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June 2014
Flash #101

Start-Up Investors Manifesto

A brief guide to grow early stage investment to 
€15 billion and generate 1.5 million new jobs by 2017

Startup investors from across Europe compiled a 15-actions manifesto that aims to change the European early stage investment landscape. Actions and policies proposed address the following areas:

1. Inspiring a co-investment culture amongst different market stakeholders
2. Taxes as drivers for innovation and reallocation of funds
3. Increasing market liquidity to avoid equity gaps
4. Raising awareness and changing mindsets towards a favourable risk culture
5. Making investment easier and clearer for both businesses and investors

Considering the major role of policy makers in the implementation of many of the proposed actions, it is worth noting the public support addressed by the Vice-President of the European Commission for the Digital Agenda Neelie Kroes who claimed "business angels have an essential role to play ensuring finance for small businesses across Europe". [see video
According to Candace Johnson, President of EBAN and one of the signers of the document, "the Startup Investors Manifesto is a landmark document for Europe in that it is the first time different early stage investors join together to outline a common strategy to attain a single market for startup investment". 

Be great at what you do: help boost the reach of this initiative by mobilising your community.
Sign the Manifesto!

Angel Investment grows to €5.5 billion...
Business angels' investments increase 8,7% in 2013
The 2014 edition of EBAN's research reveals market growth in all early stage investment areas with particular highlight to angel investment activity which grew both in amounts invested as well as in number of deals funded. Amongst the most relevant findings of the data collection, we emphasise the fact of 97% of deals were subject to any sort of co-investment, with clear preference for co-investment with other business angels. Learn more with the summary presentation.

...and its impact is well beyond expectations


EBAN, in partnership with Deusto University and Business Angels Network Crecer+, conducted a groundbreaking research on the economic impact of angel investment. According to the researcher Lourdes Moreno and building on the data collected from 1661 startups across Europe that have received angel investment, the impact of angel investment goes well beyond previous expectations. Amongst the most significant results we learn that in three years funded companies increase their employees by 231,1% and their revenues and assets by over 150%. More information can be retrieved in the presentation delivered at the EBAN Congress.


14th EBAN Congress | Global Learnings in a Nutshell

By many considered as the best EBAN Congress ever, the gathering in Dublin was for the least a privileged concentration of leading investors and early stage investment experts. Check below some of the resources and results of the Congress:


9th Annual Awards

Alongside the 14th Annual Congress, EBAN selected the most remarkable players who have demonstrated excellence and commitment to driving business angel investment over 2013. The distinguished award-winners were:

European early stage investor of the year: Jari Ovaskainen. Two major milestones on his credit: exists from Iobox in 2000 (€230 Million) and Supercell in 2013 (€1.1 Billion).

Most successful firm financed by early stage investors: DecaWave. Decawave is a semi-conductor company operating in micro-location (indoor GPS) with origin in Ireland and France which was able to raise investment from 171 business angels since 2007.

Best individual in globally engaging 
early stage investors within the entrepreneurial ecosystem: Baybars Altuntas for his commitment in representing both angel investors and entrepreneurs in multiple events and initiatives across the Globe. 

Best EBAN member: Business Angels Copenhagen. BA Copenhagen is a top performing network with 87 investments and 14 exits in 2013 which demonstrates a positive progress following the membership with EBAN.

Best EBAN newcomer: Estonian Business Angels Network. Angel activity in the Baltics has seen a considerable boom since EstBAN was created. In its first full operating year EstBAN counted 4,6million Euros of investment into 83 companies and managed to exit 17,6% of the businesses. 
Best European Business Angel Week Initiative: Greece/ Startech Ventures. Greece not only joined the 1st European BA Week as its angel investors took the opportunity to create the first Greek Business Angel Network.

The Awards Ceremony also distinguished the following personalities for their commitment with the European early stage investment sector:
Richard Pelly, former CEO of the EIF for the launch of the European Angel Fund initiative
Paulo Andrez, President Emeritus of EBAN
Albert Colomer, Lifetime achievement
Francisco Banha, Lifetime achievement
Michael Culligan, Host of the EBAN Congress

EBAN welcomes 5 new members!


MIF Advisory, Belgium (Network)
MIF is an independent corporate finance and business development firm offering variety of services to a wide range of clients, from early-stage start-ups, through growth companies to established players and financial investors at both national and international level.

Mena Apps, Jordan (Business Accelerator)
Mena is a Business Accelerator which aims to provide entrepreneurs with an incubator-like logistic support. Initial investments are provided through the MENA Apps Seed Fund, while additional investment can be provided through the MENA Apps’ global network of angel investors.

