Transylvania Angels Network

T.A.N. 2022 Review | Goals for 2023

T.A.N. 2022 Review | Goals for 2023

As we look ahead to the new year, it’s important to reflect on the lessons we’ve learned and the progress we’ve made, and to set our sights on growing and learning even more in 2023! 

From global pandemics to political upheaval to unprecedented inflation, it’s been a year like no other. Despite these challenges T.A.N. was able to host 13 successful meetups, reach our 70 member goal, engage with 86 startups and be involved in 7 investments.

These numbers are a testament to our team’s hard work and the support of our members. 


13 Meetups

A bright spot was the success of our meetups. We were able to host a total of 13 meetups, which brought together in average 30 members and guests at each event. Almost all of the meetups were hosted in hybrid mode and besides the investment opportunities, the gatherings provided a space for people to connect and network live.

The success of our meetups was a testament to the value of community. People were eager to come together, learn from one another, and be a part of something bigger than themselves, all while evaluating angel investment opportunities.

Transylvania Angels Network meetup Cluj
Transylvania Angels Network meetup Fortech Investments
Transylvania Angels Network meetup Cluj Cluj Hub
Transylvania Angels Network meetup
Transylvania Angels Network meetup Cluj Silicon Forest
Transylvania Angels Network meetup
Transylvania Angels Network meetup Cluj Cluj Hub
Transylvania Angels Network meetup

35 Investible Startups

We had 35 interesting startups presenting, giving them the opportunity to pitch their projects to our members and guests. Most of the startups that pitched were at the pre-seed stage and it was exciting to share their enthusiasm as well as to examine the potential for growth and success.

86 Startups Reviewed/analyzed

Overall we had the pleasure to meet and discuss potential investments with 86 startups. These discussions were wide-ranging and covered a variety of topics, including: product/service, market size, team make-up with roles and responsibilities, types of traction, growth potential, investment options, possible partnerships and mentorship.

For many of the startups we spoke with, these discussions were a valuable opportunity for the founders and teams to receive feedback and guidance for them to further develop their vision.

Regardless of our assessments of their potential for investment or future success,  by supporting and investing our time with these startups and team members, we want to foster innovation and drive positive change in Romania.

70+ Members in the Network!

We are pleased that we reached our goal of 70 members! Through efforts to engage and connect with people in our community, we were able to attract and retain a diverse group of members who share our vision and values.

As we look ahead to 2023, we are committed to growing and strengthening our investment community, reaching 120 members into the network. Thank you to all of our members for your support and contributions, and here’s to a bright future together!


Transylvania Angels Network dinner

Ecosystem Involvment

Transylvania Angels Network meetup at How to Web

Our members were involved in a number of exciting ecosystem projects and events this year. 

In April we were involved in the ROStartup Initiative, which seeks to foster a supportive ecosystem for startups in Romania.T.A.N. members joined the event to brainstorm and support their goal of providing pragmatic ideas to the government on the measures that could be taken to improve the ecosystem and angel investments. A whitepaper was delivered to the government after the event.

We were also involved in Techsylvania – one of the premier tech events in CEE, bringing world renowned entrepreneurs to Cluj from around the globe. T.A.N. participated for the 2nd year in a row by hosting a satellite event, with international speakers and guests. 

Another important event was the How to Web conference, which brought together some of the most innovative and influential leaders in the tech ecosystem. T.A.N. was involved in the selection process for the grand prize winner, which received an investment of 350,000 euro.We were impressed by the high quality and variety of the startups that applied for the prize and pitched at the event; it was not an easy task to select the winner, Licenseware.

Transylvania Angels Network meetup at How to Web
Transylvania Angels Network meetup at ROstartup
Transylvania Angels Network at ROstartup


One of the main goals of the Transylvania Angels Network group is to support angel investment education. We believe that knowledge is power, and that by providing access to information and resources, we can help our members make informed and strategic investment decisions.

To further this goal, we hosted educational angel investment webinars in 2022. Members gained insights into the process and strategies used by venture capitalists and angels. Among the topics were: how to evaluate and invest in startups, how venture capitalists work with their Limited Partners and their investments and what investing vehicles are most commonly used when investing in a startup. These webinars provided valuable insights and information and we were pleased to see such strong positive feedback from our members who attended. 

