In 2026, there are five main ways to find a business angel in France: the networks federated by France Angels (12,500 investors since 2001, across 64 networks), online platforms (Angelsquare, EuroQuity, Sowefund, WiSEED, Tudigo), dedicated events (VivaTech BA Track, Business Angels Week, the National Congress), LinkedIn, and informal club deals. Individual checks range from €10,000 to €100,000, and syndicated rounds can reach €500,000. According to the 2025 Angelsquare-Challenges ranking, the most active business angels (Thibaud Elziere, Alexandre Berriche, Andréa Bensaid, Karim Jouini, Florian Seroussi) invest at pre-seed and seed, with a tilt toward B2B SaaS, deeptech, climate and fintech. To approach them well, you need a 10 to 15 slide pitch deck, a solid data room, and a clear picture of each investor you target. This guide covers the names, networks, platforms and numbers, plus the mistakes to avoid.
What is a business angel?
A business angel is an individual who invests their own money in innovative, high-potential startups. You're dealing with a person writing a check from their own account, which makes them very different from a fund or a bank.
Definition and role in a startup
Business angels come in at the earliest stage, where banks won't lend and VC funds find the checks too small. They take a minority stake (usually under 20% of the company), but they tend to be far more involved than passive investors. Since 2001, France Angels has brought together more than 12,500 business angels who have invested €974M in 5,345 companies1. In 2024 alone, its angels deployed €98.6M across 445 deals1.
Bpifrance puts it this way: "a business angel is not a patron. Their main goal is to generate a substantial capital gain on their investment"2. In other words, they'll help you, and they expect a return.
Business angels vs. VCs vs. traditional investors
Founders often mix up angels and VCs, and it's a strategic mistake. There are six structural differences:
| Criterion | Business Angel | VC / Fund |
|---|---|---|
| Source of funds | Personal wealth | Third-party capital (LPs) |
| Check size | €10,000 to €500,000 | €500,000 to €50M+ |
| Stage | Pre-seed, seed | Seed, Series A and beyond |
| Involvement | High (network, advice) | Board seat + reporting |
| Exit horizon | 3 to 5 years | 5 to 10 years |
| Decision | Individual or club | Investment committee |
An angel decides quickly because they decide alone. A VC decides slowly because they answer to a committee.
Typical profiles of French angels in 2026
The 2025 Angelsquare-Challenges ranking analyzed 1,400 investments worth €478M3. Three takeaways matter if you're preparing a raise:
- 21% of respondents were women. That's real progress, though the ecosystem is still mostly male.
- 24% more anonymous investors: a growing number of angels invest without appearing in rankings.
- Three dominant profiles: the former business owner who sold their company, the founder reinvesting exit proceeds (the most active group), and the family office pooling capital.
The leading sectors are B2B SaaS, deeptech, cybersecurity, climate and fintech. Health and agritech are on the rise.
Why work with a business angel?
Capital and risk appetite
Angels fund stages that nobody else will. They don't require short-term repayment, a personal guarantee on the founder's assets, or recurring revenue. Bpifrance puts the average annual check at around €10,000 to €20,000 per investor2, but the top names in the Angelsquare ranking go up to €100,000 or €250,000. With syndication, a seed round can reach €500,000 to €1M.
Strategic support and network
This is where angels stand apart. The right angel can give you:
- customer introductions (your first contracts count triple)
- investor introductions (for your Series A three years later)
- key hires (your first CTO, your first senior salesperson)
- sector insight (a founder who sold their company will spot your blind spots)
You're bringing on a partner as well as a check.
Leverage for other funding
An angel on your cap table makes your company more credible. Honor loans (Réseau Entreprendre, Initiative France, Bpifrance) get easier to obtain, and Series A VCs look at who backed you at seed. Above all, you save time on the next round.
The downsides
Three problems come up again and again:
- Time lost in follow-up meetings. An engaged angel may want a one-hour video call every month. Multiply that by five investors and you lose a full day each month to communication alone.
