EUROPEAN BUSINESS ANGEL NETWORK EUROPEAN ... - Idepa

EUROPEAN BUSINESS ANGEL NETWORK 

EUROPEAN DIRECTORY 

OF 

BUSINESS ANGEL NETWORKS IN EUROPE 

- November 2005 - 

This document has been coordinated by: 

Claire Munck and Christian Saublens 

EBAN Secretariat 

C/o EURADA Avenue des Arts 12 Bte 7 

B-1210 Brussels 

T: +32 2 218 43 13 F: +32 2 218 45 83 

E: info@eban.org W: www.eban.org

‘ Due to the private and confidential nature of the informal venture capital market, it is very 

difficult to collect comprehensive information on that market as it is feasible for the venture 

capital market. 

The data published in this document is based on the best knowledge of the EBAN 

Secretariat, the contribution and good will of its members and the collaboration of business 

angel networks across Europe. 

This document can be freely reproduced in order to support the development of the 

European informal venture capital industry. 

The 2001 and 2002 versions of this document had received financial support from the DG 

Enterprise of the European Commission. 

The EBAN Secretariat wishes to thank all of the organisations and individuals who have 

contributed to this document.’ 

2

EBAN, the European Business Angel Network, was established by the European 

Association of Development Agencies (EURADA) with the support of the European 

Commission in 1999. 

EBAN is an independent body, financed by its members and the provision of secretariat 

support for day-to-day and project management. As such, it is free to pursue the best interest 

of its members with the sole objective of advancing the recognition of the BA and BAN 

industry in Europe. 

The Association has the purpose of: 

• Encouraging the exchange of experience among business angels networks and 

encouraging " best practice ". 

• Promoting recognition of business angels networks. 

• Contributing to working out and carrying out local, regional and national programs of 

assistance to the creation and development of a positive environment for business 

angels activities. 

Board of Directors 

- Paolo Anselmo, IBAN, Italy 

- Martin Carr, Equity Link, UK 

- Anthony Clarke, London Business Angels, UK 

- Albert Colomer, BANC, Spain 

- Christian Stein, i2/aws, Austria 

- Arne-G. Hostrup, f.u.n NetzwerklNordbayern, 

Germany 

Executive Committee 

- Risto Kalske, SITRA, Finland 

- Roland Kirchhof, BAAR, Germany 

- Philipp Oberli, ASBAN, Switzerland 

- Claude Rameau, France Angels, France 

- Birgitta Österberg, NUTEK, Sweden 

- Roger Piqué, CIDEM, Spain 

- Ute Günther, BAND, Germany 

President of the Association: Anthony Clarke, London Business Angels (UK) 

Vice-President of the Association: Claude Rameau, France Angels (F) 

Members of the Executive Committee: 

Brigitte Baumann, MBAN (MT) 

Paolo Anselmo, IBAN (I) 

Philipp Oberli, ASBAN (CH) 

4

Table of contents 

Directory of business angel networks operating in Europe 6 

Austria 12 

Belgium 15 

Czech Republic 27 

Denmark 35 

Finland 37 

France 40 

Germany 63 

Greece 93 

Hungary 97 

Italy 98 

Latvia 113 

Luxembourg 114 

Malta 116 

Norway 118 

Poland 125 

Portugal 128 

Spain 130 

Slovenia 152 

Sweden 155 

Switzerland 163 

The Netherlands 179 

Turkey 179 

United Kingdom 182 

Russia 227 

M 

EBAN member 2005 Updated 

5

EBAN Directory of networks operating in Europe in 2005 

*EuBAN, as a tri-national network, is mentioned in the Belgian, German and Dutch Statistics 

but counted only once for the total of networks. 

**DVCA conducts an annual survey near its member networks. The results of the survey will 

be forwarded to EBAN once completed. 

Networks having responded to our survey in 2005. 

EBAN Directory of business angel networks 2005 

Name of BAN 

Austria 2 

i2 - aws 

AICO (Linz – Upper Austria) 

Belgium BeBAN 6 

Africa Synergie 

BAMS 

Solvay Business Angels Connect 

BAN Vlaanderen 

EuBan 

WABAN 

Czech Republic 2 

BANET 

Angel Investor Association 

Denmark DVCA 8 

RBAN Switzr 

RBAN Østjylland 

RBAN Midt/Vest 

REBAN Oresund 

REBAN Syd 

RBAN København 

DVCA IT Forum 

DVCA Lifescience Forum 

Finland 1 

Sitra PreSeed-Finance / Intro Service 

France France Angels 38 

Anjou Amorçage 

Arcange - Plurin (22) 

Altantic Emergence - Nantes 

Aurinvest - Paris/France 

Aube Investissement - Troyes 

Bourgogne Angels - Dijon 

Chevaliers D'Entreprise - France 

Club 3c - Toulouse 

Club B2A Nord Pas de Calais 

Club Inv'est 77 - Melun 

Coach'Invest - Paris 

Dilen - Paris 

Fa Dièse 

Femmes Business Angels - Paris/France 

6

Finance & Technologie - Paris/France 

Flamingo Ventures 

Grenoble Angels 

GSO Investissement 

Invest'95 

Invest'Essor - 92 

Invest'Y - Hedera - Versailles 

Irus Partenaires - Nantes 

Leonardo - Paris/France 

Loire Business Angels 

Logoden - Rennes 

Lorraine Business Angels - Metz 

Lyon Angels 

Mar-Tech & Finance - Paris/France 

Méditerranée Investissement - Nice 

Norm'Invest - Honfleur 

Octave - Lorient 

Paris Business Angels 

Savoie Business Angels - Chambéry 

Sophia Business Angels Club 

Start Me Up - Lyon 

Sud Angels - Montpellier 

Symbiose 53 - Laval 

Synergence - Angoulême 

X.M.P Business Angels - Frances 

Germany BAND 43 

BAAR-Business Angels Agentur Ruhr e.V. 

BACS Business Angel Club Schwaben 

BANKO e.V. Business Angels Netzwerk Rheinland 

BANO - Business Angel Nord Ost 

BANSON - Business Angel Netzwerl Süd-Ost Niedersaschsen 

BIC Leipzig 

BrainsToVentures GmbH 

Business Angel Fondsverwaltungs gmbh 

Business Angel Initiative Mittelhessen ev 

Business Angel Netzwerk Baden Baden 

Business Angel Netzwerk Bremen 

Business Angel Netzwerk Hamburg (HK) 

Business Angel Netzwerk Lausitz ev 

Business Angel Netzwerk Nordwestdeutschland e.V. (BANN) 

Business Angel Netzwerk Ostwestfalen (BANOW) 

Business Angel netzwerk|nordbayern 

Business Angel Team gmbh 

Business Angel Venture GmbH 

Business Angel-Netzwerk Niedersachsen (BAN-NDS) 

Business Angels Club Berlin 

Business Angels FrankfurtRheinMain e.V. (BARM) 

Business Angels Initiative Südwestfalen - ASIO 

Business Angels Netzwerk Saarland 

Business Angels Netzwerk Thüringen c/o STIFT 

Business Angels NRW e.V. 

7

Business Angels Pfalz e.V. 

Business Angels Rheinhessen 

Business Angels Weser Ems w.v 

CatCap GmbH 

EcatInvestor 

Forum Kiedrich gmbh 

icon innovation gmbH 

IHK-Expertenkreis Innovationsfinanzierung 

InnovationsCampus Wolfsburg 

Investoren für Unternehmen in Schleswig-Holstein e. V. 

MCG Beratungs und Beteiligungsnetzwerl Berlin Brandenburg 

Munich Business Angels AG 

NUK-Verband Neues Unternehmertum Köln-Bonn-Aachen e.V. 

Raphael - Sächsisches Business Angels Netzwerk e.V 

SABAA - in creation 

Venture Forum Neckar ev 

win - Wagniskapital für Innovationen NRW GmbH 

euBAN 

Greece 1 

Mentoring Business Development Services SA 

Hungary 1 

Business Angel Club 

Ireland 1 

Business Angel Partnership 

Italy IBAN 12 

Ban Bologna 

Ban Brescia 

Ban Campania 

Ban Lazio 

Ban Lombardia 1 – BIC La Fucina s.cons.r.l 

Ban Puglia 

Ban Sardegna 

Ban Toscana Sud 

BAN Umbria 

BAN Alpe Adria 

BAN Nord-Ouest 

Club Milano Centro 

Latvia 1 

CONNECT Latvia Business Angels Network (In creation) 

Luxembourg 1 

Luxembourg Business Angels 

Malta 1 

MBAN 

Norway NorBAN 7 

Roban 

Artic BAN 

BioBAN Oslo 

ICT BAN Oslo 

NorBAN London 

Partus 

Connect Norge - 4 regional networks below 

8

Connect Vest Norge 

Connect Nord Norge 

Connect Ostlandet 

Connect Mid Norge 

Poland 2 

PolBAN 

Lewiatan Business Angels 

Portugal 1 

Gesventure 

Russia 4 

Moscow Business Angel Network 

BRAIN 

Business Angels Club 

Private Capital 

Slovenia 1 

Slovene Business Angel Club 

Spain CIDEM + ESBAN 20 

ABANT 

BAN Madrid 

BANC 

BANCO 

BANG 

BAXI 

BCN Business Angels 

Club d’Inversors La Salle –URL 

ESADE – Club d’emprenedors I Inversors 

Esfera UAB – Not Operative 

IESE BAN 

MADBAN 

Madrid Capital 

PIMEC Capital – Not Operative 

Proexca – Canarias 

UNIBAN 

SODERCAN - Cantabria 

XARXAP - ALTA Partners 

XIP Mataro 

XIPJEC – Not Operative 

Sweden SVCA / NUTEK 28 

30up.com 

Affärsängelnätverket Delfinerna (ALMI Skane) 

ALMI Stockholm Änglar 

Uppsala Privatinversterarnätvrk (UPPI) 

Business Angels Syd 

Connect Halland 

Connect Norrbotten 

Connect Skane 

Connect Sydost - 3 local networks 

Connect Väst - 4 local networks 

DalaBAN 

Delfinerna I Västerbotten 

Entrepreneurial Capital Network 

9

Affärsänglar i Mittsverige 

Kista Innovation & Growth 

Result Network 

Roslagens Affärsängkar 

Investment AB Spiltan 

ITP Invest 

W Venture Network 

X Invest 

Y Network 

Änglanätverk Norr - Umea 

Switzerland ASBAN 7 

Bisange SA 

Brains to Venture AG 

Business Angels Schweiz 

Club valaisan des Business Angels 

MSM Invertorenvereinigung 

Start Angels Network 

Venturix AG 

The Netherlands 5 

Nebib 

euBAN 

ABN Amro 

Rabo Bank 

PPM Oost NV 

Turkey 2 

BANTR 

Banatolia 

UK British Business Angels Association 35 

Advantage Business Angels 

Anglo American Angels 

Angel Bourse 

Beer and Partners 

Business Link Devon and Cornwall 

C2 Ventures London & Berkhamsted 

Capital partners Group 

Cavendish Management Resources 

Catapult Investment Partners 

East Midlands Business Angels Ltd 

ENTRUST 

Envestors 

Equity Link 

E-Synergy 

Finance South East 

First Capital 

Halo 

Hotbed 

K@talyst 

Katalyst Ventures Ltd 

Kingston Business Angels (KBA) 

LINC Scotland 

London Business Angels 

10

Oxford Early Investments 

Oxford Investment Opportunity Network Oxfordshire 

Pi Capital Limited 

Solent Investment Opportunities Network 

SWAIN 

TECHINVEST 

Thames Valley Investment Network 

University of Warwick Science Park Limited 

Venture Site 

Winsec Corporate Exchange Ltd 

Xenos 

Yorkshire Association of Business Angels 

Total 231 

11

1. Background 

EUROPEAN BUSINESS ANGEL NETWORK - Directory of Network 2005 

AUSTRIA 

2005 

In Austria, Business Angel (BA) activities were initiated in 1997 by I2, a department of 

Innovationsagentur, a state-owned non-profit organisation supporting innovative ideas and 

entrepreneurs in Vienna. Innovationsagentur was merged with AWS (The Austrian Investment 

Agency and Promotional Bank) in August 2003. 

2. Statistics 

1997 1998 1999 2000 2001 2002 2003 2004 

Number of BANs 1 1 1 1 1 1 1 1 

Number of Business Angels 1 

37 (21) 35 (20) 47 (34) 81 (49) 83 96 91 90 

(57) (72) (76) (82) 

Number of deals 2 2 4 4 4 7 8 1 

Number of accredited projects 37 39 47 63 92 103 69 60 

Number of commercial BANs - - - - - - - - 

Number of non-commercial BANs 1 1 1 1 1 1 1 1 

Number of national BANs 1 1 1 1 1 1 1 1 

Number of regional BANs - - - - - - - - 

3. BAN legal status 

The BAN (i2-The Business Angels Network) is a department of AWS. 

4. National association 

i2 is a branch of aws, the Austrian national business support agency and is the main BAN in 

Austria. aws helps the creation of regional networks, such as AICO operational since Mid- 

2005, and therefore acts as a quasi-national association for Austria. 

5. Lobbying 

Dissemination of the BAN concept: cooperation-partners in all Austrian countries and 

Bratislava (Slovakia) as well as the South Tyrol; partnerships with Universities, 

Academies/Colleges, science parks, network of lawyers, public relations. 

6. EU support 

i2 has received co-funding from DG Enterprise to strengthen its BA activities. 

7. Operating Model 

i2 has developed interesting synergies between BA and seed and guarantee schemes. 

8. EBAN members 

i2, department of AWS. 

1 Numbers in brackets concern private individuals; others include also strategic and institutional investors. 

12 

M


i2 – AWS 

2005 M 

Contact person DI Stefan Kreppel, MBA 

Contact details Ungargasse 37 

Austria Wirtschaftsservice GMBH 

1030 Vienna 

T: +43 1 501 75 524 

F: +43 1 501 75 907 

E: business-angels@awsg.at 

W: www.business-angels.at 

Type of network National network 

Date of creation 1997 

Employees 3.5 

Legal status Department of AWS 

Hosting organisation AWS 

Formal partner organisations Ministry of economics, M&A advisor, tax 

advisor, law firms 

Funding sources: 

22% 

12% 

66% 

Public National 

Fees from 

Business Angels 

and enterprises 

Other (sponsors) 

1997 1998 1999 2000 2001 2002 2003 2004 

Number of projects 

submitted 

37 39 47 63 81 103 69 60 

Number of Angels 37 35 47 81 83 96 91 90 

(21) (20) (34) (49) (57) (72) (76) (82) 

Number of deals made 2 2 4 4 4 7 8 1 

Average amount of the 

deal 

n/a n/a n/a n/a n/a n/a 140.000€ 150.000€ 

200 

150 

100 

50 

0 

1997 

1998 

1999 

2000 

2001 

2002 

2003 

2004 

13 

Deals 

Angels 

Projects


Matching products of the network: 

• Computerised data-base matching service 

• Personal introduction (on a one-to-one basis) 

• Investment forum / fairs 

• Networking events for investors 

• Mail presentation to all private investors 

• Contacts to potential Business Angels within two weeks after first contact 

How are clients acquired? 

• Information events / seminars 

• Visits to enterprises 

• Articles in local / national media 

• Established co-operation with local banks / financing institutions / accountants, lawyers; 

embedding in sector of public promotion companies for SMEs, 

• Other: Partnerships with universities, academies/colleges, science parks, public 

relations, direct mailings. 

Fees: 

o Fees charged to entrepreneurs: 390€ for 6 months (reimbursed if no contact), in addition i2 

levies a success-fee for investments limited to 1% of investment. 

o Fees charged to Business angels: (for 1 year): 90€ (higher fees for other investor 

categories). 

Estimate of the number of jobs created as a result of the network activity over the last 3 

years: 100 jobs 

Success story : 

Name of 

company 

Sector of 

activity 

Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of exit 

Multiple of return 

for investors (i.e. 

times return on 

money) 

Mediornet IT/Mutlimedia 2003 3.8 m € 1 + VCs - - 

14

1. Background 


BELGIUM 

2005 

Since 1998, seven BANs have emerged in Belgium. These networks were set up in the period 

1998-2001. They guaranteed a complete coverage of the Belgian area: 4 networks in 

Flanders, 2 in Wallonia and 1 in Brussels. In the beginning of 2004, the 4 Flemish networks 

merged into 1 Flemish network: BAN Vlaanderen. 

As per today, Belgian counts 4 networks: 1 network in Flanders, 2 in Wallonia and 1 in 

Brussels. 

The international (inter-regional) network Euban (B-D-NL) operates in the eastern part of the 

country. 

2. Statistics 

1998 1999 2000 2001 2002 2003* 2004** 

Number of BANs 1 4 6 7 7 7 5 

Number of Business Angels 0 n/a n/a n/a n/a n/a 160 

Number of deals 0 1 19 39 31 37 29 

Number of accredited projects 0 n/a 260 370 273 229 136 

Number of commercial BANs 0 2 2 2 2 2 1 

Number of non-commercial BANs 1 2 4 5 5 5 4 

Number of national BANs 0 0 0 0 0 0 0 

Number of regional BANs 1 4 6 7 7 7 5 

National association 0 0 1 1 1 1 1 

*Up to 2003, 7 networks were operating in Belgium, 4 in Flanders and 3 in Wallonia and Brussels. 

**Including Euban 


In Belgium, 4 out of 5 networks are not for profit organisations. The other one is a commercial 

BAN. 

Not-for-profit does not mean that these are public organisations: some are created together 

with development agencies, others are emanations of business schools, of business 

innovation centres and of private investors. 


The 5 Belgian networks all join forces in BeBAN, the Belgian Association of Business Angels 

Networks. Its main goal is the promotion of the visibility of business angel finance and 

business angel networks. A code of conduct was elaborated and subscribed by all existing 

networks. 

BeBAN became the facilitator in setting up cooperation between all Belgian BANs and other 

governmental, public and private organizations active in the field of risk capital. For instance, 

in 2002 a new product, the “business angel+”-loan, was launched by the national Participation 

Fund to give a favourable subordinated loan collateral to a BA-input realized through a BAN. 

The BeBAN contact details are: 

Mr Reginald VOSSEN, Chairman BeBAN 

C/o BAN Vlaanderen vzw 

Kunstlaan 18 

3500 HASSELT (B) 

E: r.vossen@banvlaanderen.be; W: www.banvlaanderen.be 

15

5. Lobbying 


Since 2000 and mid 2001, the Belgian BANs used BeBAN as a platform to discuss with the 

Finance and Banking Commission in order to clarify the scope of BAN intervention and the 

compatibility of their action with Belgian legislation on public issues and the obligation to make 

a prospectus. Because of this legislation business proposals cannot be submitted to more than 

50 people and business angel networks cannot ask for money from the entrepreneurs looking 

for money in their function as a matchmaker. If this would be the case, entrepreneurs are 

obliged to write a prospectus. 

6. National/regional Support 

All BANs in Belgium have secured financial support from their regional government. This 

support varies from region to region because of the fact that the economical policy is a 

regional (not a national) competence. 

The support of all regional authorities constitutes an official recognition of the contribution of 

Business Angels to the stimulation of the Belgian economy. 

In Wallonia, a guarantee scheme for BA-investments was installed through Sowalfin. 

7. EU support 

The European Commission supported several initiatives: 

� Awareness actions 

Ten awareness seminars have been conducted in the late 90’s. They were co-ordinated by the 

Réseau des Jeunes chambres économiques. Seminars were held in Bruges, Kortrijk, Gent, 

Antwerp, Leuven, Hasselt, Brussels, Mons, Liège and Wavre. 

� Feasibility studies 

Two feasibility studies were co-funded in Belgium: one done by GOM Vlaams Brabant and 

NCMV and another done by PYTHAGORAS n.v. , a private company. 

� Pilot projects 

DG Enterprise supported one pilot project in Belgium. The beneficiary was the Vlerick Leuven 

Gent Management School. 

� ERDF-support 

One network was supported through the European Regional Development Fund. The 

beneficiary was Limburg BAN vzw, which merged into the new Flemish network: BAN 

Vlaanderen. 

� Interreg III 

3 Belgian organizations (BAN Vlaanderen, SOCRAN and WfG Ostbelgien), together with a 

German (AGIT) and a Dutch (LIOF) partner started the Interreg-project Euban in January 

2004. EUBAN is a tri-national network in the Euregio Meuse-Rhine, which aims to generate 

more BA-activity in this region and to enhance cross-border investments through BA’s. Euban 

is partially subsidised through Interreg III-funds. 

8. Dissemination of the BAN concept 

The Dutch-speaking economic daily newspaper Financieel Economische Tijd published 

articles on BANs operating in Flanders. So did the French-speaking daily L’Echo for the 

Walloon networks. Many articles were originally inspired by the BAN's initiatives and by the 

efforts of Mr Rudy AERNOUDT, a Belgian European Commission official. 

16


In 2000, RTBF (the French-speaking public TV corporation) dedicated an edition of its weekly 

magazine ECO to the concepts of Business Angels and BANs in the Walloon Region. 

Economic magazines such as Trends/Tendance and PME/KMO have published several 

pieces on BA and BAN activities in Belgium in both French and Dutch. 

In May 2001, BeBAN organised a congress on “BAs: accelerators of economic growth” to state 

clearly the role of BA financing among other financial actors. Some 150 market players 

attended. 

The start-up of BAN Vlaanderen in February 2004 raised a lot of attention in all national media 

(TV, newspapers, business magazines…) and enhanced the knowledge about the existence 

of BANs. A large publicity-campaign with commercial spots, advertisements and a region-wide 

road show expanded the BAN-concept throughout Flanders. 


BAMS 

BAN Vlaanderen 

17


BAMS 

2005 M 

Contact person Christophe Guisset 

Contact details Champ Vallée 17C 

B-1348 Louvain la Neuve 

T: +32 (0) 10 48 50 20 

F: +32 (0) 10 48 50 21 

E: mail@bamss.com 

W: www.bams.be 

Type of network Regional network 


Number of Employees 3 

Legal status Limited Company 

Formal partner organisations BeBan, BAN Vlaanderen, ING Bank 

Funding Sources: 

40% 

10% 

50% 

Regional funds 

F ees from 


F ees from 

entrepreneurs 

2000 2001 2002 2003 2004 

Number of projects submitted 30 50 50 40 40 

Number of Angels 30 40 50 50 50 

Number of companies financed 3 6 10 9 14 

Number of deals made 8 9 16 19 23 

Average amount of the deal 103.125€ 70.576€ 71.015€ 69.597€ 72.400€ 

140 

120 

100 

80 

60 

40 

20 

0 

2000 2001 2002 2003 2004 

Angels 

Projects 

Deals 

Companies 

financed 

Matching services of the network: 

• Newsletter or information bulletin 

• Database of contacts 

• Meetings 

• Investment Clubs 

• Investment forums and fairs 

• Internet 

• Specific service for business angels investing in high-technologies 

18



• Event and information fairs 

• Newsletter 

• Targeted publicity 


• Articles in the regional or national press 

• Cooperation agreements with local banking, financial or fiduciary institutions 

Fees: 

o Fees charged to entrepreneurs: 100€ - 500€ 

o Fees charged to business angels: 100€ - 500€ 


years: n/a 

Success story: n/a 

19


BAN VLAANDEREN 

2005 

Contact person Reginald Vossen 

Contact details Kunstlaan 18 

3500 Hasselt 

T: +32 (0) 11 30 01 76 

F: +32 (0) 11 30 01 02 

E: r.vossen@banvlaanderen.be 

W: www.banvlaanderen.be 


Date of creation 2004 – Result of the merger of 4 

regional networks in the Flanders 

region of Belgium 

4 regional antennas Antwerpen, Gent, Hasselt/Leuven, and 

Kortrijk. 