We plan to host more educational webinars in 2023 to continue supporting the growth and development of our members as angel investors. Overall, we believe that supporting angel investment education is crucial for the success and sustainability of the startup ecosystem, and we are committed to playing a role in this effort.


In 2022, we took a good step forward in streamlining our operations by creating a Catalog Resource for our T.A.N. members. This will allow our members to easily share their skills and services with the startups that we weekly discuss with, helping them to accelerate their growth.

We also made it a priority to improve the experience for our new members by creating an Onboarding Kit that provides them with all the information and resources they need to get started with us. This has helped to increase participation in the meetups and also connection between the members.

Lastly, T.A.N has introduced SPV creation as a service. This service is dedicated to T.A.N. investors empowering them to invest in a diversified portfolio of startups, lowering risk and costs, while hopefully increasing potential return. It provides the members with assistance in their investment management and regular reporting, as well as more flexibility and control over their investments.

In addition to those improvements, at the start of 2023 we will bring a new colleague into our administrative team. This will further increase our ability to efficiently manage the day to day operations.

In this new year we plan to introduce another benefit; access to all of the startups that we evaluate. This will give our members the ability to thoroughly review and evaluate potential investments that don’t get past the T.A.N. board’s filter to present at meetups.


Despite the fact that the past year has been marked by many challenges and uncertainties, which affected the investment landscape, T.A.N. members carefully chose to make some wise investments this year. They represent the strategic approach that our members take towards investing, especially during these uncertain times.

Overall, we believe that the focus on quality over quantity has helped our members to make wise investment decisions. We look forward to building on this foundation each year.

Licensewareenabling companies reduce the costs, risks, and complexity associated with software license management

Voxaa paid streaming service for audio books and ebooks, with Romanian and English content

Telios – the largest telemedicine company in Romania which delivers comprehensive, quality healthcare services to the clients of their B2B clients

StageMethey empower online shops to deliver eCommerce video live streaming (main growth factor in the eCommerce space worldwide, recently adopted by AliBaba and Amazon)

Footprintsby using artificial intelligence and algorithmic automation it offers offline retail companies the possibility of converting anonymous traffic into profitable ones. 

Codewell.aicreate digital employees that automate entire departments and take the customer experience to a whole new level.

Bookr  an app which allows clients to discover salons, groomers and stylists nearby and book appointments directly from their calendars

Goals for 2023

Increase the number of our members to 120; we plan to do this by actively recruiting new potential members using personal connections as well as various online channels. 

Host more educational events; we aim to provide one relevant topic each quarter.

Expand the group's reach; we will continue to network with other angel groups and venture capital firms to increase the pool of potential investment opportunities.

Increase the group's visibility; we will build a strong online presence and participate in industry events to help the ecosystem while we increase the group's visibility, attracting new members and investment opportunities.

Increase the group's international reach; we consider joining international angel investment groups to connect, learn and to apply good practices within our network.

2021 year in review for T.A.N. and goals for 2022

2021 year in review for T.A.N. and goals for 2022


In 2018 a new local network of investors was created in Cluj-Napoca, Romania. Fast forward three years, our group contributed with investments of approximately 2 million euro in startups from telemedicine to agritech. 

We started with a clear aim to facilitate deals between angel investors and early stage startups, with each investor individually deciding their participation in each funding round. 

During this period we noticed that, besides funding, startups need support programs, business advisory and strategic partnerships. Also, investors need support in investing and collaborating with startups. Through this network, we aim to offer all of these valuable resources.

Our community of angel investors almost doubled this year! Currently, there are 40 angel investors and business people that can do more than just investing money into a startup.

Behind this growth there is a team of 6 people that work, meet, argue, vote, laugh, learn and contribute, as best as they can, to the growth of both the organization and the overall Romanian startup ecosystem. 

