{"id":173657,"date":"2022-08-05T03:43:47","date_gmt":"2022-08-05T02:43:47","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=173657"},"modified":"2025-07-02T00:40:56","modified_gmt":"2025-07-01T23:40:56","slug":"angel-investors","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/startups\/angel-investors\/","title":{"rendered":"What are Angel Investors in the UK?"},"content":{"rendered":"\n<p>If you own a start-up business, you may have encountered the phrase \u2018angel investors\u2019. Angel investors are a special kind of equity provider. Depending on your business needs, angel investors may be the ideal way to enhance your business&#8217; growth. This article will explain:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>what are angel investors;<\/li>\n\n\n\n<li>the advantages and disadvantages of using angel investors; and<\/li>\n\n\n\n<li>some commercial and legal considerations you should keep in mind.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Angel Investors<\/h2>\n\n\n\n<p>There is no legal definition of an angel investor. However, in business terms, an angel investor refers to a certain kind of investor that provides early-stage businesses with cash in exchange for <a href=\"https:\/\/legalvision.co.uk\/startups\/raise-finance-debt-equity\/\">equity shares in the business<\/a>. You can refer to this investment as an angel investment or a seed investment.\u00a0<\/p>\n\n\n\n<p>Angel investors can act as individuals, businesses, or groups. Where there is more than one angel investor, it is usual to find a single angel investor acting as the lead investor (the \u2018lead angel\u2019). The lead angel will coordinate the investment deal on behalf of the other angel investors. Together, a group of angel investors is called a syndicate.&nbsp;<\/p>\n\n\n\n<p>Typically, angel investors take small stakes in a company, not exceeding 25% of the business\u2019s total share capital. In addition, as an investment condition, the angel investor may appoint one or more individuals to your company\u2019s board of directors.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Regulation&nbsp;<\/h2>\n\n\n\n<p>There are no laws specifically regulating the conduct of angel investors. Instead, angel investors must abide by general investment laws and conduct.&nbsp;<\/p>\n\n\n\n<p>Angel investors are represented by the <a href=\"https:\/\/ukbaa.org.uk\/\">UK Business Angels Association <\/a>(UKBAA). The UKBAA is the recognised trade body for angel investors. There is no requirement that all angel investors must be members of the UKBAA. However, as a business owner, you may consider only dealing with angels that are members of UKBAA. This helps ensure that they are abiding by industry best practices.&nbsp;<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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Commonly, angels call this evidence of a minimum viable product (MVP).&nbsp;<\/p>\n\n\n\n<p>An MVP does not necessarily need to be the final product. However, the extent to which your business may or may not have an MVP will depend on the business in question. For instance, if you are developing a new financial technology product and have developed a beta version that is mainly functional, angels may be satisfied that there is an MVP. On the other hand, if you have an idea for a fintech product but have not actually written the code, this is unlikely to attract angel interest.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Importantly, you do not have to generate a profit or any revenue to be a contender for angel investment. That said, the absence of any revenue increases the risk for angel investors. As a result, they may demand more equity or control in your business. Consequently, the more advanced your business is along its growth cycle, the more easily you can attract angel investors on more competitive terms.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Structuring an Angel Investment&nbsp;<\/h2>\n\n\n\n<p>The exact structure of the angel investment can take many different forms. However, the smallest investments tend to be no less than \u00a350,000, and the largest rarely exceed \u00a3500,000.&nbsp;<\/p>\n\n\n\n<p>In nearly all cases, angels will seek an equity stake in your business. This is because equity promises the biggest upside compared to a loan. If your business doubles in sales, this means the value of the equity likewise doubles.  Likewise, if your business fails, the value of the angel\u2019s equity will be wiped out.&nbsp;<\/p>\n\n\n\n<p>Angel investors may seek to structure their equity investments via:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ordinary shares;&nbsp;<\/li>\n\n\n\n<li>preference shares; and&nbsp;<\/li>\n\n\n\n<li>convertible shares.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Ordinary Shares<\/h3>\n\n\n\n<p>If your business grants the angel <a href=\"https:\/\/legalvision.co.uk\/corporations\/ordinary-redeemable-preference-shares\/\">ordinary shares <\/a>in your business, they will have the same rights as you relative to their stake in the business. The most important rights are the rights to share in the profits and the right to vote on shareholder matters.