The Brazilian angel investment market grew again in volume, but lost participants along the way. In 2025, investments in startups totaled R$919 million, an increase of 4.2% compared to the previous year. In the same period, however, the number of investors fell by 1%, reaching 8,044 people. The numbers are part of the annual survey by Angels of Brazilcarried out with 1,145 investors between March and May this year.
For Cassio Spina, president of the organization, the market shows signs of recovery, but still faces obstacles linked to the macroeconomic scenario. “There is a prospect of a resumption of angel investment. However, due to the maintenance of interest rates at very high levels, there is a lack of incentives to increase the investor base, as applied in several countries, but not approved so far here in Brazil”, he states in a statement.
The numbers suggest that the market recovery was supported by investors already active in the ecosystem. Instead of an expansion in the participant base, there was an increase in the average amount invested by each angel, which went from R$109 thousand to R$114 thousand in the period analyzed.
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Despite the drop in the number of angel investors, the study indicates that assets in the ecosystem have a more optimistic outlook for the coming years. Respondents state that they intend to increase the volume invested by around 10% in 2026, depending on the evolution of interest rates and the country’s economic conditions.
Market potential
According to Angels of Brazil, The Brazilian market is still far from its potential. In the United States, the total reached US$17.3 billion, distributed among more than 445 thousand individuals. Based on the proportion between the GDPs of the two countries, the entity estimates that Brazil could generate around R$7.5 billion per year in angel investment — more than eight times the current volume.
In the organization’s assessment, part of this difference is related to the later development of the angel investment industry in the country and the absence of specific tax incentives for investments in startups. The entity argues that investments in startups face taxation between 15% and 22.5%, while types such as LCIs, LCAs, CRIs, CRAs, encouraged debentures and real estate funds have tax benefits or exemptions.
Slow advances in diversity
The research indicates gradual advances in diversity among angel investors. Female participation reached 21.1% in 2025, an increase of two percentage points compared to the previous survey. The participation of investors from different ethnic groups increased from 10.8% to 12.2%. Still, the predominant profile among ecosystem participants remains male (78%) and white (87.8%).
Despite the advances observed in recent years, expanding the investor base remains one of the main challenges of the Brazilian market. For the Angels of Brazil, The sector’s growth will depend both on improving economic conditions and on creating incentives for investments in startups.
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