1、The annual deep dive into the angel investment climate of Europe2023Investing in the Next Great Startup EcosystemAngels in EuropeEuropes share of global early-stage investments is at an all-time high,raising expectations for similar late-stage performance.Angel investors will play a significant role

2、 in reaching this next growth horizon.About this reportThis report is the result of a partnership between BCGs Tech Capital and Nordic Angels.The aim of the collaboration was to review the European startup industry in depth,and to understand how it can continue to play an increasingly relevant role

3、on the global stage.Table of content04Executive Summary11Europes Startup Landscape:Bridging the Gap14What Makes a Strong Startup Ecosystem?18Despite a Funding Winter,Green Shoots Emerge20The Nordics:Ahead of the Curve?22Robust Growth,Early and Late23Factors Behind Europes VC Investment Growth24Conti

4、nuing the Work27The Nordics VC Landscape,Country by CountryIn this report,we examine the European startup landscape through the lens of a particular group of ecosystem participants:angel investors.Angels play a significant role in not only funding innovation,but also in mentoring startup founders an

5、d creating a supportive community.They are perhaps known best for their prominent role in the pre-seed and seed stages of the VC funding funnel,but angel investors are in fact active participants throughout the journey from concept to maturity.It can be said that they set a flywheel effect in motion

6、,whereby successful startup founders evolve into angel investors,nurturing the growth of new generations of startups with the deployment of capital and strategic know-how.To understand the challenges and opportunities facing these investors,and to get an“angel-eye”view on what can be done to foster