To find an investor for a startup, first work out which type of investor fits your stage.
At idea and prototype stage, that means your own money, business angels, accelerators, grants and crowdfunding.
With an MVP and first sales, angels, early-stage funds and equity crowdfunding. After that, venture capital and corporate funds.
Then look for specific investors by stage, sector and geography — through angel networks, platforms, accelerators and industry events.
Choosing the right investor can be a key factor in a startup’s success.
A founder should know in advance which type of investor their project appeals to: the wrong choice wastes time and resources and leads nowhere.
Below: the main types of investors, their terms, pros and cons, the criteria investors use to assess a startup, and where to look for each type — including in Spain.
The main types of investors
| Type | Stage | Control | Advantages | Disadvantages |
|---|---|---|---|---|
| Venture capital (VC) | Growth, usually with proven traction | High, board seat | Large amounts, expertise and resources for growth | Tough terms, expectation of fast growth and high returns |
| Business angels | Early | Lower than VC | Mentoring, flexible terms | Limited amounts, the investor’s personal preferences |
| Crowdfunding | Early, mass-market product | Minimal | Fast access to money, reach and marketing | Platform fees, many small investors with expectations |
| Family offices | Stable business | Demand transparency | Long-term money and stability | Slow decisions, high reporting requirements |
| Corporate investors | Technology useful to corporates | Often a strategic partnership | Corporate resources, possible integration | Conflicts of interest, tough terms |
| Non-professional investors | Very early | Low | Easy access, softer requirements | Little experience, high risk, less reliable |
Venture capital (VC)
Professional investors managing large funds. They usually invest in companies that have already shown significant growth and can scale.
They require significant control and often take board seats. Pros: large sums, expertise and resources for growth.
Cons: tough terms, high control, demands for fast payback and high profit.
Business angels
Wealthy individuals who invest their own money in early-stage startups, looking for innovative ideas with high growth potential.
They often provide mentoring and advice and usually ask for less control than funds. Cons: limited amounts and the risk of the investor’s personal preferences. More in Business angels: how to find, attract and work with them.
Crowdfunding
The startup raises money from many small investors through online platforms. It suits the early stage, especially mass-appeal products. Control is minimal.
Pros: fast access to money, broad reach and marketing support. Cons: high platform fees and a lot of effort managing investor expectations. More in Crowdfunding platforms.
Family offices
They manage the capital of wealthy families and invest in long-term projects, seeking stability and low risk.
Decisions can take a long time, and transparency and stability requirements are high. Pros: long-term money, stability and support. Cons: slow decisions, high reporting requirements.
Corporate investors
Large companies that invest in startups as a strategic complement to their business — innovations that can improve or extend their own operations.
They often require a strategic partnership and can impose tough terms. Pros: corporate support and resources, possible integration into a large business. Cons: conflicts of interest, tough terms and control.
Non-professional investors
People who invest based on personal preferences and emotions. They suit very early-stage startups without significant capital or a team.
Access to money is easy and requirements softer, but experience is limited, risk is high and reliability lower.
The criteria investors use to assess a startup
- Stage. Different investors invest at different stages, from idea to mature business.
- Scale and potential return. Growth potential and the chance of high profit.
- Sector. Investors favour sectors where they have expertise or interest.
- Location. For some investors geography is critical.
- Team. An experienced team raises trust.
- Acceptable risk. How the investor rates the project’s risks and whether they can accept them.
- The founder’s own money. Investors value founders who put in their own funds, showing confidence in the project. How investors weigh the founder’s contribution: Skin in the game.
How investors themselves look at startups: Choosing a startup for investment: an investor’s perspective.
Investor or philanthropist
Investors seek profit and try to minimise risk. Philanthropists act out of altruism and expect no financial return.
In “business angel” the stress is on “business”, not on a selfless angel.
A founder looking for a selfless sponsor should go to patrons and charitable foundations, not business investors.
Why investors back projects rather than ideas, and how to prepare: How to prepare a project for investment.
Control and terms
The choice of investor type depends largely on how much control the founder wants to keep and on what terms they are willing to raise money.
The more control the founder keeps, the lower the chance of raising large sums from professional investors.
How to structure the relationship — equity, a loan, a convertible loan or a SAFE: How to structure startup investment in Spain.