Number of employees 6 

Legal status: Non-profit organisation 


20% 

15% 

5% 

60% 


Fees from 


Fees from 

entrepreneurs 

O ther (sponsors) 

2004 

Number of projects submitted 64* 

Number of Angels 75 

Number of deals made 8 

Average amount of the deal 108.000 

*249 Submitted to BAN Vlaanderen, and 64 submitted by the network to the investors. 




• Meetings 










• Special actions to target groups 

• Yearly BA “get together” day 

• Yearly Angel-Academy 

20 

M


Fees: 




years: 15-20 


21


SOLVAY BUSINESS ANGELS CONNECT 

Contact person Evelyne Heyvaert 

Contact details 40, rue Joseph Wybran 

B-1070 Bruxelles 

T: +32 2 529.58.11 

F: +32 2 529 59 22 

E: eh@eebic.be 

W: www.business-angels-connect.be 

Type of network Regional, Region of Brussels and 

surroundings 

Date of creation August 1998 as Business Angels Connect 


Legal status Not-for-profit association 

Hosting organisation EEBIC 


28% 

10% 

7% 

55% 


Fees from 


Success fee from 

business angels 

Fees from 

entrepreneurs 

1999 2000 2001 2002 2003 Mid 2004 

Number of projects submitted 40 115 122 173 245 113 

Number of Angels 34 35 50 

Number of deals made 0 7 3 6 9 5 

Average amount of the deal N/a 201.000 80.000 170.000 78.000 93.000 


Newsletter or information bulletin 

Database of contacts 

Meetings (one to one) 

Investment forums and fairs 

Internet 


Event and information fairs 

Targeted publicity 

Visits to enterprises 

Articles in the regional or national press 

Cooperation agreements with local banking, financial or fiduciary institutions 

Other - Institutional prescriptions 

Fees: 

o Fees charged to business angels: 325€ 

o Fees charged to entrepreneurs: 300€ 

22


WABAN 

2005 

Contact person Alix Housiaux 

Contact details Aéropôle - Télécom 2 

Rue Clément Ader, 12 - B 260 

B-6041 Gosselies 

T: +32 71 352 350 

F: +32 71 354 115 

E: ah@waban-b2a.org 

W: www.waban-b2a.org 

Type of network Regional network for the Walloon region. 



Hosting organisation Groupement d’Intérêt Economique des Centres 

Européens d’Entreprise et d’Innovation Wallons 

(GIE des CEEI) - Economic grouping of Interest 

of the Walloon European Centres of Enterprise 

and Innovation (GIE of the CEEI) 

Formal partner organisations: 

Since mid-2002, WABAN has developed a partnership with the Club B2A called « WABAN – 

B2A Nord-Pas-de-Calais ». It is a cross border business angel network covering the cross 

border areas of the Walloon Region (B) and the Nord-Pas-de-Calais (F), aiming to contribute 

to the development of cross border risk capital, and to foster the creation and development of 

innovative projects looking for finance. This network was created following the initiative of both 

regions, through two operators, the Economic grouping of Interest of the Walloon European 

Centres of Enterprise and Innovation (GIE of the CEEI) and the Regional Chamber of 

Commerce and Industry of Nord-Pas-de-Calais. 

The network benefits from a financial support from the ERDF, the Walloon Region, the 

Economic grouping of Interest of the Walloon European Centres of Enterprise and Innovation 

(GIE of the CEEI), the association APARTE, EDF (Electricité de France) and ANVAR (French 

Agency for Innovation). 


20% 

40% 

40% 


European Funds 

GIE of CEEI 

2003 2004 

Number of projects submitted (BP) +/-10 4 

Number of Angels 30 29 

Number of deals made n/a n/a 

Average amount of the deal n/a n/a 

23



• Meetings 


• Internet 







Fees: 

o No fees charged to entrepreneurs. 

o Fees charged to business angels: 100€ - 500€. 


years: Not published. 


24


EuBAN 

2005 

EuBAN, the euregional Business Angels network aims to provide a solution to improve the 

framework conditions of early-stage SME finance in the EUREGIO Maas-Rhine. Five partners 

have joined forces to form the cross-border business angels network: 

• Aachen region (AGIT) www.agit.de 

• Belgian Limburg (BAN Vlaanderen) www.banvlaanderen.be 

• Dutch Limburg (Industriebank LIOF) www.liof.nl 

• province of Liège (SOCRAN) www.socran.be 

• German-speaking community of Belgium (WFG Ostbelgien) www.wfg.be 

The euBAn coordination office is based with AGIT. 

Contact person Mirella Feldmann 

Contact details c/o AGIT mbH (coordination office) 

Technologiezentrum am Europaplatz 

52068 Aachen 

T: +49 (0) 241 963-1026 

F: +49 (0) 241 963-1033 

E: m.feldmann@agit.de; info@euban.net 

W: www.euban.net 

Type of network Regional network, EUREGIO Meuse- 

Rhine (Belgium/Germany/Netherlands) 

Date of creation 01.01.2004 


Hosting organisation AGIT mbH (coordination office) Partners 

(see above) 


45% 

5% 

50% 



Sponsor: AGIT 

*Regional funds: 

- 25% Walloon Region (B) 

- 12.5% Province of Limburg (NL) 

- 7.5% NRW (D) 

*European Funds: INTERREG IIIA 

*EuBAN foresees to charge fees to business angels in the future. 

25


2004 

Number of projects submitted 24 



Average amount of the deal - 

In 2004 there have been two business angels who decided to invest in two of the presented 

companies, but the deals haven’t been accomplished yet . The BA’s and the companies are 

still in negotiation. 





• Meetings 







• Giving lectures in regional service clubs 

Fees: 

o No Fees charged to entrepreneurs 



years: n/a 


26

1. Background 


CZECH REPUBLIC 

2005 

Since the fall of communism in the then Czechoslovakia and now The Czech Republic, there 

have been several attempts to create an informal marketplace to match private investors and 

investee companies. 

Although over the past 14 years several transactions which could be classified as Business 

Angel deals have been done, there has not been a structured approach which would marry up 

the best practices from advanced European and US markets. 

The primary problem is the lack of awareness of both the investment process and the 

implications for both sides of the equation and without this awareness the deals which will be 

taking place are likely to be rather random and haphazard. 

BANET is the brainchild of Michael Prokop, an experienced London based Business Angel 

who decided to set up a formal Business Angel network in Prague in conjunction with a local 

company BID services s.r.o. 

The aim is to not only provide a matching service for investors and investees but also to add 

value by providing educational backup as a pre requisite to successful matching. 

The intention is to carry on with the successful UK experience of Ready4Growth and 

Ready2Invest seminars which will provide the necessary awareness to both sides of being 

Investment Ready and providing Intelligent Capital. 

Therefore, throughout the summer of 2004, over 6000 SMEs are being contacted in a 

concerted Direct Mail drive with the intention of selecting the most promising initial deals to be 

trained up in September 2004 in Investment Readiness, i.e. the ability to put together a 

sensible Business Plan and the skills to make a visual presentation to a group of investees. 

The first BANET meeting is planned for November 2004. 

2. Statistics 

There are no reliable statistics available at the moment as the business angel market is rather 

latent and unregulated. However from anecdotal evidence, the number of deals which could 

be classified as Business Angel finance (i.e. equity purchase of up to 500 k Euro from 

investors who are not related to the investees) is less than 30. 

3. BAN Legal Status 

At the moment, BANET is a subsidiary of Bid Services s.r.o. and following the first Business 

Angel meeting in November 2004 will become a s.r.o. (Limited company) 

4. National Association 

BANET 

5. Lobbying 

Lobbying has been carried out by making presentations at various SME conferences in 

Prague and Brno, several presentations to the main Venture Capital players and the Ministry 

of Trade and Industry, Czechinvest, major commercial banks and Cesko Moravska Zarucni a 

Rozvojova Banka (CMZRB). The lobbying has included the attempt to obtain tax breaks for 

investors and to provide support for both investors and investees from the Structural Funds 

and from the CMZRB in the form of soft loans to match the Angel investment. 

27

6. National and Regional Support 


At the moment there is no support from any external organisation and all the setting up costs 

have been borne 100 % by the principals. 

7. EU support 

To date no support has been received. The Czech Republic acceded only on 1/5/2004 

8. Contact 

Michael Prokop or Michal Pop 

BID services s.r.o 

Milicova 20 

130 00 Prague 3 

Czech Republic 

T: +420 222 781 017 

F: +420 222 780 147 

E: info@bids.cz 

W: www.bids.cz 

28


BANET 

Contact person Michael Prokop 

Contact details BID Services, Milcova 20 

130 00 Prague 3 

T: +420 222 781 017 

F: +420 222 780 147 

E: info@bids.cz 

W: www.bids.cz 


Date of creation 11 March 2004 



100% 

Founders 

2005 M 

Mid 2004 

Number of projects submitted n/a 

Number of Angels n/a 

Number of deals made n/a 

Average amount of the deal n/a 




• Meetings 



• Internet 






Products: 

• Awareness and training sessions for investors and investees 

• Creation of database of HNWI and investee prospects from the ranks of local SMEs 

• Matching investors and investees 

Fees: 

o Investors: 150€ per annum to include a synopsis of prospective SMEs and an invitation to 

regular investment forums, access to private web pages 

o Entrepreneurs: 500€ for the opportunity to present their Business plan to a forum of HNWI 

at regular investment forums plus the attendant publicity of their investment proposals. 

29



years: n/a 


30


ANGEL INVESTOR ASSOCIATION 

2005 

Contact person Joanna Rzesiewska 

Contact details Na Prikope 15 

110 00 

Prague 1 

T: +420 272 143 524 

F: +420 272 143 516 

E: Joanna.rzesiewska@aia.cz 

W: www.aia.cz 

Type of Network National Network 

Date of creation Formally registered on 7 th of January 

2005 but existing since January 2004 

Number of Employees Only volunteers (board members are not 

paid as well as the management team, 

which is provided by partner organization) 

Legal status Non-profit association 

Formal partner organisation Myall Consulting Europe 


100% 

Sponsors 

2004 


Number of projects 10 


Average amount of the deal N/a 



• Meetings 


• Internet 






• Other- through the network of partners 

Fees: 

• No fees charged to entrepreneurs 

• Less than 100€ charged to business angels 

31 

M



years: n/a 


32


RAAL 

Contact person Jiří Janák 

Contact details 

tr. Gen. Píky 9 

613 00 Brno 

T: + 420 545 223 982 

F: + 420 545 223 989 

E: info@investori.cz 

jiri.janak@investori.cz 

Website www.investori.cz 



Type of network n/a 

Legal status of the BAN GmbH / Ltd. 


5% 

95% 

Fees from 


Fees from 

entrepreneurs 

2005 

2000 2001 2002 2003 2004 

Number of Business Angels 2 2 3 3 4 

Number of projects 8 12 16 10 18 


Average amount of the deal 50.000 50.000 60.000 4.000.000 75.000 

20 

15 

10 



• Meetings 


• Internet 

5 

0 

2000 2001 2002 2003 2004 

33 

Angels 

Projects 

Deals 

M







Fees: 

o Fees charged to business angels: 100€-500€ 

o Fees charged to entrepreneurs: 100€-500€ 


years: n/a 


34

1. Background 


DENMARK 

2005 

In 1999, the Danish Government conducted a survey on the feasibility of creating a network for 

private individual investors in Denmark. 

The survey revealed that there was a need for creating meeting points, which could bring 

private investors and innovative and investment seeking entrepreneurs together. The survey 

also showed that the meeting points were better off being placed in decentralised areas and 

locally in close co-operation between the investors and investment seeking firms. On the other 

hand it also came clear that a centrally located organisation was needed in order to coordinate 

the co-operation and contact among the local meeting points. The Danish state 

therefore decided to finance the creation of a Danish Business Angel Network with 673.000 

Euro for a period of 3 years (2000-2002) and Euro 640.000 for the period 2003 – 2005. DBAN 

became a part of the DVCA in Spring 2004, the Danish Venture Capital Association, 

www.dvca.dk 

The Danish Venture Capital Association (DVCA) was established in 2000 by a group of people 

interested in innovation, entrepreneurship and private equity funding. Today DVCA has about 

60 member companies representing venture capital as well as a number of related 

professions. 

In 2004, 94 business angels joined the association. 

2. Statistics 

2000 2001 2002 2003 2004 

Number of BANs 1 4 6 8 8(+2) 2 


Number of deals 0 1 8 60 n/a 

Number of accredited projects 1 25 65 60 160 

Number of commercial BANs 0 0 0 0 0 

Number of non-commercial BANs 1 4 6 7 8 

Number of national BANs 1 1 1 1 1 

Number of regional BANs 0 3 5 6 7 

National association 1 1 1 1 1 


All the networks set up in Denmark now by the DVCA (previously by DBAN) are private 

entities public funded. 


DVCA acts as the national association. 

Contact person: 

Peter Much-Kofoed 

Borsen – 217 Copenhagen 

T: +45 72 25 56 21 

E: pmk@dvca.dk, W: www.dvca.dk 

2 DVCA will establish two sectoral networks around Autumn 2004: AgroBAN and CreativeBAN. 

35 

M

5. Lobbying 


As a branch organisation, an important issue for DVCA is lobbying towards the political system 

in order to improve the conditions for start-up companies, business angels and venture capital. 

In 2003 DVCA handed in 10 new proposals to improve market conditions. 5 proposals have 

been accepted by the Danish Government. 


DVCA has had several articles in the national press as well as presentations and road shows. 

7. EU support 

None. 


DVCA 

36

1. Background 


FINLAND 

2005 

BA activities Finland emerged as organised structures in 1996 under the leadership of SITRA, 

a formal seed and venture capital fund. SITRA is a nation wide organisation. For the first 5 

years the activity was more based on the private activities of BAs on a database basis. The 

concept was restructured in 2001: the new concept of pre-seed finance was launched in May 

2001, including two major instruments: LIKSA and INTRO. LIKSA is a programme for 

professional completion of business plans, arranged by SITRA and Tekes. INTRO is a 

marketplace for business angels and other venture capitalists to meet technology companies 

in the start-up or restructuring phase. This well functioning platform has shown, that far too 

many investments fail due to start-ups’ lack of marketing & sales professionalism. As an 

answer to this, since the beginning of this year, INTRO also offers a channel (DIILI) for 

marketing & sales professionals to look for a new ‘entrepreneurial’ career in companies 

presented at the INTRO marketplace. 

2. Statistics 

1996 1997 1998 1999 2000 2001 2002 2003 2004 Mid 

2005 

Number of BANs (1) (1) (1) (1) (1) (1) 1 1 1 1 

Number 

Angels 

of Business 

- 90 207 253 284 

Number of deals - 12 10 12 7 

Number 

projects 

of accredited 

- 35 52 41 21 

Number of commercial 

- 1 0 0 0 

BANs 

Number of national BANs - 0 0 0 0 

Number of regional BANs - - - - - 

National association - 1 1 1 1 

(1)During the period 1997-2001, the BA activities of SITRA can be presented as follows: 

• BA: between 60 and 150 

• n. of deals: between 8 and 12 per year 

• n. of accredited projects: between 60 and 100 


INTRO is an initiative started by SITRA, involved in private investors’ venture capital activities, 

with a clear vision to empower public/private partnerships. 


SITRA 

37


SITRA 

Finnish National Fund for Research and Development 

2005 M 

Contact person Tuula LAITINEN 

Contact details Itämerentori 2 

FI-00180 Helsinki 

Finland 

T: +358 9 6189-9429 / +358 9 618 991 

F: +358 9 6189 9277 

E: tuula.laitinen@sitra.fi 

W: www.sitra.fi/preseed 

Type of Network National network 

Date of creation 2001 (Initial start 1996 as Sitra Matchingservice) 


Legal status Part of SITRA 

Hosting organisation SITRA 

Formal partner organisations TEKES, National Technology Agency, for 

LIKSA programme (development of 

professional business plans). 


Number of 

projects 

submitted 

Number of 

Business angels 

Number of deals 

made 

100% 

Public/National 

Funds 

1996 1997 1998 1999 2000 2001 2002 2003 2004 Mid 

2005 

20 60 80 100 100 

35 52 41 21 

Reorganisation 

20 60 80 130 140 of 90 207 253 284 

2 8 8 10 12 activities 12 10 12 7 

300 

250 

200 

150 

100 

50 

0 

1996 

1998 

2000 

2002 

38 

2004 

Projects 

Angels 

Deals



• Internet Presentations 

• Bulletin / Newsletter (both printed and email) 

• Investment Forums 

• Personal introduction (on a one to one or one to group basis) 

• Investment clubs 



• Direct mailings 


• Articles in the local / national Press 

• Established co-operation with local institutional investors 

Fees: 

No fees charged to business angels or entrepreneurs 


years: n/a 


39

1. Background 


FRANCE 

2005 

The first associative network, named Léonardo, was set up at the beginning of nineties. 

A private BAN was set up by IPEN Financial Consultants in 1998 under the name 

Businessangels.com. The first local network (non-profit) initiative in this field was taken by an 

association of young entrepreneurs called Club Essor 92, and by André Jaunay in Hauts de 

Seine in 1998, under the name of Invest’Essor. 

2. Statistics 

1997 1998 1999 2000 2001 2002 2003 Mid Mid 

2004 2005 

Number of BANs 1 3 4 13 32 - 48(35) 3 

40 38 

Number 

Angels 

of Business n/a n/a n/a n/a n/a n/a n/a n/a n/a 

Number of deals 0 0 1 n/a n/a n/a n/a n/a n/a 

Number 

projects 

of accredited n/a n/a n/a n/a n/a n/a n/a n/a n/a 

Number 

BANs 

of commercial 1 2 3 4 5-10 5-10 n/a n/a n/a 

Number of non-commercial 

BANs 

0 0 1 5 16 18 n/a n/a n/a 

Number of national BANs 1 2 3 3 n/a n/a n/a n/a n/a 

Number of regional BANs 0 1 1 1 n/a n/a n/a n/a n/a 

National association 0 0 0 0 1 1 1 1 1 


In France, private and associative BANs coexist. Also notable in this country is that, for tax 

purposes, a number of private investors have created investment companies that manage 

their personal stakes in start-ups. 

In France, several local saving mobilisation instruments (such as loans without interest and/or 

guarantee and Love Money) are to a certain extent comparable to Business Angel activities, 

even though they do not share the exact same characteristics. 

In 2003/2004, a new legal framework was adopted in order to support entrepreneurship. Part 

of the legislation concerns the fiscal environment of investment made by private individuals in 

start-up enterprises: the tax deduction system was improved and a new type of investment 

company with fiscal advantages (SUIR: Société Unipersonnelle d’Investissement à Risque) 

was created. 


FRANCE ANGELS, the national association of local BANs that was created in April 2001, tries 

to highly increase the number of business angels in France in order to stimulate 

entrepreneurship in France. 

3 

48 organisations claimed to be networks, while France Angels evaluated the real number of networks 

around 35. 

40

5. Contact 

Contact person: FRITZ Nicolas 

16, Rue de Turbigo 

75002 Paris 

T: 33 1 44 82 77 77 

F: 33 1 44 82 77 76 

E: contact@franceangels.org 

W: www.franceangels.org 

6. Funding sources (2004): 


30% 

2% 

68% 

Sponsors 

Conference & 

trainings programs 

Fees from business 

angels and 

entreprises 

Sponsors: CDC (Groupe Caisse des Dépôts), DECAS et DIGITIP (Ministry of Economy, 

Finance & Industry), Ministry for Research and new Technologies, Salmon Foundation, 

ANVAR (French Agency for Innovation), APCE (Agency for Enterprise Creation). 

7. Lobbying 

The national network has established contacts with the relevant Ministries in order to discuss 

BA and BAN status, to improve legislation and to promote the BA concept. 


France Angels provides tools to BANs (website, information centre, guide…). 

France Angels has created the concept of “business angels school” in order to set up or to 

develop business angel networks, by informing and training business angels. 14 schools were 

organised in 2003. 

France Angels has also created a special 4 days training program for people who are 

interested in setting up BANs or who want to have a better understand and to work with 

business angels (1 or 2 seminars organised per year). 

9. EU support 

In France, EU support has included: 


Three awareness seminars were held. The first one was organised by CEBANOR (Regional 

Development Agency of Basse-Normandie), the second one by the Metz BIC and the third one 

by ADEM in Martinique. 

