According to IBAN (Italian Business Angels Network Association), Italian Business Angels (BAs) participated – both independently and alongside venture capital funds – in 201 transactions involving Italian startups or foreign startups founded by Italians in 2024. The total capital invested exceeded €751 million, marking a 10.7% increase compared to 2023.
The share of capital invested independently by Business Angels rose significantly compared to the previous year. In 2024, BAs invested €74 million across 106 deals, up from €39 million in 75 deals in 2023. Nearly one in three independent investments exceeded €500,000, and in almost half of all deals, the capital invested surpassed €200,000.
Almost all transactions tracked by the IBAN Survey were syndicated, totalling €677 million across 95 deals, with an average of five business angels per deal. This was driven primarily by ahigher number of smaller transactions under €50,000. Thetrend of declining participation by foreign Business Angels continues, with only1% of deals involving international investors(down from 6% in 2023).
The majority of capital contributions from Business Angels came through equity subscriptions (82%), followed by convertible instruments and work-for-equity arrangements (9%). In 45% of deals, investors reportednot adopting any capital protection measures, a slight decrease compared to 49% in 2023.
In 2024, Business Angels once again showed a preference for later-stage companies (61%) over seed-stage ventures (39%).
The sector attracting the greatest interest among Business Angels remained ICT, accounting for 38% of total investments, an increase from 28% in 2023, though still below the 47% recorded in 2022. Within this sector, investments were almost evenly split between Digital Consumer Services (47%) and Enterprise Technologies (53%). A significant share of these investments focused on AI and data platform technologies. Following ICT, the next most attractive sectors in 2024 were Energy and Environment (11%) and Consumer Goods (9%).
The IBAN Survey also explored the role of ESG (Environmental, Social, and Governance) and impact investing in decision-making.
57% of surveyed BAs reported applying ESG and/or impact criteria when evaluating opportunities. Furthermore, 43% said they routinely assess the founding team’s awareness and commitment to ESG principles, while 36% reported conducting thorough ESG due diligence.
In 2024, there was a modest improvement in exit activity, although disinvestment among Business Angels remains rare and challenging. This year, 16% of respondents reported having made at least one exit, compared to 6% in 2023, 10% in 2022, and 6% in 2021. On average, these exits occurred four years after the initial investment, typically as full exits. In 63% of cases, the exit strategy executed differed from the one originally planned. The most common exit route in 2024 was a sale to other investors. Less frequently, exits were achieved via a sale to the entrepreneurial team or through a merger/acquisition.
The typical Business Angel profile is male, resides in Northern Italy (70%), has a background as a corporate executive (58%), and currently operates as a self-employed professional (32%). Nearly all have a master’s degree, with 32% holding postgraduate qualifications. On average, a Business Angel holds assets ranging between €500,000 and €2 million, with less than 10% allocated to angel investing. Their investment portfolio includes an average of four companies (down from six in 2023).
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The report (in Italian) is available at the following link: https://www.iban.it/wp-content/uploads/2025/06/SurveyIBAN2024_b.pdf