According to research from Beauhurst, the first quarter of 2022 was the top performing equity investment quarter on record, with £7.28bn invested into UK start-ups.
Angel investment was the third biggest contributor of this investment. Despite the first quarter of 2023 seeing a drop in deals to 41, down from 95 in the same quarter in 2022, the UK remains the biggest angel investor market in Europe.
What is an angel network?
An angel investor is an individual investor with, usually, a high net worth. An angel network is a group of angel investors looking to invest as one for a stake in a business. These groups meet up at angel networks, where investors introduce each other to early-stage start-ups, listen to pitches from entrepreneurs and make joint investments as part of a syndicate.
See also: What metrics do start-up investors look for?
If the angel investors decide to join to form a syndicate, one of the investors becomes the lead angel, to co-ordinate the deal on behalf of the group and maintains a relationship with the business after an investment has been made.
This is what makes an angel investor different from a stock market investor. Their contribution goes beyond the investment. They can mentor entrepreneurs along the start-up journey using their knowledge of a sector and utilise their contacts. Because angel investors invest not only money but time, it’s important that the entrepreneur and angel investor have a good relationship. Think of them like your start-up’s guardian angels.
Who knows, it’s from events like these that the next UK unicorn could be made.
Are angel networks separated by sector?
Many angel networks in the UK invest in all sectors, but some have a specific specialism. The Green Angel Syndicate, as the name suggests, focuses on climate tech and the Angel Academe focuses on female-founded start-ups. They can also differ by region and investment size.
How is it different to venture capital funding?
Angel investors use their own money and many have been entrepreneurs themselves, like you see on Dragons’ Den. VCs tend to use the money raised from various corporate investors into a strategically managed fund.
Angel investors also invest in the very early stages of a business when many other investors won’t. VCs tend to come in further down the line.
Top UK angel networks
Newable Ventures – best for emerging industries
Formerly called London Business Angels until 2020, Newable Ventures invests in emerging markets like AI, robotics, space, the ‘fourth industrial revolution’ (4IR) and med tech. It has participated in 50 EIS investments raising £36m in two years and consists of over 500 investors. Around 30 companies on average pitch to the network per year with some receiving follow-on funding. It has offices in London, Manchester, Cardiff and Whiteley in Hampshire.
Founded: 2002 (2020 as Newable)
Members: Over 500 angel investors
Number of deals: 50
Investment range: N/A
Interested in: Med tech, AI, space, robotics and 4IR
Contact: BuildingConfidence@newable.co.uk
Angels in MedCity – best for med tech start-ups
With a focus on med tech, Angels in MedCity invests in medical devices, digital health and diagnostics. The network has invested in 43 healthcare and life sciences start-ups since its inception in 2014, investing a total of £14m. The network is part of MedCity, a not-for-profit organisation set up by the Mayor of London in 2014 to encourage growth and investment in the sector.
Founded: 2014
Members: N/A
Number of deals in total: 43
Investment range: Average ticket size of £300,000
Interested in: Life sciences, med tech, healthcare
Contact for founders/entrepreneurs: angelsinmedcity@angelcapital.co.uk
Envestors – for the largest network
The UK’s most active angel network, Southwark-based Envestors consists of around 8,000 investors. In its history, it has facilitated £120m of investment into over 200 companies, with 26 successful exits to date. Envestors work a three-stage process for entrepreneurs: they first help with putting together a proposition, then they promote this to their network before the entrepreneur engages with them. Investors typically invest between £250,000 and £2m in equity funding in tech start-ups.
Founded: 2012
Members: 8,000 investors
Number of deals in total: Over 200
Investment range: Between £250,000 and £2m
Interested in: Sector agnostic
Contact for founders/entrepreneurs: Via online form
Green Angel Syndicate – the green choice
The UK’s largest green economy angel network with over 350 members. To date, the syndicate has invested in 31 companies across 10 different sectors (because most industries will need to adapt in some way), saving over 57,000 tonnes of CO2e as of June 2021. They seek companies looking for up to £5m in funding that can demonstrate a clear effect on reducing carbon emissions, greenhouse gases or removing carbon from the atmosphere.