41


Professional Network, a private firm (since re-named IPEN) received support from 

DG Enterprise to consolidate and develop its activities in the field of Business Angels. Other 

organisations having received EU subsidies include: 

- Bordeaux Technovest 

- Club B2A Alsace 

- Proxicap Invest 


France Angels 

Femmes Business Angels 

*********************************************************************************************************** 

Below is the list of networks operating in France in Mid-2005. More detailed information is 

available on the website of the French Federation of Networks www.franceangels.org 

Consolidated data: Information received from 24 networks (38 in operation in Mid 2005) 

Number of members (business angels): 1375 

Number of projects received: 3963 

Number of projects presented to investors: 659 

Number of projects financed (deals): 128 

Total investment for the period (Thousand euros)over the last 12 months: 11.729.000€ 

Average amount of the investment:: 92.000€ 

Anjou Amorçage 

Jeanneau Olivier 

CCI d'Angers 8 Boulevard du Roi René BP 626 49006 Angers 

T: +33 241205420 

F: 0241205414 

E : olivier.jeanneau@angers.cci.fr 

W: www.angers.cci.fr 

Arcange 

Francis Fallu 

T: +33 6 07530764 

E: ffallu@wanadoo.fr 

Legal form: association 

Number of members: 25 

Atlantic Emergence 

Blot Henri 

16 quai Ernest Renaud 44000 Nantes 

T: +33 240446223 

F: +33 240446223 

E: crivipy@wanadoo.fr 

42

Aube Investissement 

Dieudonné François 

Technopole de l'Aube 10430 Rosières 

T: +33 325752776 

E: contact@aube-investissement.com 


Aurinvest 

Demont Michel 

11bis rue Portalis 75008 Paris 

T: +33 144907320 

F: +33 144907324 

E: contact@aurinvest.com 

W: www.aurinvest.com 

Bourgogne Angels 

Winter Philippe 

30A cours du Parc 21000 Dijon 

T: +33 380678922 

F: +33 380678922 

E: philippewinter@wanadoo.fr 

W: www.bourgogneangels.org 

Date of creation: April 2004 

Legal form: Not for profit association 


Chevaliers d'entreprise 

Delabie Hervé 

T: +33 232321289 

E: capfinance@wanadoo.fr 


Club B2A Nord Pas de Calais 

Guillain Bruno 

2 Palais de la Bourse BP 500 59001 Lille Cedex 

T: +33 320637972 

F: +33 320130200 

E: bruno.guillain@nordpasdecalais.cci.fr 

Club Capitaux et Compétences (Club 3C) 

Mader Georges 

CRCI Midi-Pyrénées 5, rue Dieudonné Costes BP 32 31701 Blagnac 

T: +33 5 62 74 20 37 

F: +33 5 62 74 20 20 

E: mader@midi-pyrenees.cci.fr 

W: www.midi-pyrenees.cci.fr 

43

Club Invest 77 

Huet Martine 

14 avenue de Saria 77700 Serris 

T: +33 164634343 

F: +33 160439035 

E: clubinvest77@chez.com 

W: www.chez.com/clubinvest77 


Date of creation: July 2000 

Legal form: Association (July 2000) and Risk Capital Company (November 2004) 


Coach Invest 

Legrain Thomas 

49 rue de Lourmel 75015 Paris 

E: infos@coachinvest.com 

W: www.coachinvest.com 

Dilen SA 

Zumino Daniel 

5 Allée de la Terrasse 92190 Meudon 

T: +33 146267839 

E: zumino@easyconnect.fr 

Fa Dièse 

De Baillenx Isabelle 

12 cours Xavier Arnozan 33000 Bordeaux 

T: +33 556440407 

F: +33 556793311 

E: projet@fadiese.fr 

W: www.fadiese.fr 

Legal form: Public Limited Company and Risk Capital Company (2002) 

Number of Members: 17 

Femmes Business Angels 

Jauffrineau Béatrice 

9 rue Fondary 75015 Paris 

T: +33 680577317 

E: femmesbusinessangels@club-internet.fr 

W: www.femmesbusinessangels.com 

Date of creation: May 16 th 2003 



44


Finance et Technologie 

Devaivre Frédéric 

2 route de la Noué BP 76 91190 Gif-sur-Yvette Cedex 

T: +33 164865838 

F: +33 164865860 

E: info@finance-technologie.com 

W: www.finance-technologie.com 

Date of creation: 1999 



Flamingo Ventures 

Lavigne Eric 

1095 rue Henri Becquerel 34000 Montpellier 

T: +33 467697456 

F: +33 467697469 

E: contact@flamingo-ventures.com 

W: www.flamingo-ventures.com 

Grenoble Angels 

Brunet Jean-Louis 

CCI de Grenoble Place André Malraux 38016 Grenoble 

T : +33 476282926 

E: JlouBrunet@aol.com 

GSO Investissement 

Balandrau Gérald 

C/o Datus Sud Ouest Le Stratège BP 37/06 31312 Labège Cedex 

T: +33 607518501 

E: gerald.balandrau@wanadoo.fr 

Legal form: Public Limited Company + Risk Capital Company (2002) 


Invest Y 

Meurin Janine 

25 rue du Maréchal Foch 78000 Versailles 

T: +33 139027575 

E: ecrire@clubdescreateurs.com 

W: www.invest-y.com 


Legal form: Creators Club + Risk Capital Company HEDERA 


45

Invest 95 

Farrache Jean Lucien 

21 rue Héloise 95160 Montmorency 

T: +33 139780448 

F: +33 139789079 

E: jlfarrache@jlfa.com 


Legal form: Association 



Investessor and « Essor 92 » 

Boulot Claude 

123 Avenue Salvador Allende 92000 Nanterre 

T: +33 149670033 

F: +33 149671032 

E: contact@investessor.fr 

W: www.investessor.fr 


Legal form: 2 Not for Profit Associations 


Irus Partenaires 

De Champsavin Henri 

8 rue de Gorges BP 79035 44090 Nantes Cedex 1 

T: +33 240356942 

F: +33 251720207 

E : contact@irusinvest.com 

W: www.irus-partenaires.com 


Legal form: Limited Company + Risk Capital Company 


Leonardo 

Delacour Yves 

58 avenue d'Iena 75116 Paris 

T: +33 147202488 

F: +33 149520101 

E: contact@leonardofinance.fr 

Legal form: Association + Leonardo Finance 


Loire Angels 

Perrin Yves 

13 Place de l'hôtel de ville 42000 Saint Etienne 

T: +33 477484403 

E: yp@investifinance.com 

46


Lorraine Business Angels (LBA) 

Ouarnier Boris 

CEEI Synergie 13 rue Claude Chappe 57070 Metz Technopôle 

T: +33 0387763636 

F: +33 387762303 

E: bouarnier@synergie-ceei.com 

W: www.lorraine-ba.com 

Date of creation: February 2005 



Lyon Angels 

Arrivé Agnès 

40 avenue Guy de Collongue 69130 Ecully 

T: +33 472408172 

F: +33 472405921 

E: arrive@lyon.cci.fr 

W: www.lyonangels.org 

Date of creation: April 2004 



Mar-Tech & Finance 

Chevalier Thierry 

Centre nautique Paris Boulogne Face au 33/36 quai Alphonse le Gallo 92100 Boulogne 

Billancourt 

T: +33 141316262 

F : +33 141310964 

E: t.chevalier@martech.fr 

W: www.capital-it.com 




Mediterranée Investissements 

Baujard Hervé 

06000 Nice 

T: +33 618653436 

E: contact@mediterranee-investissements.com 

W: www.mediterranee-investissements.com 

Date of creation: December 2004 



47


Norm'Invest 

Reynaud Gérard 

Chemin de l'ancien Presbytère 14600 Gonneville sur Honfleur 

T: +33 231890593 

F: +33 231899974 

E: norminvest@wanadoo.fr 

Date of creation: June 2003, re-launched December 2004 



Octave 

Le Jossec Bruno 

56100 Lorient 

T: +33 297882251 


Legal form: Non-stock corporation 


Paris Business Angels 

de Maleprade Cyril 

16 rue de Turbigo 75002 Paris 

T: +33 144827773 

E: contact@parisbusinessangels.com 

W: www.parisbusinessangels.com 

Date of creation: July 2003 

Legal form: association 


Sophia Business Angels Club 

Da Fonseca Edgardo 

Place Sophie Laffitte BP 127 06904 Sophia Antipolis 

T: +33 671171724 

E: dluciano@free.fr 

W: www.sophiabusinessangels.com 


Legal form: Not-for-profit association 


Start Me Up 

Malaise Cédric 

69000 Lyon 

T: +33 472003382 

F: +33 472003381 

E: cedric.malaise@s-m-u.net 

W: www.s-m-u.net 


Legal form: Public Limited Company 


48


Symbiose 53 

Thomas Marcel 

Laval Développement BP 1405 53014 Laval Cedex 

T: +33 243498600 

F: +33 243498608 

E: marcel.thomas@laval-developpement.asso.fr 

Synergence 

Treny Jean-Pierre 

7, rampe du Secours 16000 Angoulême 

T: +33 545673600 

E: synergence@interpc.fr 

XMP Business Angels 

Cherruau François 

École Polytechnique 91128 Palaiseau 

E: francois.cherruau@polytechnique.org 

W: www.xmp-ba.polytechnique.org 




49


CLUB 3C 

Contact person George Mader 

Contact details CRCI Midi-Pyrénées 

5 Rue Dieudonné Costes BP 32 

31701 Blagnac Cedex 

T: +33 5 62 74 20 37 

F: +33 5 62 74 20 20 

E: mader@midi-pyrenees.cci.fr 

W: www.midi-pyrenees.cci.fr 

Type of Network Regional – Midi-Pyrénées 


Employees 1 

Legal status Club 


n/a 

2002 2003 Mid 2004 

Number of projects submitted 12 18 18 

Number of angels 5 11 12 

Number of deals made 2 4 3 

Average amount of the deal: between 80.000€ and 150.000€ 


• Meetings / Binomial Meetings 





Fees: 

o No fees charged to Business Angels or entrepreneurs. 

50


CLUB B2A NORD PAS DE CALAIS 

Contact person Bruno Guillain 

Contact details 2 Palais de la Bourse 

59000 Lille 

T: +33 3 20 63 79 72 

F: +33 3 20 55 14 67 

E: bg@waban-b2a.org 

W: www.waban-b2a.org 

Type of Network Regional, Nord-Pas-de-Calais 



Legal status n/a 

Hosting organisation CRCI Nord-Pas-de-Calais 


50% 

10% 

40% 

European Funding 


Sponsors: EDF, Aparte 

2003 Mid-2004 

Number of projects submitted 5 5 

Number of angels 10 20 


Average Amount of the deal 100.000€ N/a 


• Investment Forums 


• Internet 





Fees: 

o No fees charged to entrepreneurs 


51


COACH INVEST 

Contact person Thomas Legrain 

Contact details 49 Rue de Lourmel 

75015 Paris 

T: +33 892 35 00 85 

F : +33 1 45 75 60 53 

E : info@coachinvest.com 

W: www.coachinvest.com 

Type of network National 

Date of creation April 2000 


Legal status: SA 


100% 

Investment in 

the Coach 

Invest SA 

2000 2001 2002 2003 Mi-2004 




Average amount of the deal: 30.000€ in seed phase 

150.000€ in leverage buy-out phase 






• Internet 


• Newsletters 



Fees: 

o No fees charged to entrepreneurs or business angels. 

52


FINANCE ET TECHNOLOGIE 

Contact person Frédéric Devaivre 

Contact details 2 Route de la Noué BP 76 

91193 Gif-sur-Yvette Cedex 

T: +33 1 64 86 58 38 

F: +33 1 69 28 84 89 

E: contact@finance-technologie.com 

W: www.finance-technologie.com 

Date of creation January 1999 


Type of network National with regional perspectives. 


15% 

5% 

10% 

35% 

35% 


National funds 

Fees from Business 

Angels 

Others 

Fees from 

entrepreneurs 

1998 1999 2000 2001 2002 2003 Mi-2004 

Number of projects submitted 5 12 83 81 80 80 30 

Number of angels 10 50 70 85 100 105 105 

Number of deals made 3 12 20% 20% 20% 12% 16% 

Average amount of the deal: 150.000€ for NTIC to 1million€ for biotechnologies. 




• Meetings / binomial meetings 

• Investor Clubs 

• Investment forum/Fairs 

• Internet 







Fees: 

o Fees charged to entrepreneurs: Administrative fee: 50€, event 100€ 

53


FLAMINGO VENTURES 

Contact person Eric Lavigne 

Contact details 1095 Rue Henri Becquerel 

34000 Montpellier 

T: +33 4 67 69 74 56 

F: +33 4 67 69 74 69 

E: contact@flamingo-ventures.com 

W: www.flamingo-ventures.com 

Type of Network Regional: Languedoc Roussillon 



Legal status Risk Capital Company (Société de 

Capital Risque) 


100% 

Private Funding 

2001 2002 2003 Mi-2004 

Number of projects submitted 20 15 10 8 

Number of angels 6 6 6 6 

Number of deals made 1 1 0 1 

Average amount of the deal: 50.000€ 





• Internet 







Fees: 

o No fees charged to entrepreneurs and business angels 

54


INVEST Y 

Contact person Janine Meurin 

Contact details 25 Avenue du Maréchal Foch 

78000 Versailles 

T: +33 1 93 02 75 75 

E: ecrire@clubdescreateurs.com 

W: www.invest-y.com 

Date of creation June 2000 

Number of employees 0. 10 very active volunteers 

Type of network Regional, West, Ile de France 

Legal status None 

Hosting Organisation Club des Créateurs d’Entreprises and 

creation of a Risk Capital Company, to 

gather BA, HEDERA SAS 

Partner organisations Ile de France Region, Caisse d’Epargne 

Ile de France Ouest 


10% 

30% 

10% 

50% 



Angels 

Forum, conferences… 

Fees from 

entrepreneurs 

2000 2001 2002 2003 Mi-2004 


Number of angels 2 5 8 15 20 


Average amount of the deal: 10.000-40.000€ per business angel and per deal. 

From now on, business angels can also indirectly invest through the new system of Risk 

Capital Company HEDERA of which they buy shares. HEDERA invests between 25.000€ and 

75.000€. 




• Investor Clubs 

• Internet 








Fees: 

No fees charged. 180€ membership fee to the club. Enterprises pay once an additional fee of 

270€. 

55


IRUS PARTENAIRES 

Contact person Henry de Champsavin 

Contact details 8 Rue de Gorges BP 79035 

44 090 Nantes Cedex 

T: +33 2 40 35 69 42 

F: +33 2 51 72 02 07 

E: contact@irusinvest.com 

W: www.irus-partneraires.com 

Type of network Regional: Grand Ouest France 



Legal status: Risk Capital Company (SA de Capital 

risque) 


100% 

Shareholders 

(30 private 

individuals) 

2002 2003 Mi-2004 




Average amount of the deal: 120.000€ since the creation of the BAN. Low: 40.000€; High: 

180.000€. 





• Internet 





Fees: 

o No fees charged to entrepreneurs and business angels 

56


LORRAINE BUSINESS ANGELS (LBA) 

Contact person Boris Ouarnier 

Contact details 13 Rue Claude Chappe 

57070 Metz Technopôle 

T: +33 3 87 76 36 36 

F: +33 3 87 76 23 03 

E: bouarnier@synergie-ceei.com 

W: www.lorraine-ba.com 

Type of network Regional: Lorraine 


Number of Employees 1,2 ETP 

Legal status: Association 

Hosting organisation CEEI Synergie 


32% 

4% 

32% 

32% 

European funds 

National funds 


Fees from 


2003 Mi-2004 



Number of deals made 1 0 

Projects presented look for 80.000€ to 100.000€ on average. 

Offers vary from 60.000€ to 80.000€ on average. 




• Internet 






Fees: 



57


MAR-TECH FINANCE 

Contact person Thierry Chevalier 

Contact details Centre Nautique Paris Boulogne Face au 

Quai 33/36 Alphonse le Gallo 

92100 Boulogne Billancourt 

T: +33 1 41 31 62 62 

F: +33 1 41 31 09 64 

E: t.chevalier@martech.fr 


Date of creation November 1998 


Legal status: n/a 

Hosting organisation www.capital-IT.com 

Partner organisations www.ivcs.org 


n/a 

The network does not receive any subsidies, but several public partners have paid for the 

expenses of certain companies participating in events, under certain criteria of selection. 

1999 2000 2001 2002 2003 Mi-2004 


Number of Angels n/a n/a n/a n/a n/a n/a 

Number of deals made n/a n/a n/a n/a n/a n/a 

Average amount of the deal - - - - - -* 

*Approximately 3 Million € in the last 12 months 

This network is concerned with the development of IT and Bio companies under 3 aspects - 

Financing of the companies already created 

- Development of the visibility of the these companies 

- Development of the business of these companies through the installation of these 

companies. 

The public made of is venture capitalists and professional business angels 








• Newsletters 





58


Fees: 

o Fees charged to entrepreneurs: 600€ if under 2 years old; 

800€ if more than 2 years old. 

o Fees charged to business angels: 600€. 

59


RESEAU FEMMES BUSINESS ANGELS 

2005 

Contact person Béatrice Jauffrineau 


9 Rue Fondary 

75015 Paris 

T: +33 1 45 75 49 09 / 06 80 57 73 17 

F: 33 1 45 77 99 82 

E: femmesbusinessangels@clubinternet.fr 

W: www.femmesbusinessangels.org 

May 16 th Date of creation 

2003 

Activity start January 2004 

Number of employees 

0.5 

Type of network 

Regional, Ile de France 

Legal Status 

Association loi 1901, not-for-profit 

Hosting organisation 

France Angels 

Partner organisation 

Conseil Régional d’ Ile de France 


15% 

5% 

80% 


Fees from 


Fees from 

entrepreneurs 

2003 2004 Mid-2005 



Number of deals made - 5 3 

Average amount of the deal 20.000€ N/a 




• Investor club 

• Internet 




• Alumni associations 

Fees: 


o Fees charged to business angels: 150€ 


years: 11 

Success stories: Canicrèche (nusery for dogs), Stelae (software editor). 

60 

M


SOPHIA BUSINESS ANGELS 

Contact person Edgardo La Fonseca 

Contact details Place Sophie Lafitte BP 127 

06904 Sophia Antipolis 

T: +33 6 71 17 17 24 

E: dluciano@free.fr 

W: www.sophiabusinessangels.com 


Regional, Sophia Antipolis, PACA - 

Région Provence-Alpes-Côte d'Azur 

Date of creation 

July 2002 

Number of Employees 

1 part time in the administration 

Legal status 

Not-for-profit association 


100% 

Fees from 


2002 2003 Mid 2004 




Average amount of the deal* n/a n/a n/a 

*Around 100.000€-200.000€ for the first round. 




• Internet 







Fees: 

o Annual membership fee: 500€ 

61


SYMBIOSE 53 

Contact person Marcel Thomas 


Laval Développement BP 1405 

53014 Laval Cedex 

T: +33 2 43 49 86 00 

F: +33 2 43 49 86 08 

E: marcel.thomas@laval-developpement.asso.fr 


Regional – Mayenne 


17 July 1998 


0 

Legal status 

Informal Club – no juridical status 


Laval-Développement – Economic Development 

Agency for the Lavalloise agglomeration 


• Regional subsidies: space of the network operations. 

1999 2000 2001 2002 2003 Mi-2004 

Number of projects submitted n/a 3 7 5 5 6 

Number of Angels 30 30 35 35 35 35 

Number of deals made n/a 1 3 1 0 1 

Average amount of the deal: 40.000€ to 86.000€. 




• Internet 




• Technology Park network, enterprise prospecting 

Fees: 

o No fees charged to business angels or entrepreneurs 

62

1. Background 


GERMANY 

The first German BAN was set up in 1998. The same year also saw the creation of BAND, a 

national organisation whose objective is to raise awareness about the importance of regional 

BANs as factors of the emergence of a new entrepreneurial culture. BAND is sponsored by the 

Federal Ministry for Economics and Labour and by leading state agencies as well as by bodies 

from the financial sector and the industries. These original sponsors mainly formed the 

membership. BAND has now achieved the sponsorship of the Ministry for Economics of 

Rhineland–Palatinate or the Business Angels Day 2004. It developed strong relations with 

potent media-partners. BAND has most recently restructured the membership to include 

Business Angel Networks. The Board has changed in 2000 and the headquarters moved to 

Essen, North Rhine-Westphalia. BAND provides information for entrepreneurs and Business 

Angels and the general public about Business Angel culture and acts as speaker for their 

interest. BAND provides and organizes further education for all players in the market of Private 

Equity. 

2. Statistics 

1998 1999 2000 2001 2002 2003 Mid 2004 

Number of BANs 0 - 43 36 40 40 40 

Number of Business Angels 0 n/a n/a 750 1200 1025 1025 

Number of deals 0 1 n/a n/a n/a n/a n/a 

Number of accredited projects 0 n/a n/a n/a n/a n/a n/a 


Number of non-commercial BANs 0 0 1 35 37 36 36 

Number of national BANs 0 0 0 1 1 n/a n/a 

Number of regional BANs 0 n/a n/a 30 n/a n/a 

National association 0 1 1 1 1 1 1 

*Information concerning EuBAN can be found on page 29. 


BANs operating in Germany are set up as either public sponsored associations, non-profit 

associations or private enterprises. 


As indicated above, the German association BAND was set up as early as 1998 to conduct an 

awareness campaign on the concepts of Business Angels and BANs in the regions. 

Contact: Dr. Roland Kirchhof / Dr. Ute Günther 

Semperstr. 51 

45138 Essen 

Germany 

T.: + 49 201 89 415 –60; F.: + 49 201 89 415 –10 

www.business-angels.de; band@business-angels.de 

63

5. Lobbying 


BAND is namely conducting actions to secure a more attractive tax status for Business Angels 

and fight against tax discrimination against investment in the shares of unlisted companies 

compared to other forms of tangible or intangible investment. 


BAND has established its website as the prime source of information about Business Angels 

culture and issues a quarterly newsletter BAND has achieved the collaboration of 2 mediapartners 

and organizes the annual German Business Angels Day. BAND provides jumpstart 

information for new networks through a BAND starter-kit. BAND organizes seminars and 

conferences to various topics relevant to Angel Investors and entrepreneurs and has several 

working groups of Business Angels and Business Angel Network managers dealing with 

important topics as syndication, taxes and financing of networks. 

7. EU support 


2 awareness seminars have been conducted in Germany (in Cologne and Hamburg). 


BAND 

BAAR 

netzwerk|nordbayern 

BANSON 

Venture Forum Neckar 

Peter Jungen Holding 

64

Contact person 




Employees 

Legal status 

Formal partner organisations 



BUSINESS ANGELS AGENTUR RUHR e.V. (BAAR) 

100% 

2005 

Dr. Roland KIRCHHOF 

Dr. Ute GÜNTHER 

Semperstr. 51 

45138 Essen 

Germany 

T: +49 201 89 415 -30 

F: +49 201 89 415 -10 

E: info@baar-ev.de 

W: www.baar-ev.de 

Regional Network: operates nationwide with 

focus on the Ruhr region 

December 1999 

3 (part-time work) 

eingetragener Verein 

Member of Business Angels Netzwerk 

Deutschland e.V. (BAND) 

Member of EBAN 

Membership 

fees 

Membership fees charged to Business Angels, intermediaries and other organisations in the 

membership like VC’s, credit institutions etc. 

1999 2000 2001 2002 2003 2004 

Number of projects of 

n/a 80 150 40 150 57 (enterprise 

submitted 

presentations) 


Number of deals made 0 8 6 3 n/a 5 

Average amount of deals n/a n/a n/a n/a n/a n/a 

160 

140 

120 

100 

80 

60 

40 

20 

0 

1999 

2000 

2001 

2002 

2003 

2004 

65 

Projects 

Angels 

Deals 

M



• Monthly investment forums 


• Special meetings for turnaround cases 

• Cooperation with Business Angels Forum Deutschland, the BAND Internet matching 

tool 


• Information events / seminars / awareness 

• Direct mailing advertisement 


• Articles in local / national Press 

• Established co-operation with local banks / financing institutions / accountants 

Fees: 

o Symbolic presentation fee only for those entrepreneurs presenting at the BAAR Forums 


years: n/a 

Success story: 

Name of 

company 

Pegasus-Mail 

Dienstleistungs 

GmbH 

Sector of 

activity 

Date of 

investment 

Services December 

2001 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date of 

exit 

25.000 1 Probably 

2006 

66 

Multiple of 

return for 

investors (i.e. 


money) 

n/a


BUSINESS ANGELS CLUB BERLIN e.V. 

Contact person Peter Matthies, Member of the Board 

Ingrid Abel 


Bundesallee 171 

10715 Berlin 

T: +49 (30) 21 25 48 84 

F: +49 (30) 21 25 48 83 

E: info@business-angels-berlin.de 

W: www.business-angels-berlin.de 


Regional 

Berlin, Brandenburg 


July 2005 

Employees 

2 

Legal status registered society (Club), 

foundet Dec. 2004 


Investitionsbank Berlin 


BAF Business Angels Fonds Ges. mbH 

(founded May 2005) 


10% 

5% 

85% 

Regional Funds 

Fees from 


Other 

2005 

1998 1999 2000 2001 2002 2003 2004 

Number of projects submitted 2 7 35 36 30 30 24 

Number of Angels 8 22 35 57 42 48 33 

Number of deals made - - 6 6 - - 1 

Average amount of the deal - - 20.000 20.000 - - 30.000 

60 

50 

40 

30 

20 

10 

0 

1998 

1999 

2000 

2001 

2002 

67 

2003 

2004 

Projects 

Angels 

Deals

Matching services of the network 



• Meetings 


• Internet 









Fees: 

o No fees charged to business angels and entrepreneurs 


years: n/a 


The Club in its present constellation was founded in December 2004. We are not able nor 

allowed to announce information according to Success stories in between the time 1998-Dec. 

