- EUR 40 million invested in the tech ecosystem, with 50 per cent of that in the last 3 years alone
- Accelerated, steady growth in the last three years (member number has increased fourfold)
- More than 240 startups in the members’ aggregate portfolio
Bucharest, June 13, 2023 – TechAngels, Romania’s first angel investor network, is celebrating its 10th anniversary. During this time, the group infused more than EUR 40 million in the Romanian tech ecosystem. The association has grown from an initial membership figure of 18 to 132 members, while its extended community includes more than 240 startups in its aggregate portfolio, as well as more than 1,000 startups met in pitches hosted by the organization or through its various acceleration programs.
TechAngels has also had a catalyst role in developing other support vehicles in the tech community, with a great share of the group’s members being involved in developing a number of incubators, accelerators, investment platforms, VC funds, which complete the ecosystem as a whole and enhance its effectiveness.
Malin-Iulian Stefanescu, President, TechAngels, says: “Over the last three years, we have grown fourfold in terms of member numbers and have together invested as much as during the entire 2013-2019 period. TechAngels is now similar to a network node for our community, a first point of contact for startups, where they can receive funding, advice, client or partner opportunities or, depending on their stage of progress, guidance towards accelerators or funding. For the investors, our group offers the opportunity to connect with other members having complementary experience. Within our organization, we syndicate not only money, but also business knowledge, and we share growth.”
Angel investors step in at a critical stage in startup development, which makes the transition from a minimally viable product to a startup with accelerated growth potential that can be backed through investment funding. Angel investors’ input is measured not just in money, but also in the advice that helps structure the business, the growth or sales strategy, staffing, etc.
“If we look at the majority of up-and-coming Romanian startup rankings, whether compiled locally or internationally, you will see that more than 80% of those startups are supported by angel investors. Some of them are TechAngels members. That does not feel like a coincidence to me, it is strong proof that an angel investor actually completes a startup’s team and that TechAngels members do have that ability,” emphasizes Malin Stefanescu.
The informally structured group allows member investors to invest individually or jointly and provides startups with a support network and the opportunity to make one single pitch to more than 132 potential angel investors.
The TechAngels association, which was formally established in 2013, was initiated by Andrei Pitis, Radu Georgescu and Bogdan Iordache, who also led the organization until 2016, then was headed by Dan Calugareanu, as President, and Matei Dumitrescu, as Vice President. Since 2019, TechAngels has been represented by Malin-Iulian Stefanescu, President, and by Vice Presidents Mihai Guran, Matei Dumitrescu, Andrei Dudoiu, Stefan Popa and Cosmin Curticapean.