Members of TechAngels, Romania’s most experienced angel investor network, directly invested nearly EUR 1 million in the first half of 2025, in a challenging economic environment marked by fiscal changes and austerity measures. Approximately 28% of respondents to the internal semi-annual survey made direct investments, while the rest invested either through funds or temporarily paused their investments. 17% chose to back new startups (≈43% of the total investments), while 12% preferred follow-on