Technical Note | HBS Case Collection | March 2014 (Revised May 2016)

Angel Investments in Europe and Recent Developments in Crowdfunding

by Lynda Applegate, Vincent Dessain, Emilie Billaud and Daniela Beyersdorfer


This technical note provides information on the evolution and current state of angel investing in Europe. The note first describes the role and types of angel investors, focusing on their investment preferences and practices. It then details the new trends in the market, including the development of policy tools and the proliferation of incubators/accelerators to support angel investors. Finally, the note explores salient issues in angel investing for the future and pays particular attention to the recent developments in crowdfunding.

Keywords: angel investors; crowdfunding; Financing and Loans; Investment; Financial Services Industry; Europe;


Applegate, Lynda, Vincent Dessain, Emilie Billaud, and Daniela Beyersdorfer. "Angel Investments in Europe and Recent Developments in Crowdfunding." Harvard Business School Technical Note 814-047, March 2014. (Revised May 2016.)