Throughout the year, the more-than-140 TechAngels network screened more than 250 startups and had pitch meetings with 94 of those. The investments were made either directly through investment platforms or through syndications alongside other angel investor networks.
- Total annual investments by TechAngels members amounted to EUR 2,928,000
- EUR 1,856,000 was invested in H2 2023, up 73% compared to H1, when investments were EUR 1,072,000
- Annual investments were approx. 50% down compared to 2022, in line with the European and global trends
- There were pitch meetings with 94 startups out of a total 250 local and international screened startups.
- 36% of the TechAngels members invested in 2023
- 60% of the funding went to new startups, while about 40% were follow-on investments
- Investment intentions are on the rise, despite the still volatile economic context
Bucharest, 31/01/2024 – EUR 2.928 million is the aggregate investment made in 2023 by the members of TechAngels, the largest angel investor network in Romania. EUR 1.856 was invested in H2 2023, up 73% compared to H1 2023. The total annual amount represents a 50% decrease from the investments made by the members in 2022 – almost EUR 6 million.
“We are seeing a recovery of the investment volumes in the second half of 2023, which indicates that TechAngels investors are adjusting to the uncertainties in the macroeconomic environment. The number of those who decided to invest has been constant, with 25% of the investors being active each half year and 36% for the year as a whole. It is a good sign that more than half of the investments went to new startups and that investment intention is increasing. The amounts planned for investment in 2024, according to the members’ statements, are 25% higher than last year and the percentage of those who plan to be active is around 50%,” says Marius Istrate, Chairman of the Board, TechAngels.
In the second half of 2023, 12.5% of all TechAngels members invested up to EUR 25,000, 6.5% invested between EUR 25,000 and EUR 100,000, 2% between EUR 100,000 and EUR 150,000, and 1.5% more than EUR 200,000. The growth in the second half of the year was also driven by an increase in the participation of TechAngels foreign and expatriate members.
Throughout the year, the more-than-140 TechAngels screened more than 250 startups and had pitch meetings with 94 of those. The investments were made either directly through investment platforms, or through syndications alongside other angel investor networks.
In 2023, TechAngels reached a contribution of more than EUR 43 million to the development of the local tech ecosystem in the 10 years since its establishment.
The members’ activity in 2023 included attending European and regional events, in collaboration with partners from Bulgaria and Hungary or other investor networks.
“The startups that received investments in 2023 are, almost without exception, DeepTech, AI, Machine Learning startups. From the perspective of the sectors addressed, the startups we looked at were widely diverse, with a focus on B2B – automation, productivity and streamlining for companies in various industries, from HORECA to IT and industrial manufacturing.
Education and health ranked second and third respectively among the top issues addressed by the startups we met last year, followed by mobility/transport and responsible resource use – from reusing clothing to reducing waste in production processes, to mileage and fuel efficiency,” Marius Istrate details.
These were joined by B2C startups, focused on segments such as active living/sports, entertainment-music, arts, etc.
TechAngels members supported projects to accelerate and develop the local tech ecosystem as mentors and jurors in events such as Techcelerator, Commons Accel-Venture Accel/MyidEA, StepFWD, RubikHub, Launch, ROTSA, How To Web, where they met with another more than 100 startups. TechAngels members were also involved in development projects internationally, such as the events hosted by European Business Angel Network and Business Angels Europe, the two European networks where TechAngels is a member.
In 2024, TechAngels members will continue to actively support the development of the Romanian tech ecosystem, both with investments and with professional expertise and experience.
“We believe that now is the best time in Romania to launch tech startups, despite the macroeconomic uncertainties. Even if we still have work to do on our mindset, even if institutions and companies here are yet to accept tech startups with the same openness as in Western Europe or the United States, Romanian entrepreneurs can launch straightaway global companies. They now have access to more expertise for scaling, the community is broader, we are closer to the critical mass needed for accelerated growth,” underlines Marius Istrate.
EUR 2.928 million is the aggregate investment made in 2023 by the members of TechAngels, the largest angel investor network in Romania. EUR 1.856 million was invested in H2 2023, up 73% compared to H1 2023.