{"id":1202,"date":"2025-05-19T11:40:44","date_gmt":"2025-05-19T10:40:44","guid":{"rendered":"https:\/\/blog.iese.edu\/entrepreneurship\/?p=1202"},"modified":"2025-05-20T08:20:45","modified_gmt":"2025-05-20T07:20:45","slug":"spains-business-angels-signal-cautious-optimism-for-2025","status":"publish","type":"post","link":"https:\/\/blog.iese.edu\/entrepreneurship\/2025\/05\/19\/spains-business-angels-signal-cautious-optimism-for-2025\/","title":{"rendered":"Spain\u2019s business angels signal cautious optimism for 2025"},"content":{"rendered":"<h2 data-start=\"1280\" data-end=\"1307\"><strong>Report highlights<\/strong><\/h2>\n<ul>\n<li data-start=\"92\" data-end=\"357\">\n<p data-start=\"94\" data-end=\"357\">The average amount invested per business angel in 2024 was \u20ac95,525, with a median of \u20ac20,000. When excluding large annual investments (&gt;\u20ac1M), the average drops to \u20ac45,365. On average, male investors invested more than twice as much as their female counterparts.<\/p>\n<\/li>\n<li data-start=\"358\" data-end=\"499\">\n<p data-start=\"360\" data-end=\"499\">Nearly two-thirds (65%) of surveyed business angels reported <strong data-start=\"421\" data-end=\"433\">no exits<\/strong> in 2024, indicating a continued slowdown in exit opportunities.<\/p>\n<\/li>\n<li data-start=\"500\" data-end=\"654\" data-is-last-node=\"\">\n<p data-start=\"502\" data-end=\"654\" data-is-last-node=\"\"><strong data-start=\"502\" data-end=\"524\">92% of respondents<\/strong> plan to invest in startups over the next 12 months\u2014an increase of more than 10 percentage points compared to last year\u2019s edition.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"259\" data-end=\"631\"><a href=\"https:\/\/blog.iese.edu\/entrepreneurship\/files\/2025\/05\/BAN2025.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1203\" src=\"https:\/\/blog.iese.edu\/entrepreneurship\/files\/2025\/05\/BAN2025.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/blog.iese.edu\/entrepreneurship\/files\/2025\/05\/BAN2025.png 800w, https:\/\/blog.iese.edu\/entrepreneurship\/files\/2025\/05\/BAN2025-300x225.png 300w, https:\/\/blog.iese.edu\/entrepreneurship\/files\/2025\/05\/BAN2025-768x576.png 768w, https:\/\/blog.iese.edu\/entrepreneurship\/files\/2025\/05\/BAN2025-500x375.png 500w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\n<p data-start=\"259\" data-end=\"631\">Following a year marked by selectivity and risk awareness, Spanish business angels are approaching 2025 with renewed confidence. According to the <a href=\"https:\/\/media.timtul.com\/media\/web_aeban\/AEBAN%20informe2025_baja_V20250517_20250517093916.pdf\"><strong data-start=\"405\" data-end=\"436\">2025 Business Angels Report<\/strong><\/a>, co-produced by <strong data-start=\"453\" data-end=\"462\">AEBAN<\/strong> and <strong data-start=\"467\" data-end=\"491\">IESE Business School<\/strong>, 92% of surveyed investors plan to invest in startups in the next twelve months\u2014a notable rise of over 10 percentage points from last year.<\/p>\n<p data-start=\"633\" data-end=\"1101\">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 \u20ac95,525, with a median of \u20ac20,000. When excluding large investors (&gt;\u20ac1M), the average drops to \u20ac45,365.<\/p>\n<p data-start=\"1103\" data-end=\"1278\">Among the most active sectors were <strong data-start=\"1138\" data-end=\"1158\">healthtech (37%)<\/strong>, <strong data-start=\"1160\" data-end=\"1183\">agritech\/food (23%)<\/strong>, and <strong data-start=\"1189\" data-end=\"1211\">B2B software (20%)<\/strong>. Co-investment remained the norm, used by over 80% of respondents.<\/p>\n<h2 data-start=\"1280\" data-end=\"1307\"><strong>Persistent challenges<\/strong><\/h2>\n<p data-start=\"1308\" data-end=\"1648\">Despite the optimistic outlook, angels continue to face structural issues. Nearly <strong data-start=\"1390\" data-end=\"1426\">two-thirds made no exits in 2024<\/strong>, 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.<\/p>\n<p data-start=\"1650\" data-end=\"1882\">Portfolio management also remains time-constrained: over half of respondents dedicate only 1\u20135 days per month to their investments. Top concerns include poor reporting quality, lack of reliable KPIs, and high early-stage valuations.