{"id":6494,"date":"2026-09-09T22:54:07","date_gmt":"2026-09-09T20:54:07","guid":{"rendered":"https:\/\/www.norban.no\/?post_type=norban_kb&#038;p=6494"},"modified":"2026-10-14T16:22:39","modified_gmt":"2026-10-14T14:22:39","slug":"angel-investing-what-returns-look-like","status":"publish","type":"norban_kb","link":"https:\/\/www.norban.no\/no\/knowledge\/investing\/angel-investing-what-returns-look-like\/","title":{"rendered":"Hva er engleinvestering, og hvordan blir avkastningen?"},"content":{"rendered":"<h2 class=\"wp-block-heading\">Hva er en engleinvestor?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">En engleinvestor er en privatperson som investerer egne penger i et oppstartsselskap og f\u00e5r aksjer i selskapet. Flere engleinvestorer kan ogs\u00e5 investere sammen. De bruker sin egen kapital, mens profesjonelle investorer i senere kapitalrunder forvalter penger p\u00e5 vegne av andre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Engleinvestorer kommer vanligvis inn etter at gr\u00fcndernes venner og familie har bidratt, men f\u00f8r venturefondene. Dette er ofte seedfasen, ogs\u00e5 kalt s\u00e5kornfasen: Ideen er blitt til et selskap, men selskapet er enn\u00e5 ikke klart for en kapitalrunde med institusjonelle investorer. Aksjebasert folkefinansiering dekker noe av det samme behovet. Da bidrar gjerne mange med sm\u00e5 bel\u00f8p. Hvor aktive investorene er i selskapet, avhenger av plattformen og avtalene for runden.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large kb-zoom\"><a href=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum.png\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"735\" src=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum.png\" alt=\"En vannrett skala med fire trinn \u2013 venner og familie, engleinvestorer, venturekapital og selskapers ventureinvesteringer \u2013 fra uformell, personlig kapital til formell, institusjonell kapital. Trinnet for engleinvestorer er fremhevet. Hvert trinn viser typisk investeringsbel\u00f8p og hvor formell prosessen er.\" class=\"wp-image-7963\" srcset=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum.png 1200w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum-300x184.png 300w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum-1024x627.png 1024w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum-768x470.png 768w, https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-the-investor-type-spectrum-18x12.png 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">En femsifret investering i ett oppstartsselskap er nok til \u00e5 gj\u00f8re deg til engleinvestor. Det europeiske gjennomsnittet ligger n\u00e6r dette bel\u00f8pet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">I sin <a href=\"https:\/\/www.eban.org\/wp-content\/uploads\/2025\/12\/Stats-Compendium-2024.pdf\">statistikksamling for 2024<\/a> registrerte EBAN synlige engleinvesteringer p\u00e5 EUR 1,22 milliarder i 39 land i 2024, fra rundt 47\u00a0600 aktive engleinvestorer. Gjennomsnittlig investering var EUR 25\u00a0600 per engleinvestor per runde.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norge sto for EUR 25,23 millioner, fordelt p\u00e5 omtrent 700 engleinvestorer og fire englenettverk. Tallene dekker det synlige markedet, alts\u00e5 investeringer gjort gjennom nettverk og rapportert til dem. Det faktiske markedet er derfor st\u00f8rre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Menons registerbaserte <a href=\"https:\/\/www.menon.no\/wp-content\/uploads\/12f4494d01.pdf\">rapport fra 2010<\/a>, laget for N\u00e6rings- og handelsdepartementet, talte rundt 2\u00a0400 engleinvestorer med eierandeler i omtrent 4\u00a0500 selskaper. Gjennomsnittlig eierandel var 18 