Armor Angels

What Armor Angels does

Armor Angels is a French non-profit association (loi 1901) founded in 2007 in Ploufragan, Brittany, operating as a regional Business Angel network. It pools the personal capital and sector expertise of approximately 40-50 volunteer members — active or retired business leaders from Côtes d'Armor and neighboring departments — to provide minority equity investments (up to 30% stakes, minimum €5,000 per member per deal) and hands-on advisory support to early-stage innovative startups. Investment decisions follow a structured process: project pre-selection by the Bureau, validation interviews with members, presentation to an Engagement Committee, and individual capital contribution. The association charges no fees to portfolio companies, generating revenue solely through €200 annual membership fees from active and associate members.

Armor Angels is not a technology company and does not build or sell products; its "product" is capital, mentorship, and network access. Its differentiation rests on the expertise of its volunteer members, the diversity of sectors they cover (biotech, medical devices, IT/digital, photonics, IoT, agritech, energy), and its integration into the regional Breton ecosystem through partnerships with Technopôle Anticipa, CCI Côtes d'Armor, France Angels (national federation), and the banking trio of Crédit Agricole des Côtes d'Armor, Banque Populaire de l'Ouest, and Arkéa Banque Privée.

Over its history, Armor Angels has deployed approximately €6.3M across 19-23 companies through ~40 funding rounds, generating 250+ jobs. Through Breizh Angels (regional coordination of four Breton BA networks created 2014) and labels from Breizh Up (€10M Brittany Region co-investment fund) and Angel Source (€20M national FPCI for seed-stage IT/digital), it has effectively doubled its investment capacity per deal. Notable portfolio companies include Hemarina (marine-derived oxygen carriers), ManRos Therapeutics (kinase inhibitors), Claripharm (FDA-cleared intimate care medical devices), Apizee (WebRTC communications), Yenista Optics (fiber optic test instruments, acquired Anritsu assets for €1M in 2009), and Saooti (wikiradio platform).

Name

Armor Angels

Legal name

Armor Angels

Website

https://armorangels.org

Company type

Private

Founded year

2007

Operating status

Operating

Short description

Armor Angels is a French non-profit Business Angel network founded in 2007 in Brittany, pooling ~50 volunteer members' capital and expertise to make minority equity investments and provide advisory support to early-stage innovative startups in Côtes d'Armor and neighboring departments.

Ownership category

akta.pro rank

Product category

Angel Investing / Venture Capital

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Angel investing
• Seed capital investment
• Business angel network
• Startup equity financing
• Venture capital

Headquarters

HQ city

Saint-brieuc

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Membership fees: Armor Angels generates revenue through annual membership fees of 200€ per member for active members and associate members (individuals or companies seeking to participate in association activities for relational or support purposes).

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Armor Angels is a Business Angel investment association that pools capital from approximately 40–50 volunteer business leaders to make minority equity investments (up to 30%) in seed-stage innovative startups in Brittany. The association provides both financial investment and ongoing advisory support through dedicated volunteer project referents, following a structured five-step process from project pre-selection through portfolio monitoring. It does not charge fees to portfolio companies and operates on an annual membership fee model.

Product overview

Armor Angels is a Business Angel network (association loi 1901) founded in 2007 in Brittany, France. It is not a technology product company but rather an angel investor network that provides minority capital investments and advisory support to young innovative companies. The organization has approximately 50 members who have invested nearly 6M€ in about 20 companies in the Côtes d'Armor department and neighboring areas. Services include financial investment, mentorship, business plan analysis, and access to a network of entrepreneurs, banks, and funding organizations. The organization operates a structured investment process including project pre-selection, analysis, engagement committee review, capital contribution, and ongoing portfolio monitoring.

Differentiator

Problem solved

Functional benefit

Products and services

• Minority Equity Seed Investment Minority equity stakes of up to 30% in early-stage innovative startups based in Brittany, provided by individual member capital contributions with a minimum ticket of 5,000€ per deal, following a structured pre-selection, validation, Engagement Committee and capital contribution process.
• Association Membership Annual membership in the Armor Angels association (active or associate) for individuals or companies, granting access to deal flow, due diligence, peer networks, co-investment opportunities, and tax advantages for angel investors, at 200€ per year.
• Portfolio Advisory and Project Referent Support Ongoing volunteer advisory and mentorship provided to portfolio companies by a dedicated project referent from among the membership, offering strategic guidance and networking without interfering in management.
• Breizh Angels Co-Investment Access Access for portfolio companies and members to co-investment rounds across the four Breton Business Angel networks (Armor Angels, Logoden, Finistère Angels, Bretagne Sud Angels) for funding rounds exceeding single-network capacity.

