FAQ for founders

1. What types of startups do you fund?

Paris Business Angels invests in highly innovative startups with strong growth potential. We favour projects capable of transforming their market through differentiating technological, scientific or usage-driven innovation.

We also have a marked preference for B2B models.

2. What is your investment thesis?

Our investment thesis is generalist and covers the whole of France.

We look for startups that are:

• Innovative;
• Ambitious;
• Able to build lasting barriers to entry;
• Showing strong growth and valuation potential.

We invest when we believe we can add real value beyond the funding itself.

3. Do you invest across France?

Yes.

Despite what our name might suggest, Paris Business Angels reviews applications from all over the country. More than 50% of the startups we invest in are based outside the Paris region.

Innovation knows no geographical borders, and neither does our sourcing.

4. Which sectors do you favour?

We pay particular attention to the following sectors:

• Deeptech: quantum, photonics, new materials, semiconductors, fusion, breakthrough biotech;
• Applied AI: generative AI, autonomous agents, AI infrastructure, industry copilots;
• Health: medical AI, medtech, medical devices, drug discovery;
• Sovereignty: cybersecurity, cloud, defence, space, critical infrastructure;
• Decarbonisation: energy, storage, mobility, industrial efficiency, climate adaptation;
• Other sectors: fintech, silvertech, HRtech, legaltech, edtech, and more.

That said, we remain open to any innovative project that fits our investment thesis.

5. What stages of maturity do you look for?

Seed is our core focus.

We can also invest:

• At pre-seed, mainly in deeptech projects;
• Up to Series A for selected opportunities, particularly follow-on investments in startups already in the PBA portfolio.

6. Do you invest at pre-seed?

Yes, especially when technological innovation provides a strong competitive edge, particularly in deeptech projects.

In those cases, the quality of the team, the technology and the roadmap often matter more than commercial metrics.

7. Do you invest at seed?

Yes.

Seed is our main investment ground.

At this stage we generally look for market proof points (revenue or pipeline, expressions of interest from prospective clients, endorsements from recognised, independent key opinion leaders) that confirm real demand and the team's ability to execute.

8. Do you invest at Series A?

We occasionally take part in Series A rounds when we believe we can continue to add significant value through our network and expertise. These investments mainly concern companies we have backed since their seed stage.

9. Do you prefer B2B or B2C?

Our network has historically had a strong appetite for B2B projects, particularly those built on differentiating technology and solid barriers to entry. B2C projects are also considered, but the scalability challenges, the dependence on customer acquisition and the often very heavy marketing spend they require generally limit our members' interest in this type of opportunity.

10. How do I know whether my project is a good fit for Paris Business Angels?

Ask yourself four questions:

• Can my team execute its vision?
• Does my innovation deliver real added value?
• Is my market large enough?
• Can business angels accelerate our growth?

If the answer to all four is yes, we will be delighted to review your application.

11. When is the right time to raise funds?

The best time to raise is when your company has demonstrated enough potential to convince investors, while needing capital to reach its next stage of growth. The round must fit within a clearly defined growth trajectory.

We also recommend having at least six months of runway at the target closing date. Because fundraising timelines can be affected by external factors, an overly tight cash position weakens the company and is generally a barrier to investment by Paris Business Angels.

12. How much should I raise?

You should raise the amount needed to reach your objectives for the next 18 to 24 months:

• Product development;
• Hiring;
• Commercial roll-out;
• International expansion;
• Industrialisation.

The aim is to maximise value creation while limiting dilution.

13. How do I work out my funding needs?

Your funding needs should be built from a detailed operating plan, not an arbitrary target.

Investors expect the resources requested to be consistent with the objectives announced.

14. What valuation should I propose?

Your valuation must be consistent with:

• Your stage of development;
• Your traction;
• Your market;
• The practices observed in your sector.

An excessive valuation can make subsequent rounds harder.

The post-money valuation generally follows from the amount raised and the share of equity granted to investors in return: the pre-money valuation is derived from it mechanically. A network such as PBA systematically benchmarks this valuation against market references, comparing it with companies of similar maturity, quality and sector among the applications reviewed and the transactions observed.

15. How do I prepare an effective pitch deck?

A good pitch deck should answer a few simple questions:

• What problem are you solving?
• Why now?
• What is your solution? What is its competitive advantage over the alternatives?
• Are there barriers to entry?
• How large is the market?
• Why is your team best placed to win?
• What is the roadmap (technology, regulatory, people and finance) and the go-to-market strategy that will turn the company's vision into reality and deliver the value proposition announced?
• Why invest today?
• What are the key features of the current round: amount sought, split between dilutive (equity) and non-dilutive funding, main investments and needs to be financed, amounts already secured, and the investors and banking partners already approached or committed?
• What are the exit or liquidity prospects for the business angels (time horizon and nature of the transaction envisaged)?

