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December 9, 2022

Tech Angels invested €4,656 million in the tech startup ecosystem in the first 9 months of the year

TechAngels, the largest network of angel investors in Romania, has invested in the development of local start-ups, cumulatively, an amount between 1,1 and 1,5 million euros* in the third quarter of 2022 and a total of 4,656 million euros since the beginning of this year.

The amount invested in the first nine months of the year is higher than the investments for the whole of 2020, but it is down 20% compared to the record year 2021 when in the first 9 months amounts of 5,8 million euros were invested.

The figures for the first 9 months reflect a reality of the entire tech ecosystem. Tech solutions are of interest and there is an appetite on the part of the market and investors because they are at the heart of the development of all economic areas today. On the other hand, macroeconomic events, the outbreak of war in Ukraine, inflation and rising energy prices influenced the overall sentiment of investors. The third quarter shows a return of investment intent, but not to the same level as in the first quarter of 2022. A possible cause of these developments may be the decrease in the number of new startup entries in the minimum viable product (MVP) stage. There is a relative decrease in seed rounds, but an increase in the number of series A rounds”, says Mălin-Iulian Ștefănescu, President of TechAngels.


The 128 members of TechAngels evaluated 92 start-ups since the beginning of the year, of which they met in pitch 54, and 19 of which presented their solutions in the third quarter. To these are added the sessions dedicated to startups from Ukraine and the European pitch sessions, within Business Angels Europe, one of the European networks of which TechAngels is part. Over the past 5 years, TechAngels has contributed over 30 million euros to the development of the local tech ecosystem.

“From the perspective of the areas where startup solutions have been oriented, it is very visible how technology encompasses every aspect of life. Segmentation becomes quite difficult. We have seen solutions for integrated business management in almost any business area, dedicated to more efficient financial management, licenses, people, and business flows, up to an equally large diversity of solutions for everyday life management – tourism, health, parenting, education, active life, reducing waste and much more”, points out Mălin Ştefănescu.

TechAngels members also supported, as mentors and jurors, projects to accelerate and develop the local tech ecosystem, such as How to Web, Techcelerator, Commons Accel, Next FinTech, StepFWD, Endeavor, RubikHub, Launch, where they met more than 40 other startups. Also internationally, TechAngels members have been involved in tech community growth projects, such as BigAngels days or EBAN and BAE events.


 About TechAngels


TechAngels is an open group of private investors interested in supporting the development of technology start-ups in Romania and the region. The association currently has 128 members. The investors in the group are entrepreneurs or specialists from multinational companies, with extensive experience on the Romanian market and around the world, in business planning, product development, market approach, sales, marketing, etc. As angel investors, the group members provide mentoring and advice for selected start-ups. There are over 240 start-ups in TechAngels’ portfolio so far. The group’s investments in the local startup ecosystem have been around 30 million euros over the past 5 years.






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