Angel Investment Data

The most comprehensive statistics on angel investing in Europe.

An Overview

Interactively explore 6300 investments into 1700 startups, collected systematically by FiBAN since 2010. Here are a few of our top findings:

  • Angel investing is a foundation for economic growth, and its importance for the economy is increasing.
  • The Finnish startup ecosystem is maturing (chart 3.2 and 4.1).
  • For every 1 M€ invested by business angels, 19 new jobs are created (Section 5).

For the annual investment statistics 2022, see

Finnish early-stage growth companies’ angel funding

In 2022, the total amount invested returned to the pre-covid level, totaling 37,3 million euros. Private investors directed almost half of their investments to new target companies.

Finnish early-stage growth companies’ funding surpasses 1 Billion €

In 2022, the investments returned for the record year of 2021 to the pre-covid level. Business angels invested 37,3 million euros in 248 companies.

Explore the investments of 2022 in the Finnish regions

In 2022, 92% of the investments were made in Finland. In addition to the Greater Helsinki region, Espoo, Oulu, and Tampere stood out.

FiBAN members by the city of residence

By having a geographically diverse network when investing in startups, angels can get access to the best deals in multiple locations which might otherwise be difficult. Cross-border investing is increasingly popular, especially in the Nordic and Baltic regions. In 2022, the most popular regions for cross-border investing were Estonia, Sweden, and United Kingdom.

Centered in Helsinki, FiBAN members can be found all over the world

Angel Investing by the Numbers

In short

  • Startups in healthcare have attracted the most angel capital in 2022 (chart 2.1)
  • Business angels typically invest in early-stage startups (chart 2.4)
  • Most investments are done as co-investments with other angels (chart 2.6)

Capital invested by FiBAN angels 2010-2022:

424 M€

Capital by industry

Over the eight year period, FiBAN members have invested 28 M€ in Business Services, the largest beneficiary of angel capital in Finland. Companies in Business Services and Cleantech & Bioeconomy alone have raised over 50 M€.

Number of deals by industry

FiBAN members invest in all industries. While most angels focus on sectors that they themselves understand well, many are also sector agnostics, investing in lucrative opportunities across all industries.

Share of funding by industry in 2022

In 2022 the top three sectors in terms of funding share were Health Care, Science and Engineering, and Software.

Investments by funding round size

Even though most angels invest in funding rounds smaller than 0.5 M€, many also invest in larger funding rounds. Many angels participate in larger follow-up rounds to avoid dilution and help the startup on their journey.

Investments by funding round

Largest share of the invested capital goes to companies early stage companies, testing their business model in the market. For FiBAN’s startup stages see

Syndication practices

FiBAN members are highly networked investors. 87 % of investments made in 2021 were co-investments. Investing together rather than alone has many benefits both for the investors and the founders: a larger network, access to diverse skills and experiences and access to larger sums of capital.

Name Your Price: Valuation

In short

  • The median valuation of a startup that receives angel investment is 1.9 M€ in 2022
  • Startup valuations in Finland are increasing (chart 3.2)
  • Startups in Food and beverage have received the highest valuations (chart 3.1)

Median valuation of all startups that have received funding from a FiBAN member 2022:

1.9 M€

Median valuation per sector

Most of the industry sector median valuations are close to the 2017-2021 median, 1.1 M€, but there are outliers. 12 % of all companies that received funding 2013-2019 is valued higher than 2.0 M€, while 36 % is between 1.0 M€ and 2.0 M€. However, the spread is big in all sectors.

Median valuation per year

Finnish startups that have received angel funding from FiBAN members have, on average, become more valuable throughout the years. This might be an indication of a maturing startup ecosystem in Finland.

Harvesting the Returns: Exits

In short

  • The share of very profitable exits is increasing (chart 4.1)
  • Still, 44 % the investments results in losses in 2022 (chart 4.1)
  • As large corporations choose to buy rather than build innovations internally, acquisitions have remained throughout the years the most common type of exits (chart 4.2)

Return on investments

Successful exits are the ultimate metric for angel investors. Years of failing and learning has had an impact on the profitability of angel investing for FiBAN members: the share of very profitable exits is increasing. This might be another indication that angel investing and the startup ecosystem in Finland is maturing.