Transylvania Angels Network is a project of Cluj Startups (NGO aiming to help the startup ecosystem grow). Together our network and the other projects and activities in the organization (Cluj Startups Pre-accelerator, Upster Startup Conference, “Startup House” i.e. our startup club, meetups and other events and programs) work synergically together to reach our goal of meeting the investment needs both from an investor and from a startup perspective.

So, what did this year look like? 

  •  12 meetups

This means a meetup a month, where 3 startup founders pitch (in english) to our investors. For many of the founders this pitch was a turning point – either they received valuable feedback regarding their valuation and business ideas in general, or feedback and funding. The smallest individual investment ticket was 2.500 euro from one member and the highest contribution by one of our members was 25.000 euro.


  • 29 Startups that pitched

This year we have talked with a total of 86 startups that expressed their desire to pitch for investment. From telemedicine to agritech we had startups that had a great tech team but lacked the marketing and sales expertise; other startups had a great product but a weak business model. And also some of them were at the MVP stage while others already had found paying clients. Nevertheless no matter the stage of the startup, we will always appreciate the founders that want to take their startup to the next level by presenting the opportunity to investors.


  • 7 startups Invested (or in progress) including 2 of them which were follow-on investment rounds

They say that 7 is a lucky number and we can confirm it! Our investment group contributed with investments that totaled over 1.3 million euro during 2021. In some of them T.A.N. was the lead investor, others already had a lead investor and two of them raised their second round of investment from us. 

Here are the startups that triggered our members to invested in:

  1. Telios (2021) – founded by Philip Choban and is one of the earliest telemedicine companies in Romania. They brought over 25 years of experience in remote health care services from the United States. Their vision is to innovate health care services in Romania through technology and telemedicine solutions aimed at improving the experience of beneficiaries.

This is our second investment in Telios and we appreciated the strong growth in the use of services as a number of customers, the maturity of the management team and the future prospects for partnerships and expansion. This investment was led by T.A.N. and with the contribution of the other angel investment groups, like Fortech Investments, Growceanu and TechAngels, we managed to raise together 800K euro

  1. Metabetaportfolio management software for early-stage investors, accelerators, angels, and venture capital firms founded by experienced founders in the startups world. Our members saw a great value in the team and contributed 25K euro for the startup’s growth.

  2. IFactoran innovative online alternative financing solution for SMEs, bringing together small and medium-sized companies interested in financing their accounts receivable amounts, with investors and banks looking to diversify their asset portfolio through low-risk investments. 60K euro is the sum that our members invested based on the team expertise and dedication.

  3. AIVAa deep-tech startup bringing A.I. solutions which help clients monetize their CCTV infrastructure by: increasing sales, decreasing costs and unlocking data that is collected but never used.

Enterprises like retail chains, commercial spaces and public spaces spend hundreds of thousands of euros in setting up CCTV infrastructure that monitors and records data 24×7. However, less than 0.01% of this data is used by these enterprises. AiVA unlocks the potential of this data by plugging into existing infrastructure and helping clients monetize this by increasing sales and/or reducing costs and theft. 

This is the second time, T.A.N. members invested in AIVA and along with other investment groups, we managed to commit 200K euro.

  1. CBN Agrotechoffers smart solutions and technologies satisfying tangible needs for the agriculture sector, in the post-harvest niche. They increase value to all stakeholders from harvest to food processors, with 24/7/365 monitoring, remote management and instant alerts from storage silos and various transport modes. The expertise of the team and evolution of this startup’s revenue, were positive signs for an investment. There is a considerable sum committed investment from our members, along with other investors (soon to be disclosed).

  2. StageMe –  with their platform, clients can add influencer live streaming events to their e-commerce portals. This brings benefits including; increasing customer engagement, loyalty and sales by integrating this new marketing channel: influencer live streaming events. For this startup our members committed to invest 20K euro.

  3. Syphera software platform that manages how businesses collect, organize and review the information needed to assess, document, and maintain GDPR and other regulatory compliance needs. They already have clients, including one very large group of companies that is also investing in them. Two of our members see the same potential in this opportunity as that client and are investing 10K euro.

We’re grateful to Fortech Investments, Growceanu and TechAngels for their collaboration with T.A.N. during this year. 