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>For example, if you grant a syndicate of angels 25% of the shares in your business for every \u00a31 you declare in dividends, \u00a30.25 must be distributed to the angels in portions equal to each shareholding. You cannot pay yourself first. Likewise, they will command 25% of the voting shares in your business.<\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Preference Shares<\/h3>\n\n\n\n<p>Unlike ordinary shares, if you issue <a href=\"https:\/\/legalvision.co.uk\/corporations\/types-preference-shares\/\">preference shares<\/a> to angels in your business, you are granting them different rights than the ones you enjoy. The difference in rights commonly relates to the right to dividend payments only.&nbsp;<\/p>\n\n\n\n<p>As the name suggests, preference shareholders have preferred rights to dividend payments ahead of ordinary shareholders. You may structure the dividend amount in two ways, including a right to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>receive a portion of all dividends first; or&nbsp;<\/li>\n\n\n\n<li>be paid a fixed amount per share ahead of ordinary shareholders.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>In the first case, the angel investor may stipulate that all preference shareholders are entitled to \u00a32 for every \u00a31 the company pays to ordinary shareholders. If the business directors declare a \u00a310,000 dividend after you turn a profit, \u00a33,750 would go to ordinary shareholders and the rest to the preference shareholders.&nbsp;<\/p>\n\n\n\n<p>In the second case, the angel investors may stipulate that each preference share entitles the holder to \u00a31 in dividends. Provided your company declares dividends, the business must pay all the preference shareholders their entitlement before it can pay out the ordinary shareholders any profit remaining.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Convertible Shares&nbsp;<\/h3>\n\n\n\n<p>Angel investors do not look for convertible shares as frequently as they do ordinary and preference shares. That said, convertible shares essentially operate as a loan. It grants the convertible note holder the right to convert the loan amount into equity at a pre-agreed rate upon pre-agreed conditions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways&nbsp;<\/h2>\n\n\n\n<p>Angel investors are a key source of financing for start-up businesses. However, angels tend to target businesses that have evidence of a commercially viable market product. In exchange for giving your business cash to grow, angel investors will obtain an equity stake in your business. This means they will share in the profits and influence the company&#8217;s direction.&nbsp;<\/p>\n\n\n\n<p>If you need help with your business, our <a href=\"https:\/\/legalvision.co.uk\/startup-lawyers-lp\/\">experienced startup lawyers<\/a> can assist as part of our LegalVision membership. You will have unlimited access to lawyers to answer your questions and draft and review your documents for a low monthly fee. Call us on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <a href=\"https:\/\/legalvision.co.uk\/membership\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1659663805701\"><strong class=\"schema-faq-question\"><strong>What is an angel investor?<\/strong><\/strong> <p class=\"schema-faq-answer\">An angel investor is generally an investor that invests in early-stage businesses. Typically, they acquire a minority stake in the business.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1659663818509\"><strong class=\"schema-faq-question\"><strong>Where do I approach an angel investor?<\/strong><\/strong> <p class=\"schema-faq-answer\">You can reach out to United Kingdom&#8217;s Business Angels Association (UKBAA) members through the UKBAA\u2019s member directory.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/173657\" \/>            <input value=\"https:\/\/legalvision.co.uk\/startups\/angel-investors\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What are Angel Investors in the UK?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you own a start-up business, you may have encountered the phrase \u2018angel investors\u2019. Angel investors are a special kind of equity provider. Depending on your business needs, angel investors may be the ideal way to enhance your business&#8217; growth. This article will explain: Angel Investors There is no legal definition of an angel investor.<a href=\"https:\/\/legalvision.co.uk\/startups\/angel-investors\/\">Continue reading <span class=\"sr-only\">&#8220;What are Angel Investors in the UK?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13461,"featured_media":3248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"780,2100,860,1179,1001,1977","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[31],"tags":[117,173,204,502,530],"class_list":["post-173657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-startup","tag-startup-business","tag-seed-financing","tag-seed-investors","tag-investor"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are Angel Investors? 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