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AEBAN 2025 Business Angels Report (AEBAN)

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ReportAEBANJanuary 202572 pages108 min readOriginal source
Key number
€95,525
Average annual investment per business angel in Spain p.9
Largest segment
Health technologies / biotechnology%
Most active business angel investment sector p.33
What changed
+3%
Institutional venture capital growth in Spain p.16

Summary

  • Business angels in Spain invested an average of €95,525 in 2024, with a median investment of €20,000.p.9
  • More than 80% of surveyed investors reported having co-invested with other business angels or venture capital funds, or participating in investment groups.p.9
  • The top investment sectors for business angels in 2024 were health technologies and biotechnology (37%), food and agriculture technologies (23%), and enterprise software (20%).p.9
  • Institutional venture capital in Spain grew by 3% in 2024, supported by rounds exceeding €10 million in more advanced stages.p.9

Key insights

  1. 65% of surveyed business angels completed zero divestments during 2024.p.40
  2. Secondary sales to venture capital funds or other business angels accounted for 61% of positive-return divestments.p.40
  3. Business liquidation represented 93% of divestments resulting in negative or zero returns.p.41

Funders mentioned

AEBAN (Asociacion Espanola de Business Angels)CaixaBankCaixaBankCupido CapitalEuropean Investment Fund (EIF)Portugal Ventures

Topics and entities

EuropeBusiness angelsCrowdfunding and crowdinvestingPrivate marketsStartup ecosystemsStartup fundingVenture capitalAEBANCaixaBankEuropean Central BankEuropean Investment FundICEX-Invest in SpainIESE Business SchoolSpainCap

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