Redalpine Venture Partners, Switzerland (Early Stage Fund)
Redalpine provides venture capital to highly scalable European startups. Our mission is to help talented entrepreneurs turn an ambitious vision into reality by providing money, experience, coaching and door opening: early stage investment by entrepreneurs.

CorkBIC, Ireland (Network)
CorkBIC is a private-sector led organisation, specifically set up to identify & build knowledge intensive companies. It also helps entrepreneurs the minefield of raising finance, sorting out business propositions, arranging agreements with shareholders and investors.

Martijn Blom, Netherlands (Affiliate Member)
Martijn is a social entrepreneur and informal investor, co-founder of De Investeerdersclub and co-author of the ‘Handboek Informal Investment’. He is currently advising on the set up of a Social   Impact Fund.

EBAN Members & Partners' News & Updates

13x Return for LBA and its Associates From Partial Exit in Brandwatch
LBA Angel investors and its Associates from a deal that goes back to 2007 have been able to realise a partial exit on up to 30% of their initial £500k seed investment at a circa 13x multiple.

Media Deals Leads "Connect Investor Club"
The Club - which already counts a few members of EBAN - is open to other members interested in accessing investment opportunities across Europe in the content and digital networks’ sector.  The Club aims at develop some syndicated investments at the cross-border level in the content and digital networks’ sector.

Why Angel Funding Matters | One Startup’s Perspective
DynaOptics is an innovative startup backed by Sierra Angels who led the investment. Co-founder and CEO Li Han Chan talked to ACA about the importance of angel investing to their business.

Fondation Sophia Antipolis - 3rd Edition of PACEIM Programme Selected 28 New Startups
From a total of 150 participants, 28 new winners have been selected to receive individual coaching and seed funding to start their own business in Algeria, Lebanon, Morocco & Tunisia.
The Finish software venture Holvi managed to partner up with Austrian Speedinvest; the business angel fund invested approximately one million euros in the banking services firm and wants to support its expansion throughout Europe.
Lower European angel investment deal volume was made up for by an increase in aggregate deal value in May - totaling 14 transactions with a combined worth of EUR 62 million.
How Do Angel Investors Typically Deal with the Legal Agreements
Depending on the type of business in which the company is engaged, it may well have different lawyers working for it in different areas, since lawyers specialise in the same way that doctors do.


£150M Fund for Media & Entertainment (source:

Which Accelerator, If Any, Should You Join? (source:

Impact Investing Meets Financial and Philanthropic Expectations (source:


Master's Students Offering a 12,000 Word Business Plan to an Early Stage Startup 
4 Master students studying for an M.Sc. in Innovation, Commercialisation and Entrepreneurship in University College Cork, Ireland are offering to work on developing a comprehensive 12,000 word business plan for an early-stage startup. Flag your interest by June 7th to Darragh McCarthy.

Female Francophone Entrepreneur Award
This award is targeted to foster Women Entrepreneurship and consists of a prize for the sum of €13,500, in parallel to a mentorship to develop the business proposal. 

European Commission logo
Call for expression of interest - Business coaches
The coaching support will focus on developing organizational capabilities to equip the beneficiaries with the necessary skills to ensure commercial growth based on the company’s SME Instrument project. The role of the business coaches is to provide business coaching and leadership development support to companies. Read the text of call for expression of interest before applying.

Webinar with Daniel Tomov, founder of Eleven Accelerator
The 1-hour session shares the story of Eleven and how it has successfully attracted a winning community of 70 startups, 300 coaches and €6.5 millions of investment with angels.

An annual survey, undertaken on behalf of the EVCA by PEREP Analytics, collects comprehensive and robust activity data on fundraising, investment and divestment from about 1,800 private equity and venture capital firms in Europe. Data is updated quarterly and may be subject to change.
US: The Angel Investor Market in 2013: A Return to Seed Investing by Center for Venture Research. 
The angel investor market in 2013 continued the upward trend started in 2010. Total investments in 2013 were $24.8 billion, an increase of 8.3% over 2012, according to the Center for Venture Research (University of New Hampshire).
Spotlight on the Market is a research report released by J.P. Morgan and the Global Impact Investing Network (GIIN). The report reveals market growth amidst greater government support, new product and fund launches, and widespread impact measurement.

Dear EBAN Members, Colleagues, and Networkers,

We had a wonderful EBAN Annual Congress in Dublin brilliantly put on by our Irish Colleagues at HBAN.

