Informe Business Angels 2026

AEBAN has published the Business Angels Report 2026 | Angel investment in startups: evolution, activity, and trends, a document that compiles and cross-checks information from sources such as PitchBook, Dealroom, SpainCap/Webcapitalriesgo, and the Startups Observatory (Bankinter Innovation Foundation) to provide a comparative and consistent view of investment activity.

The report describes a partial recovery in 2025: institutional VC rebounds strongly in terms of volume (+57.4% in Spain), but with a 17% decline in the number of deals, reflecting a more concentrated market that is increasingly reliant on mega-rounds. In parallel, non-institutional (angel) investment also shows an uptick in capital (+16.3% vs. 2024), albeit with a contraction in the number of transactions.

Regarding round dynamics, the document points to a reduction in the share of deals below €500k, while the €1–5M bracket accounts for more than 80% of the capital within the analyzed segment, indicating higher requirements for validation and traction.

Among the highlighted trends, the report notes the professionalization of angel investors (more syndicates, networks, and co-investment vehicles), growing sector specialization (AI, defense, deep tech, climate transition), the advancement of public-private co-investment, the entry of family offices and crowdangel platforms, and a gradual improvement in diversity, with women investors in the 12–14% range.

As structural challenges, the report underscores the weakness of exits (less capital recycling), the greater complexity and cost of due diligence—especially for intangible assets and AI—and the need for regulatory and tax adjustments. Overall, the Business Angels Report 2026 helps to understand the new cycle of angel investing and guide decision-making for investors, startups and ecosystem stakeholders.