16. What documents should I prepare?

The main documents are:

• Pitch deck;
• Executive summary;
• Business plan;
• Financial forecast;
• Cap table;
• Key legal documents.

17. What is a data room?

The data room brings together all the documents investors will review during due diligence.

A well-prepared data room significantly speeds up the process.

18. How do I prepare my executive summary?

Your executive summary should make your project understandable in under two minutes.

It should cover:

• The problem;
• The solution;
• The market;
• The team;
• The traction;
• The funding needs.

19. Which metrics should I track before a round?

It depends on the sector, but investors generally look at:

• Growth;
• Revenue;
• Retention;
• Customer acquisition;
• Margins;
• Usage rates;
• Sales pipeline;
• Churn rate;
• Patents.

If your application moves to due diligence, PBA's business angels may speak with your customers to understand why they chose your solution and to gauge their satisfaction and the value actually delivered after deployment.

20. How do I build a coherent funding strategy?

Dilutive and non-dilutive funding should be designed together.

Grants, repayable advances, innovation loans and equity should be combined intelligently to optimise your growth.

Equity funding sends a positive signal to banks and makes complementary financing easier to obtain. Conversely, securing bank loans strengthens the project's credibility with equity investors. It is therefore essential to run these workstreams in parallel to maximise the chances of success of the overall funding plan.

21. What are your investment criteria?

Above all, we look for projects aligned with our investment thesis and offering strong value-creation potential.

Our main criteria are:

• The quality of the team;
• The importance of the problem addressed;
• The differentiation of the solution;
• The market potential;
• The proof of traction;
• The barriers to entry;
• The coherence of the growth strategy.

The goal is not to find perfect companies, but teams capable of building market leaders.

22. How much weight do you give to the team?

The team is often the first decision criterion.

A startup will evolve, its product will change, its market will shift. What remains decisive is the founders' ability to learn, adapt and execute.

We assess in particular:

• The complementarity of the profiles;
• The vision;
• The ability to execute;
• The resilience;
• The leadership;
• The alignment between co-founders.

23. What do you look for in founders?

We particularly value entrepreneurs who combine:

• Ambition;
• Humility;
• The ability to listen;
• Resilience;
• Curiosity;
• Execution discipline.

We look for leaders who can challenge their own assumptions while staying true to their vision.

24. What role does innovation play in your analysis?

Innovation sits at the heart of our investment thesis.

However, an innovation only matters if it creates a genuine competitive advantage and answers a clearly identified need.

We analyse:

• Technological innovation;
• Usage innovation;
• Business-model innovation;
• The ability to transform a market.

25. How do you assess the market?

We look for markets large enough to support ambitious growth.

We analyse in particular:

• The size of the market;
• Its growth dynamics;
• Sector trends;
• Regulatory developments;
• Competitive intensity;
• International prospects.

An excellent product in too small a market will often struggle to generate meaningful returns.

26. What counts as good traction?

Traction is the evidence that your market validates your value proposition.

Depending on your stage, it can take the form of:

• Revenue;
• Customers;
• Contracts;
• Letters of intent;
• Pilots;
• Partnerships;
• Active users;
• Endorsements from recognised, independent and therefore objective key opinion leaders (KOLs).

Above all, we look for signals demonstrating that the market genuinely exists.

27. How do you analyse barriers to entry?

We want to understand what will stop a competitor from replicating your success tomorrow.

The main barriers can be:

• Technology;
• Intellectual property;
• Data;
• Network effects;
• Partnerships;
• Regulation;
• Brand;
• The quality of the team.

In many cases, excellence in execution is itself a significant barrier.

28. How much weight do you give to intellectual property?

Intellectual property can be a significant competitive advantage, particularly in deeptech projects.

However, a patent is never a guarantee of success. What we really assess is the ability of the intellectual property to protect the company's value creation over time.

It is worth noting that we also invest in sectors where intellectual property is generally not protected by patents, such as AI, SaaS or cybersecurity. In those fields, the competitive advantage must be clearly identified and reinforced through the fundraising, in order to accelerate commercial growth and consolidate the company's market position: a large, diversified customer base, combined with strong brand recognition and a proven track record of execution, can itself constitute a genuine barrier to entry and a lasting competitive advantage.

29. How do you assess the business model?

We want to understand:

• How the company creates value;
• How it captures that value;
• How it can grow efficiently;
• How it can eventually reach profitability.

The robustness, scalability and profitability of the model are essential.

