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A Nation of Angels: Assessing the impact of angel investing across the UK

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posted on 30.04.2020, 12:27 by Mike Wright, Mark Hart, Kun FuKun Fu
In a European context, the UK business angel market is seen as one of the most mature and extensively researched. However, there is a lack of recent systematic evidence on the profile and approach of business angels, their investing activities and notably their impact on the growth and performance of the businesses in which they invest. This report sets out to fill this gap by providing new findings from the largest survey of business angels in the UK and the impact of their investment activities to date. This report, commissioned by the UKBAA in association with the Centre for Entrepreneurs (CFE) and with the support of the BVCA, Deloitte, Barclays and the ESRC, presents the results of the largest study of the investment behaviour and impact of business angels in the UK to date. The study comprised responses from 403 individual angels who responded to the online Nation of Angels survey, detailed follow-up telephone interviews with 42 individual angels who shared more details of their investment behaviour, and an online survey of 28 angel syndicate and network leads across the UK representing 8,000 angels.


Commissioned by: CFE, UKBAA, and ERC.



  • Loughborough University London


Centre for Entrepreneurs


VoR (Version of Record)

Publication date





Dr Kun Fu. Deposit date: 27 April 2020

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