2004 . 

Club Board: Axel Gropp, Peter Matthies, Dr. Karl Hinrich Vöge 

68


BUSINESS ANGEL CLUB SCHWABEN 

Contact person Marcus Wagner 


C/o IHK Innotec gmbh 

Stettenstr. 4 

86150 Augsburg 

T: +49 700 31 31 62 62 

F: +49 700 31 31 62 62 

E: bacs@gruenderregion-schwaben.de 

W: www.gruenderregion-schwaben.de 


Regional 

Date of creation July 2002 


1/2 

Legal status 

No legal status 


IHK Innotec GmbH 

Partner organisations 

Initiative Gründerregion Schwaben 


100% 


2002 2003 Mid 2004 




Average amount of the deal n/a 300.000€ n/a 













Fees: 

o No fees charged to business angels and entrepreneurs. 

69


BUSINESS ANGEL NETZWERK SÜD OST NIEDERSACHSEN E.V 

BANSON 

Contact person: Rolf Richter / Uwe Koehler 


C/o Gründervilla im Technologiepark 

Rebenring 33 

38106 Braunschweig 

T: +49 531 3804 265 

F: +49 531 3804 269 

E: info@banson.net 

W: www.banson.de/www.banson.net 


Regional/local 


June 2003 


None (management by external firm) 

Legal status 

Non-profit organisation 


Business angel team GmbH 


Local economy assistance by city and legal 

profit organisations 


95% 

5% 

Fees from 



2003 Mid 2004 



Number of deals made n/a 1 




• Meetings 


• Internet 







Fees: 


70 

M






Legal status 




BRAINSTOVENTURES GmbH (b-to-v) 

10% 

10% 

2005 

Florian Schweitzer 

Pfisterstrasse 6 

80331 München 

T: +49 89 2080 5880 

F: +49 89 2080 5888 

E: florian.schweitzer@b-to-v.com 

W: www.b-to-v.com 

National 

2000 

8 (based in Switzerland) 

Private limited company 

Altium Capital, Capitalbank – GRAWE 

Gruppe AG, SWX Swiss Exchange, 

Venture Capital Magazin, VI Partners AG, 

Wenger&Vieli 

80% 

Fees from 


Fees from 

entrepreneurs 


2000 2001 2002 2003 2004 Mid 2005 




Average amount of the deal 0.1m€ 0.2m€ - 1.2m€ 0.5m€ 0.7m€ 

2500 

2000 

1500 

1000 

500 

0 

2000 

2001 

2002 

2003 

2004 

Mid 2005 


• Newsletter or private information bulletin 

• Database of contacts (not public) 

• Meetings 

• Regular telephone conferences on specific topics 

• Investment Clubs (e.g. b-to-v Investor Circle) 

71 

Projects 

Angels 

Deals



• Internet 



• Events and information fairs (e.g. b-to-v Investor Talks) 

• Monthly Newsletter 





• Other: Referrals of existing members 

Fees: 

o Fees charged to entrepreneurs and business angels: more than 500€. 


years: 100 


Name of 

company 

Sector of 

activity 

OpenBC.com Networking 

Platform 

Date of 

investment 

Amount 

invested (€) 

April 2004 Undisclosed 6 

72 

Number of 

angels 

involved 

Date 

of 

exit 

Multiple of 

return for 



money)


BAN LAUSITZ 

Contact person Karl-Heinz Wenzel 


C/o WSC Gmbh Mühlenstr.42 

03046 Cottbus 

T: +49 355 288 90347 

F: +49 355 288 90348 

E: info@banl.net 

W: www.banl.net 


Regional 


04/2004 


0 

Legal status 

Vereinsregister 1787 CB 


BAND 


90% 

10% 

Fees from 

entrepreneurs 


Mid 2004 




Average amount of the deal 0 


• Meetings 


• Internet 




Fees: 

o Fees charged to entrepreneurs: less than 100€. 

o No fees charged to business angels. 

73


Business Angel Netzwerk NordwestDeutschland 

BANN 

Contact person Jörg Rensmann 


Westerbreite 7 

49078 Osnabrück 

T: +49 541 977 8559 

F: +49 541 977 8599 

E: jr@springstep.de 

W: www.ban-nds.de 


Regional Network 


August 2001 


n/a 

Legal status 

Club 


BAN-NDS 


Different 


75% 

25% 

Fees from 



2001 2002 2003 Mid 2004 


Number of Angels 12 15 16 16 


Average amount of the deal 40.000€ 30.000€ 25.000€ 45.000€ 




• Meetings 






• Other: clients find us by Internet research etc. 

Fees: 



74


Business Angel Netzwerk Ostwestfalen e.V – BANOW 

Contact person Franco RIZZO 

Hans-Boeckler Str. 20-22a 

59423 Unna. 

T: +49 2303 239938 

F: +49 2303 239968 

E: rizzo@ban-ow.de 

W: www.ban-ow.de 

Type of network Regional Network – Northrhine Vestfalia 

(no regional or national limit) 


January 2000 

Employees 

3 

Legal status 

Registered association – not-for-profit 


Consortium zur Forderung des 

Europäischen Mittelstandes e.V. 


BDS, etc. 


100% 

Own Funds 

2000 2001 2002 2003 2004 

Number of projects submitted to BA 120 2900 4000 1800 1200 



Average amount of the deal n/a n/a n/a n/a n/a 

4500 

4000 

3500 

3000 

2500 

2000 

1500 

1000 

500 

0 

2000 

2001 

2002 

2003 

75 

2004 

Projects 

Angels 

Deals 

2005




• Profile matching 



• Established co-operation with local banks / financing institutions / accountants/ 

associations, etc. 

• Personal introduction 

• Internet 

Fees: 

o 3 % success fee 


years: Known to us, created or saved: about 570 


Nothing particular, all companies still running, but without spectacular manner. 

Bigger projects still in treatment in Italy. 

76


BANKO – Business Angels Netzwerk Rheinland 

im TechnologieZentrum Koblenz 

2005 

Contact person Stefan Dresen 

Contact details Maria Trost 23 

56070 Koblenz 

T: +39 0261 88 54 – 255 

F: +39 0261 88 54 - 119 

E: info@banko-rheinland.de 

F: http://www.banko-rheinland.de 


Regional - Rheinland 


n/a 

Employees 

n/a 

Legal status 

n/a 


n/a 


n/a 


40% 

60% 


Fees from 


2002 2003 2004 




Average amount of the deal n/a n/a n/a 




• Meetings 

• Internet 







Fees: 


o Fees charged to business angels: between 100€ and 500€ 

77



years: 30 


Name of 

company 

Sector of 

activity 

Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of exit 

LEDX Advertisement 2002 n/a 1 - - 

S4B IT-Security 2003 n/a 2 - - 

BMIB Life Science 2003 n/a 1 - - 

wizAI Artifical 

Intelligence 

2004 n/a 1 - - 

78 




money)



2005 

Contact person: Arne-G. HOSTRUP 



Neumeyerstr. 48 

90411 Nürnberg 

T: +49 911 59 724 8031 

F: +49 911 59 724 8049 

E: hostrup@netzwerk-nordbayern.de 

W: www.netzwerk-nordbayern.de 


Regional Network – Region of Northern 

Bavaria 


Employees: 9 

Legal status: Limited company 

Hosting organisation: F.U.N. e.V. 

Funding sources 

60% 

30% 

10% 

P ublic/N ational 

Funding 

Fees from 

enterprises 


1999 2000 2001 2002 2003 2004 Mid-2005 

Number of projects submitted n/a 84 70 44 46 63 32 


Number of deals made 5 24 19 10 8 8 6 

Average Amount of Deals n/a n/a n/a n/a 1,4 Mio. € 600.000€ 850.000€ 

160 

140 

120 

100 

80 

60 

40 

20 

0 


• Matching through Bulletin / Newsletter 


• Investment forum/ fairs 

1999 

2000 

2001 

2002 

79 

2003 

2004 

Projects 

Angels 

Deals 

M




• Own newsletters 





• Cooperation with local Business plan Competition 

• Other (networking) 

Fees: 



years: 2000 


80


BUSINESS ANGEL VENTURE 

Contact person Martin Heinemann 


Richmodstr.31 

50667 Köln 

T: +49 221 25 86 60 

F: +49 221 25 866 99 

E: contact@business-angel-venture.de 

W: www.business-angel-venture.de 


National 


8.12.2000 


5 

Legal status 

GmbH 


Deutsche Bank AG and others 


50% 50% 

Fees from 



2003 Mid 2004 

Number of projects submitted 1024 n/a 

Number of Angels n/a n/a 

Number of deals made 11 n/a 

Average amount of the deal 845 T€ n/a 




• Meetings 









Fees: 

o Fees charged to entrepreneurs: more than 500€ 

o Fees charged to business angels: more than 500€ 

81


BUSINESS ANGELS FRANKFURTRHEINMAIN e.V. 

Contact person Frank Müller 


Börsernplatz 4 

60313 Frankfurt am Main 

T: +49 69 21 97 15 91 

F: +49 69 21 97 13 83 

E: info@ba-frm.de 

W: www.ba-frm.de 


Regional 


2000 


1 

Legal status 

Registered society 


Chamber of Commerce Frankfurt am 

Main 


50% 50% 

Fees from 



2000 2001 2002 2003 Mid 2004 

Number of projects submitted n/a n/a n/a n/a n/a 


Number of deals made n/a n/a 3 3 n/a 

Average amount of the deal n/a n/a 100.000€ 100.000€ n/a 



• Meetings 






• Internet 

Fees: 



82


Business Angel Netzwerk Saarland 

Contact person Dr. Mathias Hafner 

Contact details c/o IHK Saarland 

Franz-Josef-Röder-Strasse 9, 66119 

Saarbrücken 

T: +49 (0681) 95 20 - 300 

F: +49 (0681) 95 20 - 388 

E: business-angels@saarland.ihk.de 

F: http://www.business-angels-saarland.de 


Regional 


2000 

Employees 

1/2 

Legal status 

Initiative 




n/a 

IHK Saarland 

2005 

IHK Saarland, Ministerium für Wirtschaft und 

Arbeit des Saarlandes, ZPT- Zentrale für 

Produktiviät und Technologie Saar e. V. 

2000 2001 2002 2003 2004 




Average amount of the deal - - - - - 




• Meetings 

• Internet 






Fees: 

o No fees charged to business angels or entrepreneurs. 


years: n/a 


83


BAN THÜRINGEN 

Contact person Matthias Schulze 


C/o STIFT Management GmbH 

Mainzerhofstr. 10 

99084 Erfurt 

T: +49 361 789 2358 

F: +49 361 789 23 47 

E: mschulze@stift-management.de 


Date of creation: 

Number of Employees: 

Legal status: 


100% 


2002 2003 Mid 2004 




Average amount of the deal 80.000€ 100.000€ 100.000€ 






• Other: STIFT Foundation for Technology, research and innovation Thuringia 

Fees: 

o No fees charged to business angels or entrepreneurs. 

BANT is one of the youngest German business angel networks and is still working on its 

structure and organisation. 

84


BUSINESS ANGELS WESER EMS 

2005 

Contact person Andreas Wilhelm 


Julius-Mosen-Platz 3, 26122 Oldenburg 

T: +49 (04 41) 77911617 

F: +49 (04 41) 77911620 

E: info@business-angels-weser-ems.de 

W: www.business-angels-weser-ems.de 


Regional 


2004 

Employees 

n/a 

Legal status 

n/a 


n/a 


n/a 


12% 

16% 

72% 

Fees from 

entrepreneurs 

Fees from 



2004 






• Meetings 


• Internet 





Fees: 




years: n/a 


85


CATCAP 

Contact person Michael Moritz 


An der Alster 82 

20099 Hamburg 

T: +49 40 30 08 360 

F: +49 40 30 08 36 22 

E: Michael.moritz@catcap.de 

W: www.catcap.de 


National/local 


2000 


8 

Legal status 

GmbH 


10% 

90% 

Fees from 

entrepreneurs 


2005 

2001 2002 2003 Mid 2004 Mid 2005 




Average amount of the deal 150.000€ 150.000€ 200.000€ 200.000€ 200.000€ 

700 

600 

500 

400 

300 

200 

100 

0 

2001 

2002 

2003 

Mid 2004 

Mid 2005 

Projects 

Angels 

Deals 




• Meetings 



86








Fees: 

o Fees charged to entrepreneurs: 100€ - 500€. 



years: 200 


87


INVESTOREN FÜR UNTERNEHMEN IN SCHLESWIG HOLSTEIN 

Contact person Frank Wilde 


Hamburger Landstr. 24 

24113 Molfsee/Kiel 




Legal status: 

Partner organisations: 

T: +49 431 640 61 65 

F: +49 431 640 61 45 

E: kontakt@investoren-sh.de 

W: www.investoren-sh.de 

Regional with focus on Schleswig-Holstein 

29.05.2000 (official Registration: 

20.01.2001) 

0 

Eingetragener Verein” (e. V.) resp. 

registered association/membership 

corporation 

BAND – Business Angels Netzwerk 

Deutschland e. V. (www.businessangels.de); 

Wirtschaftsförderung und 

Technologietransfer Schleswig-Holstein 

GmbH (www.wtsh.de), 

mbg Mittelständische; 

Beteiligungsgesellschaft Schleswig-Holstein 

GmbH (www.mbg-sh.de) 

Investitionsbank Schleswig-Holstein 

(www.ib-sh.de); HSH Nordbank AG 

(www.hsh-nordbank.com); Dr. Neuhaus 

Techno Nord GmbH (www.drneuhaus.de); 

Mentoren für Unternehmen in Schleswig- 

Holstein e. V. (www.mentoren-sh.de) 

Funding Sources (approximately in 2003 which is not representative for other years): 

60% 

n. p. = not published / undisclosed 

40% 

Fees from 



2000 2001 2002 2003 Mid 2004 

Number of projects submitted* 40 90 110 70 35 

Number of Angels ** 

10 12 13 13 

Number of deals made n. p. n. p. n. p. n. p. 

Average amount of the deal n. p. n. p. n. p. n. p. 

* 

Submitted by companies/entrepreneurs searching for capital, the number of screened projects 

is significantly lower! 

88

** 


The number indicated 

is the number of our registered mem bers . In f act we do not only 

address to registered members but to a group of approximately. 3 5 -40 Business Angels/Investors 




• Meetings 

• Internet 





• Other: Personal contacts 

and recommendations by members and BAs/Investors we 

work with 

Fees: 

o Fees charged to business angels: 100€ - 500€. 


89


VENTURE FORUM NECKAR 

2005 

Contact person Thomas R. Villinger 

Contact details Weipertstr. 8-10 

74076 Heilbronn 

T: +49 (07 131) 7 66 91 00 

F: +49 (07 131) 7 66 91 00 

E: info@venture-forum-neckar.de 

W: http://www.venture-forum-neckar.de 


Regional 


n/a 

Employees 

n/a 

Legal status 

n/a 


n/a 


n/a 


40% 

30% 

40% 

Fees from 


Fees from 

entrepreneurs 


2002 2003 2004 



Number of deals made - - 3 

Average amount of the deal - - 215.000 




• Meetings 


• Internet 









• Other: Corporate venture activities 

90 

M


Fees: 

o Success fee charged to the entrepreneur, depending on the size of the investment 

o Fee charged to business angels: 600€ 


years: Approx. 60 


91


WAGNISKAPITAL FÜ INNOVATIONEN NRW GmbH 

WIN 

2005 

Contact person Dirk Meissner 


Ernst Schneider Platz 1 

40212 Düsseldorf 

T: +49 211 82 89 79 11 

F: +49 211 82 89 79 20 

E: meissner@win-nrw.de 

W: www.win-nrw.de 


Regional (NRW), but not limited 


1/2000 


2 

Legal status 

GmbH 


Boerse Duesseldorf AG 


Gruendungsnetzwerk GO!; BAND 


20% 

80% 



1998 1999 2000 2001 2002 2003 2004 

Number of projects submitted 


Number of deals made 

Average amount of the deal 

5 4 3 



• Meetings 








Fees: 



years: 82 


92

1. Background 


GREECE 

2005 

The early stage funding market in Greece is underdeveloped. Only during the last years the 

Government launched some initiatives to support the creation and development of SMEs. 

Programs like “Support and Creation of Scientific and Technological Parks and Incubators", 

“Support and Creation of Innovative SMEs for the exploitation of RTD results (Spin- offs)" and 

funds like the “Fund for High Technology Business Ventures” and the “Guarantee Fund Facility 

Scheme for SMEs” aimed at leveraging the entrepreneurship in Greece. The results of these 

programs are not yet visible leaving SMEs highly dependent on bank loans and overdrafts for 

early stage financing. 

Angel investment in the country is occasional but yet considerable. Although there are no 

favourable policies for angel investment in Greece, business angels are investing, preferably 

in traditional sectors (like tourism and retail). There is a strong need to raise the awareness 

about the benefits of angel investment and to inform potential angels and entrepreneurs about 

the advantages of Business Angel Networks. Public administration and local government have 

a critical role to play in order to promote informal investing. 

2. Statistics 

2003 2004 

Number of BANs 1 1 

Number of Business Angels 7 13 

Number of deals 1 1 

Number of accredited projects 4 12 

Number of commercial BANs 0 0 

Number of non-commercial BANs 0 0 

Number of national BANs 1 1 

Number of regional BANs 0 0 

National association 0 0 


“Mentoring” is a privately held company (SA) offering business development services to startup 

and early stage companies. 


Not existing 

5. Lobbying 

“Mentoring” is actively networking with academic and research institutions, players of the 

formal venture capital market (incubators, VCs), Banks etc. 


“Mentoring” has had several articles in business magazines and financial newspapers to raise 

the awareness of angel investment in Greece. It has also participated in a series of seminars 

for new entrepreneurs, organized in Greece and Cyprus by i-Ven (GR) OneLondon (UK) and 

Barcelona Activa (E) under the Ready4growth initiative. Furthermore, “Mentoring” will 

93


contribute at the seminar of “The Association of European Science & Technology Transfer 

Professionals” (ASTP) that will be held on October 2005 in Athens. 

7. EU support 

None. 


Mentoring Business Development Services SA 

94


MENTORING BUSINESS DEVELOPMENT 

SERVICES SA 

Contact person George KRIKELAS 

Address 

6 Egialias St. 151-25 

T: +30 210 68 00 743 

F: +30 210 68 00 744 

E: ban@mentoring.com.gr 

W: www.mentoring.com.gr 


National 


01 June 2003 


3 

Legal status 

S.A 


85% 

15% 

Fees from 

entrepreneurs 

Other 

(sponsors) 

2005 

2003 2004 




Average amount of the deal 120.000€ 72.500€ 


• Newsletter or information bulletin; 

• Meetings 


• Internet 


Clients are acquired through: 

• Event and information fairs; 

• Newsletter; 

• Targeted publicity; 

• Visits to enterprises; 

• Articles in the regional or national press; 


• Word of mouth; 

• Personal network. 

Fees: 


o No fees charged to business angels 

95 

M



years: 2 

Success story : n/a 

96


HUNGARY 

2005 

The information concerning the organization dealing with the actors of the Hungarian venture 

capital and private equity market can be summarized as follows: 

Name of organization: Hungarian Venture Capital and Private Equity Association (HVCA) 

President: Julian TZVETKOV (Tzvetkov.Julian@mfb.hu ) 

Executive Secretary: Ádám SERKE (adam.serke@hvca.hu ) - 

Address: 32 Nádor u. Budapest, 1051, Hungary 

T: +36-1-475-0924 

F: +36-1-475-0925 

W: www.hvca.hu 

Private investors can also be found among the members of the club. 

Innostart BIC (Hungary) - Business Angel Club 

The BAC is not a legally registered formal organisation. The Hungarian Innovation Association 

and Innostart BIC established it in June 2000. Since then it has been working as an informal 

forum. 

1-3 programs are organised annually – in cooperation with the experts of HVCA - to inform the 

interested entrepreneurs on the characteristics of the venture capital market and business 

angel financing. It also provides innovative SMEs with the possibility of introducing themselves 

to investors. 

Innostart BIC assists the development of innovative SMEs by its services (counselling, 

business plan preparation, proposal writing, training etc). 

There is no membership fee at BAC; all occurring costs of Innostart are covered from other 

sources and grants. 

Contact: Kinga Garab garab@innostart.hu, director or Piroska Kalmár piroska@innostart.hu , 

project manager. 

Innostart BIC 

1116 Budapest, Fehérvári út 130, Hungary 

Phone: +36.1.382.1504 

Fax: +36.1.382.1510 

www.innostart.hu 

97

1. Background 


ITALY 

2005 

Interest in the BAN concept first arose in Italy in 1997. It emerged from a few Business 

Innovation Centres in Northern Italy, more precisely in Valle d’Aosta and Lombardia. 

Several regional BANs were set up in 1999, as well as IBAN, the national association created 

to foster the development of BANs in all Italian regions and to federate their activities. 

2. Statistics 

1999 2000 2001 2002 2003 2004 

Number of BANs 2 5 12 11 10 12 

Number of Business Angels 65 183 300 350 350 219 

Number of deals 0 3 2 3 2 12 

Number of accredited projects - 70 70 101 30 437 

Number of commercial BANs 0 0 0 0 0 2 

Number of non-commercial BANs 2 5 12 11 10 10 

Number of national BANs 0 0 0 0 0 1 

Number of regional BANs 2 5 12 11 10 11 

National association 1 1 1 1 1 1 

3. IBAN funding sources 


500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

60% 

1999 

2000 

2001 

2002 

2003 

2004 

40% 

Angels 

Projects 

Deals 

Fees from BAN 

Other (Sponsors) 

10 BANs are set up as non-profit organizations, 1 is a commercial BAN, and 1 is a club of 

investors. 

The BANs are often emanations of BICs, development agencies and private investors. 

98 

M


In general the founding sources come from fees (entrepreneurs and angels), regional funds 

and local sponsors (especially banks). 


IBAN was set up in 1999 for the purpose of stimulating the development of activities in the field 

of informal venture capital in Italy and to raise the awareness of administrative authorities as to 

the environment in which such activities could flourish. Furthermore, IBAN has established 

privileged relations with the banking sector and the venture capital sector (IBAN is member of 

AIFI - Italian Association of Institutional Investor in Risk Capital). 

IBAN has also adopted a code of conduct that clarifies the rights and duties of BANs. 

IBAN has established cooperation with most important Italian banks, financial institutions, 

regional Institutions and the national accountants association. 

6. Lobbying 

In order to create a legal and fiscal framework more appropriate to develop the private informal 

investors, IBAN has established a dialogue with the relevant Italian Ministries with a view to 

clarifying the legal status of BANs with regard to several existing statutes. In October 2000, 

IBAN submitted to the Italian Ministries attention a law proposal concerning the tax status of 

the business angels investment activities. Other documents were presented in 2003 and in the 

end of 2004. 


The economic daily Il Sole 24ore and Italia Oggi; the weekly Milano Finanza and Il Mondo 

Economico, newspapers and magazines have published several feature articles on IBAN, 

BAN and BA activities. 

8. Regional Bans in Italy 

BANs are fully connected to IBAN. All the BANs are managed following the IBAN code of 

conduct. 

