This paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), an initiative of the European Investment Fund, which engages in co-investment relationships with experienced business angels across Europe. It uses EIF’s proprietary database to shed light on a specific...

The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more "individualistic" funding options for start-ups, such as super angels or crowd sourcing...

2020 was an unprecedented and remarkable year, and also a year with high uncertainty and increased information needs. The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels Survey (the largest regular survey exercises among GPs and Business Angels on a...

This working paper provides testimony on the integration of ESG considerations and impact investing in the areas of venture capital (VC) and business angel (BA) investing. The results are survey-based and are derived from the respective questions in the EIF VC Survey 2019 and the EIF Business...

This working paper presents results of the first EIF Business Angels Survey, a survey among Business Angels (BA) who benefited from the European Angels Fund (EAF), an initiative advised by the EIF and providing equity to BAs for the financing of innovative companies in the form of...

The EIF Business Angels Survey, together with the EIF VC Survey and the EIF Private Equity Mid-Market Survey (the largest combined regular survey exercises among GPs and Business Angels on a pan-European level) provide an opportunity to retrieve unique market insights. This publication is based...

The creation of value through innovation is among the defining traits of new technology-driven ventures. In this paper we contribute to the literature by investigating the value of innovations for start-ups supported by EIF in the years 1996 to 2014, as measured through patent applications. The...

Start-up growth is often treated as a stylised fact, despite an extensive research body composed of divergent theories and empirical findings. Against this background, this work contributes to the literature by analysing a hand-collected dataset of 2,951 EIF-backed VC start-ups. Section 2...