-growth companies in Lithuania and across the broader Nordic and European region.
COBIN Angels, Poland
COBIN Angels is a Polish business angel club that brings together private investors backing early-stage technology startups in Poland and Central and Eastern Europe. The network provides curated deal flow, investment support, educational programmes, and co-investment opportunities.
TechAngels, Romania
TechAngels is a Romanian business angel network connecting experienced investors with early-stage technology startups across Romania and South-Eastern Europe. It provides structured deal flow, syndication opportunities, and investor education, enabling members to co-invest in seed and early-growth companies. The network focuses primarily on tech-driven ventures (software, web, mobile, and hardware).
Transylvania Angels Network, Romania
Transylvania Angels Network is a Romania-based business angel community connecting investors, founders, and business leaders to facilitate early-stage startup investments. It operates as a structured deal-flow network combining pitching events, deep-dive evaluation, and due diligence led by members. The network focuses on technology-driven startups with validated progress beyond idea stage.
Business Angels of Slovenia, Slovenia
Business Angels of Slovenia is the country’s first and exclusive angel investor network connecting early-stage startups with experienced investors and entrepreneurs. It focuses on seed and early-growth investments in internationally scalable startups, combining capital with mentoring, deal screening, and structured support programs such as startup clinics.
Angel networks in the rest of Europe
Tyrolean Business Angel Network, Austria / Italy
TBA Network is a non-profit business angel network founded in 2018 in the Alpine region, bringing together over 20 entrepreneurs and private investors. It focuses on pre-seed to Series A startups, offering capital alongside operational expertise and access to a regional investor and corporate network.
BeAngels & BAN Flanders, Belgium
Belgium's business angel market is primarily represented by two national networks, BeAngels and BAN Flanders. Together, they include more than 700 business angels, whose members invest around €15 million annually.
Finnish Business Angels Network (FiBAN), Finland
FiBAN connects over 600 angel investors and supporting early-stage startups through curated deal flow, training, and co-investment opportunities. It is one of Europe’s most active angel networks, reporting more than €500 million invested across over 2,000 startups since its founding.
Femmes Business Angels, France
This is the first women-focused business angel network in France and Europe, bringing together female investors who finance early-stage startups. The network invests in seed and early-stage companies across sectors, combining capital with mentoring, selection support, and active involvement in portfolio companies. It promotes female entrepreneurship while backing both women- and men-led startups with strong growth potential.
Sophia Business Angels, France
Sophia Business Angels is an early-stage angel investor network founded in 2002 in Sophia Antipolis, with members across Europe, the US, the UAE, and Asia. It invests private capital in early-stage startups and provides mentoring and sector expertise, operating as part of broader European angel networks including EBAN and France Angels.
Paris Business Angels, France
This is a French angel investment network founded in 2004, focused on investing in early-stage startups across multiple sectors. It has invested in nearly 200 companies with over €30 million deployed, typically at seed and early growth stages, while also supporting follow-on rounds and providing investor expertise and networks.
BACB Business Angels Club Berlin-Brandenburg, Germany
BACB is one of Germany’s largest business angel networks, connecting more than 140 private investors with early-stage startups across the DACH region. The network supports founders with capital, industry expertise, and strategic connections, while facilitating over 100 startup pitches annually. Members typically invest €10,000–100,000 individually, often through syndicated investments.
KFLT, Germany
KFLT is a German business angel network based in Leipzig that connects experienced founders, executives, and angel investors to early-stage startups. It enables members to co-invest in selected startups while also providing hands-on support through mentoring, feedback, and access to professional networks. The group originated from HHL alumni and focuses on collective investing, where startups benefit from multiple angels rather than a single investor.
Hellenic Business Angels Network, Greece
Hellenic Business Angels Network is a member-driven angel investor network supporting early-stage startups in Greece with capital, mentorship, and operational experience. It operates as a non-profit network where investment opportunities are introduced through trusted personal connections rather than open applications, and members collectively support founders through co-investment and hands-on guidance.
Halo Business Angel Network (HBAN), Ireland
HBAN is an irish business angel network connecting more than 1,000 angel investors and syndicates with pre-seed and seed-stage startups. Operated through a network of regional hubs, HBAN provides curated deal flow, investor education, and syndicate support, and has facilitated more than €200 million invested across over 700 companies.
Angels for Women, Italy
It is an Italian business angel network composed mainly of female investors who back early-stage startups founded or led by women or targeting female markets. It combines capital with mentoring and training initiatives, aiming to support female entrepreneurship and reduce the gender gap in startup funding. The network runs structured selection processes and regular pitching sessions for startups.
Italian Angels for Growth (IAG), Italy
This is an Italian business angel network composed of entrepreneurs, executives, and companies investing personal capital in early-stage startups. It focuses on high-tech and innovation-driven ventures, combining investment with mentoring, expertise, and co-investment opportunities. The network also runs educational and networking activities to strengthen Italy’s early-stage investment ecosystem.
Luxembourg Business Angel Network (LBAN), Luxembourg
LBAN connects private investors with early-stage startups in Luxembourg and the broader region. It provides deal flow, training, and structured access to investment opportunities while supporting founders with capital, expertise, and network connections. The network focuses on scalable startups and aims to strengthen the local early-stage investment ecosystem through active angel participation and collaboration with institutional partners.