FIGURES (2004) 

Projects Number of Deals Average amount in 

submitted Angels Made 

Euros 

LAZIO 57 15 0 0 

NORD OVEST 156 125 1 20.000 

TOSCANA n/a n/a n/a 

LOMBARDIA 80 9 0 

PUGLIA 0 0 0 

UMBRIA 36 n/a n/a n/a 

SARDEGNA 4 3 0 0 

BOLOGNA 16 14 1 50.000 

CALABRIA 0 0 0 

CAMPANIA 0 0 0 

FRIULI 5 43 1 5.000 

CLUB MILANO 83 10 9 136.700 

TOTAL 437 219 12 108.775€ 

99

9. EU support 



Awareness seminars have been held in the following cities: Torino, Tortona, Venezia and 

Bologna. They were organised and co-ordinated by IBAN with the EBAN support. 

� Feasibility studies 

SVI Lombardia received financial support from the European Commission to investigate the 

setting up of an Italian BAN. This project led to the creation of IBAN and stimulated the 

emergence of regional networks. 


Gepafin S.P.A., the Regional Finance firm from Umbria, received subsidies from 

DG Enterprise to set up a regional BAN as well as to explore the potential benefits of 

establishing a transnational electronic BAN. 

IBAN, the Italian association of BANs, was also selected to deliver a pilot project aimed at 

improving the administrative and cultural environments in which BANs operate. 


IBAN 

100


BAN Alpe Adria 

Contact person Fabio Apollonio 


E: info@dolphin-investments.com 


Private company 


March 2003 

Employees 

None 

Legal status 

Società in accomandita per azioni 


100% 

Private 

Shareholders 

2005 

2003 2004 




Average amount of the deal 85.000 5.000 

50 

40 

30 

20 

10 

0 

2003 2004 

Projects 

Angels 

Deals 














101


• Other: Partnerships with universities, academies/colleges, science parks; public 


Fees: 

o Fees charged to entrepreneurs 

o Fees charged to Business angels 


years: 11 


102


BAN Bologna 

2005 

Contact person Francesca Polluce 


Via Benedetto XIV, 3 – 40125 Bologna 

T: +39.051.6598166 

F: +39.051.6599608 

E: banbologna@nts.provincia.bologna.it 


Regional - Emilia Romagna 


2001 


1 

Legal status 

Agreement 


Provincia of Bologna (Public Administration) 


50% 50% 


Sponsors 

2001 2002 2003 2004 




Average amount of the deal - - - 50.000€ 



• Meetings 


• Internet 






Fees: 

o No fees charged to entrepreneurs and business angels. 


years: n/a 


103


BAN Lazio 

Contact person: Andrea Cosentino 

Contact details Via Casilina, 3/T 

00182 Roma 

T: +39 06/9784501 

F: +39 06/97845001 

E: banlazio@biclazio.it 


Lazio region 


04/06/2001 


3 


BIC Lazio Spa 


n/a 

2005 

2001 2002 2003 2004 




Average amount of the deal 0 0 0 0 



• Meetings 


• Internet 






Fees: 




years: n/a 


104


BAN Lombardia 1 – BIC La Fucina s.cons.r.l. 

Contact person Sabina Liebschner 


c/o BIC La Fucina s.cons.r.l. 

Viale Italia, 548 

20099 Sesto San Giovanni (MI) 

T : +39 02/24.42.55.70 

F : +39 02/24.42.55.71 

E : liebschner@biclafucina.it 


BAN 


Mar. 1999 

Employees 

1/2+1/2 

Legal status 

Associato IBAN 


BIC La Fucina s.cons.r.l. 


IBAN 


22% 

12% 

66% 


Fees from 




2004 




Average amount of the deal / 


• Computerised data-base matching service 18 

• Personal introduction (on a one-to-one basis) 10 

• Investment forum / fairs 01 

• Networking events for investors 01 

• Mail presentation to all private investors 08 

• Contacts to potential Business Angels within two weeks after first contact 02 





• Established co-operation with local banks / financing institutions / accountants, 

lawyers; embedding in sector of public promotion companies for SMEs, 

• Partnerships with universities, academies/colleges, science parks; public relations, 

direct mailings. 

105


Fees: 

o Fees charged to entrepreneurs: Success fee 3% on equity 

o Fees charged to Business angels: Entry fee: 1550,00 euro. 


years: n/a 


106


BAN North West 

2005 

Contact person Paolo Anselmo 

Andrea Pallais 

Deborah Barathier 

Contact details Centro Sviluppo SPA - BIC Vallée d’Aoste 

Via Lavoratori Vittime Col du Mont, 24 

11100 AOSTA (ITALY) 

T: +39 (0)165 305511 

F: +39 (0)165 305540 

E: info@centrosviluppo.it 

E: ban@centrosviluppo.it 


National (focused on North West Italy 

regions: Valle d’Aosta, Piemonte, Liguria) 


October 1999 

Employees 

3 

Legal status Società per Azioni – SpA 



10% 

10% 

(shareholders company) 

Centro Sviluppo SpA 

80% 


Fees from 




1999 2000 2001 2002 2003 2004 

Number of projects submitted 60 270 - 178 172 156 

Number of Angels 30 100 - 125 470* 125** 

Number of deals made 0 0 - 0 1 1 

Average amount of the deal 0 0 - 0 396.000€ 20.000€ 

*All contact, included latent investors 

**Interested and active angel investors 



• E-mail presentation to all private investors 

• Internet web site 



• Contacts to potential Business Angels after first contact 





107


• Established co-operation with local banks / financing institutions / VC’s / accountants, 

lawyers; embedding in sector of public promotion companies for SMEs, 



Fees: 

o No fees charged to business angels and entrepreneurs until successful deal. In case of 

closing, the fees charged are the following: 

o Fees charged to entrepreneurs: 1,5% 

o Fees charged to business angels: 2,5% 


years: 5 


108


Summary of BAN North West activity in 2004 

The Ban North West received 165 business ideas in the whole 2004. 

The main channels used were the IBAN web site and the promotion of its activity in Italian 

financial conventions and events. 

As for the business ideas screening process: 

� 54 ideas (about the 33%) have been positively evaluated and they went on requiring 

the complete Business Plan; 

� 99 ideas (about the 60%) have been negatively evaluated or regarded not good for VC 

investment; 

� for 12 ideas instead the analysis was not possible for the few information provided. 

99 

PROJECTS 2004 

12 

positive evaluation negative evaluation impossible evaluation 

Between the 49 business ideas, the BAN received 28 Business Plans which have been 

carefully analysed to verify the economic financial and market project feasibility. Then 11 

Business Plans were positively evaluated and they were spread through the newsletter 

channel between the panel of Business Angel. 

The BAN North West published 3 newsletter during the whole 2004 in the following months: 

March, May and October: each newsletter contained three selected project summaries. 

The sectoral overview of all 2004 projects can be summarized as follow: ICT 33%, 

commercial initiatives 12%, services 21%, Industrial projects 11%, food production 4%, 

editorial projects 2%, environment 2% and other sectors 17%. 

109 

54


ICT 

SECTORAL OVERVIEW 

Services 

Food 

production 

Other 

Editorial 

Industrial 

Environment 

Commerce 

As for the geographical distribution of 2004 projects, the 46% of them came from north 

regions, the 23% from central regions, the 10% from south regions and the 2% from abroad. 

27 

8 

38 

PROJECTS ORIGIN 

16 

76 

NORTH 

CENTRE 

SOUTH 

ABROAD 

OTHER 

Between these projects the 12% were only sent to the BAN North West, the 5% to all Italian 

BAN structures and the other percentage to a selected number of BAN. 

110


BAN Sardegna 4 

Contact person: Alfredo Bacigalupo 

Contact details Via Jenner 13 

09121 Cagliari 

T: +39 070 529 01250 Mon to Fri 9-1 pm 

F: +39070 5290 01213 

E: infoban@bansardegna.it 

W: www.bansardegna.it 


Regional - Sardegna 


19 December 2002 


0 

Legal Status 

Association 


n/a 

2005 

2002 2003 2004 




Average amount of the deal 0 0 0 



• Meetings 

• Internet 


• Event and information 

Fees: 

o Fees charged to business angels: 100-500€ 



years: n/a 


4 Strategic and operational revision 01.07.2004 

111


UBAN – Umbria Business Angel Network 

Contact person Marco Tili, Chiara Borgarelli 

2005 

Contact details Via Campo Di Marte, 9 

06124 Perugia 

T: 00390755059811 

F: 00390755005156 

E: m.tili@gepafin.it ; c.borgarelli@gepafin.it 


Regional - Umbria 


29/6/2001 


0 


GEPAFIN SPA 


Matching 

services of the network: 


• Meetings 

• Investment 

forums and fairs 

How 

are clients acquired? 



• Articles in the regional 

or national press 

• Cooperation agreements with local banking, 

financial or fiduciary institutions 

Fees: 

o No fees 

charged to business angels and entrepreneurs. 

Estimate 

of the number of jobs created as a result of the network activity over the last 3 

years: n/a 

Success 

story: n/a 

25% 

5 14 through the website, 12 University spin-offs 

6 24 Projects from the website at 30/06/2004 

75% 


Fees from 

entrepreneurs 

2001 2002 2003 2004 


36 6 



Average amount of the deal 0 0 0 

112


CONNECT Latvia Business Angel Network (In creation) 

2005 

Contact person Elmars Baltins 

Contact details Azenes iela 20 

Riga, LV-1048 

T: +371 708 9178 

E: info@connectlatvia.lv 

W: www.connectlatvia.lv 


Date of creation September 2005 

Employees 1 

Legal status Project run by CONNECT Latvia 

Hosting organisation CONNECT Latvia 

Formal partner organisations Latvian Investment and Development agency 

Funding sources (foreseen): 

5% 

20% 

75% 


Fees from 




2005 

Number of projects submitted - 

Number of Angels - 

Number of deals made - 





• Financial forums 


• Assistance in preparation of a business proposal summary 



• Visits / meetings with enterprises / entrepreneurs 




• Partnerships with universities, academies/colleges, science parks; public relations, 

direct mailings. 

Fees: 

o No fees charged to entrepreneurs or business angels 

113


LUXEMBOURG BUSINESS ANGEL NETWORK 

Contact person Chris VIGAR, CEO 

Contact details BP 823 

L-2018 Luxembourg 

T: +352 404 034 455 

F: +352 291 030 

E: chris@lban.lu 

W: www.lban.lu 

Type of network Non profit organisation 


Employees 0 

Legal status Asbl 

Hosting organisation LBAN asbl 

Formal partner organisations Chamber of Commerce, Ministry of the 

Economy, Luxinnovation, CRP HT, 

FirstTuesday 


5% 10% 

85% 



Angels and 

enterprises 


2004 





Matching 

products of the network: 

• Computerised data-base matching 

service 





• Contacts to potential Business Angels within 

two weeks after first contact 


• Direct introduction 

2005 

How 




• Articles in local / national 

media 

• Established co-operation with local 

banks / financing institutions / accountants, lawyers; 


114




• Personal network of the board as well as its members 

• Word of Mouth 

Fees: 

o Fees charged to entrepreneurs: 120 EUR for each introduction 

o Fees charged to business angels: 100 EUR annually 


years: 

n/a 


n/a 

115

1. Background 


MALTA 

MBAN is the first business angel network set up on the island. 

2005 

Due to Malta’s relatively small size and island status, along with an undeveloped capital 

venture market both formal and informal, in an environment where entrepreneurship is often 

mentioned but not yet culturally firmly established, it was deemed essential to create the 

necessary structures in a way that maximises the efficient use of available support and 

incentives, stimulating the dynamism of the Maltese economy so that it can better sustain 

formal business angel activities through a network. 

With this in mind, along with the facts that Malta has a very limited local market, and 

knowledge that local business angels have an eye for foreign investments along with local 

entrepreneurs seeking to establish themselves in markets outside of the domestic one, it was 

decided to create MBAN in such a way that it could gather various synergistic aspects together 

under one roof whilst allowing for market expansion throughout the Mediterranean and 

Europe. 

2. Background statistics 

2003 Mid-2004 


Number of non-commercial BANs 0 0 

Number of commercial BANs 1 1 


MBAN is a private limited company registered in Malta and is a national representative for 

BA's (Business Angels) and BA syndicates. 


None as MBAN is the only BAN in Malta. 


Two pronged educational and awareness programme targeted directly at stimulating the BA 

and entrepreneurship markets both of which need to be available for this endeavour to 

succeed. These will take the form of seminars, training sessions and resources, provided and 

supported by sponsoring organisations and individuals. In addition MBAN maintains a website 

which will be expanded to include online forums. 

6. EU Support 

None 

7. EBAN Members 

MBAN 

116


MBAN 

2005 

Contact person ALLMARK Pamela 

Contact details 101, St. Ursula Street 

Valletta VLT 06 

T: 356 2142 3148 

F: 356 2540 1147 

E: pamela.allmark@mban.biz 

W: www.mban.biz 

Type of Network National 

Date of creation July 2003 

Legal Status of BAN Private Company 


95% 

5% 

Sponsors 

Equity 

2004 






• Online database 

• Online discussion groups 

• Events, seminars, training courses 

• Educational programs 

• Awareness programs 

• Presentation dinner events 

Fees: 

o Business Angel fee: MLT 200 

o Entrepreneur: MTL 50 

NB: Because many aspects of the running of MBAN at a management level are also 

automated through the system, the platform will also provide for the ability of BA’s to form and 

manage their own syndicates, also online using exactly the same setup. 


years: 

n/a 


n/a 

117 

M

1. Background 


NORWAY 

Until October 2003, VentureLab, created in February 2001, was acting as the national network 

of Norway. Late 2003, VentureLab, www.myventurelab.com ,together with the Seed Forum 

Norway and Seed Forum Alumni, have organised a new entity called NorBAN. 

NorBAN is now the national Norwegian network organisation for business angels. The purpose 

of NorBAN us to be an interest organisation for private investors, to organise and to take the 

initiative to establish local and regional business angel networks as local organisations in 

NorBAN, to develop and carry out systems for matchmaking between entrepreneurs and 

private investors and to work for the reduction of risk among private investors. 

NorBAN organises “Road shows” to start up regional BAN structures in at least 7-10 regions. 

The shows are organised in cooperation with Seed Forum Norway - the Norwegian national 

tool to finance Norwegian early stage companies with (foreign) private equity 

www.seedforumnorway.com - and possibly in cooperation with Innovation Norway (national 

coordinator) and SIVA as the national coordinator for the local innovation centres. 

2. Statistics 

2000 2001 2002 Mid 2003* Mid 2004 

Number of BANs - 1 1 3 7 

Number of Business Angels - 100 125 175 n/a 

Number of deals - 3 2 3 n/a 

Number of accredited projects - 50 30 30 n/a 

Number of commercial BANs - 1 1 1 n/a 

Number of non-commercial BANs - - - 2 n/a 

Number of national BANs - 1 1 1 1 

Number of regional BANs - - - 2 6 

National association - - - - 1 

3. Funding Sources 

n/a 


Membership organisation. 


Contact person for NorBAN 

Steinar Hoel Korsmo 

Gaustadallèen 21 

N-0349 Oslo 

T: +47 92 01 14 15 

F: +47 92 17 40 32 

E: steinar@seedforumnorway.com 

118

6. Lobbying 


As an interest organisation for private investors, NorBAN seeks to promote tax incentives for 

business angels, establish new BAN structures and a national seed capital scheme. 

7. EU support 

None 


ArticBAN 

ROBAN 

119


ArticBAN 

2005 

Contact person Erling Adelstein Bortne 

Contact details Teknologiveien 10 

N-8517 Narvik 

Norway 

T: +47 769 672 00 

F: + 47 769 672 01 

E: erling.bortne@vinn.no 

W: www.vinn.no / www.etablerer.no 

Type of network Regional network: North of Norway, 

covering the counties of Nord Trondelag, 

Nordland, Troms og Finnmark 



Legal status Private foundation 

Hosting organisation VINN (North Norwegian Institute of 

Technology and Innovation), created in 

1956 as a private foundation. 


8% 

10% 

25% 

8% 

50% 


National Funds 

Fees from 


Sponsors 

Fees from 

entrepreneurs 

2004 








• Meetings 



• Internet 









120 

M


On behalf of the Ministry of Trade and Industry, VINN runs several services targeted to 

entrepreneurs and businesses; a national toll free help desk service for companies, 

www.bedin.no - a portal for business information, www.etablerer.no - a national net-based 

start-up school and meeting place for entrepreneurs. 

Fees: 


o Fees charged to business angels: less than 100€ 


years: 

n/a 


n/a 

121


ROBAN (Rogaland BAN) 

Contact person Svein Dybdahl 

Contact details C/o Synergia AS, Professor Olvav 

Hanssensvei 11 

Po Box 8034 

4068 Stavanger 

T: +47 51 87 43 09 

F: +47 51 87 43 24 

E: dybdahl@synergia.no 

W: www.roban.no 

Type of network Regional: South-west of Norway 

including the counties Rogaland, 

Hordaland, Sogn og Fjordane, Møre & 

Romsdal, Vest- og Aust Agder 



Legal Status Non-profit department of Synergia AS 

Formal partner organisations Rogaland County Council, 

(www.rogaland-f.kommune.no), 

Rogaland Science Park 

(www.kunnskapsparken.no) Norwegian 

Industrial and Regional Development 

Fund Rogaland (www.snd.no) 

Hosting organisation Synergia AS 

Funding Sources (Mid-2003): 

Private 

companies 

42% 

Fees from 

Enterpreneur 

s 

13% 

Regional 

County 

Authorities 

42% 

Fees from 

Bas 

3% 

2003 Mid 2004 

Number of projects submitted n/a n/a 

Number of Angels n/a n/a 




• Meetings between the BAs and the entrepreneurs 4 times a year 

• Electronic as a foreplay to the meetings 

Fees: 

o Entrepreneurs: NOK 3000 for registration and presentation for BAS plus 2.5% of the 

company if a match is successful and the company prosper. 

o BAs: NOK 1000 yearly fee for the first year, NOK 2000 for second and NOK 3000 for third 

122 

M


CONNECT VEST NORGE 

Contact person Kjell Hilde 


St. Jakobsplass 9 

5008 BERGEN 

T: +47 5521 2890 

Mob: 9134 7976 

E: kjell.hilde@connectvest.no 

W: www.connectvest.no / 

www.connectnorge.org 


Hosting organisation Connect NORGE 

Partner organisation Innovation Norway 

CONNECT Vest Norge has no formal function as a BAN. During the latest three years they 

have though arranged for several CONNECT Financial Forums both national and regional 

where also typical angels has participated. 

Together with Innovation Norway (Government based and national leading 

Organization for innovation in Norway), they will during the next months try to establish a BAN 

in Bergen and the surrounding region. 

CONNECT Vest Norge is a part of Norwegian CONNECT including networks in Oslo, 

Trondheim and Tromsø as well as Bergen. 

123


CONNECT OSTLANDET 

Contact person Jorun Pedersen 

Contact details Gaustadalleen 21 

0349 Oslo 

T: +47 926 31 425 

F: +47 908 25 434 

E: post@connectostlandet.org 

W: www.connectostlandet.org 

Type of network Regional network, part of a national 

network 



Legal status: Membership organisation 


30% 30% 

30% 


Sponsors - 

members 


2003 Mid 2004 


Number of Angels - n/a 

Number of deals made - 1 

Average amount of the deal - n/a 


• Meetings 


Fees: 

o No fees charged to entrepreneurs or business angels 

124


POLAND – PolBAN 

2005 

Contact person Wojciech Dolkowski 

Contact details 85-766 Bydgoszcz, ul. Fordonska 393 

T: +48 52 347 14 81, +48 604 244 199 

F: +48 52 347 23 25 

E: wojciech.dolkowski@polban.pl 

W: www.polban.pl 


Date of creation 14 December 2003 

Number of Employees n/a 

Legal status Not-for-profit association 

Formal partners Fundusz Mikro, Polish Private Equity 

Association, Szukam-Inwestora.com 


30% 

10% 

10% 

50% 


Fees from 


Sponsors - 

members 


2003 2004 




Average amount of the deal - 150.000€ 




• Meetings 

• Internet 







Fees: 



years: 

n/a 

125 

M


Name of 

company 

Sector of 

activity 


Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of exit 

Confidential Insurance/IT Feb 05 150.000 1 N/a N/a 

126 




money)


LEWIATAN BUSINESS ANGELS 

2005 

Contact person Michal Olszewski 

Contact details Polska Konfederacja Pracodawców 

Prywatnych Lewiatan Ul. Flory 4/9 

00-586 Warszawa 

T: +48 22 565 20 60 

F: +48 22 565 20 80 

E: info@lba.pl 

W: www.lba.pl 


Date of creation May 2005 

Employees 1 

Legal status Non-profit organization 

Hosting organisation Polska Konfederacja Pracodawców 

Prywatnych Lewiatan 

Formal partner organisations Polish Confederation of Private Employers, 

PriceWaterhouseCoopers 


20% 

80% 



2005 

Number of projects submitted - 

Number of Angels - 









• Information events and seminars 







Fees: 

n/a 

127


PORTUGAL 

1. Background information on BAN activity in Portugal 

2005 

The BAN activity in Portugal is still taking its first steps, and there isn’t any legal and official 

framework for this kind of investments. However, Gesventure has developed the first and 

unique BAN and is still working on the concept recognition from the public and official entities. 

2. Statistics 

2000 2001 2002 2003 2004 

Number of BANs 1 1 1 1 1 


Number of deals 1 1 1 

Number of accredited projects 6 4 5 5 6 


Number of non-commercial BANs - - - - - 


Number of regional BANs - - - - - 

National association - - - - - 


n/a 


None. 

5. Lobbying 

No lobbying activities. 


None. 

6. EU support 

No 


Gesventure organises since 1999 the “Encontros Gesventure” (Gesventure Meetings), an 

annual conference that takes place in December about Business Angels, Start-Up’s, 

Entrepreneurs and existing incentives. We also organize an international conference, the 

Venture Capital IT, more related to venture capital dissemination but also important for BAN 

diffusion. Besides our conferences, we often participate in other conferences and room 

classes and organize regular private meetings within our Business Angels Club. Gesventure 

also owns two websites with plenty information about venture capital, business angels and 

entrepreneurship: www.businessangelsclub.com and www.gesventure.pt 


Gesventure – Business Angels Club 

128


GESVENTURE 

2005 

Contact person Francisco Banha 

Rua 7 de Junho de 1759 n°1 Lagoal 

2760-110 Caxias 

T: +351 214 416 460 

F: +351 214 417 387 

E: Fbanha@gesbanha.pt 

W: www.gesventure.pt 

www.businessangelsclub.com 




Partner organisations Chausson Finance, Alta Partners, 

Global Startup 

Funding Sources: n/a 

2000 2001 2002 2003 2004 




Average amount of the deal 300.000€ n/a 200.000€ n/a 150.000€ 




• Meetings 



• Internet 

25 

20 

15 

10 

5 

0 

2000 2001 2002 2003 2004 

Projects 

Angels 






• Personal Contacts 

Fees: 

o No fees charged to entrepreneurs or business angels except for a success fee in case a 

deal is closed 

129 

Deals 

M

1. Background 


SPAIN 

2005 

A number of Spanish regions including Navarra, Catalunya, Valencia, Madrid, Andalusia and 

Castilla y Leon have expressed an interest in setting up regional BANs since 1997-1998. As 

per today, the majority of business angel networks identified in Spain operate in Catalunya. 