Type of exits

IPOs are usually the most successful exits for angels and other investors, but the share of IPO exits is relatively small. Yet, in 2021 their share grew to 6%. Acquisitions are the most common type of exit since many large companies choose to buy rather than build innovations internally.

Time of return on investments in 2022

Negative exits usually happen within a few years of investing. Companies going bankrupt do not survive for long as successful companies go through several funding rounds before possibly resulting in a positive exit.

Angel Investing as a Catalyst for Growth

In short

  • An effective way to boost growth is to have an angel on board (chart 5.1)
  • Angels invest mostly in startups with fewer than 5 employees (chart 5.2)
  • Angel investing has positive repercussions on employment (chart 5.3)

For every 1 M€ invested by business angels,

19 new jobs are created.

Source: Bisnode & FiBAN Annual Survey. The data set includes 720 investments into 490 startups between 2013 and 2016.

One of the ways to boost growth is to have an angel on board. 4-6 years after an investment, 18 % of the startups have grown their revenue by more than 1 M€, compared to only 6 % of the startups that pitched at Pitch Finland but didn’t receive funding that year. However, 2 out of 5 startups have failed, indicating the high-risk nature of startup investing.

In terms of number of employees, angels prefer to invest in startups a little bit further down the road than many that pitched at Pitch Finland but did not receive funding.

Almost 1 out of 10 angel-backed companies have grown very large, while 99 % of startups that pitched at Pitch Finland have either lost employees or employed moderately. The 39 % (funded) and 42 % (not funded) of startups that have discontinued their operations are included in the “Lost employees” bars, meaning that around one in four startups have lost employees during the 4-6 years but still continue their operations.

The Aspiring Superstars: FiBAN Deal Flow

In short

  • Hundreds of startups apply for funding through FiBAN each year (chart 6.1)
  • They tackle a wide range of SDGs (chart 6.2)
  • Startups in our deal flow have a higher median valuation than funded startups (chart 6.3)

Explore how many startups reach each stage in the FiBAN Deal Flow!

FiBAN Deal Flow

Every year, hundreds of startups apply for funding through FiBAN. Explore how many reach each stage in the FiBAN Screening process!

SDGs targeted by applicant startups

FiBAN has implemented the Sustainable Development Goals (SDGs) into the Deal Flow application process. Here’s how the startups applying for funding through FiBAN respond. The most targeted SDG is Goal 9: Industry, Innovation and Infrastructure, followed by Goal 3: Good Health and Well-being.

Median valuation of startups in the deal flow

Every year since 2015, startups that have been screened by FiBAN have had a higher median valuation than startups that received funding in the same year. This might suggest that founders apply for funding with an optimistic valuation figure in mind.

The FiBAN deal flow finds its origins mainly in Finland, while funding through FiBAN is gaining popularity especially in the Baltic region.


1. About

FiBAN, one of the largest and most active business angel networks in the world with over 650 private investor members, annually conducts an investment survey of its members. The survey has been sent out to all FiBAN members since 2010, the year FiBAN was founded. This constitutes Europe’s most comprehensive yearly survey of business angels. Through quality research and analysis we aim to offer valuable and unique knowledge for the whole startup ecosystem.

Since FiBAN’s data is based on voluntary questionnaires annually collected from our members, it is more indicative than exact. The response rate has increased throughout the decade reaching all-time high close to 70% towards the end of the decade. Our figures consist only of the data provided to us: we do not cover all angel investing activity in Finland. However, by pooling data, FiBAN can look into trends and findings which benefit the whole angel investor and startup community.

2. FiBAN Data Sharing Policy

FiBAN handles all data confidentially and with care. All data is processed anonymously. Read more about our Data Sharing Policy in the document below.

3. Contact

We are happy to discuss any questions, comments, or suggestions you might have related to data page! Send us an email at

4. Glossary

The glossary presents terms and definitions as used in the FiBAN research processes, most notably as used in the Annual Survey. It is reviewed annually. Open the glossary in a new tab: