1、The annual deep dive into the angel investment climate of Europe2023Investing in the Next Great Startup EcosystemAngels in EuropeEuropes share of global early-stage investments is at an all-time high,raising expectations for similar late-stage performance.Angel investors will play a significant role

2、 in reaching this next growth horizon.About this reportThis report is the result of a partnership between BCGs Tech Capital and Nordic Angels.The aim of the collaboration was to review the European startup industry in depth,and to understand how it can continue to play an increasingly relevant role

3、on the global stage.Table of content04Executive Summary11Europes Startup Landscape:Bridging the Gap14What Makes a Strong Startup Ecosystem?18Despite a Funding Winter,Green Shoots Emerge20The Nordics:Ahead of the Curve?22Robust Growth,Early and Late23Factors Behind Europes VC Investment Growth24Conti

4、nuing the Work27The Nordics VC Landscape,Country by CountryIn this report,we examine the European startup landscape through the lens of a particular group of ecosystem participants:angel investors.Angels play a significant role in not only funding innovation,but also in mentoring startup founders an

5、d creating a supportive community.They are perhaps known best for their prominent role in the pre-seed and seed stages of the VC funding funnel,but angel investors are in fact active participants throughout the journey from concept to maturity.It can be said that they set a flywheel effect in motion

6、,whereby successful startup founders evolve into angel investors,nurturing the growth of new generations of startups with the deployment of capital and strategic know-how.To understand the challenges and opportunities facing these investors,and to get an“angel-eye”view on what can be done to foster

7、the continued growth of Europes startup ecosystem,we conducted interviews with a large number of prominent angel investors in key European markets.Their views inform our extensively researched perspectives on the future of this vibrant landscape of innovation.Startups are an integral part of stable,

8、prosperous economies,closely linked with markers of innovation.Startup hubs in places like Silicon Valley,London,Paris,Berlin,and Stockholm fuel economic growth and attract creative business-builders from home and abroad.It is no surprise that the most innovative countries worldwide are also in the

9、top positions of startup ecosystems.1 And where there are startups,jobs generally follow:for example,almost half of all new jobs in the Organisation for Economic Co-operation and Development(OECD)are currently created by companies formed less than five years ago.2The evidence for the value of startu

10、ps is compelling,but it raises the question of why they flourish in some regions and not in others.The short and simple answer is that wherever startups are thriving,it is almost always because efforts and actions have been taken to encourage innovators and create the conditions for growth.A broad c

11、oalition of individuals and organizations take part in this process:governments and regulators develop the policies and rules that can foster investment and make a country attractive to foreign investment and talent;investors of all kinds fund innovation and take on economic risks and rewards;univer

12、sities and research institutions support startup ecosystems directly and indirectly,acting as magnets and pipelines for talent,collaborating with angels and early-stage investors,and even becoming co-investors.1 Global Innovation Index 2023,World Intellectual Property Organization.www.wipo.int/globa

13、l_innovation_index/en/2023/Startup Genome“Global Startup Ecosystem Ranking 2023.”https:/ OECD,DynEmp3 cross-country database,20012015.www.oecd.org/industry/dynemp.htm.04Nordic AngelsExecutive SummaryWe found that the average late-stage funding levels for any given year compared to the total early-st

14、age funding from five years prior were roughly comparable for both geographies.This is not to say that the European startup ecosystems early-stage success will automatically translate into similar later-stage funding levels.There are no guaranteesbut significant growth in the next few years would be

15、 in line with the data.For now,there is still a significant gap in the share of late-stage funding between Europe and the US;however,that gap is at its narrowest point on record.Europes share of global late-stage VC investments reached 18 percent in 2022,compared to 12 percent in 2012.So the clear c

16、hallenge for Europes startup community is to turn their recent early-stage success into a robust pipeline of funding across the full investment spectrum.Angel investors,an integral part of that seed-stage growth,have an informed perspective on what it will take to get there.The“funding winter”that p