CIDEM BAN, the main BAN in Spain and established in Catalunya, will no longer offer its 

services to entrepreneurs and business angels and will refocus its positioning to become a 

network of networks in Catalunya. 

CIDEM has implemented a policy with the aim of creating and developing business angel 

networks in Catalunya. Currently, 11 BANs are under the CIDEM’s umbrella. CIDEM also 

carries out other initiatives related to business angels such as guides to informal investment, 

monthly meetings, business angels academies and investment forums. 

2. Statistics 

2000 2001 2002 2003 2004 

Number of BANs 1 1 2 4 20 

Number of Business 

Angels 

(11 in Catalunya) 

58 65 93 180 356 (other catalan BANs) + 

176 (CIDEM BAN) + 48 (other Spanish 

networks) 

Number of deals 3 8 10 24 8 (other catalan BANs) + 


Number of accredited 

projects 

networks) 

88 171 190 247 216 (other catalan BANs) + 


networks) 

- - - - 2 

Number of commercial 

BANs 

Number of non-commercial 1 1 2 4 9 (Catalunya) + 

BANs 

9 (other Spanish networks) 

Number of national BANs 0 0 0 0 5 (other catalan BANs) 

Number of regional BANs 1 1 2 4 6 (Catalan BANs) 

+ 9 other Spanish members 

National association 0 0 0 0 2 (CIDEM and ESBAN) 

Note: The information displayed is the one collected from the networks – therefore all 

categories represent the minimum number as we are lacking some information. 

Two BA Schools, organized by CIDEM, have taken place in 2004 with 90 attendants. 

In December, the CIDEM BAN organized the 10 th Venture Capital Forum as an act of the 

Innovation Week. 12 entrepreneurs/managers presented their ideas/firms in order to raise 

funds besides contacting futures employees, raising brand awareness and fostering their 

networking opportunities. A book with information about 90 projects was also edited. Near to 

300 investors attended the event. 


130


Most of BANs of the country have opted for the non for profit organisation status or are part of 

the regional administration. BCN BA and Alta Partners are commercial BANs. 

4. EU support 


European Union support in Spain has made it possible to organise two awareness seminars 

on the BA concept. One was organised jointly in Valladolid by Castilla y Leon RDA and 

IBERAVAl, a mutual guarantee firm. The other seminar was held in Malaga under the aegis of 

the Malaga Business Innovation Centre (Andalusia). 


Three projects received financial assistance from the European Commission with a view to 

setting up operational BANs. The recipients of these subsidies were: 

- Instituto Aragonés de Fomento 

- CIDEM, Catalunia's development agency 

- Alta New Venture 


CIDEM 

BANC 

UNIBAN 

BAN Madrid 

BANG 

ESBAN 

131


CIDEM 

2005 

Contact person Roger Piqué, Oriol Sans 

Contact details C/ Passeig de Gràcia 129 

08008 Barcelona 

Catalunya 

T: + 34 93 476 7317 

F: +34 93 476 7233 

E: rpique@cidem.gencat.net 

osans@cidem.gencat.net 

W: www.cidem.com 

Type of network Regional: Catalunya region. 


Employees 4 

Legal status Governmental network 

Hosting organisation Cidem 

Formal partner organisations Alta Partners - XARXAP, BANC (CECOT), 

ESADE - Club d’emprenedors i Inversors, 

PimecSefes, UPC Programa Innova – 

BAXI, BCN Business Angels, IESE BAN, 

Club d’Inversors La Salle, PIMEC Capital, 

Esfera UAB, XIP Mataró BAN, XIPJEC 


100% 

Public 

Funds 

2000 2001 2002 2003 2004 


Number of Angels 58 65 83 154 angels 176 angels 

47 VC firms 60 VC firms 

121 consultants 145 consultants 


Average amount of the deal n/a n/a n/a 6.200.000€ (total) 

Average 259.000€ 

477.000 € 

500 

400 

300 

200 

100 

0 

2000 2001 2002 2003 2004 

132 

Projects 

Angels 

De als 

M




• Investment clubs. Club CIDEM (breakfast monthly) 

• Investment forum / fairs. 1 early stage forum 

• Internet 

• Meetings 

• Formation to entrepreneurs and investors 


• Information events / seminars. BA School 


• Established co-operation with financing institutions / lawyers / Corporate finance firms. 

Fees: 


CIDEM BAN, in Catalunya, will no longer offer its services to entrepreneurs and business 

angels and will refocus its positioning to become a network of networks in Catalonia (National 

Network). 


years: n/a 


133


ALICANTE EMPRENDE 

2005 

Contact person Vincent Fuerte 

Contact details C/ Francisco Verdú, 30 bajo dch. 

03009 Alicante 

T: +34 659 42 09 43 

F: +34 965 15 95 16 

Email: E: inversor@clubabant.com 

Website: W: www.clubabant.com 

Type of network Local Network 

Date of creation 29/03/2003 


Legal status Private Network 

Hosting organisation 3 DID’S 

Partner organisations 3 DID’S, Cuatrecasas, Talde, Fundesem, 

Beta Capital 


83% 

15% 

2% 

European 

Funds 



2004 




Average amount of the deal 320.000 € 



• Meetings 


• Internet 







Fees: 



years: 16 

134


Name of 

company 

Agua 

Nafree 

Sector of 

activity 


Date of 

investment 

Amount 

invested 

(€) 

Alimentary 10/05/2003 260.000 1 

135 

Number of 

angels 

involved 

Date 

of exit 




money)


BANC 

2005 

Contact person: Albert Colomer; Jordi Clos 

Contact details San Pau 6 

08221 Terrasa Barcelona 

T: + 34 93 490 8860 

F: +34 93 7366013 

E: acolomer@bancat.com ; 

jclos@bancat.com 

W: www.bancat.com 

Type of network Regional Network: Catalunya region. 

Date of creation 21 st July 2002 

Employees 2 

Legal status Non profit organisation 

Hosting organisation Patronal CECOT/ Fundación CP’AC 

Formal partner organisations Catalan Government 


60% 

15% 

25% 

Fees from 

entrepreneurs 

Fees from 


Public/European 

Funds 

2002 2003 2004 



Number of deals made n/a 1 4 

Average amount of deals n/a 120.000€ 135.000€ 

70 

60 

50 

40 

30 

20 

10 

0 

2002 2003 2004 



• Web site application 


136 

Projects 

Angels 

Deals 

M








Fees: 

o Fees from business angels as well as from entrepreneurs. 


years: 

17 jobs in 4 deals. 


Name of 

company 

Sector of activity Date of 

investment 

Amount 

invested 

(€) 

WINBOL Computer related 1 

SAMCLA Engineering 1 

Terceros 

de 

Confianza 

Computer related 1 

Inspecta Artificial vision 1 

Number of 

angels 

involved 

Date 

of 

exit 




money) 

All of these enterprises are young SMEs. In 4 years we hope to have information about the 

real growth and return for every investor. 

137


BANG 

Contact person Jose Calvo Caneiro 

Contact details Praza das Damas, 1 

32005 Ourense 

T: +34 98 83 91 110 

F: +34 98 83 91 957 

E: businessangels@red-bang.net 

W: www.red-bang.net 

Type of network Regional Network: Galicia 

Date of creation 09/01/2004 


Legal status Non-Profit organisation 

Hosting organisation Confederacion de empresarios de 

Ourense 


55% 

3% 

8% 

34% 

Fees from 

entrepreneurs 

Fees from 


Other - sponsors 


Mid 2004 

Number of projects submitted n/a 

Number of Angels n/a 






• Meetings 


• Internet 









Fees: 

o Entrepreneurs less than 100; Business angels: between 100€ and 500€ 

138 

M


BAN Madrid 

Contact person Miguel Palacios Fernandez 

Contact details C/José Gutiérrez Abascal 2 

28006 Madrid 

T: +34 91 336 42 64 

F: +34 91 336 30 05 

E: mipalacios@etsii.upm.es 

2005 M 

Eduardo Díaz 

Velázquez, 76 

28001 Madrid 

T: +34 917816573 

F: +34 915766052 

E: ediaz@madrimasd.org 

W: www.madrimasd.org/emprendedores/ 

Type of Network Regional/Madrid 

Date of creation n/a 



Hosting organisation: Regional Government of Madrid 

Partner organisations n/a 


100% 


2004 







• Meetings 


• Internet 





• Alumni Clubs 

139


Fees: 

o Fees charged to entrepreneurs: less than 100€ 



years: n/a 


140


BAXI – 

Xarxa d'inversors del Programa Innova-Universitat 

Politècnica de Catalunya 

Contact person Mireia de la Rubia. 

Contact details Jordi Girona 

29. Edifici Nexus II 


T: + 34 93 413 76 23 

E: mireia.de.la.rubia@upc.es 

W: http://pinnova.upc.es 

Type of network Regional, Catalonia Region 



Legal status Not for profit 

Hosting organisation Programa Innova UPC 

This BAN belongs to CIDEM development BANs Program. 


n/a 

2005 

Mid 2004 2004 




Average amount of the deal 0 € 522.000 



• Meetings 






Fees: 



years: n/a 


141


BCN BA 

2005 

Contact person Antoni Sala 

Diputació, 238, 4t 7a 


T: +34 93 581 33 14 

E: a.sala@bcnba.com 

W: www.bcnba.com 

Type of network Regional, Catalonia Region. National. 



Legal status For profit 

Hosting organisation BCN BA 



100% 

Fees from 

business 

angels 

2004 




Average amount of the deal € 561.500 



• Meetings 



• Internet 







142


Fees: 


o Fees charged to business angels: more than 500€ 

o Other payment services as company valuations, business plans, portfolio management, 

exit strategy implementation etc. 


years: n/a 


143


Xarxa d’inversors IESE 

Contact person: Neus Martínez 

Contact details Av. Pearson, 16 


T: +34 93 253 42 00 

E: martinezn@iese.edu 

W: www.iese.edu 

Type of network Catalunya and Madrid Region 




Hosting organisation IESE 



n/a 

2004 




Average amount of the deal € 677.000 


• Investment forums and fairs: X 4 

2005 

Fees: 


o IESE BAN Membership is free for IESE members. For outstanding investors who are not 

IESE members, the requirement is to join the association. Automatically, they have access 

to all services provided by the Association, and to the network. 


years: n/a 


144


XARXA D’INVERSORS LA SALLE 

2005 

Contact person Xavier Capellades 

Contact details Quatre Camins, 18-34 


T: +34 93 290 24 73 

E: xcapellades@salleurl.edu 

W: www.salleurl.edu 

Type of network Regional, Catalunya Region 



Legal status Non for profit 

Hosting organisation La Salle Technological and Business 

Innovation Park 



30% 

70% 


Other: Park 

Founds 

2003 2004 




Average amount of the deal 0 200.000 € 



• Meetings 





Fees: 



years: n/a 


145


UNIBAN, University Business Angels Network 

2005 

Contact person Luis Fernández 

Lope Gómez de Marzoa s/n (Edificio FEUGA - 

Despacho 1) 

15705 Santiago de Compostela 

T: +34 981 563 100 Ext. 16844 

F: +34 981 54 70 77 

E: uniban@usc.es 

W: www.uniban.org 

Regional Network Galicia region (SPAIN) 



Legal status Not-for-profit 

Hosting organisation: University of Santiago de Compostela 

(Entrepreneurship program UNIEMPRENDE) 


30% 

5% 

5% 

60% 

Fees from 

entrepreneurs 

Fees from 


O ther - sponsors 


2003 2004 




Average amount of the deal n/a 0 



• Meetings 

• Internet 









• UNIEMPRENDE: the entrepreneurial program of the University of Santiago de 

Compostela (awards, incubator, seminars,…) 

146 

M


Fees: 

o Fees charged to entrepreneurs: less than 100€. 

o Fees charged to business angels: less than 100€. 


years: n/a 


147


XARXA D’INVERSORS D’ALTA PARTNERS 

Contact person Marta Perpiñá 

Contact details Av. Diagonal, 399, pral 2a, 


T: +34 93 238 72 30 

E: mperpinya@altap.com 

W: www.altapartners.es 

Type of network Catalonia Region. National. 



Legal status For profit 

Hosting organisation Alta Partners 



n/a 

2004 




Average amount of the deal 600.000 € 



• Meetings 

• Specific service for business angels 




• Entrepreneurs Contests 

Fees 

o Fees of 3-4% charged to business angels and entrepreneurs. 

o Other payment services such as company valuations, business plans, etc. 

2005 


years: n/a 


148


XIP MATARÓ 

Contact person Carles Fillat, Òscar Valdivielso 

Contact details C/ Herrera nº 70 

08301 - Mataró [Barcelona] 

T: +34 93 758 26 40 

E: xipmataro@ajmataro.es 

W: www.laincubadora.com 

Type of network Regional - Catalonia Region 




Hosting organisation Mataró City Council 



100% 

Public 

funds 

2005 

2004 








• Meetings 







• Visits to enterprises and local chambers of commerce 

• Articles in the regional press 


• Formation programmes 

Fees: 

o 1% fee charged to entrepreneurs (pending of approval) 

149



years: n/a 


150


Club d’Emprenedors, Empresaris y Inversors d’ESADE 

Contact person Maite Usón 

Contact details Avda. D’Esplugues 92-96 

Edifici 3 d’ESADE 


T: +34 93 280 61 62 

E: uson@esade.edu 

W: www.esade.edu 

Type of network Regional, Catalonia Region. National 



Legal status Non for profit 

Hosting organisation ESADE Business School 



100% 

Public 

funds 

2004 







• Meetings 



• Entrepreneurs contests 


• Alumni from ESADE Business School 




• Networking events 

Fees: 

o No fee charged to entrepreneurs. 

2005 


years: n/a 


151

1. Background 


SLOVENIA 

Slovenian Business Angels Club is a joint project of Podjetnik (entrepreneur magazine) and 

Small Business Development Centre (SBDC). It is a non-profit association. A certain amount 

of funding was secured through the budget of Slovenian government. In its first year of activity 

(2001/2002) the network was focused mainly on promotion of the concept. 

2. Statistics 

2001 2002 2003 2004 

Number of BANs 1 1 1 1 

Number of Business Angels 11 21 21 25 

Number of deals 2 2 - 1 

Number of accredited projects 51 66 79 98 

Number of commercial BANs - - - - 

Number of non-commercial BANs 1 1 1 1 

Number of national BANs 1 1 1 1 

Number of regional BANs - - - - 

National association - - - - 


2005 

Business Angels Club is placed in the SBDC strategy as an additional financial mechanism for 

promoting the business development. It is connected with other projects like voucher system 

of consulting and e-work. 


Business Angels Club is the only BAN in Slovenia operating at the national level. 

5. Lobbying 

Business Angels Club is connected with partners at national level (Network of Local Business 

Centres, Regional development agencies), Universities, Technology Parks and Financial 

Institutions. 


Slovenian Business Angels Club has financial support from Slovenian government. 

7. EU support 

The EU does not financially support Slovenian Business Angels Club. 


• Regular Business Angels Club’s activities; 

• Informing the entrepreneurs about financing possibilities for their projects with informal 

venture capital; 

• Promotion activities by publishing articles in SLEVCA Novice/News, Podjetnik – 

Entrepreneurial Magazine, Kapital - Entrepreneurial Magazine, organising trainings and 

seminars for entrepreneurs, attending conferences; 

• Running active webpage. 

152


Slovene business angel Club 

2005 

Contact person Mr. Jaka VADNJAL 

Contact details SBDC - Slovene Business Angels Club 

WTC – Dunajska 156 

1000 Ljubljana 

T: +386 1 530 98 04 

F: +386 1 589 18 77 

E: jaka.vadnjal@pcmg.si 

W: www.pcmg.si 




Legal status Project 

Hosting organisation SBDC 


100% 

National 

Funds 

2001 2002 2003 2004 



Number of deals made 2 2 - 1 

Average amount of the deal - 16.000 € - 10.416 € 

120 

100 




• Meetings 


• Internet 

80 

60 

40 

20 

0 

2001 2002 2003 2004 

153 

Projects 

Angels 

Deals








Fees: 

o No fees charged to business angels and entrepreneurs. 

Deals – Slovenia 

Deal Sector : Estimated value of the deal 

Deal 1 : 2001 Real estate No data 

(partners do not want to share the 

Deal 2: 2001 (merging of 

two companies) 

amount of deal with BAC) 

Retail No data 



16.000 € (share) 

Deal 3: 2002 Real estate – 

construction & craft 

Deal 4: 2002 (invention; IT Technologies No data 

software programe) 



Deal 5: 2004 (patent in 

construction) 

Real estate 100.000 € 

154


SWEDEN 

2005 

The business angel community in Sweden is expanding with increased investments activity 

and enhanced cooperation between regional BANs. As the formal VC market now tends to 

invest more funds into later stage companies, there is a lack of funding for early stage 

businesses. This equity gap has significantly raised the awareness of the business angel 

concept in Sweden. In order to further increase business angel investments into early stage 

companies, NUTEK – the Swedish Agency for Economic and Regional Growth –has 

supported the creation and development of regional BANs in Sweden. A number of BANs are 

now operational throughout the country and the cooperation between the BANs is increasing. 

Going forward, the Swedish Private Equity & Venture Capital Association (SVCA) will be 

responsible for supporting the regional BANs on a national level, as well as for enhancing the 

level of knowledge about business angel activities in general. 

2. Statistics 

2000 2001 2002 2003 2004 


2 1 

2 3 

24 ~30 

Number of Business Angels 85 140 250 ~5000 ~5000 

Number of deals n/a n/a n/a n/a >100 

Number of accredited projects n/a n/a n/a n/a n/a 


Number of non-commercial BANs 1 1 1 21 27 


Number of regional BANs 0 5 6 23 ~30 

National association 1 1 1 1 1 


The majority of BANs are organized as networks within non-profit entrepreneurial networks, 

consulting firms or state-supported organisations. 


In 2002, NUTEK launched a pilot scheme, with the aim of increasing the number of regional 

BANs in Sweden, thus supporting the growth of business angel investments in general. At the 

end of 2004, close to 30 BANs were already active. Most of the BANs are non-commercial, 

hence striving to finance their activities through sponsorships and other financial sources. 

In 2005 NUTEK gave the Swedish Private Equity & Venture Capital Association (SVCA) the 

mandate to act as a national association for business angels in Sweden and to work as a 

support organisation for the regional BANs. 

5. Contact 

Contact person SVCA: Maria Nilsson 

Grev Turegatan 18 

114 46 Stockholm 

1 For the year 2000 and 2001, we considered that only Norkkoping and ALMI were acting as BANs. 

2 About 30 Networks have received funding from NUTEK. 8 are currently in operation and 22 are in the 

process of creation. 

155 

M


T: + 46 8 678 30 81 / +46 708 36 22 31 F: + 46 8 678 40 90 

E: maria.nilsson@svca.se W: www.svca.se 

Contact person: Birgitta Österberg 

Liljeholmsvägen 32 

117 86 Stockholm 

T: +46 8 681 9484; F: +46 8 744 4045 

E: birgitta.osterberg@nutek.se; W: www.nutek.se 

6. Lobbying 

The current tax climate in Sweden does not provide for tax incentives for investing in early 

stage companies. SVCA and NUTEK therefore continuously work for a more BA investment 

friendly tax environment as well as for simplified regulations, with the aim of attracting more 

private capital to entrepreneurial businesses. 


NUTEK in cooperation with FSF and University of Lund have started a long-term research of 

the Swedish business angel market in order to map the actors in this market and to get a more 

accurate picture of the business angel activity in Sweden. 

SVCA will continuously work to increase the level of knowledge about the business angel 

concept and its importance for growth and development of new businesses. The effort will 

include among other things educational activities, creating national BA forums, lobbying as 

well as PR activities. 

8. EBAN Members 

SVCA 

NUTEK 

156


CONNECT SKANE 

2005 

Contact person Nicholas Jacobsson 

Contact details Connect Skåne, Box 117, 221 00 LUND 

T: +46 222 12 73 

Cell: +46 733 70 35 50 

E: nj@connectskane.se 

Website W: www.connectskane.se 

Type of network Regional 



Legal status Organisation 

Hosting organisation Connect Skåne 


10% 

5% 

85% 

Fees from 


Other - sponsors 


2003 2004 




Average amount of the deal 250.000€ 100 000€ 

100 

80 

60 

40 

20 



• Meetings 



Fees: n/a 

0 

2003 2004 

Projects 

Angels 


years: n/a 


157 

Deals


CONNECT VAST 

Contact person Björn Sjöholm 

Contact details Stena Center 1 A; 412 92 

Gothenburg; Sweden 

E: bs@connectvast.se 

W: www.connectvast.se 


Date of creation 2000-01 


Legal status Filial 

Hosting organisation: Connect Väst AB 


Sponsors: Connect Väst, NUTEK. 

2005 

2003 2004 




Average amount of the deal – Swedish Kronor 2.600.000 2.500.000 

160 

140 

120 

100 

80 

60 

40 

20 

0 

2003 2004 

Projects 

Angels 

Deals 



• Meetings 


• Internet 







Fees: 

o No fees charged to entrepreneurs or business angels. 


years: n/a 


158


DALABAN 

2005 

Contact person Christer Navjord 

Contact details DalaBan, Rommehedslägret 1, S-78463 

Borlänge, Sweden 

E: navjord@bergslagsakademin.se 


Date of creation n/a 




National Funds: 200 Tkr 

Regional Funds: 200 Tkr 

50% 

50% 



2004 






• Meetings 




Fees: 

o No fees are charged to entrepreneurs and business angels 


years: n/a 


159


Kista Innovation and Growth – KIN 

Contact person Pär Hedberg 

Contact details Electrum 209 

164 40 Kosta 

T: +46 708 55 03 18 

E: par.hedber@kista.com 

W: www.kistainnovation.com 

Type of network Local Network 

Date of creation October 2003 


Legal status Kommanditbolag 

Hosting organisation Kista Innovation & Growth AB 


50% 

50% 

Fees from 


Host 

organisations 

(80% public and 

20% sponsors) 

2005 

2003 2004 




Average amount of the deal n/a 400.000€ 



• Meetings 

• Internet 



• Clients com from our own incubator; 

• Investors are personally recruited with personnel meetings and they are found via our 

own network 

Fees: 




years: n/a 


160


Roslagens Affärsänglar AB 

Contact person Lennart Ohlsson 

Contact details Roslagens Affärsänglar AB 

Campus Roslagen 

Kaserngatan 1 

S-76146 Norrtälje 

E: lennart@roaf.se 

W: www.roaf.se 

Type of network Regional and local 

Date of creation 19/12 2003 


Legal status Incorporated 

Hosting organisation NIHAB, Campus Roslagen 


- Fees from business angels 

- Sponsor: NUTEK > SEK 200.000 for 2-year period 

2003 2004 

Number of projects submitted n/a 35 






• Meetings 



• Internet 


2005 


• Event and information fairs: Connect, Seed Cap Arena 


• Contacts of business angels, courses in venture capital, centre of excellence of a 

connected company, specialize network in Stockholm an Uppsala, etc. 