30. Why is the roadmap so important?

The roadmap matters because it conveys your vision for the company, generally over a five-year horizon, while setting out in concrete terms the key milestones that will deliver the strategy.

We often place more weight on a credible, coherent roadmap than on a highly detailed business plan: the latter is merely the financial translation of the development stages and objectives laid out in the roadmap.

A good roadmap should show:

• The priority objectives;
• The resources required;
• The main risks;
• The value-creation milestones.

31. How do I submit my application?

We recommend submitting your project directly through the form available on our website.

Please attach a clear, concise and compelling pitch deck presenting your team, your market, your solution, your traction and your funding needs. The aim is to highlight the elements that demonstrate the project's growth potential, the strength of its execution and its ability to deliver an attractive return for investors.

32. What happens after I send my application?

Your application is first reviewed by our permanent team. If it matches our criteria, it is then presented to our pre-selection and selection committees, both made up of experienced business angels, to assess its fit with our investment thesis.

The purpose of this first stage is to identify the projects with the strongest potential and the best fit with our network's expectations.

33. How many applications do you receive each year?

We review between 1,500 and 2,000 applications every year, from all over France.

This diversity allows us to identify the best investment opportunities across a wide range of innovative sectors.

34. How do pre-selection and selection work before a possible pitch?

Applications are assessed against several criteria:

• Quality of the team;
• Business model;
• Innovation;
• Market;
• Scalability and traction;
• Growth potential;
• Metrics and financials;
• Exit potential;
• Fit with our investment thesis.

The most promising projects are invited to continue the process and pitch at one of our two monthly sessions.

35. How should I prepare my pitch to the members?

Your presentation should be clear, concise and focused on the essentials:

• The problem;
• The solution;
• The market;
• The team;
• The traction;
• The funding needs;
• The long-term vision.

The best pitches tell a credible story rather than stringing slides together.

It is essential to respect the format and time allotted: 10 minutes of presentation followed by 10 minutes of Q&A. The ability to present clearly, concisely and with impact is an early indicator of how well the project has been prepared.

36. What happens after the pitch?

After the presentation, the members discuss the project and then vote through our app to decide whether it deserves an in-depth review.

They are asked the following questions:

• Did the project interest you?
  • If not, why?
  • If so, how much would you be prepared to invest if all your questions and any reservations were resolved during due diligence? This indication is not binding, since it comes before the in-depth review. It must, however, be at least €10K, our members' minimum investment ticket.
• Would you like to take part in the due diligence? We generally look for three qualified business angels with relevant expertise in the company's sector or challenges.

The project moves into due diligence when two conditions are met: total investment intentions of at least €150K and three business angels ready to lead the review.

Otherwise, the process stops at this stage. The startup then receives concise feedback to help strengthen the project, and in particular its future presentations.

37. How does due diligence work?

When carried through to completion, this phase generally lasts 1.5 to 2 months and validates the key elements of the application.

The analysis covers in particular:

• The team;
• The business model;
• The roadmap and go-to-market strategy;
• The innovation, technology and intellectual property;
• The market, traction and scalability;
• The competition and barriers to entry;
• The round and the financials;
• The company's legal position and closing matters (term sheet in particular);
• The governance;
• The exit and liquidity prospects for the business angels.

The aim is to deepen our understanding of the project, and of the risks attached to it, before any investment decision.

Many reviews stop after the first meetings when red flags are identified. The point is to avoid wasting anyone's time, whether the founders', the business angels' or our Investment Manager's. If the review is halted, the startup receives concise feedback to help strengthen the project, and in particular its future presentations.

38. Who takes part in the analysis?

Network members with the most relevant expertise are mobilised according to the specifics of each application, generally three qualified business angels per review. Our Investment Manager supports the review team through to closing.

This collective intelligence is one of Paris Business Angels' great strengths.

39. How long does the process take?

On average, around 3 months elapse between receipt of the application and the transfer of funds (of which generally 1.5 to 2 months for the due diligence phase alone, when carried through to completion).

This relatively short timeline by ecosystem standards is a real asset for founders in growth mode, for whom speed of execution is often decisive.

40. When are the funds released?

Once the analysis is complete and the investment terms validated, the transaction is structured and closed.

Each investment opportunity is then the subject of an Opportunity Review presented to the network's members at one of our two monthly sessions, by the business angels who led the due diligence and are themselves investing in the deal. This presentation highlights the project's main strengths as well as any points of attention identified during the analysis. The investment terms are also set out in detail (valuation, key clauses of the shareholders' agreement, applicable tax schemes, and so on), so that every member has a complete and balanced picture before deciding.

