Members of TechAngels, Romania’s most experienced angel investor network, directly invested nearly EUR 1 million in the first half of 2025, in a challenging economic environment marked by fiscal alters and austerity measures. Approximately 28% of respondents to the internal semi-annual survey built direct investments, while the rest invested either through funds or temporarily paapplyd their investments. 17% chose to back new startups (≈43% of the total investments), while 12% preferred follow-on rounds (≈56% of the total), continuing the trconclude of recent years to support existing portfolio companies.
Among the startups financed during this period were Evopath, Finor, GapApp, AnimaFelix (new investments) and Quarks Interactive, SalesOmmo, FieldOS, FoodFix (follow-on rounds).
For the second half of the year, TechAngels members have expressed investment intentions exceeding EUR 2.5 million, more than twice the amount in the first half of the year—confirming a strong appetite for investment, albeit accompanied by prudence. A similar investment dynamic was seen in 2024, when second-half investments nearly doubled those of the first semester.
“The results of the first half of the year display a balance between caution and boldness. In a complicated fiscal climate, we see investors who choose to support existing startups, but also an increasing openness to new companies, particularly in areas such as deep tech, AI, health, or defense. We believe this direction, alongside European efforts to accelerate technology, will create resources and opportunities for founders in the coming period”, declared Marius Istrate, Chairman of the TechAngels Board of Directors.
In the first half of the year, TechAngels members evaluated 269 startups through dedicated platforms. More than half came from AI and deep tech, followed by health and human resources solutions, as well as fintech, edtech, and mobility—demonstrating a diversified pipeline, with a clear focus on emerging technologies.
The group has continued to be active in the ecosystem, through partnerships with accelerators, associations, and events in Romania, the Republic of Moldova, and the UK, as well as through collaborations within EBAN (European Business Angel Network) and BAE (Business Angels Europe). Members participated in local, regional, and European events and conferences such as DigiTalk Sofia (Bulgaria), PODIM (Maribor, Slovenia), Tigers Summit, Unchain Festival (Oradea) and Techsylvania (Cluj-Napoca).
For the second half of the year, TechAngels plans to engage in key events for the startup and investor community, including ScaleUp Fest (Ungaria), Impact CEE Conference (București), HowToWeb (București), Business Angels Summit (Sarajevo) and EBAN Annual Congress (Bruxelles).
Starting in 2024, TechAngels will report members’ investments built directly in startups. The overall ecosystem contribution of the group members is higher, as some members have also invested through investment funds. For greater clarity and to avoid confusion regarding the amounts invested, the group has decided to report only the amounts directly allocated to startups.
TechAngels is an open group of private investors interested in supporting the growth of technology startups in Romania and the region. At present, the association has more than 140 members. Group investors are entrepreneurs or C-level specialists from multinational companies, with extensive experience both in the Romanian market and internationally, in business planning, product development, market approaches, sales, and marketing. As angel investors, members of the group provide not only funding but also mentorship and guidance. The TechAngels portfolio currently includes more than 270 startups. The group’s investments in the local startup ecosystem amount to approximately €46 million over the past 12 years.
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