Fees: 



years: n/a 


161


30up.com 

Contact person Margrethe Höglund 

Contact details Mårdvägen 22 

S-167 56 Bromma 

E: trettioup@netscape.net 

Type of network Swedish International network 



Legal status Non-profit association 


50% 

National Funds: 175 TSEK 

Sponsors and Business Angels:175 TSEK 

50% 

National 

Funds 

Sponsors and 

business 

angels 

2004 

Number of projects submitted ≈ 100 


Number of deals made 3% 

Total growth amount 61MSEK 


• Active exchange via our Homepage www.30up.com connected to NUTEK 

• Meetings 


• Entrepreneurs mostly from our Homepage and e.g. Seed Cap Arena meetings 

• Business Angels via recommendations and Homepage 


• Visits to and meetings with entrepreneurs and Business Angels 

Fees: No fees are charged to entrepreneurs and business angels yet 

162 

2005

1. Background 


SWITZERLAND 

2005 

Switzerland has a long tradition of business angel investment, however business angels did 

not organise themselves until the late 90’s. 

The first BAN in Switzerland was named Business Angel Club and created in 1997 by Ueli 

Stüssi. In the late 90’s and in the beginning of the new century, a number of additional BANs 

have been created, private BANs as well as commercial ones. In 2004, Band of Angels 

(Schweiz) and Business Angel Club merged into Business Angels Schweiz. 

The national association was set up in 2003 under the name Association of Swiss Business 

Angel Networks (ASBAN). ASBAN has today 7 active and 2 passive members. 

2. Statistics 

1999 2000 2001 2002 2003 2004 

Number of BANs n/a 7 7 7 7 7 

Number of Business Angels 45 110 260 408 n/a n/a 

Number of deals 3 6 6 8 n/a n/a 

Number of accredited projects 20 139 210 271 n/a n/a 

Number of commercial BANs - 2 2 2 2 2 

Number of non-commercial BANs - 5 5 5 5 5 

Number of national BANs - 3 3 3 3 3 

Number of regional BANs - 5 5 5 5 5 

National association 0 0 0 0 1 1 


Private, non-commercial BANs usually are associations while commercials BANs normally 

choose the legal form of an AG (stock corporation). 


ASBAN 

5. ASBAN Funding Sources 

100% 

163 

Fees from 

members 

M

6. Contact 

Contact person: Philipp Oberli 

ASBAN, Technoparkstrasse 1 

CH-8005 Zürich 

T: +41 1 445 24 24 

F: +41 1 445 10 01 

E: info@asban.ch 

W: www.asban.ch 

7. Lobbying activities 


ASBAN is actively participating in the opinion building for the revision of the company taxation 

law in Switzerland. Furthermore, good contacts to the national government are maintained on 

various levels. 

8 EU support 

None. 


ASBAN 

164


BrainsToVentures AG (b-to-v) 

2005 

Contact person Florian Schweitzer 

Contact details Blumenaustr. 36, Postfach 142 

9000 St. Gallen 

T: +41 71 242 2000 

F: +41 71 242 2001 

E: florian.schweitzer@b-to-v.com 

W: www.b-to-v.com 




Legal status Private limited company 

Partner organisations Altium Capital, Capitalbank – GRAWE 

Gruppe AG, SWX Swiss Exchange, 

VentureCapital Magazin, VI Partners AG 

Wenger&Vieli 


10% 

10% 

80% 

Fees from 


Fees from 

entrepreneurs 


2000 2001 2002 2003 2004 Mid 2005 




Average amount of the deal 0.1m€ 0.2m€ - 1.2m€ 0.5m€ 0.7m€ 

2500 

2000 

1500 

1000 


• Newsletter or private information bulletin 

• Database of contacts (not public) 

• Meetings 

• Regular telephone conferences on specific topics 

• Investment Clubs (e.g. b-to-v Investor Circle) 

500 

0 

2000 

2001 

2002 

165 

2003 

2004 

Mid 2005 

Projects 

Angels 

Deals



• Internet 



• Events and information fairs (e.g. b-to-v Investor Talks) 

• Monthly Newsletter 





• Other: Referrals of existing members 

Fees: 

o Fees charged to entrepreneurs and business angels: more than 500€. 


years: 100 


Name of 

company 

Sector of 

activity 

OpenBC.com Networking 

Platform 

Date of 

investment 

Amount 

invested (€) 

April 2004 Undisclosed 6 

166 

Number of 

angels 

involved 

Date 

of 

exit 

Multiple of 

return for 



money)


Business Angel Schweiz (BAS) 

Contact person: Dr. Urs Rechsteiner 

Contact details Birmensdorferstrasse 318 

8055 Zürich 

T: +41 1 461 81 18 

F: +41 1 461 82 10 

E: urs@venturix.com 

W: www.bandofangels.ch 



Employees 0 

Legal status Club (association) 

Hosting organisation n/a. 

Formal partner organisations TCA (Tech Coast Angels, San Diego, 

California), Venturix AG 


5% 

10% 

85% 

Fees from Business Angels 

Others (sponsors) 

Fees from enterprises 

2000 2001 2002 2003 Mid 2004 




Average amount of deal n/a n/a n/a 500.000€ n/a 


• Monthly Dinner Meetings 

• Computerised data-base matching 

service 


• Investment fora / fairs 

• Internet Matching Service 

How 




• Articles in local / national 

Press 

• Other (by word to mouth / deal flow 

from members) 

Fees: 

o Fees 

charged from entrepreneurs: 250 € for Dinner Meeting Presentation 

o Fees charged from Business Angels: Entry fee: 900 €; yearly Club fee: 400 €, yearly 

Dinner Meeting fee: 500€ 

167


Club Valaisan des business angels 

2005 

Contact 

person: Christophe Beaud 

Contact details Haabweg 2 

8806 Bäch 

T: +41 44 208 

98 62 

F: +41 79 403 54 23 

E: info@bizangels.ch 

W: www.bizangels.ch 

Type of Network Regional - Suisse Romande 


Employees 1 

Legal status N/ a 

Hosting organisation CCF SA Centre de Compétences 

Financières 

Formal partner organisations Bisange SA ( www.bisange.ch) 

Funding 

sources: 

100% 

Regional 

Funds 

1999 2000 2001 2002 2003 2004 


submitted 

4 11 14 10 7 15 




deal (CHF) 

2.000.000 2.000.000 0 0 0 350.000 

80 

70 

60 

50 

40 

30 

20 

10 

0 

1999 




• Meetings 

• Investment 

Clubs 


2000 

2001 

168 

2002 

2003 

2004 

Projects 

Angels 

Deals


• Internet 





• Articles in local 

/ national Press 

Fees: 

o Only a success fee charged to entrepreneurs: 1.5% to 3% on the amount invested by the 

business angel in the company 

Estimate 


years: n/a 

Success 

story: 

Name of 

company 


investment 

Mimotec Fabrication of 

SA micromolds and 

microcomponents 

Amount 

invested 

(€) 

1999 CHF 

100’000.- 

169 

Number of 

angels 

involved 

Date 

of 

exit 

1 2001 

Multiple of 

return for 


times return 

on money) 

?


MSM INVESTORENVEREINIGUNG 

2005 

Contact person: Dr. Jürg Martin 

Contact details MSM Fininco AG, Merkurstrasse 25 

8400 Winterthur 

T: +41 52 269 21 12 

F: +41 52 269 21 10 

E: martin@msmgroup.ch 

W: www.msmgroup.ch 



Number of Employees None 

Legal status Club (association) 


30% 

70% 

Fees from 


Fees from 

enterpreneurs 

2001 2002 2003 2004 




Average amount of the deal n/a n/a n/a n/a 

80 

70 

60 

50 

40 

30 

20 

10 

0 




• Meetings 

2001 2002 2003 2004 


• Events 





170 

Projects 

Angels 

Deals


Fees: 

o Fees charged to business angels: less than 100 CHF per annum 

o Fees charged to entrepreneurs: less than 200 CHF per presentation 

Estimate 


years: 25 

Success 

story: n/a 

171


VENTURIX AG 

Contact person Nicolas Berg 

Contact details Alte Bernstr. 78 

4500 Solothurn 

E: nicolas@venturix.com 

Type of network Virtual business angel network 

Date of creation 2002 (2000) 

Employees 0 

Legal status AG (Ltd.) 

Formal partner organisations www.asban.ch 


80% 

20% 

Fees from 


Shareholders 

2005 

2000 2001 2002 2003 2004 




Average amount of the deal 300.000 300.000 200.000 250.000 275.000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

2000 2001 2002 2003 2004 

Projects 

Angels 

Deals 









• Search engine optimising 

• Asban Homepage 

• OpenBC.com 

• Entrepreneurs have heard about us 

172








Fees: 

o Fees charged to entrepreneurs: 0 to 5% 

o Fees charged to Business angels: 0% (except company search mandates) 


years: n/a 


Name of 

company 

Sector of 

activity 

Date of 

investment 

Amount 

invested 

(€) 

Number 

of angels 

involved 

Date 

of 

exit 

Multiple of 

return for 



money) 

Whitestein.com ICT 2001, 2003 2 million 6 - Cash positive 

Jobwindow.ch Media 2001, 2003 200’000 5 - Cash positive 

Genevalogic.com ICT 2001, 2002 1 million 10 - Cash positive 

Cellntec.com Biotech 2002 50’000 2 - Not disclosed 

Pagameno.ch Real Estate 2003 1 million 4 - Cash positive 

Webstage.ch ICT/Health 2001 25’000 2 - Cash positive 

Warrants.ch Media 2002, 2003 500’000 14 - Break even 

173

1. Background 


THE NETHERLANDS 

2005 

In the Netherlands, informal capital activities emerged as early as in 1995 from a private 

initiative known as NeBIB. 

NeBIB is a nation-wide organisation. Ever since its creation, it has published a monthly 

magazine with general information on the financing of businesses as well as profiles of 

companies looking for equity and investors. 

2. Statistics 

1996 1997 1998 1999 2000 2001 2002 2003 Mid 

2004 

2004 

Number of BANs 1 1 1 1 2 2 3 3 (4*) 4 

(5*) 

Number 

Angels 

of Business 60 95 90 100 104 110 119 101 94 N/a 

Number of deals 40 75 65 51 19 14 10 N/a 

Number 

projects 

of accredited 140 180 180 175 123 115 104 79 44 N/a 

Number 

BANs 

of commercial 1 1 1 1 1 1 1 1 1 1 

Number of non- 0 0 0 0 1 1 1 2 2 3 

commercial BANs 

Number of national BANs 1 1 1 1 1 1 1 1 1 1 

Number of regional BANs 0 0 0 0 0 1 1 2 2 3 

National association 0 0 0 0 0 0 0 0 0 0 

*Information concerning EuBAN can be found on page 29. 


NeBIB was set up as a private organisation. As for ROBAN, the Rotterdam BAN, it was set up 

as 2000 as a non-profit organisation (Foundation). In-Brabant is a mutual project. 


None, as NeBIB is a nation-wide organisation and has a close partnership with the other 

BANs. 


NeBIB undertook a large programme of seminar organisation throughout the country and 

publishes a monthly magazine called “It Takes 2 to Tango”. 

- Startech; nation-wide event with 700 visitors; 

- INNOZUID with 470 visitors; 

- Training programs in contracts, sales and communication, fiscal studies, etc. 

174

6. EU support 



39 awareness seminars have been conducted in the Netherlands, with NeBIB acting as coordinator. 

The cities chosen to host these seminars were Utrecht, Amsterdam, Putten, 

Enschede, Eindhoven, Utrecht, Rotterdam, etc, completely spread over the country. 5 of which 

were supported by the EU. 


NeBIB 

175


NEBIB 

2005 M 

Contact person Ben LACOR 

Contact details Post bus 154, 

3620 AD Breukelen, 

The Netherlands 

T: +31 346 55 57 74 

F: +31 346 56 11 54 

E: ben@nebib.nl 

W: www.nebib.nl 

Type of Network. National 


Employees 6 

Legal status Company with limited responsibility 

Funding Sources 

75% 

20% 

5% 


Angels and 

enterprises 

Public/National 

Other (Sponsors, 

events) 

1996 1997 1998 1999 2000 2001 2002 2003 2004 

Number of projects submitted 140 180 180 175 123 115 96 79 86 

Number of Angels 60 95 90 100 104 110 102 101 98 

Number of deals 40 75 65 51 25 18 19 14 17 

Average amount of the deal: around 100.000€ every year, except 1999 and 2000 which gave 

an higher average of about 125.000€ and 175.000€ 




• Investment fora / fairs 






• Specific services for high-tech investments 

Fees: 

o Fees charged from entrepreneurs: 385 € 

o Fees charged from Business Angels: 285 € 

o Success Fee: 2% 

Estimate number of jobs created as a result of network activity over the last 3 years: 

150-200 

176


Money Meets Ideas 

Contact person Yvette Molin – van den Berg 

Contact details Money Meets Ideas 

UCO 432, Postbus 17100 

3500 HG Utrecht 

T: +31 30 216 4731 

F: +31 30 216 5617 

E: y.molin@rn.rabobank.nl 

W: www.moneymeetsideas.nl 



Employees 2 

Legal status Part of Rabobank Group 

Hosting organisation - 

Formal partner organisations - 


80% 

20% 

Fees from 

enterpreneurs 

Other (Sponsors) 

2005 

2004 



Number of deals made N/a 

Average amount of the deal N/a 




• Meetings 


• Internet 








177


Fees: 




years: n/a 


178


TURKEY - BANTr 

Contact person Ersin Galgi / Rob Van der Gaast 

Contact details Bizz-e Ltd Bagdat cad 85/9+10 

Kizitopark-Kadilöy Istanbul 

T: +90 (0) 216 347 69 62 

F: +90 (0) 216 347 69 63 

E: Ersin.gelgi@bizz-e.com / 

Rob.gaast@bizz-e.com 

W: www.bantr.net 




Legal status Start from Bizz-e Ltd 

Hosting organization Bizz-e Ltd 

Formal Partner organization Bizz-e Ltd 

International business club Istanbul 


n/a 

Mid-2004 

Number of Business Angels n/a 

Number of projects n/a 






• Meetings 



• Internet 









Fees: 


o Fees charged to business angels: 100€-500€ 

179


BANatolia 

2005 

Contact person Alp ASLAN, LLB, MBA, LLM 

Contact details Bilkent Cyberpark B-103 

06800 Bilkent Ankara 

T: 90 312 2650 154 

F: 90 312 2650 154 

E: alp@anatolia.org 

W: www.banatolia.org 




Legal status Private, not-for-profit 

Hosting organisation -Middle East Technical University Technopolis 

Management – ODTU Teknopark 

-Hacettepe University Technopolis Management 

– Hacettepe Teknokent 

-Capital City Industrialists and Businessmen 

Association – BASIAD 

- Turkish Industrialists and Businessmen 

Foundation - TUSIAV 

Formal Partner organisation Bilisim Teknolojileri ve Danismanlik San. Ve Tic. 

Ltd. Sti. 

(Information Technologies and Consultancy 

Ltd.) 


Number of 


Number of 

projects 


made 

Average amount 

of the deal (€) 

100% 

Sponsors 

1997 1998 1999 2000 2001 2002 2003 2004 2005 

1 1 1 1 1 1 1 3 3 

1 2 5 6 4 8 7 12 21 

1 1 2 4 2 1 4 5 11 

15.000 23.000 68.000 125.000 57.000 27.000 35.000 72.000 115.000 

180 

M

25 

20 

15 

10 


5 

0 

1997 

1999 

2001 

2003 

Mid 2005 

Angels 

Projects 

Deals 



• Meetings 





• Visits to entreprises 



• Other: Clients yielded from various different business’ clientele and social networks. 

Fees: 




years: 100 


Name of 

company 

CD Medya 

Yazilim 

Ltd 

Onbir41 

Design 

Group 

EDA 

Tasarim 

Ltd 


investment 

IT Company 

www.corpus.Com.tr 

Architecture and 

design office 

Engineering Design 

and IT company 

www.eda-ltd.com.tr 

181 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of 

exit 

Multiple of 

return for 



money)

1. Background 


UNITED KINGDOM 

2005 M 

The first BANs operating in the UK were already up and running in the early 80s. As of 1999, 

nearly 50 BANs were operating in the vast majority of UK regions. However, the Welsh and 

Scottish BANs are a more recent creation—both of them were set up in 1997. BANs with a 

regional geographic coverage coexist with national BANs. 

BBAA Contact person 

Liz Carrington 

52/54 Southwark Street 

London SE1 1UN 

T: +44 020 70892305 

F: +44 020 0892301 

E: liz@bbaa.org.uk 

W: www.bbaa.org.uk 

2. Funding sources (of BBAA) projected for 2005 

182 

Public Funding 

Fees 

Other (inc sponsorship)

3. Statistics 

Number of 

BANs 

Number of 

Business 

Angels 

Number of 

deals 

Number of 

accredited 

projects 

Number of 

commercial 

BANs 

Number of 

noncommercial 

BANs 

Number of 

national 

BANs 

Number of 

regional 

BANs 

National 

association 

Contact 

details of 

BAN 

members 


1997 1998 1999 2000 2001 2002 Mid 2003 Total 

2003 

Mid 2004 2004 

42 46 49 52 48 48 51 Not 

available 

101* 34 

n/a n/a n/a n/a n/a n/a 300 100 n/a 3297** 

196 314 234 252 239 299 n/a n/a n/a 170** 

n/a n/a n/a n/a n/a n/a >6000 

commenced 

>500 

completed 

n/a n/a n/a 

2 2 2 6 5 5 14 n/a n/a 7** 

0 0 0 46 43 41 37 n/a n/a 13** 

4 5 5 5 5 5 3 (excluding 

NBAN) 

25 29 31 9 9 9 9 (not 

including 

Scotland) 

2 2 2 2 2 (NBAN 

and BANA) 

2937 (as of 

31 dec 

2002) 

3 

(excluding 

NBAN 

3 

(excluding 

6** 

n/a 

NBAN 

n/a 14** 

2 (NBAN 

and 

BANA 

2 (NBAN 

and 

BANA 

n/a n/a 

1 

(BBAA) 

*Change in the series of statistics for mid-2004. Up to and including mid-2003, the figures 

represent the number of networks that were members of NBAN, not the number of networks 

operating in the UK. 

**These figures are based upon members of BBAA. BBAA currently has 20 full members (list 

also attached). 

We have to add to these statistics that the UK market is the most mature within the E.U 

countries. There are more than 100 different organisations in the business angel market place 

– some of these have more than one office with more than one recognised practitioner. The 

Business Links are good examples of this. 

183



British BANs can be commercial, public sector, commercial and working for the public sector, 

or not-for-profit organisations. 

The majority of BANs enjoy privileged relations with the private banking sector and/or with the 

venture capital industry. 


Over the past year there has been a large change within the UK’s national association, the old 

organisation NBAN has evolved into the British Business Angels Association (BBAA). The 

British Business Angels Association (BBAA) is the new National Trade Association for the 

UK’s Business Angel Networks and its Associates and Affiliates. BBAA is promoting the 

recognition of Business Angel Networks (BANs) and organised angel groups. BBAA has a 

number of roles ranging from highlighting the contribution business angels make to the 

entrepreneurial culture to supporting its members and lobbying government to encouraging the 

exchange of best practice, experiences and ideas between its members. It specifically does 

not have a purpose to promote investment opportunities to investors or to advisers. 


Most media have published or broadcast pieces on Business Angels and BANs. Entire TV 

programmes have for example been dedicated to this issue. A VHS-Cassette was even 

produced explaining BAN and BA activities. 

Business angels are becoming increasingly publicised as a form of funding for small 

businesses in the UK. This is mainly though television programs such as ‘Dragon’s Den’. The 

BBAA continues to increase the awareness of business angels through the national press. 

7 EBAN members 

BBAA 

Equity Link 

LINC Scotland 


Finance South East Limited 


Business Link Devon & Cornwall 

TEChINVEST 

HALO 

Xénos 

184


Beer and Partners 

C2Ventures 

Entrust 

Envestors 

Equity Link 

E-Synergy Ltd 

Finance South East 

Katalyst Ventures Ltd 

Kingston Business Angels 



BBAA Members 

Organisation Contact 

Oxfordshire Investment Opportunity Network 

South West Angel and Investor Network 

TEChINVEST 

Great Eastern Investment Forum 

Xenos 

YABA 

185 

Pat Sutton 

Rob Beer 

Paul Gardner 

Bob Marris/Ian Mudie 

Oliver Woolley 

Stuart McRoberts 

Cheryle Hart 

S.Goodsell/P.Coleman 

Anthony Collinson 

Barry Akid 

Aisha Ejaz 

Jon Cox 

Nicola Prosser 

Ruth Hollis 

John Goodger 

Ray Hurcombe 

Barbara Greaves






Legal status of the BAN 





ADVANTAGE BUSINESS ANGELS 

30% 

2005 

Bob Barnsley 

Edgbaston House 3 Duchess Place 

Birmingham B16 8NH 

T: +44 121 456 7940 

F: +44 121 455 8547 

E: Bob.Barnsley@abangels.com 

W: www.advantagebusinessangels.com 

Originally 1994 but in present form 2002 

11 full time, 7 part time 

Regional: The UK, specialising in The West 

Midlands 

Company Limited by Guarantee, not for profit 

The local regional development agency 

Advantage West Midlands (AWM) and the 

Government Office for the West Midlands 

The University of Warwick Science Park, 

Hereford and Worcester Business Link, 

10% Regional Funds 

60% 


Fees from 

entrepreneurs 

1996 1997 1998 1999 2000 2001 2002 2003 2004 


700+ 700+ 

Angels 

33 37 38 44 

Number of projects 50 62 71 96 96 54 



deal 

n/a n/a n/a n/a £150.000 £250.000 




• Meetings 



• Internet 

186 

M









Fees: 




years: 200+ 


Name of 

company 

Top Dog 

Jobs 

Sector of 

activity 

IT 

recruitment 

Date of 

investment 

August 

2004 

Amount 

invested 

(€) 

187 

Number of 

angels 

involved 

Date of 

exit 

November 

2004 




money) 

Trade Sale to 

Friends Reunited


DEVON & CORNWALL BUSINESS ANGELS 

PROGRAMME 

2005 M 


Stephen Pryor 


TAMAR Science Park 

Plymouth PL6 8BT 

T: + 44 845 600 9966 

E: Stephen.pryor@bldc.co.uk 

W: www.bldandc.com 


1995 

Number of employees 4 (with larger organisation 165) 


Devon and Cornwall 


Department within a Limited Company 


Business Link Devon and Cornwall 

Formal partner organisation 

South West Angel Investment Network 

(SWAIN) 


15% 

85% 


European 

Funds 

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 

(March) 


Angels 

24 32 26 40 20 20 20 65 72 79 

Number of projects 62 53 55 56 30 30 10 70 35 94 


made 

10 9 5 5 10 3 5 8 0 3 

Average amount of 

the deal 

n/a n/a n/a n/a n/a n/a 20.000£ 45.000£ n/a £25k 

100 

80 

60 

40 

20 

0 

1996 

1998 

2000 

2002 

2004 

188 

Angels 

Projects 

Deals


• Equity workshops 


• Meetings 









• Referrals from partners 

Fees: 



years: 30 


189





Legal status 



BUSINESS LINK STAFFORDSHIRE 

10% 

80% 

Mike Bird 

Commerce House, Festival Park 

Stoke on Trent 

Staffordshire ST1 5BE 

T: +44 1 889 508 332 

F: +44 1 889 508 089 

E: mike.bird@abangels.com 

W: www.advantagebusinessangels.com 

Regional & Local network 

1994 

1 

Proprietor 

1996 1997 1998 1999 2000 2001 2002 2003 Mid 2004 

Number of projects submitted 15 15 10 10 12 15 20 35 20 

Number of Angels 25 25 20 10 10 15 60 500 750 

Number of deals made 2 2 0 0 0 3 4 6 6 

Average amount of the deal £60K £60K 0 0 0 £75K £75K £80K £80K 

10% 

Fees from 

entrepreneurs 


Sponsors 




• Meetings 



• Internet 








Fees: 

o Fees charged to entrepreneurs: circa 750€. 