- Conflicting advice. Five angels bring five different visions. If you listen to all of them, you'll stop making decisions. Learn to filter from the moment you build the round.
- A badly negotiated shareholders' agreement. Aggressive anti-dilution, broad pre-emption rights, hidden liquidation preferences: an inexperienced angel signs whatever their lawyer drafts, and you pay for it at Series A.
An unhappy angel is also harder to buy out than a fund.
Top 10 most active business angels in France
The 2025 Angelsquare-Challenges ranking lists the "artisans": independent investors who invest directly, without a professional structure. Methodology: 1,400 investments analyzed, €478M in volume, data collected in January and February 2025 on deals from 2023 to 20243.
The ranking comes out every 18 months and splits investors into two categories: "artisans" (independent angels) and "professionals" (angels operating through a holding company or family office). The figures below cover the 2025 artisans.
The 10 named angels
1. Thibaud Elziere: €10M invested in 50 startups (Virtuo, Yousign, Kate, Iconic House). Checks of €100-250k at pre-seed and seed. Cybersecurity, SaaS, Web3. Founder of Fotolia, runs the startup studio Hexa.
2. Alexandre Berriche: €5M in 100 startups (Finary, Bloom Ride, Circular, Kocomo, Formance). Checks of €50-100k, from pre-seed to Series B. B2B, fintech, SaaS. Founder of Fleet, invests half his capital outside France and has recently stepped up on AI.
3. Andréa Bensaid: €3.25M in 30 startups (AB Tasty, InterCellar, inHEART, Bitstack, Sidely). Checks of €100-250k from pre-seed to Series A. Biotech, blockchain, deeptech. Founder of the Eskimoz agency.
4. Karim Jouini: €2.5M in 26 startups (Uptale, Klara RH, Bene Bono, Axeptio, Dabchy). Checks of €50-100k from pre-seed to Series A. B2B, impact, SaaS. Founder of Thundercode.ai, formerly Expensya.
5. Florian Seroussi: €2.4M in 14 startups (Databricks, Stripe, Neuralink, Snoots, Qoddi). Checks of €100-250k at pre-seed and seed. More than 15 years of angel investing, based in New York. B2B, cybersecurity, SaaS.
6. Alain Tingaud: €2M in 8 startups. Checks of €100-250k at seed. Founder of InfoVista (1995, telecoms). Big data, deeptech, SaaS.
7. Antoine Le Conte: €2M in 25 startups (Murfy, Le Fourgon, WasteX, Tabesto, Roof). Checks of €50-100k at pre-seed and seed. Founder of Cheerz, creator of the Climate Club. Agritech, deeptech, climate.
8. Antony Cazala: €2M in 5 startups (Le Rouge Français, Care 2 Care, Fayo, Primary Care). Checks of €250-500k from pre-seed to Series A. Deeptech, foodtech, medtech.
9. Quentin Nickmans: €1.12M in 27 startups (Fintool, Blocktool, Mobile First, Upstream, Crowwd). Checks of €50-100k at pre-seed and seed. Co-founder of Hexa with Thibaud Elziere. B2B, fintech, SaaS.
10. Gary Anssens: €1.1M in 17 startups (Cowboy, Kesako, Rocapine, Artsper, Yousign). Checks of €20-50k at pre-seed and seed. Founder of Alltricks, co-founder of French Tech Paris Saclay. B2C, B2B, SaaS.
How to approach them in practice
- Hold off on asking for money in your first message. Ask for their opinion on a product decision, feedback on your go-to-market, or an intro to a target customer. The raise comes later.
- Personalize heavily. An angel who reads "Hi, we're raising €500k and your profile is a match" deletes it unread. Mention a company in their portfolio and explain how yours is similar (or different).
- Find a warm intro. An introduction from a founder they've already backed always beats a cold LinkedIn message or email. Identify the founders in their portfolio and go through them.