Founded: 2013
Members: Over 350
Number of deals in total: 31
Investment range: £150,000 to £1.5m
Interested in: Food and agriculture, environment, buildings, energy, transport, waste and recycling
Contact for founders/entrepreneurs: info@greenangelsyndicate.com
Minerva – the most active outside London / for Midlands-based funding
Minerva is a Warwick-based network that invests in high-growth tech businesses in the West Midlands. It’s currently the most active angel network outside of London over a ten-year period according to Beauhurst, having listened to 70 pitches in 2020. Typically investing between £25k and £500k, the not-for-profit network has invested £16m into 99 companies to date.
Founded: 2012
Members: N/A
Number of deals in total: 99
Interested in: High-growth tech businesses in the West Midlands
Investment range: £25,000 to £500,000
Contact for founders/entrepreneurs: enquiries@minerva.uk.net
GC Angels – best for investments in the North West
Manchester-based GC Angels have invested over £30m in 30 early-stage business across the North over the past six years. The publicly backed network includes over 400 high-net-worth members looking to invest between £25,000 and £2m in businesses looking to scale.
Founded: 1989
Members: Over 400
Number of deals in total: Over 30 since 2015
Interested in: Sector agnostic
Investment range: £25,000 to £2m
Contact for founders/entrepreneurs: info@growthco.uk
Angels Invest Wales – best for Welsh start-ups
The largest and most active angel network in Wales. There are over 250 members, an £8m co-investment fund and an online investment platform. Part of the Development Bank of Wales, Angels Invest Wales is for established businesses seeking equity funding of between £50,000 and £10m with seed finance for pre-revenue tech start-ups.
Founded: 2018
Members: 299 angels
Number of deals in total: Between 2017 and 2022, it has facilitated angel deals worth £13.5m, across 120 funding rounds with more than 330 individual investments
Interested in: Sector agnostic. Welsh businesses seeking private investment.
Investment range: Between £100,000 to £750,000
Contact for founders/entrepreneurs: angels@developmentbank.wales
Archangels – the oldest network and based in Scotland
Based in Edinburgh, Archangels is the longest-standing angel network in the world. Well, it was only formed in 1992, but the network has built up to become one of the UK’s most active with more than 100 members. The syndicate focuses on early-stage Scottish-based businesses in the technology and life sciences sectors, typically investing in the region of £15m a year. Its preferred level of investment is between £250,000 to £1m but can cover anything between £50,000 and £2m.
Founded: 1992
Members: 112
Number of deals in total: 90
Interested in: Technology and life sciences
Investment range: £50,000 to £2m
Contact for founders/entrepreneurs: investment@archangelsonline.com
Angel Academe – best for backing female founders
Angel Academe’s aim is to increase investment into female-founded tech start-ups and introduce more women to angel investing. A good thing, seeing as only four in ten unicorns and soonicorns have a female founder. Although the network is open to members of any gender, the requirements are that a female has at least 20 per cent of founder equity. Members look to invest in companies with a pre-money valuation of £1m and £5m looking to raise between £250,000 and £5m. Successful founders typically attract £70,000 to £350,000.
