COREangels Lisbon is a geographically focused angel group, focused on the Lisbon region. It operates within the broader COREangels Community, adhering to its mission of organizing and professionalizing angel investment. COREangels Lisbon brings together individuals passionate about supporting entrepreneurs and innovative businesses in the Lisbon area. By combining experienced investors with newcomers, COREangels Lisbon aims to create a dynamic investment environment that promotes learning, collaboration, and successful entrepreneurial ventures. This local group leverages the collective knowledge and resources of its members to provide strategic support and funding to startups in the region.

COREangels Lisbon is a rolling angel fund with a capital of €5 million, aiming to assemble a group of 30-50 business angels. The fund's objective is to invest in a portfolio of 25-30 startups, providing them with the necessary support and resources to grow and achieve successful exits within 5-8 years. This structure allows for continuous investment opportunities and a diversified approach, enhancing the potential for positive returns and fostering innovation within the entrepreneurial ecosystem in Lisbon.

COREangels Lisbon invests between €50,000 to €200,000 per startup that is approved by the Investment Committee. The fund can make follow-on investments in certain startups, but these follow-on investments require additional approval from the Investment Committee.

The average investment made by COREangels Lisbon is around €100,000, typically over a period of 3-5 years. However, this amount varies depending on each investor's risk exposure profile and financial capacity. Some individuals may choose to invest significantly more, with amounts reaching €300,000, €500,000, or even over €1 million. This flexible investment approach allows each member to tailor their involvement based on their personal financial situation and investment strategy.

COREangels Lisbon is a legal identity, a private company registered in Portugal, officially named C-Angels Lisbon SA  NIF 516990560, and owned by all the business angels according to their investment amounts. The new angels enter the company through increments of Capital.

COREangels Lisbon operates with a structure of five boards including the Investment Commiitee. Here’s how the participation works for each board:

• Advisory Board:
  • Participation: Voluntary.
  • Responsibilities: Advises on strategy, governance, rules, organization, representativity, ethics, and new angel attraction.
• Startup Selection Board:
  • Participation: Voluntary.
  • Responsibilities: Identifies and selects startups that will pitch at each Investment Committee meeting.
• Investment Committee:
  • Participation: Mandatory for all shareholders.
  • Responsibilities: Solely responsible for making investment decisions.
• Involvement Board
  • Participation: Voluntary.
  • Responsibilities: Nominates archangels for each startup, ensures angel involvement, monitors startup performance, provides mentoring, and contributes to reporting.
• Exits and Valuation Board:
  • Participation: Voluntary.
  • Responsibilities: Prepares and identifies opportunities for exits, organizes internal shareholder/secondary market transactions, maintains fair valuations for each startup, and supports startups during new funding rounds.

This structure allows for a flexible and engaged community of investors, where individuals can contribute their expertise and time voluntarily, except when it comes to making crucial investment decisions, which is a responsibility shared by all shareholders.

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COREangels Lisbon operates with a well-defined cost structure and fee distribution to ensure professional management and alignment of interests between investors and group leaders. Here is a detailed breakdown:

Cost Structure and Fees

1. Operational Costs:
   • Amount: Up to 1.25% yearly, or a maximum of 12.5% over 10 years.
   • Purpose: Covers necessary expenses to maintain an active company, such as accounting, legal fees, auditing, and some communication and marketing expenses.
2. Management Fees:
   • Amount: 1.25% yearly, or a maximum of 12.5% over 10 years.
   • Purpose: Ensures leaders’ commitment and professionalism. These fees are paid from the investment ticket and are not charged annually or additionally to the angels, unlike typical venture capital funds.
3. Carry (Carried Interest):
   • Amount: 20% of investment profits (from startup exits).
   • Purpose: This is distributed to COREangels International and the group leaders after the investors receive their profits, aligning the interests of the leaders with those of the investors.

Global Cost Structure Distribution at COREangels Lisbon

• COREangels International: 2.5%
• Management: 10%
• Operational Costs: Maximum of 12.5%

Minimum Investment in Startups: 75%

A business angel is an individual who provides financial and knowledge backing for small startups and entrepreneurs, typically in exchange for ownership equity in the company. Business angels could be known as angel investors.

Business angel investors are widely recognized as the main contributors to innovation financing as they give fuel to entrepreneurial startups, providing “smart money” to fulfill their potential. Startups are the primary job-creating engine of the economy, provoking strong local impact, fixing and promoting new talent, improving people’s lives, and adding strong value to society.

Although other types of investors exist, business angel investors have assumed a special role in entrepreneurship since they invest in very early-stage startups where high-risk investment profiles are required. Angels distinguish themselves from other investors as they invest their own money, not the money of others, like venture capital funds.

They are involved with the startups they invest in to add value, and share their expertise and entrepreneurial empathy. Angels usually see themselves as co-creators and co-founders of the startups. In their essence, the purpose of angel investing is value co-creation.

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To be a COREangels investor you need to join a COREangels Group. In COREangels, you can find groups with different investment theses. You can contact the group leader. The group leader will contact you to find out if there is a fit. If it happens, it will be nice to welcome you!

