This month marks the launch of the Emerging Markets Angel Study, developed by Briter Intelligence in partnership with the Dutch Good Growth Fund – Financing local SMEs (DGGF). Angel investing involves individuals investing their own capital in early-stage startups and, beyond funding, offering mentorship, strategic guidance, and access to networks to help these businesses grow until they attract institutional investors. This report explores the evolving landscape of angel investing across Africa, Latin America, and Asia, offering a data-backed view of how angel networks are shaping entrepreneurial ecosystems in challenging environments.
Built on Briter data and insights from over 200 angel networks, the study highlights the critical role angels play in bridging early-stage funding gaps where venture capital activity remains limited. Angels often provide the first institutional capital for local startups, complemented by mentorship, strategic guidance, and access to networks.
This report provides a data-driven view of angel investing across Africa, Latin America, Southeast Asia, and South Asia, regions where early-stage capital is scarce, and venture activity remains limited.
Image: © DGGF and Briter
Key findings include
- Angels as ecosystem catalysts: Angel networks are vital in markets where traditional venture capital is developing, often serving as the earliest structured source of external finance.
- Geographic and sector trends: While investment activity remains concentrated in major urban tech hubs, there is growing diversification into secondary cities and sectors such as agriculture and manufacturing.
- Cross-border activity: A small but active group of angels is backing founders beyond their home countries, signalling increasing regional integration.
- Beyond capital: Angels provide mentorship and strategic support, helping startups professionalize and attract follow-on funding.
- Persistent challenges: Limited exits and liquidity constraints remain key barriers, underscoring the need for blended finance instruments and structured syndicates to sustain angel activity.
This report is part of DGGF’s four-year partnership with Briter to increase understanding of angel investing in emerging markets, a critical pillar for inclusive growth and innovation.