How to find an investor for a startup: investor types and where to look

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

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

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.

Private investors: who they are and how to find one

A private investor is a person who invests their own money in a business, not a fund’s money.

A business angel is a private investor who specialises in early-stage startups and brings experience and contacts as well as capital.

But a private investor can also be an entrepreneur who has sold their company, a senior executive or a wealthy family with no venture deal experience.

Such investors are easier to agree with, but the agreement needs more careful protection.

What a private investor expects

• A business they understand. They invest in what they know, not in what is fashionable with funds.
• A route back to their money. Dividends, a buy-back by the founder, a sale of the company — name the mechanism up front.
• Trust in the founder. The decision is often personal: how much of their own money and time the founder has put in, and whether they keep their word.
• Transparency. Regular reporting and access to the numbers, not just the pitch.
• Protection in the documents. The stake and their rights in later rounds and on exit belong in the agreement. How stakes change from round to round: Cap table and dilution by round.

Where to find a private investor

• Your own network and referrals. Former clients, partners, suppliers, lawyers and accountants who work with wealthy clients. A warm introduction is worth more than a dozen cold emails.
• Business angel networks and clubs. Networks screen projects and run pitch days. In Spain, many early-stage networks, clubs and platforms belong to the AEBAN association. More in Business angels: who they are, how to find and attract them.
• Platforms. Licensed equity crowdfunding platforms bring private investors into a single round — see Crowdfunding for startups. International investor databases help you find people who have already invested in your sector.
• Accelerators and demo days. Private investors attend demo days to find projects that have already been screened.
• Industry events and associations. Entrepreneurs from your sector grasp the project faster and are more willing to invest in a market they know.

How to check that an investor is genuine

The more actively a project raises money, the more intermediaries and fraudsters gather around it. Red flags:

• Upfront fees. You are asked to pay for “finding an investor”, “deal processing” or “project review”, or to put down a deposit. An investor puts money in; they do not take it.
• Guarantees. Guaranteed funding or returns are promised before anyone has studied the project and the numbers.
• Pressure. “Sign today”, “the offer expires on Friday”, or a request not to show the documents to anyone.
• No track record. They cannot name past deals or founders they have worked with, and there is no company or clear country of registration.
• Unnecessary data. They ask for your passport, account access or bank details before a term sheet is signed.

How to check: ask for two or three founders from the portfolio and talk to them.

Look up the investor’s company in the business register of its country — in Spain, the Registro Mercantil.

If an intermediary offers investment services, check it in the CNMV registers and in the CNMV’s warnings about unauthorised firms.

How to prepare for the conversation

• A pitch deck and a one-page summary — the structure is in Pitch deck for investors.
• The round size, what the money will be spent on and how many months it will last.
• The company valuation and the stake you are prepared to give — methods in How to value a startup.
• The form of investment: equity, a loan or a convertible loan.
• What you expect from the investor besides money, and what role you are ready to give them.

Strategy, deal terms and a pre-meeting checklist: Investor negotiations: how founders should prepare.

Venture capital funds, including in Spain

A venture capital fund invests not its own money but its investors’ (LPs): pension funds, banks, family offices, public funds of funds.

The fund’s management team (GPs) has to return that money with a profit within the fund’s life — usually around ten years.

Hence the main requirement: a fund needs companies that can grow many times over and be sold, or raise the next round, within a few years.

How a fund works

• Ticket size. Every fund states how much it invests in a first round and how much it reserves for follow-ons. If your round is below or above that range, the fund will pass even if it likes the project.
• Stake. In a round, founders usually give up 10–25% of the company. How it is calculated: Cap table and dilution by round.
• Timing. From the first meeting to money in the account usually takes two to six months: several meetings, the investment committee, a term sheet, due diligence and signing.

Who funds back

• A large market in which the company can grow many times over.
• A scalable model: software, platforms, technology, where growth does not require costs to grow in proportion.
• A team able to go through several rounds.
• Traction: sales, retention, growth.
• A clear exit: a sale to a strategic buyer, a later round, a listing.
• A fit with the fund’s thesis — stage, sector and geography.

A profitable local business — a café, a hotel, an agency — usually does not suit a fund, even with good numbers.

A private investor, a family office or a bank is more realistic for it.

Public money in Spain

• ENISA. Provides préstamos participativos (participating loans) — loans, not venture capital. ENISA takes no stake and no board seat. Part of the interest depends on the company’s results. The loan does not replace an investor but often comes alongside a round.
• CDTI. The public innovation agency under the Ministry of Science. It awards NEOTEC grants to young technology companies. Through the Innvierte programme it invests in equity alongside accredited private investors and in venture capital funds.
• Axis (ICO group). The public fund manager. Fond-ICO Global is a fund of funds: it invests in private venture capital funds, which in turn invest in Spanish companies. Fond-ICO Next Tech invests in digital growth companies (scale-ups) and in funds with that focus.
• SpainCap. Spain’s private equity and venture capital association: its website has a directory of fund managers — a convenient starting point for a fund list.

The practical takeaway: for an early-stage startup, public money means an ENISA loan and CDTI grants, not a direct cheque from the state.

A fund backed by Fond-ICO Global is still a private fund with its own criteria. Programme terms in detail: Startup and small business support programmes in Spain.

Spanish funds as examples

Spanish venture capital funds include Seaya, Kibo Ventures, K Fund and Samaipata. This is not a ranking or a recommendation: each has its own stage and sector thesis.

Before writing, check on the fund’s website that it currently invests at your stage, and look at its latest deals.

The Valencian Community

• Lanzadera. An accelerator in Valencia, at the Marina de Empresas campus. It is linked to Angels Capital, which invests in companies that have gone through Lanzadera.
• IVF (Institut Valencià de Finances). The Generalitat Valenciana’s financial institution. Startups and young innovative companies in the region can get loans, including participating loans co-financed with private investors. The IVF also invests in venture capital funds run by private managers.

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.

How do you find a private investor?

Start with referrals: former clients, partners, and lawyers and accountants who serve wealthy clients. Then angel networks and clubs, accelerator demo days, licensed equity crowdfunding platforms and industry events. Come with a pitch deck, the round size and a clear way for the investor to get their money back.

How do you check that an investor is genuine?

A genuine investor does not charge upfront fees for “finding” or “processing”, does not guarantee returns and does not rush you to sign. Ask for founders from their portfolio and look up their company in the business register. Check any intermediary offering investment services in the CNMV registers and warnings.

Are there public funds for startups in Spain?

Direct state equity cheques for early-stage startups are rare. ENISA provides participating loans without taking a stake, CDTI offers NEOTEC grants and co-investment through Innvierte, and the ICO group’s Fond-ICO Global invests via private venture capital funds. In the Valencian Community, the IVF provides loans and invests in funds.

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.
• A private investor puts in their own money; anyone asking for upfront fees or guaranteeing returns is not an investor.
• ENISA is a loan, not venture capital; public venture money more often comes through private funds.

Sources

• ENISA — participating loans for startups and SMEs (checked 9 October 2026).
• CDTI — the NEOTEC programme and the Innvierte co-investment programme (checked 9 October 2026).
• Axis, ICO group — Fond-ICO Global, Fond-ICO Next Tech and other funds (checked 9 October 2026).
• AEBAN — Spanish association of early-stage private investors (checked 9 October 2026).
• SpainCap — private equity and venture capital association, directory of fund managers (checked 9 October 2026).
• Institut Valencià de Finances (IVF) — startup financing in the Valencian Community (checked 9 October 2026).
• Lanzadera — accelerator in Valencia (checked 9 October 2026).
• CNMV — registers and warnings about unauthorised firms (checked 9 October 2026).