Angelwise FAQ

Last updated: 17/01/2024

What kind of startups do you invest in?

We invest in ICT or ICT-related startups, typically with a business-to-business SaaS (Software as a Service) model, which already have paying customers or test projects. Our focus is primarily on Flanders, but to a lesser extent also on Brussels, Wallonia, Luxembourg, and the Netherlands.

How can I get in touch with Angelwise?

You can submit your project or inquiry through the contact form, or email us at contact@angelwise.be. It's advisable to include a good introductory presentation; please review our Insight article on pitch decks for better insight into what should be included.

Do you sign Non-Disclosure Agreements (NDAs)?

No, we do not sign NDAs during exploratory discussions. Refer to our Insight article on this matter to understand why.

What type of investment do you make?

We only invest in capital; we do not provide bridge loans or convertible loans.

How much do you invest?

Typically, we provide an investment ticket ranging from €100,000 to €800,000 in the initial round we participate in, alongside other funds or business angels. We will follow up with additional capital rounds if there is sufficient progress, and we can invest up to €3 million per case across all rounds.

Do you seek a specific percentage of ownership?

We don't have fixed rules, but we typically aim for around 5% to 20%.

On what basis do you select companies eligible for investment?

Firstly, companies must fall within our focus. We then evaluate the product, market potential (including competition), and the team. Additionally, each investment must have the potential to generate an interesting return for the fund (e.g., 10 times the total investment). Characteristics we look for include:

• Initial indications of commercial traction and Product-Market-Fit (PMF)
• First-movers or fast-followers in an emerging trend
• Clear advantages in areas such as product, business model, customer acquisition strategy, etc.
• Appropriate valuation and capital requirements for the growth phase we are investing in.

How long does it take to determine if we qualify for an investment from Angelwise?

Normally, we need 7 to 10 days to provide initial feedback, either rejecting the project or scheduling an initial meeting.

What is your investment process like?

Initially, we explore whether collaboration is possible and opportune. We aim to make a decision as quickly as possible, providing direct feedback. If both parties see a next step, we present an initial proposal with the key points of a potential deal, which, upon agreement, is converted into a term sheet. This term sheet is then translated into a shareholders' agreement by lawyers. Meanwhile (but only after an agreement on the term sheet), there is due diligence on the provided information.

What documentation do you expect to see?

In the exploratory phase, we prefer to see an overview of the startup and a high-level financial plan. If both parties decide to proceed, we need a more detailed bottom-up business plan, the current shareholder structure and agreement, the list of customers and leads, the roadmap, technical specifications of the product, a description of the team, the competitive landscape, etc. Once a term sheet is signed, a due diligence phase follows, requiring an even broader set of documents and information.

What is a typical timeframe for completing an investment?

This depends on the startup itself (e.g., whether all necessary information is available), the size of the capital round, and other potential investors. The Angelwise process itself takes approximately 2 months but can be compressed exceptionally if needed. However, we will not skip any steps in the investment process.

When is the best time to contact you?

It's best to reach out when your capital needs and associated plans are crystallized. However, don't hesitate to contact us earlier, even if your plans are not fully formed. This way, we can get to know you better and anticipate your needs, enhancing communication and collaboration.

How do you support portfolio companies?

We aim to be the go-to contact for all founders when they have questions or encounter issues, providing support in both good and challenging times. We offer assistance using our own experience and that of the Angelwise investors and advisors supporting us. The extensive Angelwise network can be tapped into for specific advice, as well as for commercial support and introductions.