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:

2021 State of Nordic Impact Startups

Following it’s 2020 report, Dankse Bank has recently updated The State of Nordic Impact Startup report, which is based on a mapping of 1,200+ impact start-ups across the Nordic region, based on data

Danish Business Angels members invest DKK 1 million every day in Danish start-ups – all year round.

          Danish Business Angels (DanBAN) and its members have made hundreds of investments in both Danish and foreign start-ups. The latest figures from the annual member

Pursuing Faith-Based Impact Investing: Insights on Financial Performance

The impact investing industry is increasing in sophistication, as more investors enter the fold and seek to create positive social and environmental impact alongside financial returns. For generations, one such

The Greek Startup Industry: Investments and Exits, 2010-2020

Marathon Venture Capital are providing evidence that the network of Greek entrepreneurs and technologists is consistently growing and its underlying value is increasingly materializing. By various accounts, the Greek startup

AAIA x AWS present the Angel Investing Report 2020

AWS are happy to present the Angel Investing Report 2020 in cooperation with the Austrian Angel Investing Association (aaia) and Austria Wirtschaftsservice (aws i2 Business Angels) on the 9th March

EIF Venture Capital, Private Equity Mid-Market & Business Angels Surveys 2020: Market sentiment, COVID-19 impact, Policy measures

2020 was an unprecedented and remarkable year, and also a year with high uncertainty and increased information needs. The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels

EBAN Statistics Compendium 2019

EBAN Publishes its 2019 Statistics Compendium - Reporting on the Activity of Business Angels and Business Angel Networks in Europe EBAN is pleased to present the new edition of the Annual

EBAN Data – Measuring Angel Market Data: 2020 Guidebook

EBAN Data Publishes its 2020 Guidebook on Measuring Angel Market Data - A Tool to Allow Comparison and Benchmarking between Investor Communities EBAN Data is delighted to announce the publication

EBAN Impact Investing Report

EBAN Impact Publishes its First Impact Investing Report - Reporting on Investor Background and Investment Characteristics EBAN Impact is delighted to announce the publication of our first Impact Investing Report

State of European Tech: 2020 Report

Each year, Atomico sets out a macro snapshot of our ecosystem in partnership with Slush and Orrick. Their goal is to chart progress and prompt further interrogation of how we

ACA Angel Funders Report 2020

The Angel Capital Association has published the 2020 Angel Funders Report, a deep dive into investment trends reflecting a growing North American angel ecosystem, benefitting communities with innovative new companies

Capital Markets Union Key Performance Indicators (Third 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

Q3 2020 Global Venture Report: Funding Holds Up And The Exit Markets Open

Depending on where you are in the world, we are eight to 10 months deep into a global pandemic without an end in sight. When lockdowns were rapidly implemented worldwide

Second Luxembourg-targeted angel investment deal of the year is announced in September

  A total of 21 angel investment deals worth an aggregate EUR 47 million targeting companies based in Western Europe have been announced in September 2020 to date, compared to

The State of Nordic Impact Startups 2020

Following it's 2019 report focusing on The Sustainable Development Goals, Dankse Bank has recently updated The State of Nordic Impact Startup report, this time mapping the 10 most common myths

Angel Investors Target One Spanish Company in August

There have been 22 angel investment deals worth an aggregate EUR 39 million targeting companies based in Western Europe announced in August 2020 to date, according to Zephyr, the M&A

Czech Republic Angel Investors Survey 2020

DEPO Ventures, an EBAN member, is  a unique investment platform that manages a seed investment fund a network of business angels while also providing M&A advisory services. During 2020, they

How to Mainstream Impact Investing in Europe

A detailed report written by Lisa Hehenberger for Stanford Social Innovation Review analyzing what investors and policy makers who want to advance impact investing in Europe need to account for.

Startup Ecosystem in Kosovo Report

Innovation Center Kosovo‘s latest research “Startup Ecosystem in Kosovo”, on the growing strategic importance of the sector for the country and its major role in economic growth. This study, financed

Swiss Venture Capital Report 2020 Update

A report by startupticker.ch and investor association SECA shows how investments developed in the first half of the year. Despite the COVID-19 crisis, a total of CHF 763.4 million in

Swiss Pharmaceutical Group Targeted by Angel Investors in July

There have been 27 angel investment deals worth an aggregate EUR 275 million targeting Western European companies announced in July 2020 to date, according to Zephyr, the M&A database published

Impact of COVID-19 on Europe’s Capital Markets: Market Update

AFME published, in July 2020, a new research note on the “Impact of COVID-19 on European Capital Markets: Market Update”. The purpose of this report is to provide an update

European Innovation Scoreboard 2020

The annual European Innovation Scoreboard (EIS) provides a comparative assessment of the research and innovation performance of EU Member States and selected third countries, and the relative strengths and weaknesses

Swiss ICT Investor Club: Investment report 2020

In 2019, SICTIC invested in 51 Swiss tech startups, up from 42 rounds in the year 2018. This contribution represents half of all ICT startups investments made in 2019 in

Funding Women Entrepreneurs: How to Empower Growth

Women are at the forefront of our fight against the coronavirus pandemic, representing 70% of the health and social sector workforce globally. As our economies are facing an unprecedented recession,

Irish Ticketing Platform Among Recipients of Angel Investment in June

At the time of writing, there have been 24 deals with an aggregate value of EUR 102 million involving angel investors injecting funds into Western European companies announced in June

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

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

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

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

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

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

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

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)

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

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

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

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

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

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

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

Statistics Compendium 2019 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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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,

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

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

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.

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

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

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

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,

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

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

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,

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

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

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

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

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