Founded: 2012
Members: N/A
Number of deals in total: N/A
Investment range: £70,000 to £350,000
Interested in: All sectors
Contact for founders/entrepreneurs: Via online form
List of UK angel networks
Founded: 2020
Members: 554
Number of deals in total: 28 (roughly one per month)
Investment range: £50,000 to 300,000 as part of a larger round
Interested in: UK technology companies with EIS assurance
Contact for founders/entrepreneurs: james@pringlecapital.com
Founder: 2016
Members: N/A
Number of deals in total: 21
Investment range: £50,000 to £250,000
Interested in: All, mainly female-founded
Contact for founders/entrepreneurs: Not currently taking enquiries as of May 2022
Founded: 2020
Members: N/A
Number of deals in total: N/A
Investment range: £10,000 to £3m
Interested in: Sector agnostic. Popular industries include digital media and content, education technology, fintech, healthcare and digital health, software as a service
Contact for founders/entrepreneurs: info@connectd.co
Founded: 2021
Members: 30
Number of deals in total: 5
Investment range: £50,000 to £150,000
Interested in: Science equity (advanced materials, life sciences (incl. biotech therapeutics), deep tech, robotics)
Contact for founders/entrepreneurs: Submit deck via scienceangelsyndicate.com / email info@scienceangelsyndicate.com
Founded: 2020
Members: N/A
Number of deals in total: N/A
Investment range: £50,000 to £2m
Interested in: Bio tech and pharmaceuticals, electronics and hardware, energy, environment and clean tech, fintech, healthcare and digital health
Contact oa-web@oxbridgecp.com
Founded: 2020
Members: N/A
Number of deals in total: N/A
Investment range: N/A
Interested in: All sectors. Covering South East, Midlands, and counties of Bedfordshire, Buckinghamshire, and Northamptonshire. Universities from Oxford to Cambridge including Universities of Bedford, Buckingham, Cranfield and Northampton.
Contact for founders/entrepreneurs: Via online form
Founded: 2020
Members: 98
Number of deals in total: 16
Investment range: Collectively invests £35,000 to £80,000 per deal in pre and seed stage deals. HERmesa does not lead deals.
Interested in: Female founded and co-founded ventures where women hold at least 20 per cent of the equity and have a C suite position. Sector agnostic.
Contact for founders/entrepreneurs: Via airtable.com
Founded: 2019, first events in 2020
Members: 50 – four to five members for each quarterly pitch session
Number of deals in total: Around 10 deals so far
Investment range: £50,000 to £500,000
Interested in: Mainly tech (medical, financial, ESG), but some food and drink, property and leisure
Contact for founders/entrepreneurs: mainstream@michelmores.com
Founded: 2021
Members: 20 founding members
Number of deals in total: N/A
Interested in: Sector agnostic
Investment range: £50,000 to £250,000
Contact for founders/entrepreneurs: info@mintventures.co.uk
Founded: 2013
Number of members: Over 250
Number of deals in total: Over 30
Investment range: £8,000 ($10,000) individual investments to £1.2m ($1.5m) syndicated investments
Interested in: Generalist
Contact for founders/entrepreneurs: london@chicagoboothangels.com
Founded: 2016
Members: N/A
Number of deals in total: Over 30
Interested in: Sector agnostic
Investment range: £50,000 to £250,000
Contact for founders/entrepreneurs: jurek.sikorski@henley.ac.uk
Founded: 2012
Members: Over 100
Number of deals in total: 54 lead investments
Interested in: Digital healthcare, cyber security, supply chain and logistics technology, climate technology and future of work
Investment range: £1m to £3m initial investment
Contact for founders/entrepreneurs: via online form
Founded: 2015
Members: Around 100
Number of deals in total: N/A
Investment range: £150,000 to £500,000 per company
Interested in: Sector agnostic (design-led / creative tech)
Contact for founders/entrepreneurs: angelclub@rca.ac.uk (only RCA companies may apply)
Founded: 2012
Members: 301,715 investors
Number of deals in total: N/A
Investment range: N/A
Interested in: All sectors
Contact for founders/entrepreneurs: Via online form
Founded: 2016