17、ut VC investment in the deep freeze in 2022 was a global phenomenon driven primarily by interest rate hikes and economic and political uncertainty.VC investments in Europe,which had been on an upward trend since 2012,experienced steep declines from the prior years record highs.But then,so did all gl

18、obal regions.There were exceptions in the Nordics:Finland and Iceland both bucked the trend and either increased VC funding in 2022 or held steady.3 There is also cause for optimism regarding the conditions that led to the funding freeze:The European Central Banks latest projection4 sees inflation d

19、eclining to 2.1 percent by 2025.More directly,Europes VC industry is sitting on record levels of dry powder:$53 billion at the end of 2022,compared to$44 billion at the end of 2021.5But there is a more fundamental cause for optimism in the resilience shown by Europes startup ecosystem.While Europe h

20、as trailed the US in most measures of VC funding from the start,it has now reached rough parity in seed-stage funding,with each accounting for roughly one-third of the global total.This early-stage momentum is a strong indicator of future growth,according to an analysis we conducted on VC funding fi

21、gures for the US and Europe since 2005.5“Positioned for the Challenge:Capital Under Management&Dry Powder 2022,”Invest Europe,September 21,2023.www.investeurope.eu/research/activity-data/capital-under-management-dry-powder/#login-modal3 Dealroom data for total VC investments.4“ECB cuts growth outloo

22、k but raises key 2024 inflation projection,”Reuters,September 14, a Funding Winter,Green Shoots in Europe05Nordic AngelsAngel investors play a foundational role in the development of healthy startup ecosystems,providing seed capital,taking higher risks than other investors,and offering support in th

23、e form of mentorship,strategic guidance,and networking opportunities.Angels often invest in startups before proof of concept,when they are too new to attract institutional venture capital funding.For these reasons,a vibrant community of angels is a bellwether of growth.In Europe more broadly,angel i

24、nvestors have become more active in recent years,with the number of angel investments increasing by 6 percent CAGR between 2017 and 2021,culminating in between 5,000 and 6,000 in 2021.Overall,angel investors are now present in between 50 percent and 60 percent of all VC investments in Europe.The pro

25、gress made by Europes VC ecosystem may also be due in part to the dispersion of its hub network.Initially,in the early 2000s,the continents ecosystem was concentrated around a few centers of activitysimilar to the US model.Since then,new hubs have been emerging all over the map:smaller cities in Ger

26、many and the Netherlands,for example,are emerging as thriving centers of activity,often focused on a specific sector.(Some countries remain relatively centralized.Paris and London,for example,still account for approximately 70 percent of overall funding for France and the UK.)Even in the still somew

27、hat centralized UK startup landscape,there are burgeoning communities of angel investors outside of London,in cities like Cambridge,Manchester,Glasgow,Leeds,Oxford,and Bristol.Dispersion is also taking place on a continent-wide level,with fast-growing hubs in places like the Nordics and the Baltics.

28、In our view,this widening network of knowledge and expertise is developing into a unique competitive advantage for Europe,with diversity of approach and culture fueling collaborative innovation.Evolving regulatory and government support,with incentives for startups,seed-stage investors,venture capit

29、al firms,and the tech talent that fuels them,is one reason we are optimistic about Europes continued growth.Efforts initiated a decade ago are bearing fruit.The UKs Seed Enterprise Investment Scheme,for example,launched in 2012 and last updated in 2023,incentivizes UK taxpayers to invest in domestic

30、ally registered startups by enabling them to recover up to 50 percent of their investment value through tax relief and by providing additional loss relief if the startup goes bankrupt.6 France has initiated a number of public funding programs meant to encourage investment and provide funding for the

31、“deep-tech”sector.Under the countrys“France 2030”plan,the government will invest a total of 500 million with the aim of helping to launch 500 deep-tech startups per year and build 100 unicorns by 2030.7 The plan also includes policies to attract international talent by simplifying working visas for

32、foreigners in the deep-tech industry.8The Role of Angels06Nordic AngelsThere are also signs of a changing mindset taking place among European investors.Traditionally thought of as more conservative,and more focused on unit economics and profitability than on growthparticularly compared with US inves

