Business Forum • 11 September, 2024 at 11:58 AM
The members of TechAngels, the most experienced network of business angels in Romania, have invested in the first half of the year, more than 1 million euro directly in tech startups. 14.6% of the members backed new startups with a total of €725,000 and 13% participated in follow-on funding rounds with a total of €250,000. The internal survey for the second semester shows that another €1.8 million is available for investment by the end of this year.
The TechAngels Group has also adopted a new vision on contributing to the development of Romania's tech ecosystem, emphasizing the need for a bolder approach and a target for this development: contributing to the creation of 10 unicorns (tech companies valued at over $1 billion), in the next 10 years.
"Now is the perfect time to build great tech companies in this part of the world. Romania and countries in the region have unprecedented opportunities for tech entrepreneurs. We believe our potential is not just local, but global," said Marius Istrate, Chairman of the TechAngels Board. "Despite the challenges, Romania and CEE have unprecedented opportunities for tech entrepreneurs. With a growing economy, high levels of tech talent and increasing economic inclusion, we believe the time is right for our region to achieve great things, to dream boldly in tech."
TechAngels' vision is based on three strategic pillars: investing in global champions, creating a flywheel for tech innovation based on the experience of globally successful Romanian companies, and leveraging local talent through international partnerships. "Our founders are not just building regional champions, but global leaders," added Marius Istrate.
In the first six months of the year, TechAngels members evaluated more than 100 startups, of which 45 participated in pitching sessions. More than 50 other startups have been in the spotlight of the members in projects they have been involved in, such as accelerators and specialized competitions. TechAngels has partnered with accelerators, competitions and tech associations in Romania, Moldova and the UK.
For the coming period the group will focus on implementing the set strategic direction by intensifying contacts with members and potential members, international partners. TechAngels will facilitate community experience sharing, continue to participate and support industry events and empower business communities and tech professionals to join the ecosystem through funding and mentoring.
TechAngels is an open group of private investors interested in supporting the development of tech startups in Romania and the region. The association currently has over 130 members. The investors in the group are entrepreneurs or C-level specialists from start-up, scale-up and global blue chip companies, with extensive experience in the Romanian and worldwide market, in business planning, product development, market approach, sales, marketing, etc. As angel investors, the members of the group provide mentoring and advisory services to selected startups. TechAngels portfolio so far includes more than 240 startups. The group's investments in the local startup ecosystem have amounted to around €43 million over the last 11 years.