In 2019, a sharp increase for French Angels investments: €43 million invested in 422 companies

Analysis of the data collected from the 5,500 members ofFrance Angelsshows a strong increase of activity among their Business Angels (networks).

Importantly, this shows their assimilation to the regulatory and tax measures implemented during during 2018. In the 2018 Finance Law, tax measures to incentivize early stage investing were removed in favor of the abolishment of wealth tax. After this period business angel activity was partially reduced.

Amounts invested are up

France Angels shows that there is a reduction in the number of operations going from 455 to 422 operations, a decrease of 7%.

The total amounts invested compared to 2018 increased by 15% from €37.3 million, with a total of €43 million in 2019.

To this amount must be added 107 million euros in co-investments alongside Business Angels by independent Business Angels, funds (national and regional, etc.). This amounts to a leverage effect of 2.8 for the economy.

Dynamism in the French Angel market

As in 2018 Business Angels networks are more and more investing together. The networks see opportunities to share their financial and human resources with each other and with entrepreneurs. In 2019, inter-network co-investments accounted for a total of 282 investments in the first round, which represents 48% of operations and 42% in amounts in 2019.

This investments create a direct and strong impact on the real economy.

Business Angels have helped create approximately 2,500 jobs this year and more than 20,000 over the past 10 years.

A re-harmonization of the investment sectors

Despite a slight reduction in the digital sector, the latter retains its leading position with 34% of total investments and companies financed. Health and biotechnology recorded 18% of total investments against 22% in 2018.

Companies in the consumer goods sector regain their third place with 14% of investments made in 2019 against 10% in 2018.

Then come goods and services industrial (12%), transport (10%), cleantech energy (6%) and the remaining 5% are distributed in the media, fashion or sport.


France Angels is the French national federation of Business Angels. Since 2001, France Angels brings together more than 12,000 Business Angels, including 5,500 active members spread across 62 networks in all the countries. France Angels works to develop an economic and social environment and positive legal framework for Business Angels and promotes their role as supporters and donors young innovative companies with high growth and job creation potential. France Angels is a founding member of Business Angels Europe.