33、tors12Europes VC investors are funding more R&D-driven startups,particularly in the energy sector.Investments in energy have grown faster than those for any other top-ten sector in Europe,from about$700 million in 2017 to$3.9 billion in 2022.This emerging willingness to invest in longer-term venture

34、s is broadening the universe of potential success storiesand may have played a part in Europe tripling its number of billion-dollar companies between 2017 and 2022,to the point where it now hosts more than 440 unicorns.More recently,Spains“Startup Law,”approved in December 2022,aims to boost the eco

35、system through measures like a digital nomad visa,reforms to stock options,and changes to the tax code.9 In the Netherlands,the“30%ruling”makes tax breaks available to some employees who move to the country.10 And Swedens 2018 qualified employee stock options(QESO)rulingupdated in 2022allows compani

36、es to issue stock options to employees without the latter being subject to income tax,and without the former being subject to mandatory social security contributions for the stock options issued.1110“The 30%ruling tax advantage for expats in the Netherlands,”IamExpat.www.iamexpat.nl/expat-info/taxat

37、ion/30-percent-ruling.11 Linnea Black,“2022 updates to Swedens tax treatment of stock options for startup employees and board membersqualified employee stock option,”Baker McKenzie,January 14, Maria Ferreira,“Cross-country differences in risk attitudes towards financial investment,”Center for Econom

38、ic Policy Research,September 21,2018.cepr.org/voxeu/columns/cross-country-differences-risk-attitudes-towards-financial-investment.6 SEIS tax relief:guide for investors,”SeedLegals,June 30, 2030:one year of action to live better,produce better and understand better,”Invest in France,November 18,2022.

39、investinfrance.fr/wp-content/uploads/2017/08/FR-2030_Dossier_Presse_A4-v07-BAT-EN.pdf.8“French Tech Visa for Employees,”Welcome to F aspects of Startup Act,”Cuatrecasas,December 2, AngelsThe success of the Nordics VC environment can be attributed to a culture of innovation,needs-based public funding

40、,world-class education programs,robust and active angel networks,access to capital,and strong institutions.As with Europe overall,specialized hubs are emerging in the Nordics,with Sweden focused on energy,transportation,and fintech investments;Denmark on fintech and health;Norway on energy and food;

41、and Finland around security and hosting.13One way to scope the potential for Europes startup ecosystem is to look at a particular region that appears to be ahead of the curve.By a number of measures,the Nordics stand out as one of the most productiveand fastest-growingregions for startup investment

42、in Europe.In 2022,the region attracted 12 percent of the total investment in Europe,while accounting for 3.7 percent of its population,and roughly 8 percent of its GDP.Swedenthe Nordics biggest VC marketboasts roughly 2.8 unicorns per 100,000 inhabitants,comparable to leading hubs like the San Franc

43、isco Bay Area and Tel Aviv.And between 2012 and 2022,Nordics VC investment levels increased by 18 times,compared to 13 times for Europe.13 Hosting industry including Cloud hosting and Infrastructure as a Service(IaaS).The Nordics:Ahead of the Curve?08Nordic Angels?Continue to cultivate a growth mind

44、set.In the current economic environment,a focus on operational efficiency certainly makes sense.But for the longer term,Europes VC ecosystem will need to continue to cultivate a growth orientation?Strengthen capital markets.The USs well-capitalized financial markets have played a pivotal role in the

45、 ongoing success of its VC investing ecosystem.Promoting stronger capital markets in Europe could have similar benefits for the startup landscape,and could increase resiliency of the markets during downturns.Policymakers can also consider doing more to foster investment in alternative assets and VC

46、by pension and endowment funds.A recent example can be seen in the UK,where nine pension firms have agreed to invest a total of 50 billion pounds in unlisted equities by 2030.1?Adopt simple and innovation-friendly regulations and policies.Policymakers can take steps to facilitate cross-country opera

47、tions(particularly between the UK and the continent)and reduce administrative complexity,and to enable startups to scale up with fewer hurdles to jump.Matching angel investments with public agency funding could also be considered as a way to generate economic growth.For Europe,making good on the pro