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.norban.no\/no\/services\/get-funding\/how-angels-invest\/\"><a href=\"https:\/\/www.norban.no\/no\/services\/get-funding\/how-angels-invest\/\">NorBANs publiserte tall<\/a><\/a> viser hvor mye norske engleinvestorer investerer. De fleste enkeltinvesteringene ligger mellom NOK 0,5 og 2 millioner. Mindre bidrag som fyller opp kapitalrunden, har en median p\u00e5 rundt NOK 100\u00a0000, mens medianen for de st\u00f8rre investeringene er rundt NOK 1 million. Bare et lite mindretall investerer NOK 2 til 5 millioner eller mer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nesten alle norske engleinvestorer foretrekker pre-seed, fasen f\u00f8r seed. F\u00e5 investerer senere enn seedfasen, og f\u00e6rre enn en tredel har kapasitet til \u00e5 f\u00f8lge opp med mer kapital. Er du blant flertallet, m\u00e5 du regne med at eierandelen din blir utvannet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hva du bidrar med, og hva du f\u00e5r igjen<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Du investerer penger og f\u00e5r ordin\u00e6re aksjer, eller rettigheter som senere blir til aksjer. De fleste engleinvestorer bidrar ogs\u00e5 med tid. Hvor mye tid de bruker, er en av f\u00e5 ting de selv kan styre. De kan sitte i styret, sette selskapet i kontakt med kunder, hjelpe til med ansettelser og dele erfaring fra \u00e5 drive en virksomhet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Du blir medeier. Det finnes ikke noe marked for aksjene i et unotert norsk selskap, ingen daglig pris og ingen rett til \u00e5 f\u00e5 pengene tilbake.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Senere kapitalrunder vil redusere eierandelen din hvis du ikke investerer mer for \u00e5 beholde den. Du er minoritetsaksjon\u00e6r i et selskap der utfallet avgj\u00f8res av gr\u00fcnderne, kundene og den neste finansieringen.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">De fleste oppstartsselskaper overlever ikke<\/h2>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Bruk SSBs <a href=\"https:\/\/www.ssb.no\/statbank\/table\/10219\/\">overlevelsestall<\/a> som et utgangspunkt f\u00f8r du leser en pitch. Det nyeste kullet som er fulgt i fem \u00e5r, er selskapene fra 2015, fulgt frem til 2020. Serien er ikke oppdatert siden september 2022.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Foretak stiftet i 2015<\/th><th>Overlevde 1 \u00e5r<\/th><th>Overlevde 5 \u00e5r<\/th><\/tr><\/thead><tbody><tr><td>Alle nye foretak<\/td><td>46.1%<\/td><td>26.5%<\/td><\/tr><tr><td>Aksjeselskaper<\/td><td>66.7%<\/td><td>43.8%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Oppstartsselskaper som er aktuelle for engleinvesteringer, er aksjeselskaper. Les derfor den andre raden. Den dekker alle nye aksjeselskaper, fra konsulentselskaper til kafeer, og gjelder ikke bare selskaper med venturefinansiering.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">\u00c5rsakene til at selskaper mislykkes, viser hva du b\u00f8r unders\u00f8ke f\u00f8r du investerer. CB Insights' <a href=\"https:\/\/www.cbinsights.com\/research\/report\/startup-failure-reasons-top\/\">gjennomgang av nedleggelser<\/a> omfatter 431 venturefinansierte selskaper som har lagt ned siden 2023. Dette er det st\u00f8rste n\u00e5v\u00e6rende utvalget. Gjennomgangen fant \u00e5rsaker for 385 av dem:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gikk tom for kapital: 70 %<\/li>\n\n\n\n<li>Produktet traff ikke markedets behov godt nok: 43 %<\/li>\n\n\n\n<li>D\u00e5rlig tidspunkt eller ugunstige makro\u00f8konomiske forhold: 29 %<\/li>\n\n\n\n<li>Ul\u00f8nnsom \u00f8konomi per kunde eller enhet: 19 %<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Andelene summerer seg til mer enn 100 % fordi selskaper mislykkes av flere grunner. CB Insights vurderer kapitalmangel som den utl\u00f8sende \u00e5rsaken, ikke grunnproblemet. Selskapet gikk tom for penger fordi noe annet ikke fungerte.