Several of the above investments would have not been possible without the collaboration with the other angel investor groups in Romania. We are glad that we increased our investments together and look forward to more in 2022! 

In this way the ecosystem is growing and more quality startups with local products and services will be available on the Romanian market, and beyond. 

Also besides funding, we are happy that our members participated in hackathons and other events / webinars where they had the opportunity to mentor “early stage” startup founders and help them with valuable feedback and connections. 


  • 1 New Team Member

This is the last year in review number and we are glad to introduce Adrian Suteu as our newest team member in the role of Operational Manager. Him joining the management team is a sign of our growth and desire to continue the professional structure of our organization. His role is to handle the day to day operations of T.A.N. Adrian is also a marketing specialist. He’s also a startup, stocks, crypto investor and likes reading and rock climbing (hobbies in antithesis). Feel free to connect with him on Linkedin.


2022 GOALS


They say that not making a plan for your success is like making a plan for your failure. Like a sniper, in 2022, we aim to:


Reach 70 active members


Sounds like a small number but it’s not. Most Romanian investors like to play it safe (investment funds, government bonds, real estate) and that’s understandable. When we invest in a startup, we invest in the energy, time and desire of a group of people that really believe in their solution and the risk is much higher than other types of investments. 

Most of the startup founders are looking for smart money – investors that also bring their industry expertise and contacts to the startup. That’s why we are searching for investors that bring to the table their knowledge and energy to help the startup they invest in. We are looking for people with the desire to learn about startup investments, their markets, their risks and their opportunities; while also being open to ideas that seem “impossible to implement in Romania, or grow internationally”. 


  • Improve Communication and Deal Flows

Just like in a relationship, problems will appear. The only thing we can do is to adapt and make the best of it. Crisis (for example the chip crisis), pandemics or government laws will always knock on our door and can interrupt our work. We know that communication is the key and we plan to do it better.

We will continue to search for early stage opportunities as well as later stage ones with some traction. With our connections to the Romanian ecosystem we will continue to work hard to find the most interesting opportunities for investment.


  • Provide monthly quality educational/networking events for active members

By networking with the right people, you can reach your goals faster. From time to time we organize dinners and other events with the members. They are a great opportunity for everybody to get to know each other live or online and share some ideas. We plan to do it more often. We know that context is everything and by providing the right context we are sure that some unexpected partnerships will arise. 

Education is a key pillar in our activity and we will continue to provide different webinars and educational programs for our members. To date we have had webinars topics on various subjects, including: term sheets, pitch deck analysis, collaboration with venture funds.

In the past year we have grown once again compared to 2020. Our members have committed to investing in 7 startups, we’ve hosted 12 meetups (almost 1 per month), 29 startups pitched and much more are in the pipeline. We have also managed to pass the 1 milion EUR mark in investments (direct and in partnerships), which is a huge achievement!

This year more than 40 people put their trust in us and joined us as members. Internally we grew as well – our board team is 6 strong. We also had the pleasure of having Adrian Suteu join us as operations manager and make sure all things come together. In 2022 we aim to get closer to the 100 members target, consolidate our internal team and align our processes to enable us to grow even further. 

We have seen increased collaboration with other angel investment groups like Fortech Investments, Growceanu and TechAngels and others. In 2022 we aim to continue and build on those partnerships both inside and outside Romania.

Being a project of the Cluj Startups NGO, we have continued our efforts of helping and supporting the ecosystem through our dedicated programs, mentoring, our network as well as continuing to collaborate with other organizations across the board. We at T.A.N. are focused on offering both investment opportunities to our members, but also help the startups get the feedback and support that they need, and of course those that are also ready for funding. – says Calin Sipos, board member of T.A.N. and president of Cluj Startups.


New years resolution for members and future members


Do you know that feeling when you had a startup idea, did nothing and a year later somebody else implemented it? Now think about how it will feel to have the opportunity to be a part of the business idea that you help to succeed. 

Getting to this point of the article means that you have interest for more than “the safe” investments. 2022 is right around the corner and maybe it’s time to see what other opportunities are available with higher risks and the potential for much higher returns. 