Nordic Angels, the Nordics
Nordic Angels is a regional angel investor network connecting more than 2,500 investors across the Nordic countries. It operates as a digital and event-based platform for deal sharing, networking, and co-investment, aiming to consolidate fragmented angel activity across the region into a unified investment ecosystem.
Norwegian Business Angel Network (NorBAN), Norway
NorBAN is a national organization connecting business angels across Norway and supporting early-stage startup investment activity. It provides investor training, curated deal flow, and networking opportunities while coordinating regional angel networks and ecosystem partners.
Business Angels Switzerland, Switzerland
Business Angels Switzerland is an association of private angel investors that connects early-stage Swiss startups with experienced individuals willing to invest capital and provide hands-on support. It focuses on seed-stage and early-growth companies with high potential, typically operating through curated pitch events such as investor dinners in Zurich and Geneva/Lausanne.
Cambridge Capital Group, the UK
Cambridge Capital Group is a business angel network of over 80 private investors and family offices investing in early-stage technology companies across the UK’s Golden Triangle. Active for more than 25 years, it has invested over £50 million in more than 100 startups across sectors including deeptech, medtech, AI and enterprise software.
Angel syndicate in CEE
Syndicates are investor communities where menbers actively co-invest in the same deals, ofted through syndication, SPVs, or lead investor model.
SMOK Angels, Poland
SMOK Angels is a CEE-focused angel network of more than 220 founders, operators and startup executives investing directly in early-stage startups across the region. Rather than using SPVs or syndicated structures, members invest individually, with the network providing startup screening, founder introductions and regular pitch events.
Vestbee Angels, Poland
Vestbee Angels is a CEE-focused angel investment network enabling co-investment alongside venture capital funds in early-stage startups. It provides access to curated deal flow, typically at the seed and Series A stages, with minimum ticket sizes from around €25,000 and a model centered on syndication and VC-backed opportunities.
Angel One, Ukraine
Angel One is an early-stage investment communityy and venture fund established by the Ukrainian Catholic University Foundation to finance Ukrainian startups and support the development of a domestic startup ecosystem with global reach. It invests roughly $50,000–200,000 in pre-seed and seed-stage companies across all technology sectors, combining capital with structured access to mentors, academic resources, and a network of entrepreneurs and investors connected to the university ecosystem.
ICLUB, Ukraine
ICLUB is an angel investment community operating in Ukraine and internationally that enables private investors to co-invest in high-growth technology startups alongside professional venture investors. The network provides curated deal flow, investment education, and access to syndicated investment opportunities, allowing members to build diversified startup portfolios while benefiting from collective due diligence and expert support.
Toloka.vc (syndicate investment platfrom), Ukraine
Toloka.vc is a global syndicate investment platform founded by Ukrainian entrepreneurs that enables individuals to co-invest in leading venture-backed startups alongside top-tier international funds. Members gain access to curated private-market deals through syndicated investments with relatively low minimum tickets, while the platform manages sourcing, due diligence, legal structuring, and portfolio administration.
ZAS Angels, Ukraine
ZAS Angels is a Ukrainian angel investment community bringing together founders, operators, and private investors to back early-stage technology startups. The network provides members with curated deal flow, syndicated investment opportunities, and access to experienced entrepreneurs, combining capital with strategic support, mentoring, and industry connections to help startups scale.
United Angels Network, Ukraine
United Angels Network is a specialist angel investment platform focused on curated defence, dual-use, and deep tech startups, primarily founded by Ukrainian entrepreneurs. It provides syndicate-based access to early-stage opportunities in sectors such as autonomous systems, robotics, drones, and military-adjacent technologies, combining capital deployment with structured due diligence, compliance processes, and risk screening.
Angel syndicates in the rest of Europe
COREangels, Global
COREangels is a global network of angel funds operating across multiple countries, with European headquarters in Aveiro, Lisbon, Barcelona and Zurich, structured around local funds that invest in a shared portfolio of early-stage startups. Investment decisions are made collectively with professional fund leaders handling sourcing and due diligence, while members also participate in mentorship and co-investment activities.
Nordic Makers, the Nordics
Nordic Makers is an operator-led angel investment group of Nordic founders and former executives investing their own capital in early-stage B2B software companies. It typically invests €500,000–€1 million in pre-seed and seed-stage startups in the Nordics, with a focus on software, and supports portfolio companies through hands-on operational involvement.
Angels Way, Portugal
Angels Way is a pre-seed business angel community based in Portugal that invests in early-stage startups through a strong emphasis on founder-team alignment rather than purely financial metrics. Its “TWIn” framework evaluates teams based on execution capacity, values, and relational fit, focusing on proximity, openness, integration, vision, implementation, and integrity. The network prioritizes hands-on collaboration and supports startups that are formally established in Portugal.
Portugal Angels, Portugal
This is an invite-only operator-led angel investment network in Portugal focused on co-investing in early-stage technology companies and cultural heritage businesses. It brings together senior executives and experienced operators who invest via per-deal SPVs, typically in small tickets.
Angels Den (investment platfrom with syndicated investing), the UK
Angels Den is a large UK-based angel investment platform connecting early-stage startups with a network of experienced investors, primarily high-net-worth individuals.It operates as a curated investment marketplace where startups are screened before being matched with lead investors and then opened to the wider network for funding.