<\/p>\n<h2 data-start=\"1884\" data-end=\"1904\"><strong>Notable trends<\/strong><\/h2>\n<p data-start=\"1905\" data-end=\"2000\">The report highlights several trends shaping the future of angel investing in Spain and beyond:<\/p>\n<ul data-start=\"2001\" data-end=\"2367\">\n<li data-start=\"2001\" data-end=\"2049\">\n<p data-start=\"2003\" data-end=\"2049\"><strong data-start=\"2003\" data-end=\"2026\">Professionalization<\/strong> of early-stage capital<\/p>\n<\/li>\n<li data-start=\"2050\" data-end=\"2095\">\n<p data-start=\"2052\" data-end=\"2095\"><strong data-start=\"2052\" data-end=\"2095\">Growth in co-investment and syndication<\/strong><\/p>\n<\/li>\n<li data-start=\"2096\" data-end=\"2171\">\n<p data-start=\"2098\" data-end=\"2171\"><strong data-start=\"2098\" data-end=\"2133\">Increased sector specialization<\/strong> (AI, biotech, renewables, aerospace\u2026)<\/p>\n<\/li>\n<li data-start=\"2172\" data-end=\"2233\">\n<p data-start=\"2174\" data-end=\"2233\"><strong data-start=\"2174\" data-end=\"2212\">A growing share of women investors<\/strong> (35% of respondents)<\/p>\n<\/li>\n<li data-start=\"2234\" data-end=\"2298\">\n<p data-start=\"2236\" data-end=\"2298\"><strong data-start=\"2236\" data-end=\"2298\">Stronger ESG and diversity filters in investment decisions<\/strong><\/p>\n<\/li>\n<li data-start=\"2299\" data-end=\"2367\">\n<p data-start=\"2301\" data-end=\"2367\"><strong data-start=\"2301\" data-end=\"2339\">Increased use of data and AI tools<\/strong> to guide investment choices<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2369\" data-end=\"2671\">Women continue to make strides, though gaps remain. The average amount invested by women in 2024 was \u20ac27,014\u2014up from \u20ac16,032 in 2023\u2014but 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.<\/p>\n<h2 data-start=\"2673\" data-end=\"2692\"><strong>Looking ahead<\/strong><\/h2>\n<p data-start=\"2693\" data-end=\"2942\">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.<\/p>\n<p data-start=\"2944\" data-end=\"3106\">As <strong data-start=\"2947\" data-end=\"2966\">Laura Caballero<\/strong>, Associate Director at IESE&#8217;s <strong data-start=\"2994\" data-end=\"3036\">Entrepreneurship and Innovation Center<\/strong> notes:<\/p>\n<blockquote data-start=\"3108\" data-end=\"3328\">\n<p data-start=\"3110\" data-end=\"3328\"><em data-start=\"3110\" data-end=\"3328\">\u201cInvesting 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.\u201d<\/em><\/p>\n<\/blockquote>\n<p data-start=\"3330\" data-end=\"3484\">The <a href=\"https:\/\/www.aeban.es\/informes-aeban\/\">full report is available via <strong data-start=\"3363\" data-end=\"3372\">AEBAN<\/strong><\/a> and highlights key lessons for early-stage investors and entrepreneurs navigating a rapidly evolving landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Report highlights The average amount invested per business angel in 2024 was \u20ac95,525, with a median of \u20ac20,000. When excluding large annual investments (&gt;\u20ac1M), the average drops to \u20ac45,365. 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, [&hellip;]<\/p>\n","protected":false},"author":2424,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,159],"tags":[],"coauthors":[116158],"class_list":["post-1202","post","type-post","status-publish","format-standard","hentry","category-business-angels","category-investors","megacategoria-mc-entrepreneurship"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/posts\/1202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/users\/2424"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/comments?post=1202"}],"version-history":[{"count":6,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/posts\/1202\/revisions"}],"predecessor-version":[{"id":1219,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/posts\/1202\/revisions\/1219"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/media?parent=1202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/categories?post=1202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/tags?post=1202"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blog.iese.edu\/entrepreneurship\/wp-json\/wp\/v2\/coauthors?post=1202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}