190


C2Ventures 

2005 

Contact person Paul Gardner 

Contact details Administration Ashridge House 

121 High Street, Berkhamstead 

Hertfordshire, HP4 2DJ 

T: +44 (0) 20 7871 4544 

F: +44 870 706 2199 

E: info@c2ventures.com 

W: www.c2ventures.com 


2001 


0 - All directors or associates 


National with SE & Central 

England Bias 


Private Limited Company 


30% 


2002 2003 2004 

Number of Business Angels 50 123 159 

Number of projects 16 9 



deal 

£75K £250k £880k 


• Newsletter or Information Bulletin 

• Data base of contacts 

• Company Presentation Events 

• Training in Investment Readiness for SMEs 

• Training and capacity building for investors 

How are clients acquired? n/a 

60% 

Fees: 

o SMEs initial registration fee: £385 

o SMEs success fees: Confidential & agreed on Contract 

European 

Funds 

Fees from 

entrepreneurs 


years: 20 

191


Name of 

company 

Sector of 

activity 


Date of 

investment 

Amount 

invested 

(€) 

Fifty 

Lessons 

Media 2004/2004 500K 17 

Better 

Energy 

FMCG 2005 350K 7 

ClearPace Technology 2003 £3.2m 3 

192 

Number of 

angels 

involved 

Date 

of exit 




money)


CAPITAL PARTNERS GROUP 

Contact person: Claudio Rojas 


33 St James’s Square 

London SW1Y 4JS 

T: +44 (0) 7050 804 262 

F: +44 (0) 7050 804 263 

E: info@Capital-Partners.co.uk 

W: www.Capital-Partners.co.uk 


National 


2000 


25 

Legal status 

Limited Company 


Capital Partners Group Ltd 


3 


40% 

2000 2001 2002 2003 Mid 2004 




Average amount of the deal 100.000£ 100.000£ 200.000£ 500.000£ 500.000£ 

30% 

30% 



Fees from 

entrepreneurs 




• Meetings 



• Internet 









Fees: 

o Fees charged to entrepreneurs: more than 500€; No fees charged to business angels 

193


CMR – Cavendish Management Resources 

Contact person Mike Downey 

Contact details T: +44 2076361744 

E : cmr@cmrworld.com 


National 


1984 

Employees 

450 

Legal status 

Limited company 


- 


- 


100% 

Fees from 


2005 

1997 1998 1999 2000 2001 2002 2003 2004 

Number of projects submitted 434 466 498 512 478 490 500 690 



Average amount of the deal 100K 109K 77K 365K 312K 360K 170K 242K 

800 

700 

600 

500 

400 

300 

200 

100 

0 

1997 

1998 

1999 

2000 

2001 

2002 

2003 

2004 

Projects 

Angels 

Deals 




• Meetings 



• Internet 


194







Fees: 



years: 100 

Success story: All confidential 

195


ENVESTORS 

Contact person Oliver Woolley 

Contact details London House 

100 New kings Road 

London, SE6 4LX 

T: +44 20 7348 6171 

F: +44 20 7348 6172 

E: oliver@envestors.co.uk 

W: www.envestors.co.uk 


2004 


7 


London & South 


Company Private 


30% 

10% 

60% 


European 

Funds 

Fees from 

entrepreneurs 

2004 









• Meetings 


• Internet based matching service 

• Training in Investment Readiness for SME’s 



• Referrals (Banks, accountants, lawyers) 

• BBAA website 

Fees: 

o SMEs initial registration fees are £500-£5000 

o SMEs success fees 5% 

o £150 

196 

2005



years: n/a 


197


EQUITY LINK 

2005 

Contact person Stuart McRoberts 

Contact details 45 Grosvenor Road 

St. Albans 

Herts. AL1 3AW 

T: +44 1727 813 533 

F: +44 

E: info@equitylink.co.uk 

W: www.equitylink.co.uk 


1996 


3 


Hertfordshire & Essex 


Public 


Exemplas 


Funded by Success fees and Company and Investor registration fees 

1996 1997 1998 1999 2000 2001 2002 2003 2004 


280 190 215 220 250 

Angels 

136 146 202 234 

Number of projects 97 171 131 111 140 75 90 80 108 


made 

16 21 22 23 15 13 8 7 6 


the deal 

£100K £100K £200K £150k £150K £150K £150K £125K £125K 

300 

250 

200 

150 

100 

50 

0 

1996 

1997 

1998 

1999 

2000 

2001 

2002 

2003 

2004 




• Meetings 

• Investment Forums & Fairs 

• Training in Investment Readiness for SME’s 



• Word of mouth 

• Website 

• Recommendation 

198 

Angels 

Projects 

Deals 

M


Fees: 

o SMEs initial registration £400 

o SMEs success fees: £250k-£500k 2%, £500k-£750k 1.5%, £750k+ -1% 

o Investors £50 pa 


years: n/a 


199


FINANCE SOUTH EAST 

2005 

Contact person Sally Goodsell / Paul Coleman 

Contact details Devonshire Place 

New Road 

Crowthorne 

Berkshire RG45 6NA 

T: +44 1344 758 540 

F: +44 1344 762 002 

E: sally.goodsell@financesoutheast.com 

W: www.financesoutheast.com 


2002 


20 

Type of networks 

South East Capital Alliance – angel network 


Not for profit - Company Limited by Guarantee 




30% 

Subsidiary of RDA 

South East England Development Agency and 

the six Business Links of the South East. 


60% 


Fees from 

entrepreneurs 

2004 




Average amount of the deal £27.500 



• Data Base of Contacts 


• Investor Clubs/ Networking Meetings 



• Training an capacity building for Investors 


• Website 

• Brochures 

• Reputation 

• Recommendation by partners (Business Links and an innovation centre) 

200 

M


Fees: 

o SMEs Initial Registration fee: £250. SMEs are expected to be in an Investment Ready 

state. Other services costing up to £650 are available to assist applicants become 

Investment Ready. 

o SMEs success fees:3% on amounts raised 

o Investors – no charge 


years: n/a 


201






Legal status: 


n/a 


FIRST CAPITAL 

Paul Fisher 

Elsinore House 

77 Fulham Palace Road 

London W6 8JA 

T: +44 1 20 85 63 15 63 

F: + 44 1 20 85 63 27 67 

E: paul@firstCap.co.uk 

W: www.firststagecapital.com 

National 

1999 

7 

FSA regulated 

2005 

1999 2000 2001 2002 2003 2004 

Number of projects submitted n.p n.p n.p n.p n.p n.p 

Number of Angels n.p n.p n.p n.p n.p n.p 

Number of deals made n.p n.p n.p n.p n.p n.p 

Average amount of the deal n.p n.p n.p n.p n.p n.p 

n.p: non-published 


• Meetings 





Fees: 

o Fees charged to entrepreneurs 


years: n/a 


Name of 

company 


investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of 

exit 

Oxonica NantoTechnology June 2002 N/a N/a N/a N/a 

202 




money)









KATALYST VENTURES Ltd 

100% 

2005 

A.R Collinson 

10 Fenchurch Avenue 

London, EC3M 5BN 

T: +44 20 7665 5454 

F: +44 871 990 6338 

E: invest@katalystventures.com 

W: www.katalystventures.com 

1999 

4 

National 

Limited 

Investors 

2003 2004 


Number of projects N/A N/A 


Average amount of the deal £350k £425K 





How are clients acquired? By recommendation 

Fees: 

o SMEs success fees: 5% 

o Annual fee for angels: 2000 pa 


years: 335 over 5 years 

203


Name of 

company 

Sector of 

activity 


Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date of exit Multiple of return 



money) 

9 

ITM Fuel Cell April 2002 £680K 9 June 2004 

Power Ltd research 

Screen DVD July 2003 £600K 36 September 1.6 

Select rental 

2004 

204


LINC Scotland 

2005 


David GRAHAME 


19 St Vincent Place 

Glasgow GI2DT 

T: +44 141 221 3321 

F: +44 141 221 2909 

E: info@lincscot.co.uk 

W: www.lincscot.co.uk 


National Network - Scotland 


1994 

Employees 

7 

Legal status 

Private, Non-Profit. 

Hosting organisation Independent 

Formal partner organisations Scottish Executive (Government) 

European Regional Development Fund 

Many Private Sector 


27% 

13% 

4% 

19% 

37% 

European Regional 

Development Fund 


Fees charged from 



enterprises 

Donations 

1996 1997 1998 1999 2000 2001 2002 2003 2004 


submitted 

141 163 127 121 152 113 131 129 127 


471 2 

447 3 

Number of deals made 18 20 22 21 29 37 39 34 37 


deals 

n/a n/a n/a n/a n/a n/a 225.200€ 174,305€ 247,486€ 

600 

500 

400 

300 

200 

100 

0 

1996 

1 314 Individuals and 159 in syndicates 



1998 

2000 

2002 

205 

2004 

Projects 

Angels 

Deals 

M







• Investment forum 

• Specific services for high-tech investments 

Other support: 

• Investment-Readiness Grant Scheme 

• Investor Development and Syndicate Building Programmes 






• Other (referrals from public enterprise support agencies) 

Fees: 

o Fees charged from entrepreneurs looking for financing: 150-2000 € and sometimes equity 

participation 

o Fees charged from Business Angels: 100-500€ 

Note: LINC Scotland has been involved in setting up and supporting a number of Angel 

syndicates, which are getting a larger share of projects submitted and deals initiated each 

year. Where direct assistance has been given by LINC on individual deals these are included 

in the figures above. 


years: 

N.B. 

In 3 years to 31/12/04 number of jobs created or safeguarded = 1122 AT POINT OF DEAL 

Information on subsequent increase or decrease in employment, which could be significant, is 

not available. 


Name of 

company 

Wolfson 

Microelectronics 

Ltd 

Sector of 

activity 

Date of 

investment 

Amount 

invested 

(€) 

Number 

of angels 

involved 

Date 

of 

exit 

Microelectronics 1999 £200,000 15 Oct 

2003 

206 

Multiple of 

return for 


times return 

on money) 

20+





Employees 

Legal status 




LONDON BUSINESS ANGELS 

19% 

66% 

15% 

2005 

Aisha Ejaz, BAN Manager 

5 th Floor, 52/54 Southwark Street 

London SE1 1UN, UK 

T: +44 020 7089 2317/2327 

F: +44 020 7089 2301 

E: aisha@lbangels.co.uk 

W: www.lbangels.co.uk 

Regional Network – Strictly London 

and Home Counties Area 

LBA was created in 1982 

3 

Private, Non-Profit Subsidiary 

Greater London Enterprise Ltd. 

Fees charged 

from Business 

Angels 

Fees charged 

from enterprises 

Others (sponsors) 

2003 2004 




Average amount of deals 174,598 € 433,704 € 

250 

200 

150 

100 

50 

0 

2003 2004 

Projects 

Angels 

Products of the network: 

• Company Presentation Events – where six companies pitch directly to network 

investors for investment between £100k - £500k. These companies receive both 

presentation content and delivery training prior to making their presentations. 

207 

Deals 

M


• London Seed Capital – Match fund of £5m exclusively invests with the LBA investors. 

Will match investment from a minimum of £50k to a maximum of £100k. 

• Ready2invest (r2i) programme – supported with funding by the LDA to increase 

London’s Business Angel capacity. 

Fees charged from investors: 

o Individual Membership: £170 + VAT = £199.75 

o Corporate Membership: £270 + VAT = £317.25 

Fees charged from investees: 

o £950 + VAT = £1,116.25 + 5% Success Fees 


years: At least 100 


Name of 

company 

UK 

Explorer 

Sector of 

activity 

Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of exit 

Technology 2001 300,000 1 Feb 

2005 

208 

Multiple of return for 

investors (i.e. times 

return on money) 

undisclosed


OXFORD EARLY INVESTMENTS 

Contact person Alastair Cavanagh 

Contact details OCFI 

Mill Street 

Oxford OX2 0JX 

T: +44 1865 811 120 

F: +44 1865 209 044 

E: a.cavanagh@oxin.co.uk 

W: www.oxei.co.uk 


November 2004 


1 


BAN 


Trading style of Company limited by 

Guarantee 


OION 


1) Success fees on investments through OEI (3% - exc VAT) 

2) Membership fees for investor members (£125 + VAT annually) 

3) Sponsorship (Grant Thornton, Manches, Spinner, Frank B Dehn, Clik, Oxford 

Technology VCT, NESTA, Oxford Brookes, Business Link, The Oxford Trust) 

2005 

2004* 




Average amount of the deal £100k 

*Network founded Nov 2004 







• Internet Based Matching Service 


• Training and Capacity Building for Investors 


• Dealflow from peer networks 

• Oxford Innovation tenant companies 

• OEI’s investor members 

• University Tech Transfer offices 

• Entrepreneurs 

• Sponsors 

Fees: 

o SMEs initial registration fee: £200+VAT 


o Annual fee for Angels: £125 pa + VAT 

209



years: n/a 


210


OXFORDSHIRE INVESTMENT OPPORTUNITY 

NETWORK 

Contact person Jon Cox 

Contact details Oxford Centre for Innovation 

Mill Street 

Oxford, OX2 0JX 

T: +44 1865 811 143 

F: +44 1865 209 044 

E: j.cox@oxin.co.uk 

W: www.oion.co.uk 


1995 


3 


National 


Limited by guarantee 


Oxford Innovation Ltd 

2005 


1) Success fees on investments through OION (£1,000 + 3% - exc VAT) 


3) Sponsorship (HSBC, Grant Thornton, MTI, Laytons, Frank D Dehn, NESTA, Business 

Link Solutions) 

The Network reported turnover of £170,000 in its last audited financial year 

1996 1997 1998 1999 2000 2001 2002 2003 2004 

Number of Business Angels 140 45* 55 80 100 110 120 135 130 

Number of projects** N/A N/A N/A N/A N/A N/A N/A N/A 



deal 

£136k £178k £178k £145k £420k £215k £278k £192k 

*OION started charging for investor memberships in 1997 

**Not formally tracked before 2005; 45 companies are invited to present to the Network at its 

nine investment meetings each year. Typically 300-400 business plans are received by the 

Network each year 













• OION’s investor members 


• Entrepreneurs, 

211 

M

• Sponsors 


Fees: 

o SMEs initial registration fee: £400 to present at investment meeting 

o SMEs success fees: £1,000 + 3% 



years: Assume 3-5 jobs per investment deal: approx. 200 jobs 


Name of 

company 

Sector of 

activity 

Hardide Industrial 

coatings 

Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of exit 

2000 420,000 5 April 

2005 

See www.oion.co.uk/press_releases/hardide_AIM.html for details. 

*For one specific institutional investor that exited on listing 

212 

Multiple of return for 

investors (i.e. times 

return on money) 

3x*


Solent Investment Opportunity Network (SION) 

Contact person Arthur Monks, Director 

Contact details Portsmouth Technopole 

Kingston Crescent 

Portsmouth 

Hants. PO2 8FA 

T: +44 2392 658 268 

F: +44 870 127 5790 

E: amonks@sion.org.uk 

W: www.sion.org.uk 


2003 


1 (part time) 


South Coast Investors 


Company Limited by Guarantee, 




Solent Angels Ltd 

2005 

Grant Thornton, Blake Lapthorn Linnell, Univ 

Of Portsmouth 

2003 2004 2005 

Number of Business Angels 25 40 50 


Number of deals made 4 3 n/a 

Average amount of the deal £65k £75k n/a 


• Firms from any location/Sector 

• Private Investors targeted in the Solent region 

• Corporate investors welcome 

• Quarterly Presentation Events 

• Ad Hoc arrangements between events 

• Online investor self certification included in subscription. 

• Strictly registered investors only at events. 


• Word of mouth 

• Web searches www.sion.org.uk 

• Enterprise Hubs & Universities in South 

Fees: 

o Firms Review Process fee: £250 

o Firms success fee: £1000 + 5% 

o Annual fees for Private Investors: £100 

o Annual fees for Corporate Investors £500 


years: 20 


213






Legal Status 




TECHINVEST 

95% 

2005 M 

Vivienne Upcott Gill 

Northwest Regional Development Agency, 

Renaissance House 

PO Box 37, Centre Park 

Warrington WA1 1XB 

T: +441925 400302 

F: +441925 400402 

E: vivienne.upcott-gill@nwda.co.uk 

W: www.nwda.co.uk 

Regional, North West of England 

1993 

n/a 

Part of Northwest Regional Development 

Agency (NWDA) (UK Regional 

Development Agency 

NWDA 

1% 4% Fees charged from 



enterprises 


2003/04 2004* 

Number of Business Angels c100 c115 



Average amount of the deal £62.000 £70.000 

*Statistics collected by financial year (1 Apr to 31 Mar). These are 03/04 results. 

140 

120 

100 

80 

60 

40 

20 

0 

2003/04 2004 

214 

Angels 

Projects 

Deals




• Meetings 



• Internet 








Fees: 




years: n/a 


Name of 

company 

Sector of 

activity 

Date of 

investment 

Amount 

invested 

(€) 

Number of 

angels 

involved 

Date 

of 

exit 




money) 

2.6 

Nursing Home Healthcare 1999 £60K 1 May 

05 

Travel 

Company 

Travel 1993 £7.5K 1 T/O 2004 £40m 

Surface Scientific 

AIM market 

Transforms technology 

Millbrook Scientific 

AIM market 

Scientific 

Instruments 

technology 

215


THAMES VALLEY INVESTMENT NETWORK 

2005 

Contact person Eileen Modral 

Contact details Crowthorne Enterprise Centre 

T Wing Crowthorne Business Estate 

Crowthorne RG45 6AW 

T: +44 1344 753 365 

F: +44 1344 751 601 

E: eileen@tvin.co.uk 

W: www.tvin.co.uk 


March 2003 


1 


National 


Trading style of company limited by guarantee 


OION 


1) Success fees on investments (3% - exc VAT) 


3) Sponsorship (TVEP, PwC, Kleinwort Benson PB) 

2003 2004 




Average amount of the deal £50k £322k 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2003 2004 










216 

Angels 

Projects 

Deals




• TVIN’s investor members 


• Entrepreneurs 

• Sponsors 


Fees: 

o SMEs initial registration fee: £300+VAT to present at investment meeting 




years: Assume 3-5 jobs per investment deal: approx. 25 jobs 


217






Legal status 

Partner organisations: 


Number of projects submitted 

Number of Angels 

Number of deals made 



University of Warwick Science Park 

(Minerva business angel network) 

90% 

10% 

1996 1997 1998 1999 2000 2001 2002 

Harry Stott 

Barclays Venture Centre 

Sir Williams Lyons Road 

Coventry CV4 7EZ 

T: +44 24 7632 3114 

F: +44 24 7632 3001 

E: capital@uwsp.co.uk 

W: www.warwicksciencepark.co.uk 

Regional 

1994 

3 

Publicly owned private limited 

company 

NBAN 

Fees from 

entrepreneurs 

Sponsors 




• Internet 







Fees: 

o Fees charged to entrepreneurs: 100-500€ 


218 

2003 Mid 2004

Contact Person 









XÉNOS-THE WALES BUSINESS ANGEL 

NETWORK 

40% 

60% 

2005 

Leanna Davies 

Oakleigh House, Park Place 

Cardiff, CF10 3DQ 

T: +44 02920 801713 

F: +44 02920 338178 

E: info@xenos.co.uk 

W: www.xenos.co.uk 

September 1997 

8 

National- Wales 

Limited by guarantee 

Finance Wales and Welsh 

Development Agency 



1997 1998 1999 2000 2001 2002 2003 2004 


Angels 

40 70 77 66 72 87 118 135 

Number of projects 8 82 44 64 58 49 45 56 



deal (£) 

40.000 130.000 63.000 95.000 86.000 45.000 53.000 74.000 

160 

140 

120 

100 

80 

60 

40 

20 

0 

1997 

1998 

1999 

2000 

2001 

219 

2002 

2003 

2004 

Angels 

Projects 

Deals 

M




• Meetings 



• Internet 





Fees: 

o Fees from business angels: £100+vat 

o Fees from entrepreneurs: £250 +vat 

Estimate of t he number of jobs created as a result of the network activity over the last 3 

years: n/a 


220


YORKSHIRE ASSOCIATION OF BUSINESS ANGELS 

Contact person Barbara Greaves – Manager 

Charlotte Atkinson - Administrator 

Contact details Yorkshire Association of Business Angels 

1 Hornbeam House, Hornbeam Park 

Hookstone Road, Harrogate HG2 8QT 

T: + 44 1423 810149 

E: admin@yaba.org.uk 

W: www.yaba.org.uk 


Regional 


June 1995 

Employees 

2 

Legal status 



. 

11% 

3% 

Limited Company since Sept 2000 

Yorkshire Forward & South Yorkshire 

Investment Fund 

6% European funds 

20% 


60% 

Fees from BAs 

Fees from 

entrepreneurs 

Sponsors 

2005 

2000/1 2001/2 2002/3 2003/4 




Average amount of the deal £25k £30k £43k £47k 

120 

100 

80 

60 

40 

20 

0 

2000/1 2001/2 2002/3 2003/4 

221 

Projects 

Angels 

Deals





• Meetings 



• Internet 








Fees: 




years: n/a 


222

1. Background 


RUSSIA 

A number of Russian regions including Saint Petersburg, Nigniy Novgorod, Samara, and 

Novosibirsk have expressed interest in setting up regional BANs since the beginning of 2004. 

As for now, more or less formal BANs operate only in Moscow, Rostov-on-Don, and Saint 

Petersburg. 

2. Statistics 

2003 Mid 2004 


Number of Business Angels - n/a 

Number of deals - n/a 

Number of accredited projects - n/a 

Number of commercial BANs - 2 

Number of non-commercial BANs - 2 

Number of national BANs - 0 

Number of regional BANs - 1 

National association - 0 


Partnership, limited companies. 


Russian National Business Angel Network 

223

Contact persons 





Legal status 


Formal partner organisation 




• Meetings 

• Internet 


MOSCOW BUSINESS ANGEL NETWORK 

45% 

Alexander Stavinov, Liana Hayrapetyan 

23 Dostoevskogo street, Moscow 

T: +7 095 780 08 11 

F: +7 095 780 08 13 

E: info@business-angels.ru 

W: www.business-angels.ru 

Regional 

September 2003 

4 

Not-for-profit partnership 

JSK Partners 

JSK Partners 

5% 

6% 

Fees from 

entrepreneurs 

Fees from 


Sponsors 

2003 Mid 2004 











Fees: 


o Fess charged to business angels: 100€ - 500€ 

224

EUROPEAN BUSINESS ANGEL NETWORK EUROPEAN ... - Idepa

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