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WA4E - Women Business Angels for Europe's Entrepreneurs

Unlocking female angel investment and access to risk capital for women entrepreneurs

The WA4E programme has delivered impressive results over the past two years, meeting great expectations for action on the ground to stimulate women angel investing. Our actions filled a gap detrimental to the financing of the European start-up economy, and women entrepreneurs.

With the lead of UKBAA, we also created a bespoke WA4E research study. We explored obstacles and motivation factors for women to become angel investors. The paper has shown to be crucial ammunition to raise awareness among women that they too can become an angel, and crucially, demystifying the investment process: what does angel investing really entail?
Concrete outcomes – key figures:


  • 20+ million € generated in angel financing by women (10 times the initial target)

  • 115 projects financed (4 times the target)

  • Over 500 WBA trained off line, 267 accessing on line training material (double the targets)

  •  279 WBAs mentored (more than twice the target)

  • 1436 WBAs attending 74 pitching events (again, above target)

  • Increased participation of women angels in networks involved: numbers at least doubled in each of the (mixed) partners’ networks; the net increase in the women only network is 12%.  

We want to thank all our consortium partners and high level advisory board members for creating this success over the last two years. Furthermore, on behalf of the consortium, we want to thank DG GROW for supporting this important initiative. 

The WA4E Report

The Women Business Angels for Europe's Entrepreneurs WA4E is delighted to present to you a report on women investors and business leaders. In the framework of the WA4E project, partners from six EU countries surveyed 640 women to map out their motivators and obstacles to become female business angels. Download the report here.​​


This 28-page report summarises the key findings of an online research, which was accompanied by one-on-one and focus group interviews. As such, the report sheds more light on the reasons why women remain underrepresented in the world of business angels and entrepreneurs. 


The results of the research will be incorporated into the outputs of the WA4E project, including training for women business angels as well as improving pitching skills of female entrepreneurs.

Click on the report to read. 

Learning Material



At the WA4E consortium we put emphasis on knowledge sharing. Therefore our respective partners have created Training Modules, which you can access below in order to create succesful structures that galvanize women business angel investors. FBA created the guidelines regarding webinars and monthly investor pitch.​

Click on the links to access the material


IESE Business School: How to Pitch? 

WA4E Module How to pitch.pdf


Femmes Business Angels: How to Train Women Business Angels?

Part 1: guidelines for the whole training

Part 2: guideline for training "Why become a Business Angel?" 

Part 3: guideline for training "Understanding the Investment Process"
Part 4: guideline for training "How to do more for further projects (for experienced BAs)"


Other training modules:

Guidelines to Create a Successful Webinar

Guideline: Monthly or Quarterly Investor Pitch

Our Newsletters

WA4E Newsletter 1

WA4E Newsletter 2

WA4E Newsletter 3

WA4E Newsletter 4

WA4E Newsletter 5

WA4E Newsletter 6

WA4E Newsletter 7

WA4E Newsletter 8

The Partners


Business Angels Europe (BAE) is the European Confederation of Angel Investing, representing the European Business Angels' Federations and Trade associations in Europe. BAE brings together the most active and developed countries operating in the angel market in Europe...

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Femmes Business Angels

​FBA is the only female network of Business Angels in France and the first in Europe. FBA brings together more than 130 women who invest individually and accompany developing start-ups, carried by men or women. FBA investors are interested in a wide range of activities and sectors in order to encourage the emergence of innovative and potential start-ups...

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Women Win Win

WomenWinWin aims to create an ecosystem that  strengthens women entrepreneurship. Its Vision is to be recognized as the reference community of women entrepreneurs in Portugal,.With cooperation, skills development and experience sharing, WWW has a positive impact in the business environment and in the society as a whole.

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​IESE operates the most senior active angel network in the country. The networks is open to all entrepreneurs and investors. IESE’s angel network achieved an annual investment record in 2016, funding 29 startups for an amount of 4.1 million euros, complemented with +7 million from other sources.


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Business Angels Europe



Be Angels acts as an interface between the projects from entrepreneurs and business angels. Our aim is to provide our members with a structured and professional environment that facilitates the matchmaking process through coaching, training and innovative investment vehicles.

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UKBAA improved.jpg


The UK Business Angels Association is the UK’s national trade association for angel and early-stage investment, representing over 160 member organisations and around 18,000 investors. UKBAA’s members include angel networks, syndicates, individual investors, early-stage VCs, equity crowdfunding platforms, accelerators, professional advisers and intermediaries.

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IBAN improved.jpg


The Italian Business Angels Network Association is the Italian National Association focused on the development and the growth of the Business Angels phenomena in Italy. IBAN, a non-profit making association under the Italian law, has the aim to introduce in Italy the business angels experience and to develop a national platform of business angels networks.

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The High Level Advisory Board

The programme enjoys the support of an independent board which members meet every year in Brussels. Drawing from their considerable expertise and experience in fostering women entrepreneurship, they provide guidance to the project.  

 Fausta Pavesio


Frederique Clavel

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 Jaqueline Fendt

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 Mirja Laulajainen

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Fausta Pavesio

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