During the Congress we unveiled a number of new initiatives including the Startup Investors' Manifesto which EBAN supports together with Neelie Kroes, the Vice President of the European Commission responsible for the Digital Agenda for Europe as well as publishing the work on two ground-breaking research projects concerning Early Stage Investing in Europe.

In addition, 15 colleagues from 15 countries throughout Europe were elected to represent all of you on our EBAN Board (below).  I was very honored to be elected President by those colleagues together with Vice President Ari Korhonen, Vice President Baybars Altuntas and Treasurer Jesper Jarlbaek.  

The entire Board looks forward to serving you and would welcome all suggestions as we all go forward to continue to advance the financing of innovation and entrepreneurship in our economies and societies.

Happy Reading below!
With kindest regards,
Candace Johnson

EBAN Elects new Board

EBAN welcomes the new Board of Directors elected in the General Assembly of May 19th held in Dublin.
  • President – Candace Johnson, Sophia Business Angels, FRANCE
  • Vice-President – Ari Korhonen, FiBAN, FINLAND
  • Vice-President – Baybars Altuntas, TBAA, TURKEY
  • Treasurer – Jesper Jarlbaek, Business Angels Copenhagen, DENMARK
  • Albert Colomer, Business Angels Network Catalunya, SPAIN
  • Aleksandar Cabrilo, Serbian Business Angels Network, SERBIA
  • Hedda Pahlson-Moller, Luxembourg Business Angels Network, LUXEMBOURG
  • Ivar Siimar, Estonia Business Angels Network, ESTONIA
  • Jeanette Andersson, CONNECT Sweden, SWEDEN
  • Juan Roure, AEBAN, SPAIN
  • Konstantin Fokin, National Business Angels Association, RUSSIA
  • Michael Culligan, Halo Business Angel Network, IRELAND
  • Peter Braun, Red Alpine Ventures, SWITZERLAND
  • Ricardo Luz, FNABA, PORTUGAL
  • Selma Prodanovic, Austrian Angel Investors Association, AUSTRIA

The first meeting of the new Board determined the nomination of the former President Paulo Andrez as President Emeritus of EBAN.


EBAN website's Members Area

Access the EBAN members' exclusive area in our website to:
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Claim your access

Please note this is restricted to EBAN members. Would you like to benefit of this area please apply for membership.




Upcoming Events from EBAN Community

EBAN's Emeritus President Paulo Andrez and Vice-President Baybars Altuntas with Ali Babacan, Turkey's Deputy Prime Minister.

4 June
Talking About European Business Angels
Barcelona, Spain

5 June
IE Venture Days: Wayra
London, United Kingdom

8 June
Greenvestment Readiness Programme
Madrid, Spain

9 & 11 June
The Future of Angel & Venture Capital Investing
London, United Kingdom

12-13 June
Greek Presidency Conference: Growth Enhancing EU Financial Instruments for RDI
With the participation of EBAN Emeritus President Paulo Andrez
Athens, Greece

12 June
Matching Event | Flanders Business School
Antwerp, Belgium

12-13 June
VP in Practice: The Fundamental Toolkit 
Barcelona, Spain

12-13 June
Impact Forum Asia

17-18 June
Estonia International Finance Forum 2014
Tallinn, Estonia

18-19 June
ANIMA Network Annual Meeting
Algiers, Algeria

19-20 June
Launch of the Ukrainian Business Angels Network
Kiev, Ukraine

23-24 June
Health Tech Summit
Lausanne, Switzerland

7-9 September
Nordic Life Science Days 2014 in Stockholm | Redefining Early Stage Investments
Stockholm, Sweden

17-18 November
EBAN Winter University
Helsinki, Finland

17-23 November
Global Business Angels Week

Presence of EBAN Team Across Europe

Paulo Andrez and Baybars Altuntas participated in the Signing Ceremony of the MoU between Istanbul Stock Exchange, TBAA & EBAN on May 14th in Istanbul, Turkey.

Ari Korhonen, Baybars Altuntas and Paulo Andrez participated as speakers in the MENA Angel Investors Summit on June 1-2nd in Manama, Bahrain.

Hedda Pahlson-Moller participated as a speaker in the Sabanci University Social Investment Program on June 1-3rd in Istanbul, Turkey.

Ricardo Luz will be a speaker at the 1st Forum of Innovative projects of the Coffee Triangle in Colombia on 5th June in Manizales, Caldas, Colombia.

Paulo Andrez and Dimitris Tsigos will participate in the Greek Presidency Conference: Growth Enhancing EU Financial Instruments for RDI on 13th of June in Athens, Greece 
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EBAN - The European Trade Association for Business Angels, Seed Funds, and other Early Stage Market Players

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