A quarter of the 37 startups which have pitched to TechAngels so far this year have progressed beyond follow-up rounds and are currently negotiating funding, TechAngels said a statement.
“This year has kicked off with a sound quarter as far as allocated amounts are concerned, but has also seen caution, according to 65% of our members. [...] The economic environment at the end of last year, which was marked by inflation and rocketing energy prices, then the crisis in Ukraine, with extensive effects on the economy as well, contributed to uncertainty rising, hence the more cautious stance adopted by some of the investors and even by some of the startups," TechAngels president Malin Iulian Stefanescu said. "However, the investment volume was substantial overall, in line with the growth of interest in tech and digitalisation solutions in all industries and all facets of life,” he added.
TechAngels members’ individual investments averaged at 20,000 euro. However, a third of TechAngels investors chose not to invest in the first quarter of the year, partly on account of their newness to the group. Around 40% of investors chose to invest directly into the startups, while the rest preferred to invest through platforms.
As much as 55% of the ideas pitched as part of this year’s round focused on digitising everyday life in terms such as healthcare, sports, or leisure management, while 45% offered business solutions, such as finance, HR, or marketing. From a technical standpoint, numerous projects are SaaS platforms which integrate automation, AI modules, deep learning or robotics.
A standout candidate was Tokinomo, a company which raised $1.7 million ($1.58 million) to scale its shelf marketing robotic solution. Tokinomo has also been joined by Early Games Venture, an early-stage venture capital firm in Romania, as well as Instore Power Provider (IPP), a Romanian in-store retail marketing firm.
TechAngels is an open group of private investors, seeking to grow Romanian tech startups. The group features 128 members, hailing from a variety of professional backgrounds. TechAngels’ track record includes a 8.9 million euro investment in 69 startups in 2021, preceded by 4 million euro investments in 75 startups in 2020.
The investor group’s portfolio currently includes over 220 startups.
Jul 1, 2024
