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France Angels: despite Covid, €49M invested in 2020

The annual study carried out among the 5,500 members of France Angels, the French Federation of Business Angels, confirms that despite a relative decrease in investments linked to COVID, Business Angels continue their role of accompanying companies on a financial and human front. This is reflected by the increase in refinancing carried out to support businesses that are already funded, which has resulted in the creation - and especially - the maintenance of many qualified jobs. Read the most important takeaways below, written by General Delegate Benjamin Bréhin.

Slight decrease in operations and amounts invested

We can observe a contained decline in investments compared to the previous year, both in number of transactions carried out and in amounts invested. The number of transactions went from 422 to 366 (-20%) and the amounts invested from €58M to €49M (-16%).

Resilience of the Business Angels' non-intermediated investment model, despite the crisis

The year 2020 confirmed the strategic contribution of Business Angels to our economy in the current period of crisis: 38% of operations focused refinancing existing companies, compared to 28% in 2019. Business Angels networks and Independent Business Angels continued their co-investments, reaching €36M and €13M in 2020, compared to €43M and €15M in 2019.

Geographical breakdown of Business Angels

Despite a higher concentration of investors and investments in Île-de-France (Greater Paris Area) with 63% of investment, there is a large distribution of companies financed on the national territory, with a strong presence in Bretagne and Nouvelle-Aquitaine in particular.

Healthcare, leader in investment sectors

The Healthcare sector saw an increase from 18% to 41% and became the first sector of investment for French Business Angels. Digital, the leading sector the previous year, moved down to second place, from 34%


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