Pennies from heaven: examining an angel syndicate and investment flow to entrepreneurs

Business angel investing through business angel syndicates (BAS) is a growing trend in the financing of early-stage entrepreneurial ventures, allowing solo investors to pool their experiences, skills and funds to invest in larger deals and to offer better support to entrepreneurs. This paper offers important new insights into BAS investment activity, considering how investment performance over time has influenced and been influenced by investment management processes and external factors. The paper is based on a longitudinal, case based study of one of Europe’s largest and oldest BAS, which has made 63 investments involving almost £90 million over its 16-year existence.