Industry Reports

Stay informed about the early stage investing ecosystem and the technology sector at large by browsing through cutting-edge reports from prominent organisations in the industry:

UNH Finds Fewer Angels Invested More in 2019

DURHAM, N.H.—The angel investor market in 2019 saw a decrease in active investors and the number of investments overall but an increase in the total dollars invested by angels, according to the latest angel market analysis by the Center for Venture Research at the University of New Hampshire. The change in total dollars combined with

THE CORONAVIRUS ECONOMIC CRISIS: ITS IMPACT ON VENTURE CAPITAL AND HIGH GROWTH ENTERPRISES

  The European Commission’s Joint Research Centre (JRC) has published a paper on the Coronavirus economic crisis and its impact on venture capital and high growth enterprises, authored by Professor Colin Mason. High growth enterprises (HGEs) make a major contribution to economic growth. They are innovative, many are technology based and they make a disproportionate

Italian eco-friendly tech startup closes first seed round in May

A total of 29 angel investment deals worth an aggregate EUR 187 million targeting Western European companies have been announced in May 2020 to date, according to Zephyr, the M&A database published by Bureau van Dijk. Even though there are still 11 days left until the end of May, volume and value are significantly down

UNH Finds Impact of COVID-19 Was Swift in the Angel Investing Market

DURHAM, N.H.—All signs indicate that 2020 is likely to be a challenging time for angel investing and the negative impact could be similar to the post 2000 decline and the 2008-09 recession, according to new analysis by the Center for Venture Research at the University of New Hampshire. How lasting these impacts are will likely

Space Funding Gateway 2020 – Practical guide to public funding of space-related businesses in Europe

This guide gives an overview of the public funding and financial opportunities that are available in Europe for space-related business. We are indeed at a turning point in terms of public finance in Europe and it is not easy to navigate through the numerous available options, especially for startups and small companies. {{ vc_btn:title=Download+the+report&style=flat&color=danger&align=center&link=url%3Ahttp%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2020%252F05%252FSpace-Funding-Gateway.pdf%7C%7Ctarget%3A%2520_blank%7C }}

Initial Impact of COVID-19 on European Capital Markets

During these unprecedented times in light of the COVID-19 outbreak, European capital markets have continued to intermediate market liquidity and facilitate risk management for corporates and investors. The purpose of this report is to provide a snapshot of the initial impact of COVID-19 on European capital markets activity. Capital markets resilience As this report shows,

Finland-based earbud maker targeted in April’s largest European angel investment deal

The value of angel investment deals targeting Western Europe improved despite a decline by volume to 27 deals worth a combined EUR 123 million in April 2020 to date, according to Zephyr, the M&A database published by Bureau van Dijk. Volume was down 43 per cent from 47 deals month-on-month, while value improved 73 per

FINNISH STARTUP FUNDING REACHED NEW HIGH IN 2019

  In 2019, startups and growth companies raised a new record amount, totaling 511 million euro. Business angels invested 54 million, a new all-time high, and Finnish venture capital (VC) funds invested 113 million euros. Foreign investors invested 295 million euro into Finland. The most significant increase in investments came from foreign VC funds, which

Swedish boatmaker among March’s European targets of angel investment

March looks likely to decline on February’s result in terms of the volume and value of announced angel investment deals targeting companies based in Western Europe, according to Zephyr, the M&A database published by Bureau van Dijk. At the time of writing, there have been 24 such deals worth a combined EUR 43 million announced

European Angels Fund (EAF) publishes the first empirical analysis of its Business Angels portfolio

The EIF has recently published an update of the performances of the European Angels fund using its proprietary database, to shed light on a specific subset of the European business angel (BA) sector, i.e. the 106 BA’s who have entered an agreement with EIF. The EAF is an initiative of the European Investment Fund (EIF),

Turkish software company targeted by angels in February

Both the volume and value of angel investment targeting Western European companies announced in February declined to 12 deals worth EUR 86 million, according to Zephyr, the M&A database published by Bureau van Dijk. It is worth noting there are still eight days until the end of the month and as such, enough deals could

Angel investors target Belgian healthy and organic products ecommerce marketplace during the traditional detox month of January

The volume and value of angel investment targeting Western European companies in January 2020 to date was decidedly slower than dealmaking recorded for the comparable three-week period in January 2019, according to Zephyr, the M&A database published by Bureau van Dijk. In all, 16 angel investments worth an aggregate EUR 49 million were announced during the month