48、mise of its recent successes,and approaching parity with the US across all investment stages,will call on the active support and involvement of government,private enterprise,communities of investors,individual investors,and,of course,the entrepreneurs,innovators,and business-builders that keep the s

49、tartup pipeline flowing.It will not be easy or simple.Despite some positive signs,macroeconomic uncertainties around inflation and interest rates,ongoing political instability,and regression in free trade could continue to limit foreign investment.And there is more to do from a policy and regulatory

50、 perspective.High labor taxes and social security contributions in most European countries tend to dissuade foreign talent from bringing their valuable skills to a region.Tax policies also,of course,can make a country more,or less,attractive to investors.As one angel investor said to us,“Taxation is

51、 always something investors look at when they choose where to invest.”Addressing administrative complexity and continuing to develop effective investment incentives would help startups thrivewith benefits for the broader economy.With this context in mind,we offer the following suggestions to members

52、 of Europes startup ecosystem and policymakers as they look to promote sustained growth:The Next Growth Horizon09Nordic AngelsCredit for the significant strides that Europes startup ecosystem has taken in recent years should be widely shared.Increasingly supportive policies and regulations by govern

53、ments across the continent are easing the way for founders,investors,and the talent that fuels innovation.Seed-stage backers and mentors like angel investors and incubators are providing crucial support to freshly minted startups.VC firms,crowdfunding groups,and private equity investors are doing th

54、eir part to help Europe become an active breeding ground for unicorns.And bold entrepreneurs are bringing their drive and their ideas to the table.With ongoing commitment and action from all of these participants,we expect Europes VC ecosystem to soon reach the next growth horizon.Startups matter,in

55、 the broadest sense.They provide an economic boost,create jobs,and attract people with skills and talent.They are a sign of a well-functioning and balanced regulatory and policy regime.We will therefore continue to monitor developments in the European startup ecosystem.In future reports,we will prov

56、ide updates on developments across the continent and deep dives into the regions and hubs that are leading the charge.?Increase collaboration between hubs.Many angel investors told us that a stronger and broader network would allow them to better diversify and spread investments.We believe that Euro

57、pes more decentralized VC hub network is a strength,but this network can be even more effective by building economies of scale and increasing knowledge-sharing.?Develop the talent base.Many European countries have taken steps to make themselves more attractive to international talentwith tax benefit

58、s,digital nomad visas(which ease travel and mobility issues for tech workers),and other benefits.Efforts to reduce the cost of hiring and to simplify visa applications should continue across the continent,and should go hand in hand with efforts to retain and develop homegrown talent.14 Huw Jones,“UK

59、 pension funds back next phase of post-Brexit City shake up,”Reuters,July 10, AngelsMany of the conditions we now associate with creating a fertile ground for funding and growth were in place in the US,particularly in Silicon Valley.Europe,when it later began to develop its own startup ecosystems,la

60、cked some of these crucial structural enablers,and has been playing catch-up since that time.In its early stages,the structure of Europes venture capital ecosystem resembled the US model,with activity concentrated in a few hubs.In 2000,European VC investors,private equity firms,angel investors,and o

61、ther important funding groups were clustered mostly in London,Paris,Munich,and Amsterdam,which together accounted for more than 55 percent of total VC funding in Europe.(See Exhibit 1.)This centralized model has evolved over the last two decades,with hubs emerging in smaller cities in countries like

62、 the UK,France,Germany,and the Netherlands,but also blossoming in places like the Nordics and the Baltics.Degrees of decentralization vary:London and Paris,for example,still account for more than 70 percent of UK and French investments,while Berlin and Amsterdam represent 50 percent of Germanys and

63、the Netherlands investments.(See Exhibit 2.)By 2020,the funding share for London,Paris,Munich,and Amsterdam declined to 39 percent,despite their maintaining a funding growth rate of about 11 percent CAGR during the period.A healthy startup ecosystem is one sign of a well-functioning economy.Startups