The funds are released at the end of this process. In around 80% of cases, PBA's investment is made through an SPV (investment holding vehicle), a structure in which PBA has recognised expertise.

At this stage, the PBA lead for the deal, a business angel from the network with expertise in the field and often involved in the due diligence, is formally appointed. They will sit on the company's board or strategic committee.

Finally, the shareholders' agreement is finalised and signed by the parties.

We invest in teams first.

We look for market proof, not just promises.

We are able to decide and invest quickly.

41. How much can you invest?

Paris Business Angels generally invests tickets of €150K to €1M, with an average investment of around €350K in first rounds. We typically take part in rounds of €500K to €5M.

We invest mainly at seed, but can also invest at pre-seed, particularly in deeptech projects, and in selected Series A transactions.

Our aim is to fund the key value-creation milestones and prepare the ground for the following rounds.

42. What do you bring beyond funding?

Funding is only part of what we contribute.

Founders backed by Paris Business Angels also benefit from:

• The experience of 200 investors from every sector, PBA being a generalist network;
• An extensive professional network;
• Sector expertise;
• Strategic guidance;
• Support on governance;
• Privileged access to our ecosystem of partners.

Our ambition is to help founders accelerate their growth trajectory.

43. How do business angels support the startups?

Support is tailored to each company's needs.

Our members can help with:

• Strategy;
• Go-to-market;
• Key hires;
• Business development;
• Governance;
• Future funding rounds;
• International expansion;
• Strategic partnerships.

The aim is always to create value without taking the place of the management team.

44. What are the DEX?

The DEX (Domaines d'Expertise, or expertise groups) bring together the network's most experienced members around key themes.

They give founders access to hard-won experience and highly sought-after expertise.

The main DEX include:

• Go-to-Market
• AI
• Governance
• Acceleration
• SPVs
• Fundraising
• Exits
• Innovation funding
• And many more…

45. How do I access the Paris Business Angels network?

Funded startups benefit from targeted introductions to the network's members and to Paris Business Angels' partners.

Depending on your needs, this can mean:

• Customers;
• Industrial partners;
• Talent;
• Experts;
• Investors;
• Strategic board members.

The network is a powerful growth accelerator.

46. Which partners do you make available to startups?

Paris Business Angels draws on an ecosystem of specialist partners, a platform unique in the ecosystem, covering all the key needs of innovative companies.

They include:

• Non-dilutive funding
  • La Banque des Startups by LCL
  • Société Générale Paris Startup
  • BloomUp by Crédit Agricole
  • CIC Start Innovation
• Acceleration
  • Le Village by CA
• Communication and visibility
  • Maddyness
• Innovation funding
  • Dynergie
• Legal and tax
  • Smash Legal
  • Expansi
• Intellectual property
  • INPI
• Strategic co-investors
  • Side Angels / Side Invest: co-investments of up to €1.5M
  • ESSEC Business Angels: privileged access to a pool of entrepreneurs and investors, feeding our deal flow
  • Angels Santé: health expertise (around 25% of our applications)
  • Provence Angels: strong entrepreneurial culture and expertise in insolvency proceedings

47. How do you support deeptech startups?

Deeptech is one of our priority investment areas.

We understand what makes these projects specific:

• Longer development cycles;
• Substantial funding needs;
• Regulatory challenges;
• Intellectual property;
• Industrialisation;
• Scientific and industrial partnerships.

Our members and partners have significant experience of supporting these complex journeys.

48. What is your approach to entrepreneurial diversity?

Paris Business Angels is committed to a more balanced entrepreneurial landscape.

Today, nearly 40% of our investments go to startups founded or co-founded by women, a level significantly above the market average (around 15%, according to the 6th BCG x Sista barometer).

This momentum is supported in particular by partnerships with organisations committed to diversity in innovation, such as Women in Tech.

It is also reflected in the make-up of our network, which now counts 20% women members, up from less than 8% at the start of 2025.

49. What if my application is not selected?

A refusal does not necessarily mean your project lacks potential.

The reasons can be many:

• Timing;
• Insufficient maturity;
• Lack of traction;
• A mismatch with our investment thesis;
• An unsuitable valuation.

Many startups we fund today were turned down at their first attempt. We encourage founders to come back to us once their project has reached a new milestone.

50. What advice would you give a founder preparing their first fundraising?

Do not prepare just a fundraising round.

Prepare the next stage of your company.

Investors do not fund a pitch deck or a business plan. They fund a team capable of turning financial resources into value creation.

Focus on:

• Your market;
• Your customers;
• Your execution;
• Your traction;
• Your team.

Fundraising should be a consequence of your growth momentum, not a goal in itself.