Activity declines for second consecutive month in the run-up to Christmas

The traditionally quieter holiday period has resulted in a decline in both volume and value of angel investment deals targeting Western European companies for the second consecutive month in December 2019, according to Zephyr, the M&A database published by Bureau van Dijk. In all, there were 22 such transactions worth a combined EUR 118 million

Business Angel Investment, Public Innovation Funding and Firm Growth in Finland

The pioneering study conducted by The Research Institute of the Finnish Economy (Etla) has taken a giant leap to open up the mystery about the real effects of angel investments, as well as synergies between private and public funding in Finland. Etla’s new study  Business Angel Investment, Public Innovation Funding and Firm Growth (ETLA Report 97) combines an extensive literature

EBAN-Hockeystick Pilot Angel Deal Statistics Report

EBAN is pleased to publish the pilot results of its new research project conducted in collaboration with Hockeystick, a data analytics platform that also powers angel market reports for the Angel Capital Association and NACO Canada. Download the infographic report below to view deal statistics from EBAN members that participated in the pilot! Look at angel check sizes, sector preferences,

Statistics Compendium 2018 European Early Stage Market Statistics

EBAN Publishes its Annual Statistics Compendium - Reporting on the Activity of Business Angels and Business Angel Networks in Europe EBAN, the European Business Angels Network, is delighted to announce the publication of our Annual Statistics Compendium - Europe’s most extensive annual research on the activity of business angels and business angel networks. The Statistics Compendium provides information

November slows as holiday season approaches

The value of angel investment deals targeting companies based in Western Europe reached the highest-recorded result for any month in the entire year to date in October, representing the second consecutive increase month-on-month, according to Zephyr, the M&A database published by Bureau van Dijk. In total, there have been 47 deals worth an aggregate EUR

Compendium of European Co-Investment Funds with Business Angels

The Co-Investment Compendium is intended to assist business angels, entrepreneurs and other readers interested in the early stage investment market and learning about different forms of collaboration between business angels and public authorities. The publication covers 29 different countries and includes 107 case studies on different co-investment funds. It also features chapters on the importance

2018 EBAN Compendium of Fiscal Incentives

Fiscal incentives have an important role in stimulating the activity of business angels and early stage equity investors in start-ups. They encourage private investors to diversify their portfolio towards unquoted (primarily equity) investments in high-growth, innovative companies. This can significantly increase the pool of private individuals ready to make an equity investment in a start-up.

October investment has slowed down following a busy September

The volume and value of angel investment deals targeting companies based in Western Europe rebounded in September following the traditionally quieter holiday month of August, according to Zephyr, the M&A database published by Bureau van Dijk. In all, 43 deals totaling EUR 156 million were announced over the four weeks, compared to 21 deals worth

AFME Report on Capital Markets Union (Second Edition)

AFME has published a new report tracking the progress to date of the European Commission’s flagship Capital Markets Union (CMU) project through eight Key Performance Indicators (KPIs). The report, which EBAN contributed to, is entitled, ‘Capital Markets Union – Key Performance Indicators (Second Edition)‘, second publication that reviews developments in the CMU project and identifies what further work needs

Major takeaways of the Mining Space Summit 2019

White Paper from the Luxembourg Space Agency focusses on opportunities for collaboration between terrestrial and space mining sectors On 9 October 2019, the second Mining Space Summit gathered more than 180 experts, from 24 countries, working in fields as diverse as oil & gas, terrestrial mining, space, finance, and government. Held in Luxembourg, the goal

September angel investment volume already surpasses August

The volume and value of angel investment deals targeting companies based in Western Europe slowed in the traditionally quieter holiday month of August, according to Zephyr, the M&A database published by Bureau van Dijk. In all, 17 deals totaling EUR 112 million were announced over the four weeks, compared to 55 deals worth an aggregate

Four angel investment deals in Western Europe had a known value in August

The volume of angel investment deals targeting companies based in Western Europe was unchanged month-on-month, despite value declining to 49 deals worth EUR 170 million in July 2019 from 49 deals worth EUR 363 million in June 2019, according to Zephyr, the M&A database published by Bureau van Dijk. Volume and value in July 2019

Global Impact Investing Network’s 2019 Annual Impact Investor Survey

The Global Impact Investing Network (GIIN) published the ninth edition of its Annual Impact Investor Survey. Comprising data and insights from 266 of the world’s leading impact investors, the report provides in-depth analysis of market activity and trends, covering topics such as: industry challenges; impact measurement and management; financial and impact performance; indicators of market growth; and capital allocations