64、 contribute to job creation,and they are a hallmark of countries that score well on measures of innovation.A successful startup environment is also rarely an accident;it generally means that concerted efforts have been made to cultivate the seeds of innovation.Not surprisingly,the most innovative co

65、untries worldwide are also in the top positions of startup environments.15 And almost half of all new jobs in the OECD are created by companies formed less than five years ago.16 This compelling evidence does,however,raise the question of why startups flourish in some regions and not in others.This

66、report looks in depth at dynamics in the European startup landscape.We touch briefly on historical performance,then examine recent progress.Through comparison with healthy ecosystems(both within and outside Europe),we consider how Europe can continue its long-term positive growth trajectory.The part

67、icular challenge for Europes VC investing community is to turn its recent seed-stage success into a robust pipeline across the full funding journey.With this in mind,we also examine the role of the European angel investor community,how they have supported the startup ecosystem,and how they will need

68、 to be a part of the next stage of growth.The global startup ecosystem,which had a value of more than$7.6 trillion as of the middle of 2023,according to Startup Genome,17 initially took shape in the United States in the 1960s and 1970s,with the emergence of the first generation of modern venture cap

69、ital firms like Greylock Partners and Sequoia.18Europes Startup Landscape:Bridging the Gap11Nordic AngelsSources:Dealroom;BCG analysis.Exhibit 2:Role of Central Hub differs by Country,with London and Paris receiving 70%of National VC funding vs.50%for Berlin and AmsterdamLondonCambridgeOxfordEdinbur

70、ghMunichBerlinHamburgManchesterCologneGrenobleLyonParisToulouseEindhovenUtrechtAmsterdamRotterdamThe HagueShare of National VC funding in 2022,%+65Different hubsSTOCKHOLMBERLINAMSTERDAMLONDONPARIS20+Unicorns1+UnicornLondon,Amsterdam,Munich,and ParisRest of EuropeEurope VC investment of top 4 cities

71、00-20 (USD B)43%61%57%39%2020432000415%CAGR(00-20)11%European hubs by#of unicorns,22Sources:Dealroom;BCG analysis.Note:Two of the top 4 cities in 2000,Amsterdam and Munich,are currently overtaken by others such as Berlin and Stockholm.Exhibit 1:European VC Ecosystems Developed Historically around Lo

72、ndon,Amsterdam,Munich,and Paris,while Berlin,and Stockholm Emerged as new Hubs5%67%Our view is that many of the elements are in place for Europes funding levels to reach parity with those of the US and other leading regions.Already,Europes share of seed-stage investments is close to that of the US.(

73、See Exhibit 3.)Before examining Europes performance and prospects,we will first look more deeply at the conditions that set the stage for the emergence of unicorns and other innovative new companies.We believe that this dispersion of VC hubs across the continent is becoming a unique strength for Eur

74、ope as a center for the creation and development of new,innovative companies.Entrepreneurs seeking funding in Europe have a broad range of opportunities,with hubs specializing in particular sectors,and communities of like-minded mentors and innovators.A more distributed funding and support network a

75、lso brings more geographies into the VC landscape,unlocking more capital,promoting competition,and providing an overall push forward for the industry as a whole.17“GSER 2023 Showcases Top-Ranked Ecosystems,Key Trends,and$7.6 Trillion in Value Creation,”Startup Genome,June 15,2023.18 Sean Gold,“A Bri

76、ef History of Venture Capital,”OpenVC,September 26,2022.openvc.app/blog/history-of-venture-capital15 Global Innovation Index 2023,World Intellectual Property Organization.www.wipo.int/global_innovation_index/en/2023/Startup Genome“Global Startup Ecosystem Ranking 2023.”https:/ cross-country database

77、,2001-2015.www.oecd.org/industry/dynemp.htmSources:Dealroom;BCG analysis.Exhibit 3:Europe Has Reached Parity with US in Seed Stage,while Closing the Distance in Early-Stage and Late-Stage fundingUSEuropeRoWIndicator of future parity in substequent funding stages(Pre)Seed stage2022152012622%60%18%30%