Where to find business angels in France
Networks federated by France Angels
France Angels coordinates 64 regional and sector-specific networks1. A few deserve particular attention:
- Femmes Business Angels (FBA): 160 women investors, the largest women's angel network in Europe.
- Paris Business Angels: one of the largest networks in the Paris region.
- Angels Santé: focused on medtech, biotech and digital health.
BADGE (Business Angels des Grandes Écoles) brings together alumni from France's top engineering and business schools.
The standard process: submit an executive summary, get shortlisted by the network's staff, pitch to a panel, go through due diligence if there's interest, then sign. Expect 3 to 6 months between first contact and the wire transfer.
Investor clubs and club deals
Informal club deals are multiplying: they pool risk, make larger deals possible and share the due diligence work. Antoine Le Conte's Climate Club and the Angelsquare clubs are good examples. Entry checks are higher (from €20,000) and the support is more hands-on.
Dedicated events
Key events to put on your calendar:
- VivaTech (BA Track): the big Paris tech gathering, every June.
- Business Angels Week (France Angels): 34 events across France, 2,500 attendees in total.
- National Business Angels Congress: 350 to 450 attendees, in an intensive format.
I'NOV PRO also schedules 400 business meetings ahead of time.
To prepare: target 5 to 10 angels before the event, ask for pre-booked slots, and bring a one-page project summary.
Online platforms
Online platforms have changed the game over the past five years. Five are worth a look:
- Angelsquare: a marketplace connecting angels and startups, the French standard for pre-seed and seed equity.
- EuroQuity (Bpifrance): a free platform backed by Bpifrance, with matchmaking across Europe.
- Sowefund: equity crowdfunding, tickets from €100, long campaigns (3 to 6 months).
WiSEED, France's pioneer in equity crowdfunding, targets innovation, real estate and the green transition. Tudigo focuses its equity crowdfunding on impact and the real economy.
On Angelsquare and EuroQuity, you deal directly with angels. On Sowefund, WiSEED and Tudigo, you rally the crowd (public campaigns, many small minority tickets).
LinkedIn and social media
LinkedIn remains the most underused channel. Three approaches work well:
- Active monitoring: follow your target angels to see what interests them in real time.
- Visibility: post about traction, product lessons and hiring, so angels come to you. For the method, read our article on founder-led content before a raise.
- Direct outreach: a short, contextual message, with no pitch deck attached.
Skip the "We're raising, interested?" DM. Try "We closed X last week, your take on Y would be really valuable." The second gets a reply. The first goes straight to the trash.
How to prepare for the meeting
Business angels receive far more pitches than they can process. Preparation is how you stand out.
Build a compelling pitch
Florence Richardson, co-president of Femmes Business Angels, sums it up: "90% of the decision comes down to the founder and their team"4. A pitch is a demonstration of judgment. Three elements are non-negotiable:
- The problem in one concrete sentence. Replace "we're addressing a growing market" with something like "Real estate agencies lose 40% of their leads because they call back 18 hours after the form is submitted."
- The solution in three lines. If you can't explain it in three lines, you don't yet understand what you're building.
- Traction. MRR, a signed contract, a retention rate. Numbers you've already hit count for more than projections.
Tailor your message and know what they expect
Angels favor sectors where they have expertise. Pitching a fintech angel on a medtech project wastes everyone's time, so check the last 10 startups in their portfolio before reaching out. On returns, they aim for a high multiple over five to seven years, and they look at the team before the market and the product. "We like a strong leader, but they need to be well surrounded," says Julien Dubois, associate member at Investessor4.
Prepare your pitch deck and data room
An effective pitch deck runs 10 to 15 slides, with at most 3 ideas per slide and a clear narrative. "A pitch deck is 20 words and 3 ideas per slide, max," advises Jean de La Rochebrochard in The Pitch Deck Template. Your data room should include:
- Go-to-market: key metrics, financial history, 18-month sales plan.
