Angel investing in 2025: Fireside chat with Cosmin Curticapean

The game has changed, fundraising in 2025 isn’t what it used to be. Today, investors are more cautious, and more selective than ever. During our Scale Smart: Founder Meetup hosted in partnership with Hubspot, our CEO Andrei Dudoiu had a fireside chat with Cosmin Curticapean, VP & Board member Tech Angels Romania. Cosmin shared what today’s investors expect from founders - offering not just investor insights, but also the perspective of a fellow founder, as the CEO and Cofounder of Lendox.

If you’re a startup looking to raise, it’s worth listening closely because he shared honest, straight-up advice on what really moves the needle:

Know who you are pitching.

One of the first things Cosmin emphasized: Investors aren’t one-size-fits-all. 

“Not every investor is investing in <anything>.” he explained. Each has a unique investment thesis, area of focus, and comfort level with risk. Too often, founders waste time pitching to the wrong people​. Instead, he recommends doing a bit of reverse engineering, figuring out what kind of investor would genuinely be interested in your startup and why. Sending out 100 cold pitches without alignment is a losing game. Match your pitch to the right investor, not the other way around.

Technology alone isn’t enough. Provide real value.

The world is now flooded with tech solutions. Thanks to AI and no-code tools, building an MVP is no longer impressive on its own. Cosmin signals a difficult reality: “Programming became a commodity”​. What actually stands out? Real customer value. Founders often spend too much time highlighting their tech and not enough explaining how it truly solves a problem or makes someone’s life better. If users won’t pay for what you’ve built, it’s not a business, it’s just a project. Last but not least. AI is not the hype. Using AI as a buzzword doesn’t automatically make your startup innovative or investable. Investors are now looking at how your AI use case holds up in a rapidly evolving tech landscape, not just that you're using it​.

Common pitching mistakes and how to avoid them.

When it comes to pitching, Cosmin has seen it all, and not in a good way. Slides packed with text and jargon, or founders reading directly from their decks are all too common. His advice? Keep it simple. "If your grandma can’t understand your pitch, it’s too complicated"​. The goal of a pitch isn’t to explain every detail, it’s to hook the investor. You want them curious enough to ask for a follow-up meeting, not zoning out halfway through your demo. He also emphasized the difference between a pitch and a pitch deck. The pitch is your three-minute chance to grab attention. The deck is what you send after to dive deeper. Don’t mix them up.

Why do you need angel investors?

With crowdfunding, accelerators, and VC firms everywhere, it might seem like angel investors are losing relevance. But Cosmin says they’re more important than ever, especially the right ones. Dedicated angels bring more than capital. They help with product-market fit, customer understanding, and even help companies pivot in the right direction. That kind of guidance can be critical in the early days when the direction is still fluid. He also advocated for founders to consider using crowdfunding not just for capital, but as a validation and a feedback tool that forces you to refine your story and value prop​.

Fundraising trends in 2025.

Here’s what Cosmin noticed is really happening on the fundraising scene for early-stage startups in 2025:

• Higher expectations: Even at the pre-seed level, traction is expected. MVPs alone don’t impress anymore​.
• Investor fatigue: With tighter economies, only 10–30% of the investment appetite from a few years ago still exists​.
• Fear of obsolescence: AI is moving so fast, investors are constantly questioning whether your product will even be relevant six months from now​.

Startups now have to balance more proof with less patience from investors. Cosmin also pointed out that if you're raising outside your home market (say, Eastern Europe trying to raise in the UK), having a local presence is critical. Investors need to understand your market, and that’s hard if you're remote and unfamiliar​.

Key takeaways - what you should focus on?

So what should today’s startup founders take away from all this? Here are Cosmin’s core things to remember:

• Know your investor: Do your homework. Target the right people with the right message.
• Simplify your pitch: Make it clear, engaging, and understandable by anyone.
• Deliver real value: Don’t just build tech, solve real problems. And prove that people want what you’ve built.
• Show commitment: If your startup is a side project, don’t expect serious funding.
• Work with smart angels: The best ones will guide you, not just fund you.
• Stay in R&D mode: Technology and markets evolve fast. Keep refining your product and value prop.

Get in touch with Cosmin - connect on LinkedIn.