78、33%37%Early Stage20225020121214%21%70%41%16%38%Late Stage202241220123712%18%64%50%24%32%Global VC investments by region,$BRegardless of any particular sector focus,or cultural distinctions,thriving startup ecosystems around the globe share a set of common conditions and context that support investme

79、nt,as well as regulations and tax policies that encourage innovation and entrepreneurship:?Access to capital.An active community of funding sources,including VC firms,angel investors,incubators,and crowdfunding platforms,is the lifeblood of a healthy startup ecosystem?Community support.A dynamic net

80、work of entrepreneurs,mentors,and investors provides support in the form of knowledge,resources,and expertise,and gathers in co-working spaces,accelerators,and other networking centers?Educated talent pools.A well-educated and skilled workforce,particularly in science,technology,engineering,and math

81、(STEM),is critical for startup growth.The presence of a leading university or other educational institution can be a consistent source of young talent.?Cultural value of entrepreneurship.Most active startup ecosystems are busy with networking events and opportunities,and educational programs that in

82、spire budding entrepreneurs to take risks.?Market access.Trade agreements,partnerships,and other supports that enable entrepreneurs to access markets where their products and services can be sold are invaluable.?Quality infrastructure.A solid web of telecommunications,utilities,and transportation cr

83、eates an environment in which startups can easily connect with peer companies,customers,and suppliers to compete on a global scale.Underpinning these conditions,governments and regulators can take steps to encourage innovation.Policies,in various forms including tax incentives,streamlined regulation

84、s,and public funding programs,can have a decisive impact on a startup ecosystems competitiveness.Policymakers and regulators in the US,for example,have long taken steps to support startup growth.As far back as 1979,US regulations enabled pension funds to become a significant source of funding for VC

85、(by comparison,pension funds in most of Europe devote a much smaller percentage of their investments to VC).19 The introduction of Qualified Small Business Stock in 1993 in the US set out important capital gains exemptions;and in 2012,the JOBS Act reduced the red tape around fundraising,and enabled

86、new ways of accessing capital.What Makes a Strong Startup Ecosystem?19 Julian Teicke,“How To Fill The Multi Trillion Dollar Funding Gap And Put Europe Back On The Map,”Forbes.https:/ Angels“A well-functioning startup environment needs a critical mass of entrepreneurs,startups,and investors located o

87、n a fairly small geographical area.”Danish angel investorAngel investors play a crucial role in the development of healthy startup ecosystems,by offering seed capital and taking higher risks than many other investors are prepared to do.Beyond funding,they provide mentorship,strategic guidance,and ne

88、tworking opportunities.Angels often invest in startups early on,before proof of concept,when they are too new to attract institutional VC funding.While they are most associated with support for pre-seed and seed-stage startups,angel investors are active across the full VC investment timeline.(See Ex

89、hibit 4.)The activity of angel investors tends to start a flywheel effect,in which startup founders become angels themselves,nurturing new generations of startups with mentorship,capital,and strategic know-how.Klarna may be the quintessential example.Setting the Stage:How Angels and Other Seed-Stage

90、 Investors Support a Robust Pipeline of InnovatorsThe Swedish fintech giant attracted funding from world-leading VC firms such as Sequoia and Atomico,which boosted interest in the regions broader startup ecosystem.Klarnas success enabled it to invest in other startups:at least 25 at last count,inclu

91、ding seven in Sweden.Klarnas foundersSebastian Siemiatkowski,Niklas Adalberth,and Victor Jacobssonhave been active angel investors themselves,with more than 15 companies in their combined current portfolio,including Mollie,one of Europes newest unicorns.Adalberth also set up Norssken,one of the most

92、 prominent coworking spaces and accelerators of the Nordic startup ecosystem.In parallel,Klarna attracted and developed top tech talent(engineers,data scientists,project managers),some of whom eventually left to set up their own businesses.Sources:Dealroom;Preqin;BCG analysis.Exhibit 4:Angels Typica