- Product and market: roadmap, technical choices, demos, market size (TAM/SAM/SOM), competitors, positioning.
- Team and legal: Kbis extract, articles of association, cap table, key contracts.
How to nail your pitch deck: a complete guide with concrete examples.
Anticipate questions and objections
Five questions come up almost every time:
- Why you, and why now?
- How will you spend the money you raise?
- What are your KPIs and where do you stand on them?
- Who are your competitors and why will you win?
- What exit do you have in mind?
Prepare a 90-second answer for each one, and keep it to that.
Negotiating the investment
An angel's entry into your company rests on a contract that shapes the next three to five years.
Entry terms and valuation
Pre-money valuation is the first point of friction. The math: pre-money valuation + amount raised = post-money valuation. The angel's stake is (amount raised) / (post-money valuation). For a solid seed round, an angel usually looks for 10% to 20%. Go beyond that and you're diluting too early.
Shareholders' agreement (drag-along, tag-along)
The shareholders' agreement is the central legal document. Understand these clauses before you sign:
- Drag-along: if a majority decides to sell, all shareholders must follow. This protects the exit opportunity.
- Tag-along: a minority shareholder can sell on the same terms as an exiting majority shareholder. This protects small holders.
- Pre-emption: existing shareholders get first right to buy the shares of a departing shareholder. This keeps unwanted third parties out.
Anti-dilution protects an investor's stake if the next round happens at a lower valuation (a down round). Watch out for "full ratchet" versions, which are very unfavorable to founders.
Get advice from a specialized lawyer before signing. Budget several thousand euros (excluding VAT) for a serious shareholders' agreement at this stage.
How long until the money arrives
The typical sequence:
- First contact to letter of intent: 4 to 8 weeks.
- Letter of intent to completed due diligence: 4 to 6 weeks.
- Due diligence to signing: 2 to 4 weeks.
- Signing to closing (wire transfer): 1 to 3 weeks.
Total: 3 to 5 months between the first meeting and the wire. Plan ahead. Start your raise when you have 9 months of runway left, well before you're down to 2.
How business angels make money
Angels charge no fees (unless they hold an operational role) and make their money from the capital gain at exit. There are four routes: a sale to a VC fund at Series A or B (the most common in France), a trade sale, a buyback by the founders (rare), and an IPO (very rare at pre-seed or seed). On the tax side, the IR-PME scheme gives an income tax reduction of 18% of the amount invested, provided the shares are held for five years (service-public.gouv.fr).
Angel exits
The typical horizon is 3 to 5 years. Beyond that, angels get impatient. Before 3 years, opportunities are rare apart from a bridge or an early Series A. The exit depends on the VC market, sector competition and macro timing. Expect it to come two to four years later than planned.
Alternatives to business angel funding
Depending on your profile, other channels may be a better fit.
Equity crowdfunding (Sowefund, WiSEED, Tudigo)
Best suited to B2C, impact-driven and strong-brand projects. Typical raise: €200,000 to €1.5M depending on traction and community. The upside: no complex shareholders' agreement, a standard SAS structure. The downside: a public campaign, reliance on media coverage, and hundreds of small shareholders to manage.
Honor loans (Réseau Entreprendre, Initiative France, Bpifrance)
Zero-interest loans with no personal guarantee, granted to the founders personally rather than to the company. Amounts range from €5,000 to €90,000 depending on the network. No dilution. They're often combined with bank leverage: the honor loan strengthens your equity and unlocks a traditional bank loan.
BSA-AIR and pre-seed instruments
The BSA-AIR (Bon de Souscription d'Actions à Accord d'Investissement Rapide, the French equivalent of a SAFE) lets you raise without setting a valuation right away. The investor converts at the next round, usually with a discount (15-25%) or a valuation cap. It works well between rounds or as a bridge. The complete BSA-AIR guide covers the key parameters and pitfalls.
