Abstract This study explores a novel organisational model in entrepreneurial finance: Business Angel Platforms. Recent developments such as the growth of collective angel investment models, the expansion of equity crowdfunding, and the acceleration of digitalisation have transformed how business angels operate. Building on the activity system framework and a comparative multiple case study design, we identify five design elements and two design themes that characterise the structure and functioning of Business Angel Platforms. These platforms represent an innovative organisational model that combines the selectivity and relational depth of traditional angel groups with the scalability and standardisation typical of digital platforms. The findings show how Business Angel Platforms can reduce barriers to entry for new angel investors and support cross-border participation in angel investing. More broadly, the study suggests that conceptualising angel investing solely as a geographically bound and in-person activity may no longer be sufficient. This study contributes to the literature on entrepreneurial finance, digital platforms, and organisational design by positioning Business Angel Platforms as emerging digital investment infrastructures. It also offers practical insights for investors, entrepreneurs, and policymakers by showing how these platforms structure and coordinate investment processes, foster community building, and support digitally enabled innovations.
Viglialoro et al. (Tue,) studied this question.