Where to look: startup type and investor type
| Startup | Who to look for | Where to look |
|---|---|---|
| Early stage, without significant own funds or a professional team | Crowdfunding; professional investors are usually not interested | Kickstarter, Indiegogo, GoFundMe for a broad audience; Seedrs and Crowdcube for equity crowdfunding |
| Idea or prototype | Early investors and accelerators | AngelList, SeedInvest, Crunchbase; Startup Grind meetups and local entrepreneur clubs; Y Combinator, Techstars, 500 Startups |
| MVP and a high-tech solution | Professional investors, accelerators | Funds such as Andreessen Horowitz, Sequoia Capital, Accel; search via Crunchbase and PitchBook; Y Combinator, Techstars, 500 Startups |
| High profit potential and fast growth, innovative model | Venture capital funds | Benchmark, Greylock, Bessemer Venture Partners, Andreessen Horowitz, Sequoia; portfolio research in PitchBook and CB Insights; TechCrunch Disrupt, Web Summit, VentureBeat |
| New technology useful to large companies | Corporate venture funds | Intel Capital, Google Ventures, Salesforce Ventures; trade shows such as CES and TechCrunch Disrupt; corporate open calls |
| A solution for a specific industry | Sector investors and corporate funds | Funds focused on your sector, professional associations such as the NVCA, corporate funds in the industry |
| Social project | Business angels, social innovation funds and patrons | AngelList, SeedInvest, SOCAP events; Skoll Foundation, Echoing Green; grants via GrantWatch and Foundation Center |
| Sustainability, social and environmental impact | Grant-makers, impact investment funds | Global Fund for Women, Ford Foundation, Gates Foundation; Acumen, Omidyar Network; ImpactAssets, Social Finance |
| Long-term outlook and stable income | Family offices | Family Office Club, Campden Wealth; family office conferences and private wealth forums |
These names are pointers, not recommendations of specific funds: before writing, check that the fund currently invests at your stage, in your sector and country — you can see it from its latest portfolio deals.
How to find an investor in Spain
If the project operates in Spain, there is a local ecosystem alongside the international platforms:
- Business angel networks. They are brought together by the Spanish association of business angel networks, AEBAN. Networks make it easier to reach angels who invest in your sector.
- Venture capital funds. Spanish private equity and venture capital funds are members of SpainCap, a convenient starting point for a fund list.
- Accelerators and corporate programmes — for example, Lanzadera in Valencia, SeedRocket in Barcelona and Wayra, Telefónica’s corporate venture arm.
- Events. South Summit in Madrid and 4YFN in Barcelona bring startups, funds and corporates together.
- Equity crowdfunding. In the EU, platforms where investors receive equity operate under a licence under Regulation 2020/1503. In Spain it is granted by the CNMV — check the platform in its register before using it.
- Public co-financing. ENISA loans do not replace an investor but often come alongside one. More in Support programs for startups and small businesses in Spain.
With the projects that come to us we see the same pattern.
Investors are found more often through introductions, angel networks and accelerators than through cold emails — and what opens those doors is ready project materials.
That was the case with the Pandora eco-hotel chain: an investor ready to put in around €12m at seed stage set conditions, and the deal depended on how fully the project met them.
What you cannot find an investor without
Whatever type of investor you are looking for, you will need:
- a project concept;
- a roadmap;
- a financial model;
- a commercial offer to the investor;
- often a much broader set of documents.
These materials strengthen your pitch, help build trust and show your readiness and professionalism.
Even with non-professional investors, a well-prepared package noticeably improves the odds.
Preparation step by step: How to prepare a startup for investment; the whole process from investor list to deal: How to raise investment in a startup.
Frequently asked questions
Where can you find an investor for a startup?
Through business angel networks, accelerators, venture capital associations, platforms such as AngelList and Crunchbase, equity crowdfunding platforms and industry events. First define the investor type by your stage, then build a list of specific investors who invest at your stage, in your sector and country.
What types of investors are there?
Venture capital funds, business angels, crowdfunding and equity crowdfunding, family offices, corporate investors and non-professional investors. They differ by stage, ticket size, control requirements and return expectations.
Can you find an investor at the idea stage?
A professional one rarely — they look for startups with at least an MVP. At the idea stage your own money, friends and family, business angels, accelerators, grants and crowdfunding are more realistic.
How do you find an investor in Spain?
Through business angel networks (the AEBAN association), venture funds (the SpainCap association), accelerators such as Lanzadera, SeedRocket and Wayra, the South Summit and 4YFN events and CNMV-licensed equity crowdfunding platforms. ENISA loans often complement investor money.
What should you prepare before looking for an investor?
A project concept, a roadmap, a financial model and a commercial offer, plus a pitch deck and a broader document set for funds. Without them the first meeting is spent on things you could have shown in advance.
Key points about finding an investor
- First the investor type by stage, then specific investors by stage, sector and country.
- The more control the founder keeps, the lower the chance of large sums from professionals.
- An investor is not a philanthropist: they seek returns and assess risk.
- In Spain, look through angel networks, SpainCap, accelerators, South Summit and 4YFN, and CNMV-licensed platforms.
- Without a concept, roadmap, financial model and offer it is too early to look for an investor.