The State of Nordic Impact Startups

Danske Bank has published The State of Nordic Impact Startup a report on The Sustainable Development Goals(SDGs) that are set by the United Nations and adopted by 193 nations – including the Nordic countries. The SDGs represent a wide range of market needs, from energy solutions to food production and medical services. Danske Bank has identified 647 Impact Startups

A Single Portuguese Angel Investment was Announced in April

There were 38 angel investment deals worth an aggregate EUR 180 million targeting Western European companies announced in March 2019, according to Zephyr, the M&A database published by Bureau van Dijk, compared with 60 such deals totalling EUR 366 million in February. Despite the decline month-on-month, value on a 12-month comparison improved 14 percent from

Swiss Crypto Fintech Startup Attracted Backing in March

There were 45 angel investment deals worth an aggregate EUR 333 million targeting Western European companies announced in February 2019, according to Zephyr, the M&A database published by Bureau van Dijk, compared with 48 such deals totaling EUR 201 million in January, which indicated value growth was driven by individual investments rather than prolific deal

German Hardware Company Among February’s Recipients of Angel Investment

January 2019 was a relatively quiet month in terms of the volume and value of announced angel investment deals targeting Western European companies as 35 such deals worth a combined EUR 170 million were signed off during the month. This result represents a 17 per cent decline in volume on December 2018’s 42 deals, while

Space Angels – The Definitive Career Guide to Entrepreneurial Space

The space industry is in the midst of a radical transformation. When SpaceX started launching its rockets a decade ago–making it far easier for commercial space startups to enter the market–it triggered a wave of entrepreneurial innovation. Today, Space is a $400B market that touches every aspect of our lives, from location-based services to global

2018 Annual Investor European Venture Report – by PitchBook

PitchBook provides comprehensive data on the private and public markets—including companies, investors, funds, investments, exits and people—to help global M&A professionals map the market, find target companies, execute deals and more. The 2018 Annual European Venture Report unpacks a year that saw median deal size continue to climb against waning deal count, a lack of €1 billion+ exits

Pymwymic Report on ‘What it really takes to be a value-add investor’

Pymwymic has published a new report how they impact investors, contribute to or constrain the success of their investee companies. In the report entitled 'What it really takes to be a value-add investor', Pymwymic interview 20 experienced impact investors, who invest in a range of private companies in their early, growth and mature stages.Their reflections circle around nine

One angel investment deal targeted a Belgium-based company in January

There have been 11 angel investments worth an aggregate EUR 43 million targeting companies based in Western Europe announced in January 2019, according to Zephyr, the M&A database published by Bureau van Dijk. While value in the opening weeks of 2019 represents the lowest recorded result since August 2016 (EUR 34 million) there are still

Angel Investing Report 2018

The Austrian Angel Investors Association has released its Angel Investing Report 2018, the most comprehensive analysis of the Austrian angel investing industry ever. It provides answers to the big questions of this dynamic industry and our growing community. The report will eventually help all of us in the further development of the startup ecosystem as a whole. No

The future of the European space sector – How to leverage Europe’s technological leadership and boost investments for space ventures

Europe boasts a strong space sector. This is largely the legacy of successful space programmes, particularly those on satellite navigation and Earth observation, mostly built on public support. However, the space sector is undergoing unprecedented transformation and development on a global scale. Major technology advancements, a new entrepreneurial spirit and a renewed policy focus have

Vegan pizza manufacturer among December’s targets of angel investment

Among the usual raft of software companies, angel investors also targeted a vegan pizza manufacturer in December 2018. In all, there were 24 deals worth a combined EUR 161 million involving angels investing in companies based in Western Europe announced during December 2018, according to Zephyr, the M&A database published by Bureau van Dijk. At

GP Bullhound 2019 Technology Predictions Report

Technology’s transformative effect has touched every corner of today’s world. Its commercial, social and political impact has been unprecedented. Now entering its 12th year, GP Bullhound's Technology Predictions report demonstrates what technology and its leading minds could achieve over the next 12 months. From Smart Retail and Last Mile Delivery to Blockchain and Artificial intelligence,

Compendium of European Co-Investment Funds with Business Angels

This latest edition of EBAN’s Compendium of Co-investment Funds with Business Angels is intended to assist business angels, entrepreneurs and other readers interested in the early stage investment market and learning, first of all, about different forms of collaboration between business angels and public authorities. It provides information on one of the most important incentives

