Angel Investors

Network	Base and scale	Planning use
FiBAN	Helsinki, Finland; over 670 members from over 20 nationalities	Suits Nordic founders who want a large pool of members to approach through a single network.
HBAN	Dublin, Ireland; all-island network and umbrella body for angel syndicates	Start here in Ireland to be pointed towards the right syndicate rather than approaching each one cold.
BAN Flanders	Belgium; monthly pitch events and deal guidance	Suits Flemish startups that want a regular, structured route to member investors.
ESADE Alumni angel network	Spain; EUR 10k to 1M per investment in pre-seed and seed startups	Check that your raise fits the ticket range before applying.
IESE-linked investor network	Spain; connects private investors and family offices with startups	Useful when you want family offices as well as individual angels.
Investessor	France; about 200 members	A smaller French association, so a targeted approach beats a mass mailing.
Paris Business Angels	France; created in 2004	Suits founders who want experience and personal networks alongside funding.
Femmes Business Angels	France; women angels with chapters in several regions	Members invest individually in startups founded by women or men.
Archangels	Edinburgh, Scotland; business angel syndicate	Suits founders who want investors that also mentor.
TRICAPITAL Angels	Scotland; leads rounds of about 250k to 2m GBP alongside co-investors	Better for larger early rounds than for a very small first cheque.
Italian Angels for Growth	Milan, Italy; affiliates get access to early-stage opportunities	A starting point for Italian founders.

The network details above come from the Round Funded angel network catalog.

The shortest route to learn how to find angel investors is to start with networks that match your stage and country, then qualify the individuals inside them.

This guide narrows the wider process described in how to start a startup to one task: locating angels and deciding which ones are worth your time. It runs in the order a search usually unfolds, from preparation to a first commitment.

Preparing before you contact anyone

An angel investor is an individual who backs a startup with personal money. Networks and syndicates group such individuals so that they invest together, usually at pre-seed and seed, according to the Round Funded catalog. Those two stages are the realistic target for a founder with little traction.

Preparation decides how many of your early messages get an answer. Work through these actions before the first email.

1. Write a short summary. A printed or emailed overview of the problem, product, team and the amount you are raising lets an investor judge fit in minutes.
2. Settle your price logic. Investors will ask what you think the company is worth, so read how to value a startup before you quote a figure.
3. Compare other funding. Public money such as startup grants for new businesses is worth weighing against selling equity, because it changes how much you need from angels.
4. Choose a target stage. Decide whether you are pitching a pre-seed round or a seed round, since networks tend to state which they back.

Locating angel networks and platforms

Treat that as a reason to shortlist by fit instead of applying everywhere.

Start with national and regional bodies

Umbrella organisations save time because they route you onward. HBAN in Dublin is a joint initiative of Enterprise Ireland and InterTradeIreland and acts as the umbrella body for angel syndicates across the island. Look for the equivalent in your own country before approaching syndicates one by one.

Use business-school and local links

Some networks sit close to universities. ESADE Alumni and an IESE Business School-linked network in Spain both connect startups with private investors, and the IESE one also reaches family offices. If you studied at or have contacts in such an institution, that connection can make an introduction warmer.

Check platforms for the investor type they serve

Online platforms differ in who they admit. AngelList describes itself on its own site as a wealth platform built for accredited investors looking to expand their access to startups and funds. Accredited investor is a status that regulators attach to certain investors, so a platform of this kind is aimed at investors who qualify rather than at founders browsing for free advice.

Approaching and meeting angels

Warm routes beat cold ones when an investor belongs to a structured network. Some networks run the introduction for you. BAN Flanders matches startups and scale-ups with its member investors through monthly pitch events and deal guidance, so applying to the network is the entry point rather than messaging members directly.

1. Apply through the network. Follow the network’s own process where it has one, such as pitch events.
2. Ask for an introduction. Where there is no formal process, ask a founder, adviser or alumnus who already knows a member.
3. Send the short summary first. Hold the full deck back until the investor replies.
4. Follow up once. A single polite reminder is enough; repeated messages weigh against you.

Match the approach to the type of network. Paris Business Angels, created in 2004, gives founders funding plus the experience and personal networks of its members. A pitch there is as much about whether members could help you as about the cheque.

Qualifying angels and understanding what they look for

Screening runs in both directions. Angels decide whether your company fits their stage and ticket, and you should decide whether they fit your needs. The catalog entries make the first test concrete: networks publish the stage they back and often the size of cheque, so a mismatch is visible before any meeting.

Questions to ask about each investor or network

• Does the stage match? Pre-seed and seed are the usual focus of angel groups. A later-stage business is better directed elsewhere.
• Does the ticket size match? Compare your raise with the published range, as shown below.
• Do they add more than money? Archangels invests and mentors early-stage companies, and Paris Business Angels highlights member experience. Ask what support is actually offered.
• Who invests alongside them? TRICAPITAL Angels leads rounds with co-investors, so find out who the rest of the round might be.
• Is the investor open to your profile? Femmes Business Angels members invest individually in startups founded by women or men, so the network is open to either.

Expect investors to test the same basics from their side: whether the opportunity suits their stage, whether the price is defensible and whether the team can use their help. Having your valuation reasoning ready, as covered earlier, answers the second point before it is asked.

How much angels typically invest

Published ranges are wide and describe what a network does, not what a founder should ask for. The ESADE Alumni angel network lists tickets of EUR 10k to 1M per investment in pre-seed and seed startups. TRICAPITAL Angels leads early-stage rounds of about 250k to 2m GBP alongside co-investors, according to the catalog.

Read those as ceilings and floors for the network. A round at the lower end suits a pre-seed startup with a short runway. A seed raise near the upper end usually needs several investors or a lead who brings co-investors. Pick networks whose range sits around your target and ignore the rest.

Closing the first commitment

A positive meeting is not a commitment. Agree in writing what the investor will put in, on what terms and alongside whom. When a lead investor brings co-investors, expect the round to close only when the group is aligned.

Before accepting, compare the offer with your price logic from the valuation guide and with any public funding you have lined up. A first angel who adds mentoring or introductions can be worth more than a slightly higher price from an investor who adds nothing else.

Troubleshooting a slow search

• No replies at all. Check that your stage and amount sit inside the network’s published range. A mismatch is the most likely cause.
• Replies but no meetings. Move from cold messages to network applications or introductions, such as pitch events or alumni routes.
• Too few relevant networks. Look for the national umbrella body, which can point you to syndicates you have not found.
• Interest but no cheque. Ask whether the investor is waiting for a lead or co-investors, as syndicates such as TRICAPITAL Angels invest alongside others.

Frequently asked questions

How do I find angel investors for my startup?

Shortlist networks that back your stage and country, apply through their process or a warm introduction, and qualify each investor on ticket size and the support they offer.

Which angel investor networks operate in Europe?

Examples include FiBAN in Finland, HBAN in Ireland, BAN Flanders in Belgium, Investessor and Paris Business Angels in France, Archangels and TRICAPITAL Angels in Scotland, and Italian Angels for Growth in Italy. The table at the top gives each network’s base and use.

How much do angels typically invest in a first round?

Published network ranges run from EUR 10k to 1M per investment at one Spanish network and about 250k to 2m GBP for rounds led by a Scottish one. Choose a network whose range fits your raise.

Do I need to be an accredited investor to raise from angels?

No, accredited status applies to investors, not founders. Platforms such as AngelList are built for accredited investors, so founders there meet investors who hold that status.