By joining T.A.N. you will have the opportunity to:


  • Expand your network and connections

They say we are 5 contacts away from anybody in the world. Who would you like to meet and didn’t have the chance to be introduced to? 


  • Diversify your investment portfolio

Never keep all your assets in one basket. It doesn’t matter if we talk about real estate, investment funds or crypto. Diversify your assets just like you diversify your diet.


  • Education on startup investment topics

Rule no. 1 of investment is to always be informed and educated. Rule no. 2 is to not forget rule no. 1. 


  • Getting support in the investment process

Everything looks easy until you have to work through the processes and create the paperwork. Sure, lawyers can do it but will you understand it? 


  • Being informed about the startup ecosystem 

The ecosystem is growing and it’s hard to keep up with all of the startups. It’s more time consuming to find the best opportunities for your investment parameters. An investor’s job is to say “No”, most of the time; only an informed investor will know when to say “Yes”. 


  • Share your expertise

The people are the most valuable asset that T.A.N. has. We are grateful for the chance to learn from all of their expertise and experience. 

If at least one of the above items spiked your interest, then fill out the form and we’ll arrange for a discussion about becoming a member.


New years resolution for founders and future founders


A new year is coming and maybe some new dreams will be born inside your mind. Some will say that it’s impossible, others will say that it’s foolish and a few will say just start it! 

Dare to dream, have the courage to start and work EVERY single day for what you want. With every small step you will be closer to your desire. 

Don’t forget to educate yourself and…

Ask for help when you need it. Many people took this road before you and it’s smartest to learn from their mistakes. They will gladly share their insights and give you advice (everybody loves to give advice) but only if you ask for it.

We are here to listen to you and help you with whatever we can. Why? Because it’s all about people, learning and enjoying the process!

But first, start with a dream, or even better a plan!

P.S In this article you can find the whole process of how you can communicate with us. We kindly ask you to read it before applying to us.

Questions? ->

Cluj based startup, TULLY, wins the EIT Health InnoStars Awards 2021!

After 4 months of mentorship, trainings and two bootcamps, a number of 10 startups competed with each other in the grand finale of EIT Health InnoStars Awards 2021.

TULLY, a startup that created a wearable device that monitors physiological indicators to help children learn how to control themselves and cope with emotional flares and diminished attention problems, won the big prize of 25.000 euro.

“We’re really happy to get this confirmation that we’re on the right track. We have been working on TULLY for several years now, and this year has been quite eventful. Besides the InnoStars Awards we participated in several programs aimed at AI/ML implementation (BOWI and Techstars Advancing AI) and on improving the social impact (Innovators for Children). We managed during 2021 to develop the final, commercial version of our device, with improved processing and communication features and machine learning-based algorithm and ran a technology validation experiment on it, working with 20 children and several psychologists. We are also in course of finalizing the preparations for a Kickstarter crowdfunding campaign that will be launched by the end the year.” said Marius co-founder and CEO of Tully.

TULLY’s device warns the wearer when an emotional rash is about to happen. The bracelets sensors monitors the level of agitation and stress of the wearer and through several relaxation exercises, the TULLY device can guide the wearer to return to a calm state. Also the bracelet is  improving the therapist’s visibility on his patient emotional evolution and therapy efficiency.

Creating a full range of automated psychological support for sensory integration disorders, (conditions like depression, anxiety, autism or ADHD) is the ultimate vision of the startup.

“I’m very happy for Marius, Adina and the entire Tully team! This award is recognition of their innovative product for helping children, parents and their doctors. As part of the investment team I have been humbled by the perseverance and drive exhibited by this team. For several years now they have shown a strong sense of their mission and remain focused on achieving success for the sake of their clients” said Emmett King, investor in Tully and cofounder of Transylvania Angels Network.

The aim of the EIT Health InnoStars Awards program is to support start-ups from progressing EU regions and help them speed up the time-to-market of their product or service. They work with entrepreneurs, start-ups and SMEs to shorten the time-to-market for life-changing products and services. Their Accelerator catalyses new business growth to deliver transformative products and services.