The members of the network of business angels TechAngels have invested more than EUR 1 million (EUR 1,020,045) in tech startups in the first half of this year, the organization announced. This is similar to the corresponding period of the last year.

A share of 14.6% of the members backed new startups with a total of EUR 725,000, while 13% participated in follow-on funding rounds worth EUR 250,000.

The group’s internal survey for the second semester shows that another EUR 1.8 million is available for investment by the end of this year.

In the first six months of the year, the TechAngels members evaluated more than 100 startups, of which 45 participated in pitching sessions. More than 50 other startups have been in the spotlight of the members in projects such as accelerators and specialized competitions. TechAngels has partnered with accelerators, competitions, and tech associations in Romania, Moldova, and the UK.

At the same time, TechAngels has adopted a new vision on contributing to the development of Romania’s tech ecosystem. It emphasizes “the need for a bolder approach and a target for this development: contributing to the creation of 10 unicorns (tech companies valued at over USD 1 billion) in the next ten years.”

“Now is the perfect time to build great tech companies in this part of the world. Romania and countries in the region have unprecedented opportunities for tech entrepreneurs. We believe our potential is not just local, but global,” Marius Istrate, Chairman of the TechAngels Board, said. “Despite the challenges, Romania and CEE have unprecedented opportunities for tech entrepreneurs. With a growing economy, high levels of tech talent and increasing economic inclusion, we believe the time is right for our region to achieve great things, to dream boldly in tech.”

TechAngels’ vision is based on three strategic pillars: investing in global champions, creating a flywheel for tech innovation based on the experience of globally successful Romanian companies, and leveraging local talent through international partnerships. “Our founders are not just building regional champions, but global leaders,” Istrate added.

For the coming period, the group will focus on implementing the set strategic direction, the organization said.

The group’s investments in the local startup ecosystem have amounted to some EUR 44 million over the last 11 years.

(Photo: Pop Nukoonrat | Dreamstime.com)

simona@romania-insider.com