EU Startup Monitor 2018 Report

EU Startup Monitor has published its 2018 Report. The report studies the EU startup market and analyses the characteristics and challenges startups face in today's market. The goal of the EU Startup Monitor is the collection and analysis of inputs; being able to act based on this monitoring of the startup environment, and the discovering country-specific

The Status of Open Innovation in Europe – Report by Mind the Bridge and Nesta

Innovation is key to sustained corporate success. Innovative firms grow twice as fast, both in employment and sales, as firms that fail to innovate. However, European companies spend less on innovation than their competitors. Despite a gradual upwards trend in innovation performance, further efforts are needed to ensure Europe’s global competitiveness. One noticeable trend over

StartupCity Hubs in Europe by Mind the Bridge

Research from Mind the Bridge shows that 67% of the European scaleups are located around one or maximum two cities per country. That means that the innovation economy in Europe is heavily concentrated in about 50 main hubs, while all the other cities and municipalities – that have been the backbone of the European economy

Jewellery company targeted by angel investors in November

In an unusual turn of events, a jewellery retailer based in the UK was targeted by angel investors in November, according to Zephyr, the M&A database published by Bureau van Dijk. This is one of just 13 deals that involves angel investment in the global jewellery making industry announced since the start of 2006 and

EBAN Activity Report June 2017 – June 2018

EBAN is pleased to present the latest edition of its annual Activity Report, detailing our activities and initiatives over the period of June 2017 – June 2018. The report includes updates on EBAN membership, research publications, EBAN Communities, EU projects, and partnerships, and more. Download the EBAN Activity Report June 2017 – June 2018 to

2018 Go Beyond Investor report: Insights on Angel Portfolio Returns

This year’s Go Beyond Investor Report takes a deep look into Go Beyond Investing (GBI) member community, all the investments they have made and the returns that have been delivered. For the 4th year in a row, investments made via GBI have returned liquidity to its community. These returns have been achieved through the use

Angel Investing in Africa Report

Download the report on angel investing in Africa entitled "State of Play: Finding Product/Market Fit" - A first ever scoping study on angel investing in Africa by ABAN, the African Business Angel Network, and infoDev at The World Bank. Download

Assessment of the financing needs of space SMEs in Europe

The space industries, since their inception in the late 1940s, have been discrete, relatively niche sectors whereby political and military considerations superseded scientific and market rationales. This status quo is changing rapidly in recent years with increased commercialization of the sector and thus, poses the problem of access to finance, especially for small and medium

AFME Report on “Capital Markets Union KPIs: Measuring progress and planning for success” Edit

AFME has published a new report tracking the progress to date of the European Commission’s flagship Capital Markets Union (CMU) project through seven Key Performance Indicators (KPIs). The report, which EBAN contributed to, is entitled, ‘Capital Markets Union Key Performance Indicators: Measuring progress and planning for success‘, and is the first publication in what will be an annual series

2017 Annual EBAN Statistics Compendium

EBAN, the European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, is delighted to announce the EBAN 2017 Annual Statistics Compendium – Europe’s most extensive annual research on the activity of business angels and business angel networks. The Statistics Compendium provides information on the overall early stage market, on how business angel

2017 EBAN Compendium of Fiscal Incentives

EBAN, the European Trade Association for Business Angels, Seed Funds and Early Stage Market Players is proud to present the new edition of its much anticipated annual mapping of fiscal incentives available to business angels in Europe. This year, EBAN partnered again with BOFIDI to develop the annual publication. Fiscal incentives have an important role in stimulating the

Startup investment and ecosystems across Central and Eastern Europe

East-West Digital News has released a comprehensive research about startup investment and innovation across Central and Eastern Europe. The report contains a series of interviews with investors, entrepreneurs and experts, and fascinating insights about innovation ecosystems in 24 countries of the region. EBAN and CrunchBase have contributed fresh data about local business angel and VC

Business Model Development Toolkit for AAL Projects

EBAN would like to disseminate an excellent toolkit that was created by VTT in the framework of the AAL2Business Support Action. This toolkit is an excellent publication on business model development. Although it focuses concretely on the Active and Assisted Living sector, entrepreneurs from other sectors might find it handy too! It tackle the design

ACA Guide on How to Start and Manage an Angel Group

As more and more investors and communities recognize the benefits of establishing angel groups, it's important to have resources that ensure that they don't have to recreate the wheel. The Kauffman Foundation and several ACA members have developed tools that will help groups in formation get a quicker and more effective start. The page includes many