No, COREangels is inclusive, allowing members to join without needing to be accredited investors. Typically, around 50% of the angels in COREangels are first-time angel investors. Each group within COREangels combines experienced and accredited angels with those who are inexperienced, fostering a robust and dynamic learning process. This approach not only supports the growth of new investors but also ensures that entrepreneurial ventures benefit from a diverse range of insights and expertise.

Each angel group has its own deal-flow process, and people dedicated to the task. The investment committee composed by all the angels, decides which startups will be invested. The group leader manages the applicant startups and selects the best for the investment committee.

By a majority of comfort. One person, one vote. There are three types of votes: YES, NO, and MAYBE. For a startup investment to be approved, it needs to have 50% YES votes from the members and less than 33% NO votes. The total number of voting members needs to be more than 50% of the shareholders.

Angel investment is a long-term investment. The return on a startup investment can come in a few months or several years. The average return on investment in a startup is 7 years. A group's life cycle should take place over 10 years.

There are groups with geographical or vertical investment theses. You can select the geographic thesis that adapts to your location or the vertical thesis that adapts to your skills and interests. Go to the Angels Groups page and get to know the investment theses.

Yes. All Business Angels can mentor invested startups. Each startup has an Archangel. The archangel is a business angel who has a close relationship with a particular startup of the portfolio and helps them with their challenges.

Each Angel Group has its own investment policy. The initial investment indicated is between 20.000 to 50.000 Euros.

Yes. First, select a Group of Angels that the thesis fits your profile. The group leader will contact you to provide more information and invite you to the next meeting of the angels' group.

COREangels is a private company dedicated to professionalizing and organizing angel investments through angel groups under the same COREangels brand, principles and processes. Our mission is to create a network of passionate individuals who support entrepreneurs in launching innovative businesses. By investing as a group, COREangels minimizes risk investment, providing structured, professional angel investment opportunities, enhancing the success rates of startups, and fostering a robust ecosystem for entrepreneurial growth.

COREangels has developed its own group investment model. All business angels in each group invest together in a startup portfolio of 20-30 startups. Business angels invest in a group managed by group leaders. Each group has its own investment thesis and autonomy in investing decisions. Group leaders are responsible for screening startups and taking them to the Investment Committee. New investments are approved democratically with the vote of the majority of business angels. Each business angel has 1 vote, regardless of the amount invested.

COREangels is “glocal”, meaning sharing a global brand through vertical and geographical funds of business angels and promoting involvement and long-term commitment with the local ecosystem in each geography. Each angel fund is an independent company. The fund leaders are responsible for managing this company.

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COREangels International has an important role in the development of each fund, preparing and training new fund leaders and defining and guaranteeing governance standards. COREangels supports the leaders in attracting investors, business flow, and startup evaluation, besides the benefits of being part of an international community. COREangels also provides branding, website, setup support, administrative support, documentation support, meetings and activities planning support, marketing support, and tools support (CRM, screening, reporting, financial analysis).

COREangels supports the development of professional angel funds and offers individual investors a seamless experience, aiming to maximize outcomes and diversify investments. COREangels creates an environment where investors can get involved, contribute to fostering innovation, develop personally, network, and enjoy the investment journey. Each COREangels fund has the opportunity to present its best investment opportunities to the entire COREangels Community, allowing different funds to collaborate and invest in the most promising startups.

Members of COREangels benefit from various advantages, including:

• Angels Training: Access to specialized training programs to enhance their investment skills and knowledge.
• Global Events: Participation in events that bring together angel investors from around the world, facilitating networking and learning.
• Networking: Opportunities to socialize with other angel investors, share best practices, and build valuable connections within the investment community.‍
• Best Practices: Sharing and learning from the experiences and strategies of other investors within the community.

COREangels Interational will provide support to its groups in several areas, namely:

• Providing a common platform for angel, startup and investment management

• Administrative support

• Financial analysis support

• Reporting minutes

• Attracting investors Process

• Business flow

• Startups evaluation

• Legal Minutes, and, when necessary, specialized legal services

• Events organization, meetings and activities planning support

• COREangels Brand Support, marketing & Design and PR

COREangels Food operates with a structure of five boards including the Investment Commiitee. Here’s how the participation works for each board:

• Advisory Board:
  • Participation: Voluntary.
  • Responsibilities: Advises on strategy, governance, rules, organization, representativity, ethics, and new angel attraction.
• Startup Selection Board:
  • Participation: Voluntary.
  • Responsibilities: Identifies and selects startups that will pitch at each Investment Committee meeting.
• Investment Committee:
  • Participation: Mandatory for all shareholders.
  • Responsibilities: Solely responsible for making investment decisions.
• Involvement Board
  • Participation: Voluntary.
  • Responsibilities: Nominates archangels for each startup, ensures angel involvement, monitors startup performance, provides mentoring, and contributes to reporting.
• Exits and Valuation Board:
  • Participation: Voluntary.
  • Responsibilities: Prepares and identifies opportunities for exits, organizes internal shareholder/secondary market transactions, maintains fair valuations for each startup, and supports startups during new funding rounds.

This structure allows for a flexible and engaged community of investors, where individuals can contribute their expertise and time voluntarily, except when it comes to making crucial investment decisions, which is a responsibility shared by all shareholders.

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