WA4STEAM impact report puts its value at over €12 million since 2018

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WA4STEAM, an association of women business angels backing founders in science, technology, engineering, arts and maths, has published its first impact report. Using the Social Return on Investment method plus more than 90 interviews and surveys, it puts its socio-economic impact since its 2018 founding at over €12 million. The headline ratio: for every euro its members invested directly in early-stage start-ups, €3.78 million in all, the network says it creates €3.2 of value.

Start-ups and their founders account for €6.23 million, or 51.8%. That includes €1.13 million of induced R&D and close to €1 million for a "seal effect", the idea that the group's collective due diligence draws venture funds in as co-investors. It is not every day that someone puts a price on other people trusting your homework. Members themselves get €3.81 million (31.6%). That includes a net positive return of €2.24 million after losses, helped by exits from Innovamat, GoodGut and Emotion Research Lab, plus over €1 million in investor training and connections. The wider ecosystem and society get €2 million (16.6%).

The network was founded by 34 women under Regina Llopis. It had 170 active members in nine countries at the start of 2026, and more than 275 women have trained as tech investors through it. Since 2023 it has held the presidency of AEBAN, the Spanish association of business angel networks, through co-founder Marta Huidobro.