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The Spanish Association of Business Angels (AEBAN) has released a report titled “Business Angels 2025: Investment in Startups – Activity and Trends,” prepared in collaboration with IESE Business School and supported by institutions such as CaixaBank DayOne and ICEX-Invest in Spain. This study provides an overview of the dynamics of the startup investment sector over the past year, as well as future prospects.
According to data from the report, the average investment made by each business angel in the last year was €95,525, while the median stood at €20,000. However, when excluding large investments exceeding €1 million, the average decreases to €45,365. Additionally, the gender gap in investments is significant, with men investing more than double what women do. Female contributions averaged €27,014, compared to €16,032 the previous year.
A notable aspect of the study indicates that 65% of respondents did not carry out any divestments in 2024, reflecting the difficulties in the secondary market. These challenges have been attributed to factors such as the lack of buyers and the complexity of legal and tax procedures involved.
Optimism for the future is evident, as 92% of business angels intend to continue investing in startups next year, representing an increase of over ten percentage points compared to the previous year. Of this group, 30% plan to increase their investment, 40% will maintain their current level, and 22% expect to decrease it.
Selectivity has characterized investor behavior in 2024, driven by macroeconomic uncertainty and adjustments in the venture capital market. In this context, the sectors that have attracted the most investment interest are health (37%), food and agriculture (23%), and enterprise software (20%). Additionally, co-investment remains a common practice among more than 80% of respondents.
Among the emerging trends in the investment ecosystem, the professionalization of non-institutional venture capital and specialization in areas such as artificial intelligence, biotechnology, and renewable energies stand out. Furthermore, the adoption of environmental, social, and governance (ESG) criteria and diversity issues have gained greater importance among investors.
Marta Huidobro, president of AEBAN, emphasized the selectivity of investors in 2024 and the importance of business angels in seed funding. Laura Caballero, associate director of the Entrepreneurship and Innovation Center at IESE, highlighted that investing in talent is crucial for the future of business, stating that early-stage investors are vital pillars of the economic ecosystem.
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