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unders\u00f8k markedsbehovet og \u00f8konomien per kunde eller enhet f\u00f8r du investerer. Begge deler kan til en viss grad avklares p\u00e5 forh\u00e5nd. Kontroller hvor lenge pengene fra den foresl\u00e5tte runden vil vare.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Noen f\u00e5 investeringer st\u00e5r for det meste av avkastningen<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Disse studiene beskriver britiske og amerikanske engleexiter i periodene som er oppgitt. Les tapstallene sammen med tallene som viser hvor mye av avkastningen noen f\u00e5 vellykkede exiter sto for.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Studie<\/th><th>Portef\u00f8ljens resultat<\/th><th>Exiter som ga mindre tilbake enn investert kapital<\/th><th>Hvor avkastningen kom fra<\/th><\/tr><\/thead><tbody><tr><td class=\"translation-block\"><a href=\"https:\/\/www.angelcapitalassociation.org\/data\/Documents\/Resources\/AngelGroupResarch\/1d - Resources - Research\/6 RSCH_-_ACEF_-_Returns_to_Angel_Investor_in_Groups.pdf\">Wiltbank og Boeker<\/a>, 2007 (USA, 1\u00a0137 exiter)<\/td><td>2,6 ganger kapitalen over 3,5 \u00e5r, omtrent 27 % internrente (IRR)<\/td><td>52%<\/td><td>7 % av exitene ga mer enn 10 ganger kapitalen og sto for 75 % av all avkastning m\u00e5lt i dollar<\/td><\/tr><tr><td class=\"translation-block\"><a href=\"https:\/\/media.nesta.org.uk\/documents\/siding_with_the_angels.pdf\">NESTA og BBAA<\/a>, 2009 (Storbritannia, 406 exiter)<\/td><td>2,2 ganger kapitalen over 3,6 \u00e5r, omtrent 22 % brutto internrente<\/td><td>56%<\/td><td>9 % av exitene ga mer enn 10 ganger kapitalen og sto for n\u00e6r 80 % av de positive kontantstr\u00f8mmene<\/td><\/tr><tr><td class=\"translation-block\"><a href=\"https:\/\/www.venturesouth.vc\/2016-5-20-3u3wdqmmhkcygzpnonoygks594kunk\">Angel Resource Institute<\/a>, 2016 (USA)<\/td><td>2,5 ganger kapitalen over 4,5 \u00e5r, omtrent 22 % internrente<\/td><td>rundt 70 % av investeringene<\/td><td>ikke rapportert separat<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Gjennomsnittet for en portef\u00f8lje beskriver ikke utfallet av en typisk enkeltinvestering. I disse utvalgene ga mer enn halvparten av exitene mindre tilbake enn det som var investert, mens noen f\u00e5 sto for mye av den samlede avkastningen. En portef\u00f8lje med ett eller to selskaper kan f\u00e5 et helt annet resultat enn det rapporterte gjennomsnittet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hva dette betyr for deg, avhenger av hvor mye kapital og erfaring du har.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>F\u00f8r den f\u00f8rste investeringen:<\/strong> Bestem hvor mange investeringer du kan finansiere over flere \u00e5r. Sett bel\u00f8pet per investering slik at du ogs\u00e5 har r\u00e5d til den siste. Portef\u00f8ljen trenger nok selskaper til \u00e5 ha en sjanse til \u00e5 f\u00e5 med et som lykkes uvanlig godt.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Hvis du kan investere i senere runder:<\/strong> Hold av kapital til det. F\u00e6rre enn en tredel av norske engleinvestorer kan f\u00f8lge opp, og de som ikke kan, eier en mindre del av vinnerselskapene n\u00e5r de selges.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Hvis du ikke kan bygge en stor nok portef\u00f8lje alene:<\/strong> Invester sammen med andre engleinvestorer. Gruppen kan bygge en bredere portef\u00f8lje med kapital ingen av medlemmene har alene, og dele arbeidet med \u00e5 vurdere muligheter.