FiBAN conducts an annual investment statistics study, collecting information on business angel investing such as investment sizes, equity received, and sector preferences of investors. Moving forward, we aspire to be the acknowledged and engaged leading expert on angel investing in Europe by 2025. To guide FiBAN in this endeavor, we have assembled a Research Task Force.

The Task Force will bring a long-term perspective on the development of Finnish and European business angel activity to the research activities of FiBAN. The Task Force aims to ensure coherent, effective, and inspiring research activities, helping us reach our goal as the leading expert on angel investing. In other words, the group of experts will support the operational research activities at FiBAN – for example, investigating the statement in the headline above.

The number in the headline was derived by adding together all investments by business angels from 2013-2016, comparing it to how the target companies grew from the investment to 2018.  Other questions the Task Force will tackle include:

  • How do median valuations differ between sectors?
  • How many follow-on angel rounds are typical for startups?
  • How do companies that receive funding grow compared to those that don’t?
  • What is the magic number of angel investors in a syndicate that ensures the best growth boost?

Current members in the research task force are Esa Mäkeläinen, Riku Asikainen, Eljas Repo, and Sami Etula. FiBAN’s investment analyst, Oscar Björklund, functions as secretary for the group.

The first four months of working with the FiBAN data have been about cleaning it and building our own data engine. Now we’re getting ready to churn out some figures. Have a statistical question you’ve always wondered about? Test it – Oscar might have the answer.

We are currently also looking for more members to the Task Force. Do you know anyone with a deep interest in data on angel investing that would be suitable for the Task Force? Let Oscar know! You’ll reach him at or +358 45 276 6300.

Oscar, Investment analyst and secretary for the Research Task Force