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In the world · Entrepreneurship · 23 June 2026

Angel investment in Brazil rises to R$ 919 million in 2025

Anjos do Brasil survey: angel investment grew 4.2% in 2025, to R$ 919 million, but with fewer investors. What this tells those seeking capital.

bairogonzalez.com team, drawing on Bairo's story · Published

Angel investment in Brazil totaled R$ 919 million in 2025, up 4.2% from the previous year, according to the annual survey by Anjos do Brasil, released on June 23, 2026. The volume grew, but the number of investors fell 1%, to 8,044, and the average check rose to R$ 114,000. The total has not yet returned to its 2022 level.

What happened

An angel investor is an individual who puts their own money into a young company, usually a startup, in exchange for a future stake and, often, with mentoring on top. Anjos do Brasil, the organization that brings these investors together, publishes a snapshot of the sector every year.

The main figures from the 2026 survey, covering 2025:

  • R$ 919 million invested, up 4.2%;
  • 8,044 angel investors, down 1% from 2024;
  • R$ 114,000 in average investment per investor, versus R$ 109,000 the year before;
  • 21.1% women among investors, and 12.2% participation of people from underrepresented ethnic groups;
  • an expectation that investors will put in, on average, about 10% more in 2026.

For scale: in 2023, the sector totaled R$ 886 million, 10% below 2022, which puts the 2022 level at around R$ 985 million. 2025 is therefore a year of recovery, not a record.

Cassio Spina, president of Anjos do Brasil, pointed to high interest rates as the main brake. With fixed income paying well and with more favorable tax treatment for other investments, it is hard to attract new angels. The organization estimates that, to reach the United States' ratio relative to GDP, Brazil would need to move about R$ 7.5 billion a year, close to nine times the current volume.

Why it matters

For someone starting a startup, an angel is usually the money that arrives before any fund. The 2025 snapshot shows a market that is growing again, but concentrated among those who were already investing: fewer people, putting in a bit more. In practice, the door exists, but it is narrow, and whoever knocks on it needs to arrive with a tested idea, honest numbers and clarity about what they will do with the money.

The data also serve as a reminder that most Brazilian businesses will never receive angel investment, and do not need to. Outside capital is a tool for a specific kind of company, one that needs to grow fast. For most, the path is still paying customers, cash and growth on their own feet.

In Bairo's view

For Bairo Leandro Gonzalez Martinez, an investor looks first at the person and the story, and only then at the plan. It is a reading he formed over a trajectory with many noes: from banks that refused to integrate the solution he had built, from partners, from the market. Every no is the ground of a yes, and an investor's no usually carries the question the pitch has not yet answered.

In his reading, the worst way to seek capital is to seek it before proving anything. The Seventh Attempt Method proposes the opposite path: say the dream out loud, listen to twenty people who could pay before spending, and choose whom to build with before signing. None of this guarantees investment or money, and Bairo makes no such promise. It organizes what an angel is going to ask. His trajectory is in The founder.

Where this meets the ecosystem

Investment House, founded by Bairo, works on an idea close to angel investing: bringing people and real projects together through a network of business owners. The content about it is institutional and does not constitute an offer or an investment recommendation.

CLAIN, an orchestrator of AI agents, proposes to help founders organize their thesis, review numbers and prepare for the hard questions, with the decision always human.

Sources

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In the world: Entrepreneurship