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Hvis du har bransjeerfaring:<\/strong> Bruk vurderingsevnen din der den har st\u00f8rst verdi. Erfaringen kan hjelpe deg \u00e5 skille en god investering fra en overbevisende pitch.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Pengene er bundet i mange \u00e5r<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Regn med \u00e5 eie aksjene lenge. Fem til sju \u00e5r kan v\u00e6re et utgangspunkt for planleggingen, men noen investeringer avsluttes tidligere, og andre varer mye lenger.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De gjennomsnittlige eiertidene i studiene ovenfor, 3,5 \u00e5r, 3,6 \u00e5r og 4,5 \u00e5r, gjelder investeringer som faktisk ble avsluttet. De mislykkede avsluttes raskest. Investeringene som gir avkastningen, tar derfor vesentlig lengre tid enn gjennomsnittet. Tallene beskriver de oppgitte amerikanske og britiske utvalgene, ikke en prognose for norsk eiertid.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I mellomtiden er pengene utilgjengelige. Det finnes knapt noe annenh\u00e5ndsmarked, et selskap som reinvesterer alt det tjener, betaler ikke utbytte, og ingen skylder deg penger p\u00e5 en bestemt dato. Invester bare penger du ikke vil trenge i denne perioden.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hvorfor gj\u00f8r engleinvestorer det likevel?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Engleinvestorer har flere grunner til \u00e5 investere, og ingen av dem garanterer avkastning. De fleste medlemmene nevner selve arbeidet f\u00f8rst.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong>Muligheten for avkastning.<\/strong><\/strong> Engleinvesteringer kan gi en annen avkastning enn b\u00f8rsnoterte aksjer og eiendom. Resultatet avhenger av hvordan det enkelte selskapet utvikler seg, og av exitene, ikke av markedet. Nedgangstider kan allikevel presse verdsettelsene og gj\u00f8r det vanskeligere \u00e5 selge.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>De f\u00e5 store vinnerne.<\/strong> Bygger du en portef\u00f8lje over flere \u00e5r med nok selskaper, har du en reell sjanse til \u00e5 f\u00e5 med et selskap som gir s\u00e5 stor avkastning at det betaler for alle de andre.<\/li>\n\n\n\n<li><strong><strong>Selve arbeidet.<\/strong><\/strong> Du f\u00e5r brukt erfaring som ellers kanskje ikke kommer til nytte. Du f\u00f8lger selskaper p\u00e5 n\u00e6rt hold mens de bygges, og samarbeider med folk som pr\u00f8ver \u00e5 f\u00e5 til noe utfordrende og givende.<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Engleinvestering er \u00e5 kj\u00f8pe aksjer i oppstartsselskaper for egne penger, og avkastningen m\u00e5 vurderes for hele portef\u00f8ljen, ikke selskap for selskap. Du kan f\u00e5 stor gevinst hvis du er heldig, men risikerer ogs\u00e5 \u00e5 tape alt du investerer.<\/p>","protected":false},"featured_media":7678,"template":"","meta":{"_tec_requires_first_save":true,"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"Angel investing: what the returns actually look like","_yoast_wpseo_metadesc":"What angel investing is, what a Norwegian angel puts in, and what published returns data shows: most positions fail and a small tail pays for the book.","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":" kl. ","_EventTimeRangeSeparator":"\u2013","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"_tribe_blocks_recurrence_rules":"","_tribe_blocks_recurrence_description":"","_tribe_blocks_recurrence_exclusions":"","kb_id":"INV-01","kb_level":"foundation","kb_standfirst":"Angel investing is buying equity in startups with your own money, and returns only make sense across a whole portfolio, not company by