Quantifiable outcome

• 250+ jobs created in the local economy
• +2 more outcomes

Named customers12 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Chambre de Commerce et d'Industrie des Côtes d'ArmorcoreStrategic or Co-development PartnerRegional chamber of commerce and industry providing business support, networking, and referrals of entrepreneurs to Armor Angels.
• Technopôle AnticipacoreStrategic or Co-development PartnerTechnopole supporting creation and development of innovative companies in western Côtes d'Armor. Key partner for sourcing investment opportunities and providing startup support services.
• France AngelscoreStrategic or Co-development PartnerNational federation of Business Angels networks. Armor Angels is a member, providing national visibility and access to best practices.
• Breizh AngelscoreStrategic or Co-development PartnerRegional coordination of 4 Breton Business Angel networks (Armor Angels, Logoden, Finistère Angels, Bretagne Sud Angels) created in 2014. Enables co-investments across departments, with 230 BAs invested 21M€ by end of 2016.
• Union Patronale Interprofessionnelle d'ArmorminorStrategic or Co-development PartnerRegional employers' union supporting local economic development and Armor Angels initiatives.
• Côtes d'Armor DéveloppementminorStrategic or Co-development PartnerRegional development agency supporting Armor Angels' economic impact in the department.
• Saint-Brieuc Armor AgglomérationminorStrategic or Co-development PartnerLocal government authority supporting Armor Angels' activities and local economic development.
• Pôle EMC2minorStrategic or Co-development PartnerCompetitiveness cluster for manufacturing and industrial technologies, expanding into Brittany through an antenna. Supports innovation and collaborative projects for Breton companies.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Paris Business Angels: One of France's largest and longest-running business angel networks, based in Paris. Same association loi 1901 structure and France Angels federation membership, but operates at significantly greater scale and ticket size from a national deal-flow hub.
• France Angels: National federation of French business angel networks, of which Armor Angels is a member. Comparable as an aggregator/coordinator but operates as a federation rather than a deploying network; provides Armor Angels its national visibility and pipeline.

Emerging players

• WiSEED: French private equity and crowdfunding platform enabling retail investors to participate alongside business angels in seed rounds. Adjacent model to Armor Angels' network with partial overlap on early-stage French tech deal flow.
• Angels Santé: France's leading specialized business angel network in healthcare and life sciences. Comparable in stage (seed) and association structure, with sector overlap to Armor Angels' biotech/medtech portfolio (Hemarina, ManRos, Claripharm).

Direct peers

• Bretagne Sud Angels: Fellow Breton business angel network and co-founding member of Breizh Angels alongside Armor Angels. Directly comparable in structure (volunteer association loi 1901), regional focus (southern Brittany), and stage (seed-stage innovative companies).
• Investessor: Long-standing western-France business angel network (Pays de la Loire / Brittany perimeter). Comparable volunteer-based seed investor model with similar sector breadth; listed as a partner of Armor Angels.
• Finistère Angels: Breton business angel network covering Finistère department, also part of the Breizh Angels coordination. Operates the same volunteer association model with similar ticket sizes and sector breadth as Armor Angels.
• Logoden: Breton business angel network (Logoden collective, Morbihan) operating as part of the Breizh Angels coordination. Mirrors Armor Angels' volunteer-driven seed investment model in a neighboring department.
• Bretagne Angels 35: Ille-et-Vilaine–based Breton business angel network and Breizh Angels co-founding member. Closely comparable to Armor Angels in member structure, deal size, and regional seed-stage focus.

Others

• Breizh Up: €10M regional co-investment fund created by the Brittany Region in 2016 to match labeled business angel networks. Functions as a capital partner to Armor Angels (doubling deal capacity) rather than a competitor, but competes for Breton seed deal flow alongside Angel Source.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Armor Angels