Report highlights
-
The average amount invested per business angel in 2024 was €95,525, with a median of €20,000. When excluding large annual investments (>€1M), the average drops to €45,365. On average, male investors invested more than twice as much as their female counterparts.
-
Nearly two-thirds (65%) of surveyed business angels reported no exits in 2024, indicating a continued slowdown in exit opportunities.
-
92% of respondents plan to invest in startups over the next 12 months—an increase of more than 10 percentage points compared to last year’s edition.
Following a year marked by selectivity and risk awareness, Spanish business angels are approaching 2025 with renewed confidence. According to the 2025 Business Angels Report, co-produced by AEBAN and IESE Business School, 92% of surveyed investors plan to invest in startups in the next twelve months—a notable rise of over 10 percentage points from last year.
The report, now a benchmark study of early-stage investment activity in Spain, shows that 2024 was defined by economic uncertainty and continued caution stemming from the 2022 VC correction. Investors focused primarily on supporting existing portfolio companies and made fewer new investments. The average amount invested per angel (including follow-on rounds) was €95,525, with a median of €20,000. When excluding large investors (>€1M), the average drops to €45,365.
Among the most active sectors were healthtech (37%), agritech/food (23%), and B2B software (20%). Co-investment remained the norm, used by over 80% of respondents.
Persistent challenges
Despite the optimistic outlook, angels continue to face structural issues. Nearly two-thirds made no exits in 2024, reflecting continued weakness in secondary markets. The main barriers? Difficulty finding buyers and the legal or fiscal complexity of selling. For positive exits, secondary sales to VCs or other angels were most common.
Portfolio management also remains time-constrained: over half of respondents dedicate only 1–5 days per month to their investments. Top concerns include poor reporting quality, lack of reliable KPIs, and high early-stage valuations.
Notable trends
The report highlights several trends shaping the future of angel investing in Spain and beyond:
-
Professionalization of early-stage capital
-
Growth in co-investment and syndication
-
Increased sector specialization (AI, biotech, renewables, aerospace…)
-
A growing share of women investors (35% of respondents)
-
Stronger ESG and diversity filters in investment decisions
-
Increased use of data and AI tools to guide investment choices
Women continue to make strides, though gaps remain. The average amount invested by women in 2024 was €27,014—up from €16,032 in 2023—but still significantly behind male investors. Most women allocated less than 10% of their wealth to angel investments, suggesting many are still early in their journey.
Looking ahead
As macroeconomic conditions improve, especially with falling interest rates and more dry powder in the ecosystem, many investors expect a gradual rebound. Still, the call for more efficient exit paths and stronger project pipelines remains critical.
As Laura Caballero, Associate Director at IESE’s Entrepreneurship and Innovation Center notes:
“Investing in talent is investing in the future. Angel investors are a cornerstone of our entrepreneurial ecosystem. Their capital, expertise, and dedication help drive innovation, economic growth, and job creation.”
The full report is available via AEBAN and highlights key lessons for early-stage investors and entrepreneurs navigating a rapidly evolving landscape.