# The impact of angel investment in Romania | TechAngels

> The impact of angel investment in Romania, told through TechAngels members' year-by-year record since 2013, with every figure sourced.

Source: https://techangels.ro/about/impact/

This page reports investment activity disclosed by TechAngels members. It is not an estimate of the entire Romanian angel market and it does not measure the economic impact of every portfolio company.

Since the association was founded in 2013, TechAngels has reported roughly €46 million invested by members and more than 270 companies across their aggregate portfolios. Those cumulative figures combine information collected in different reporting periods. They should be read as organizational indicators, not audited national statistics.

## How to read the figures

The annual amounts come from member reporting published by TechAngels. Four limitations matter:

- **Coverage depends on responses.** An investment not reported by a member is absent from the aggregate.

- **Confidential transactions may be omitted.** Some company names and amounts cannot be published.

- **The methodology changed.** From 2024, the published total covers direct investments and excludes capital placed through funds, investment platforms and other instruments.

- **Periods are not always full calendar years.** The 2021 figure below covers January through September, not all twelve months.

The series is useful for understanding activity reported by TechAngels members. It cannot support a precise estimate of all angel investment in Romania, and it should not be used to calculate a continuous growth rate across the 2023–2024 methodology break.

## Reported investment activity

 Period
 Amount reported
 Scope and accompanying information
 Source

 2020
 Approximately €4 million
 Members’ aggregate portfolios included 175 startups at that point
 2020 release

 Jan–Sep 2021
 €5.8 million
 Partial-year figure; membership reported as 112
 Q3 2021 release

 2022
 €5.679 million
 Reported as approximately half initial and half follow-on investment
 2022 release

 2023
 €2.928 million
 H2 investment was reported 73% above H1
 2023 release

 2024
 €3.777 million
 Direct investments only under the revised scope; H2 contributed €2.757 million
 2024 release

 2025
 Approximately €1.6 million
 Direct investments: about €650,000 into new companies and €950,000 into existing portfolios
 2025 release

The 2024 release described its total as a 25% year-on-year increase. That comparison appears in the original source, but the same release introduced the narrower direct-investment scope. Readers should avoid treating the percentage as fully like-for-like unless the underlying datasets are reconciled.

The change from €3.777 million in 2024 to approximately €1.6 million in 2025 is within the direct-investment scope reported for those two years. The releases associate 2025 with more selective investment and a larger emphasis on supporting existing portfolio companies. They do not establish why every member changed activity.

## Deal flow and participation

Money invested is only one measure of network activity. TechAngels reported that more than 300 startups were analysed in 2025 and 81 were selected to pitch. This describes the association’s screening funnel; it does not mean that every selected company received investment.

For 2024, the association reported that half of members made at least one investment during the year, 28% invested in new startups and 26% made follow-on investments. The categories may overlap because one member can make both kinds of investment. The release estimated that approximately 26–30 startups joined the aggregate portfolio while noting incomplete lists and confidential transactions.

The 2023 anniversary release reported growth from 18 founding members in 2013 to 132 members in 2023, more than 240 startups in aggregate portfolios and more than 1,000 startups encountered through pitches. These are dated snapshots, not current counts. See the [anniversary source](/news/techangels-celebrates-10-years-of-angel-investment-in-romania/).

## What the data does not measure

The published series does not currently provide enough information to calculate jobs created, company survival, exits, portfolio valuations, follow-on capital attracted from other investors or economic multiplier effects. It also cannot show whether advice from an angel caused a company to grow faster.

Those outcomes require company-level definitions, a consistent observation period and a method for separating correlation from causation. Until such data exist, the defensible claims are narrower: how much members reported investing, how that amount was divided where disclosed, how many companies were screened and how membership and aggregate portfolios were reported at specific dates.

Angel investors may contribute operating experience, introductions and governance as well as capital, but the extent varies by investor and company. Follow-on investment may reflect confidence, a need to bridge the company or several factors at once. Neither should be presented as proof of company quality without further evidence.

Definitions and individual source notes are maintained on the [key figures page](/data-and-reports/key-figures/). Founders who want to understand where angel capital fits among other financing sources can use the [Romanian startup funding guide](/resources/startup-funding-in-romania/).