Members: Circa 1,000
Number of deals in total: 83
Investment range: £100,000 to £500,000
Interested in: All sectors, with the exception of alcohol, gambling, weapons, hunting, drug related or businesses that have a negative environmental impact
Contact for founders/entrepreneurs: info@angelgroups.co.uk
Founded: 2012
Members: 1,000
Number of deals in total: 350
Investment range: £100,000 to £1m
Interested in: Generalist
Contact for founders/entrepreneurs: Via sfccapital.com/raise
Founded: 2015
Members: 165 angel investors
Number of deals in total: 46
Investment range: N/A
Interested in: Start-ups must be based in the North of England with tech at the core
Contact for founders/entrepreneurs: via online form
Founded: 1999
Members: 49
Number of deals in total: Over 180
Investment range: £80,000 to £450,000
Interested in: Sector agnostic but require at least one woman in the executive team with equity and significant influence in the company
Contact for founders/entrepreneurs: No preliminary talk is required. Submissions via astia.org/process
Founded: 2011
Members: Over 350 angel investors
Number of deals in total: 53 (as of May 2022)
Investment range: £10,000 to £500,000 individual commitments
Interested in: Multiple sectors
Contact for founders/entrepreneurs: simon.hardy@hbsangelslondon.com
Founded: 2000
Members: 80 investors
Number of deals in total: Over 100
Investment range: £150,000 to £2m
Interested in: Technology start-ups across the Golden Triangle
Contact for founders/entrepreneurs: Via online form
Founded: 2013
Members: 75
Number of deals in total: 7 in last two years
Investment range: £10,000 to 150,000
Interested in: Mixed/non-specific
Contact for founders/entrepreneurs: Peter Eales – contact@dorsetbusinessangels.co.uk
Founded: 2004, reorganised 2016
Members: 50
Number of deals in total: Since 2016, 45 deals, £4.5m raised from members
Investment range: £50,000 to £500,000, but £1m when co-investing with others
Interested in: Open minded, B2B preferred, SaaS, comfortable with tech
Contact for founders/entrepreneurs: John Rankin – john@advantagebusinessangels.co.uk
Founded: 2015
Members: 77
Number of deals in total: 43
Investment range: £10,000 to £200,000
Interested in: Sector agnostic but focus on working with companies outside of London, particularly on East Anglia
Contact for founders/entrepreneurs: Hannah Smith – hannah@angliacapitalgroup.co.uk
Founded: 2018
Members: 2000
Number of deals in total: Over 100
Investment range: £150,000 to £2m
Interested in: Artificial intelligence (AI), delivery services, e-commerce, educational technology (Edtech), fintech, food and beverage, fraud detection, healthcare tech, online retail, pet care, technology and wellbeing
Contact for founders/Entrepreneurs: Team@trendscoutuk.com
Founded: 2020
Members: 25 and growing
Number of deals in total: 2
Investment range: N/A
Interested in: All sectors considered
Contact for founders/entrepreneurs: lmallaburn@lincolnsciencepark.co.uk
Founded: 2012
Members: Around 22
Number of deals in total: Around 52
Investment range: £100,000 to £150,000
Interested in: Sector agnostic
Contact for founders/entrepreneurs: g.macaulay@gabriel-is.com
Founded: 2008
Members: 217
Number of deals in total: 367
Investment range: £500,000 to £4m (seed to Series A) as part of round sizes of £1m to £10m
Interested in: Sector agnostic, B2B frontier tech with applications across most sectors
Contact for founders/entrepreneurs: info@parequity.com
Founded: 2012
Members: N/A
Number of deals in total: 30
Investment range: £100,000 to £500,000 at initial or seed investment stage
Interested in: Scottish start-ups
Contact for founders/entrepreneurs: enquiries@equitygap.co.uk
Founded: 2020
Members: 20
Number of deals in total: 8
Investment range: £25,000 to £200,000
Interested in: All sectors
Contact for founders/entrepreneurs: Via online form
The following angel networks were approached for information: QatarBAN, Islamic Finance Guru, FINTECH Circle, S100 Club, Deepbridge Syndicate, Southern Angel Investors Club and Deeptech Angels.
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