ACA Webinars, Articles and Podcasts on the Basics of Angel Investing

ACA in partnership with leading organizations, has created the Rising Tide Education Program, helping new angels discover the basics of becoming an angel investor with this unique collection of educational resources. Webinars (One hour programs) Articles: What new angels need to know Podcasts: 20-minute educational videos The Rising Tide Program was created to increase diversity of the angel

A guide to Sustainable Development Goals Interactions

The International Council for Science has published a report that explores the nature of interlinkages between the Sustainable Development Goals (SDG). It is based on the premise that a science-informed analysis of interactions across SDG domains can support more coherent and effective decision-making, and better facilitate follow-up and monitoring of progress. The fundamental underlying principle vertebrating the research

Lasting impact: The need for Responsible Exits

The Global Impact Investment Network (GIIN) has recently published a new report, Lasting Impact: The Need for Responsible Exits, which reveals insights into how impact investors enable the organizations and projects they finance to expand and deepen their impact beyond the duration of their investment. The report describes a variety of approaches taken by investors—to select,

European Commission Report on Effectiveness of Tax Incentives for Venture Capital and Business Angels

The Capital Markets Union project (CMU) aims to strengthen the single market by deepening the integration of investment across the European Union. Improved access to finance is a key component of this project, in particular for start-ups, small- and medium-sized enterprises (SMEs), and young companies with innovative growth plans. Historically, European SMEs have been primarily

EBAN 2016 Statistics Compendium

The EBAN 2016 Statistics Compendium is Europe’s most extensive annual research on the activity of business angels and business angel networks. It provides information on the overall early stage market, on how business angel networks operate and insights into their investment attitudes and demography. In 2016, the early stage investment market in Europe totaled 9.9 billion

EU Commission Study: Understanding the Nature and Impact of the business angels in Funding Research and Innovation

The investment of business angels in Research and Innovation (R&I) is a crucial complement to supporting start-up companies through national incentives to invest. It represents the most significant source of early stage equity investment in young and R&I firms, and angels invest throughout Europe. However, little is known about business angels and their investment behaviour

2016 EBAN Compendium of Fiscal Incentives

EBAN is proud to present the new edition of its much anticipated annual mapping of fiscal incentives available to business angels in Europe in 2016. EBAN, the European Trade Association for Business Angels, Seed Funds, and other Early Stage Market Players, joined efforts with BOFIDI this year to develop its annual publication. Fiscal incentives have

2016 EBAN Compendium of Co-investment Funds with Business Angels

This edition of EBAN’s Compendium of Co-investment Funds with Business Angels is intended to assist business angels, entrepreneurs and other readers interested in the early stage investment market and learning, first of all, about different forms of collaboration between business angels and public authorities. It provides information on one of the most important incentives to

Anges Québec Capital Glossary

This glossary, produced by Anges Québec, contains original definitions as well as definitions imported from various sources. To that effect, Anges Québec thanks First Angel Network, GoTroo, National Angel Capital Organisation (NACO), Osler Hoskin & Harcourt and Réseau Capital for their contribution to the realization of this project. Download Glossary in English Download Glossary in

NACO Term Sheets

Below you will find the 4 term sheets produced for the NACO Common Docs project Common Shares A Common Share deal aligns founders and funders with the same class of shares, and fully negotiates all rights and terms in the Shareholders Agreement. It may be used at any stage of deal before a Series A,

A Practical Guide to Angel Investing: How to Achieve Good Returns by NACO

NACO has announced the release of the first NACO Academy publication A Practical Guide to Angel Investing: How to Achieve Good Returns. Written by Dr. Steven A. Gedeon, the Guidebook is a practical and comprehensive guide to early-stage funding. The guidebook is a must-read for new Angel investors, experienced Angel investors, and entrepreneurs seeking Angel financing.

The Shortage of Risk Capital Report

Industry calls for more action on risk capital for Europe’s high growth firms. AFME has published a new report examining the specific challenges associated with raising risk capital for small and mid-size high-growth companies in the European Union. The report aims to inform policymakers about the challenges facing Europe’s high growth companies in obtaining crucial

Raising Business Angel Investment – European Booklet for Entrepreneurs

This publication is the result of an agreement signed between EBAN and HBAN with the purpose of serving the organisations’ mutual goals of increasing the quantity, quality and success of angel investments in Europe, thus creating a better understanding of angel investment for potential new angel investors and entrepreneurs. The current document is an adaptation