93、lly Enter in the Early Stages of funding,but are Present across the VC Investment LandscapeExploration(concept)Validation(pre-seed)Building(seed)Launch(Series A)Concept validation(Series B)Growth(Series C+)MaturityBootstrappingSelf fundingFriend/FamilyGovt grantsAngelsSeed VCsCrowdfundsAngelsVenture

94、 capital fundsAngelsCrowdfundsVenture capital fundsAngelsVenture capital fundsPrivate EquityAngelsBank FundsIPO investorsEarly StageLate StageAngel involvementStartup venture capital progressionFor example,Mikael Hussain,a former VP at Klarna,cofoundedand currently leads as CEOthe Stockholm-based fi

95、ntech Anyfin.he list of startups that emerged from Klarna in some fashion includes MODIFI,PFC,Brite,Zimpler,stoEr ASKET,TrueAccord,Steven,Briqpay,Checkin,Iyzico,Sellpy,and SheInvest.While this example is perhaps the most striking,similar positive cycles occur often when angel investors support unsun

96、g and innovative business-builders.Europes broader recent success coincides with increased angel activity:The number of angel investments increased by 6 percent CAGR between 2017 and 2021,20 and angel investors are now present in somewhere between 50 percent and 60 percent of all VC investments in E

97、urope.And where there are vibrant startup hubs,there tend to be active communities of angels.In fact,angels are well represented across all of the Nordics,which has become one of the engines of Europes recent startup growth.16Nordic Angels“A critical mass of global success stories and role models ha

98、s resulted in a new generation of startups largely built by graduates of these companies.”Partner at VC fir?Sources:Dealroom;The Guardian;University of Cambridge;Engineshed;BCG analysis.Note:Oxford smallest share of angels at 0,45%,excluding cities below.Exhibit 5:Angel Investor Communities are Expa

99、nding Beyond Capital CitiesLondon is the UKs largest investor hub with 80%of its investors and a large share of its business angel networks in 22;is home to most UK startups(and 100+unicorns)focused on a variety of industries;and,together with Cambridge and Oxford,forms the golden triangle cluster o

100、f shared innovation.Cambridge is known for its tech hub,and has been named the UKs regional tech capital with Cambridge University named No.1 in the world for producing successful tech founders.Manchester is home to six unicorns,of which four operate within marketplace and ecommerce,incl.Boohoo,Wejo

101、,The Hut Group,and AO World;the University of Manchester is a key driving force in Manchester innovation.Bristol is known for its diverse tech scene,has been named the UKs No.1 digital tech productivity powerhouse,and is a center for various technology sectors,incl.cleantech and semiconductors;the U

102、niversity of Bristol has contributed largely to the Bristol startup scene.Edinburgh and Glasgows innovation ecosystems are largely driven by their universities,incl.University of Edinburgh and University of Glasgow.Case Example London Share of total number of angel investors per cityEdinburghLeedsMa

103、nchesterBirminghamCambridgeLondonBristolOxfordGlasgow%of total angels10%3-10%70%5%5%5%19%70%5%5%5%19%30%5%4%5%2%StockholmCopenhagenOsloHelsinkiReykjavikGothenburgOdenseBergenEspooOthers#1#2#3Gaming hubHealth hubSources:Market reports;Dealroom;BCG analysis.Note:#of angel investors based on Dealroom d

104、ata and market report estimates.1.Average 17-22.2.Hosting industry including Cloud hosting and Infrastructure as a Service(IaaS).3.By funding.BCGJohan bergManaging Director&Senior Partner,StockholmOberg.JSergey SushentsevManaging Director&Partner,LondonSergey.SNicolas SchmidtPartner,StockholmSchmidt

105、.NVai SinghPrincipal,StockholmSingh.VNordic AngelsAndreas GrapeCEO&Co-founder,Nordic AngelsAAsh PournouriExecutive Chairman&Co-Founder,Nordic AngelsAshunltd.coFor additional support contact:We hope you found this report insightful and informative.Thank you for your interest and stay tuned for more valuable insights.