Seed funds and VCs
For checks of €500k to €3M, seed funds (Kima, Stride, Frst, Founders Future, Hexa) take over from angels. The process is slower, but the checks are bigger. How a VC fund works: internal mechanics and decision criteria.
How to become a business angel
This question comes up often. There are three prerequisites:
- Financial capacity: several tens of thousands of euros available without touching your emergency savings.
- Choosing a vehicle: invest directly or through a personal holding company (tax-efficient above €100k per year). IR-PME gives an 18% tax reduction, up to an annual investment cap.
- Joining a network: France Angels, a club deal, or Angelsquare. Essential for your first two years while you calibrate your judgment.
Start with 5 to 10 checks of €5,000 to €10,000 over 18 months. Diversify, and accept that most of your investments will return nothing.
FAQ
Should I target a business angel or a fund for my first round?
Below €500k, target angels: they invest their own money, decide alone or in small groups, and cover pre-seed and seed (€10k to €500k). Above that, funds take over, with third-party LP money, an investment committee and a longer exit horizon (5 to 10 years versus 3 to 5).
When should I start raising relative to my runway?
With at least 9 months of cash ahead of you. The process takes 3 to 5 months from first meeting to wire transfer: 4-8 weeks to a letter of intent, 4-6 weeks of due diligence, 2-4 weeks negotiating the shareholders' agreement, and 1-3 weeks to close.
Do business angels charge fees?
No, unless they hold an explicit operational role. They earn their return from the capital gain at exit (a sale to a VC fund, a trade sale, or more rarely a founder buyback). The IR-PME scheme also gives them an 18% tax reduction on the amount invested.
What percentage does a business angel take?
Angels stay minority shareholders, usually between 5% and 20% for a seed round. Beyond that, the founder dilutes too early. The math: (amount raised) / (post-money valuation).
What are the risks of having several business angels on the cap table?
Three things: time lost in multiple follow-up meetings, conflicting advice when five investors offer five visions, and a badly negotiated shareholders' agreement (aggressive anti-dilution, broad pre-emption rights). An unhappy angel is also harder to buy out than a fund.
How do I contact an angel?
Three rules: hold off on asking for money in your first message (ask for their opinion instead), personalize heavily (mention a startup from their portfolio), and find a warm intro through a founder they've already backed. A warm intro always beats a cold DM or email.
What are the advantages of an angel as an investor?
Beyond the check: customer and investor introductions, key hires, and sector insight. An angel on your cap table makes your company more credible with honor loan networks, banks and Series A VCs. Above all, you save time on the next round.
What should I send before a first meeting?
Keep it light. A three-line pitch (concrete problem, clear solution, traction in numbers) is enough to get the meeting. Meanwhile, research the last 10 startups in their portfolio and prepare 90-second answers to the five classic questions. The pitch deck (10 to 15 slides) and data room come at the second meeting.
What return do angels expect?
Angels aim for a high multiple over five to seven years. They accept that most of their investments will return nothing, as long as the handful that succeed more than make up for it. They look for projects with strong asymmetric upside rather than businesses on a linear growth path.
Footnotes
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France Angels, Chiffres Clés (accessed May 7, 2026). https://www.franceangels.org/chiffres-cles/ ↩ ↩2 ↩3
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Bpifrance Création, Les business angels (accessed May 7, 2026). https://bpifrance-creation.fr/encyclopedie/financements/recours-a-investisseurs/business-angels ↩ ↩2
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Angelsquare and Challenges, Classement des Business Angels 2025 (published March 27, 2025, accessed May 7, 2026). https://home.angelsquare.co/classement-des-business-angels-2025/ ↩ ↩2
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Bpifrance, Les trois « indispensables » pour séduire un business angel. https://www.bpifrance.fr/nos-actualites/les-trois-indispensables-pour-seduire-un-business-angel ↩ ↩2
