While the US sees business angels investing around €8 billion annually, Europe lags behind at just €1 billion. This disparity is not only a number – it signals a missed opportunity to fund innovation, support entrepreneurs, and strengthen Europe’s competitiveness in the global startup race.
On September 23, 2025, Paris hosted Big Angels Day, co-organised by EuroQuity – Bpifrance, France Angels, and ESIL. More than a gathering of investors, the event reflected a crucial reality: angel investing in Europe is at a turning point.
The evolution of angel investing in Europe
The opening roundtable with Luigi Amati, Director at META Group and Philippe Rase, President at Grenoble Angels examined how angel investment models are evolving across the continent.
Angel investing has become more selective since the pandemic, particularly at the seed and pre-seed stages. At the same time, networks are professionalising, experimenting with sector-focused groups and digital tools to increase efficiency and visibility.
But a persistent challenge remains: concentration in capital cities. Too many deals, networks, and investors are clustered in a handful of hubs, leaving vast regions underserved. France offers a counterexample: only 30% of France Angels’ activity is Paris-based, with strong networks thriving in Marseille, Bordeaux, and beyond. This decentralisation could be a model for Europe.
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The untapped potential of cross-border deals
The second roundtable, featuring Milen Ivanov, Co-founder and Managing Partner at Sofia Angels Ventures and Renaud Guillerm, CEO at SideAngels explored both the promise and complexity of cross-border investing.
Without local partners, international deals are risky and inefficient. Diverse legal and fiscal frameworks across Europe create barriers that discourage angels from looking beyond their borders.
A pan-European framework, harmonising tax incentives, co-investment schemes, and regulatory standards, could transform how angels operate. More than just funding, such a framework would build trust, simplify syndication, and enable startups to scale internationally from day one. As Milen Ivanov underlined, Europe already has talent and ambition – what it now needs are the right tools and mindset.
The future: local roots, sector expertise, European vision
The third roundtable with Guy Gourevitch, Former President at France Angels and Reginald Vossen, President of BAE and CEO of BAN Flanders – Business Angels Network Flanders addressed a key strategic question: should angel networks evolve geographically or by sector?
In France, a matrix model is emerging:
- Regional networks (e.g., Marseille, Bordeaux).
- Sector-specific groups (e.g., Healthcare Angels, Mer Angels).
- Hybrid models that bridge regions and industries.
This convergence could give angels more influence over dealflow and terms, counterbalancing venture capital. It also aligns investments with Europe’s strategic priorities, from health to blue economy innovation. International comparisons, from the UK to Québec, highlighted the importance of angel-friendly co-investment structures and the potential of a pan-European SIBA (Business Angels Investment Company).
Beyond capital: the role of angels as ecosystem builders
Perhaps the most powerful takeaway across all three discussions is that angels are more than investors. They are mentors, connectors, and civic actors. Their local knowledge, willingness to take early risks, and ability to nurture founders set them apart from other capital providers.
“The discussions in Paris made clear that the future of angel investing lies in smart convergence – combining local roots with sector expertise and a European vision.” – Gilles Le Cocguen, Director – Head of EuroQuity at Bpifrance
Why it matters now
Europe is rich in talent and ideas. What it lacks is structured angel investment at scale. If Europe can close the gap with the US, mobilising even a fraction of its private wealth into angel activity, the impact on innovation would be transformative.
The discussions in Paris, with Luigi Amati, Philippe Ras, Milen Ivanov, Renaud Guillerm, Guy Gourevitch, and Reginald Vossen, made it clear: the future of angel investing lies in smart convergence, local roots, sector expertise, and a European vision.
ESIL will continue to strengthen dialogue and collaboration between angel investors, networks, and policymakers across Europe.