company. There is a chance of large gains if you are lucky, and a real risk of losing everything you invest.","kb_counterpart":"","kb_reviewer":"","kb_last_reviewed":"2026-09-02","kb_review_due":"2028-09-02","kb_norway":false,"kb_disclaimer":false,"kb_takeaways":["An angel puts personal capital into an unlisted company in exchange for shares. The holding is co-ownership, and there is no market to sell it in.","Of Norwegian limited companies founded in 2015, 66.7 per cent survived one year and 43.8 per cent survived five. The series covers every new company, from consultancies to caf\u00e9s.","In the best-known British and American studies of angel returns, 52\u201356% of exits returned less than the capital invested. These historical results describe those samples, rather than a Norwegian forecast.","The same studies show the top 7 to 9 per cent of exits producing 75 to 80 per cent of all returns. A small number of successful exits account for most portfolio returns.","Plan for a long holding period. Five to seven years is a planning assumption, not a minimum every investment will meet, and some holdings last much longer. Do not rely on finding a buyer when you need cash."],"kb_assets":[],"kb_assets_planned":[],"kb_related":["INV-02","INV-37","INV-43"],"kb_terms":[{"en":"business angel","no":"forretningsengel","slug":"forretningsengel"},{"en":"seed","no":"s\u00e5korn","slug":"sakorn"},{"en":"equity crowdfunding","no":"folkefinansiering","slug":"folkefinansiering"}],"kb_sources":[{"label":"SSB, Statistikkbanken table 10219 \u2014 new enterprises by survival, industry and legal form (series last updated 13 September 2022)","url":"https:\/\/www.ssb.no\/statbank\/table\/10219\/","accessed":"2026-09-03"},{"label":"CB Insights, startup failure post-mortem report (published 5 March 2026)","url":"https:\/\/www.cbinsights.com\/research\/report\/startup-failure-reasons-top\/","accessed":"2026-09-02"},{"label":"Wiltbank and Boeker, Returns to Angel Investors in Groups (Kauffman Foundation and ACEF, November 2007)","url":"https:\/\/www.angelcapitalassociation.org\/data\/Documents\/Resources\/AngelGroupResarch\/1d%20-%20Resources%20-%20Research\/6%20RSCH_-_ACEF_-_Returns_to_Angel_Investor_in_Groups.pdf","accessed":"2026-09-02"},{"label":"NESTA and BBAA, Siding with the Angels (May 2009)","url":"https:\/\/media.nesta.org.uk\/documents\/siding_with_the_angels.pdf","accessed":"2026-09-02"},{"label":"Angel Resource Institute 2016 angel returns study (Wiltbank), figures as reported by VentureSouth \u2014 ARI no longer hosts the report","url":"https:\/\/www.venturesouth.vc\/2016-5-20-3u3wdqmmhkcygzpnonoygks594kunk","accessed":"2026-09-03"},{"label":"EBAN Statistics Compendium 2024","url":"https:\/\/www.eban.org\/wp-content\/uploads\/2025\/12\/Stats-Compendium-2024.pdf","accessed":"2026-09-02"},{"label":"Menon Economics, Forretningsengler i Norge (publikasjon 15\/2010)","url":"https:\/\/www.menon.no\/wp-content\/uploads\/12f4494d01.pdf","accessed":"2026-09-02"},{"label":"NorBAN, Become an angel","url":"https:\/\/norban.no\/become-an-angel\/","accessed":"2026-09-02"},{"label":"NorBAN, How angels invest","url":"https:\/\/www.norban.no\/services\/get-funding\/how-angels-invest\/","accessed":"2026-09-07"}],"footnotes":"","rank_math_title":"","rank_math_description":"","rank_math_focus_keyword":"","_dpc-meta-title":"","_dpc-meta-description":"","_dpc-keyword":""},"kb_track":[50],"kb_pillar":[54],"kb_access":[52],"kb_level_tax":[71],"kb_norway_tax":[],"class_list":["post-6494","norban_kb","type-norban_kb","status-publish","has-post-thumbnail","hentry","kb-access-free"],"kb_reading_time":6,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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