IESE Business Angel Network Guest Editorial

The creation in 2003 of IESE’s Business Angel Network was the response to an expressed need to facilitate early stage financing to entrepreneurs and investment from an early group of pioneer angel investors in Spain. IESE BAN was the first angel network in the country, operating nation-wide. This opening triggered the creation of other angel networks in Spain. While continuing to innovate to adapt to constant changes in the startup and angel ecosystem, IESE BAN has remained faithful to several of the original and operational guidelines:

–              To maximize its impact on society, the network is open to both alumni and non-alumni;

–              It operates on a non-for-profit basis, but also ensures sustainability;

–              Deal negotiation and structuring is solely a responsibility of the investor;

–              IESE does not invest its own money, there is no VC fund or pledge structure associated to the network.

–              The network presents between 7 -10 investment opportunities a month.

–              Investors are deeply involved in all activities of the network.

After more than 10 years of operating, the Network has built a rich ecosystem focusing on four activity driven factors:

  • Promoting angel investment: The creation of alumni lead clubs experienced exponential growth since 2010, when the first Alumni Investor Club came together: PADEINVEST. Since then 12 other Alumni Investors Clubs are operating, gathering +300 passive investors.
  • Contributing to venture creation: Current portfolio includes 170 startups. Up to 90 startups pitch to investors every year. 20 to 30 of them raise funds. Average investment from our members amounts to 150,000 euros. Total IESE BAN investments over 30 million euros. Startups financed completing successful exits are BUYVIP, sold to Amazon for 80 million in 2009; Privalia, sold to Vente Prive for 500 million in 2016; and Quiterian, sold to Actuate Corp in 2010 (NASDAQ quoted); or Habitissimo, sold in 2016 to Homeserve. Many others, such as MAS MOVIL, SMADEX or BANKIMIA are current leaders in their sectors.
  • Fostering research and material spun-off the network: IESE BAN represents a resource knowledge creation for the early stage sector. Every year at least two case studies are developed from the network’s real cases. IESE elaborates with AEBAN – Spanish Angel Market Survey annually.
  • Professionalizing the angel market: the Business Angel Academy program runs every year, including 20 teaching sessions, imparted by IESE professors with investment experience and using outstanding training materials. More than 300 investors have been through.


  2011/12 2012/13 2013/14 2014/15 2015/16 2016/17*
Investments 18 19 21 25 29 27
Amount invested 3.6 2.9 2.1 3.1 4.1 +3
Startups received 403 435 382 472 425 n/
Startups presented 104 105 108 110 102 93
Active investors 109 127 141 145 151 180
Alumni investors club 1 3 6 9 11 12
Employment created n/a n/a n/a n/a +2500 n/a
Turnover N/a n/a n/a n/a +610 n/a
Investors trained 53 33 36 30 34 42

*provisional at June 25th, year closing August 30th 2017

Team: Juan Roure, Amparo de San José, Anna Plana, Juan Luis Segurado



Director of the Business Angels and Family Offices Network at IESE. She works actively with other networks in Latin America and Europe via XCALA and BAE. Currently she co-authors every year the AEBAN Report on Business Angels in Spain. Other recently publications include several academic case studies: Accelerator Models for Social Entrepreneurship: Three Practical Cases, The Private Equity Cycle in Europe: Management and Acquisition, as well as public policy for the development of private investment.  She holds a bachelor’s degree in Business Administration from the University of Oviedo, an MA in European Public Policy from London South Bank University, and an Executive Management Program from IESE Business School. Before joining the IESE Network, she worked for the Inter-American Development Bank and the Centre for European Policy Studies. She is a member of the Advisory Board of Xcala, the initiative to develop angel investment in Latin America.