68% of Spanish investors are over 45 years old

Published on 05/06/2019

AEBAN’s annual report analyses the activity profile of Business Angels in Spain and their relationship with startups

68% of Spanish investors are over 45 years old. This is one of the conclusions of AEBANS’s 2019 Business Angels Report - Investment in startups: activity and trends. The Local Leader for Spain published on May 27th the fourth annual report on the activity of business angels in Spain during 2018, conducted by IESE Business School.

The study also indicates that Spanish investors are diversifying their portfolios, although 45% still have less than 5 investments and almost 26.52% less than 10. Spanish investors are also more experienced, since the proportion of investors who have made more than 11 investments has grown in the last year.

The annual investment capacity is still quite limited: almost half of investors (47%) allocate less than 50,000 euros and only one out of three has more than 100,000 euros to invest. We can say that Spanish investors continue to be 'cautious' and have limited exposure to angel investing. In fact, 7 out of 10 Business Angels devote less than 10% of their assets to invest in start-ups.

Domestic investment is still dominant (39%), although a significant percentage (28%) also declares investments abroad. Among the most popular sectors in 2018, software (with 57% of active investors) and finance and banking (31%) continue to stand out, even there is remarkable growth in the health sector (29% if we include biotechnology and pharmacy).

Economic situation in Spain

Despite the economic slowdown, only three out of ten business angels believe that startups will have more difficulties in obtaining financing. It seems that entrepreneurs will benefit from a greater inflow of international funds, a growing role of corporate venturing and the maintenance of the investment capacity of business angels.

About the research

The report is based on the responses to a survey of 18 questions that was sent to all AEBAN members and more than 400 active investors.

About the author

IESE Business School is a global business school offering MBA and Executive Education programs. Ranked #1 in world by FT, five years in a row (2014-2018).

AEBAN is the Spanish Association of Business Angel Networks and Local Leader for the ESIL program in Spain.