Limousin Business Angels

Individual angel members make their own investment decisions. The network does not operate a centralized investment committee. Patricia Rivalier, as animator, screens and presents opportunities to the membership, but each angel decides independently whether to participate in a given deal. SIBAL, the network's pooled investment vehicle led by Roger Prieur, may have its own decision process, but specific governance details are not publicly disclosed.

The network sources primarily from regional entrepreneurs, incubators, and local economic development agencies in the Limousin area. Membership in France Angels provides access to national deal-sharing platforms, and LBA's affiliation with EBAN opens cross-border co-investment opportunities. Frequent co-investment partners include Limousin Participations and Dynalim, both regional vehicles with overlapping geographic mandates.

SIBAL stands for Société d'Investissement des Business Angels du Limousin. It functions as an investment company that pools capital from members of the Limousin Business Angels network, enabling collective commitments to startups. Roger Prieur serves as its president. This dual structure — a loose angel network alongside a formalized investment vehicle — is a common pattern in French regional angel groups seeking to streamline larger or more complex transactions.

The network's primary mandate is regional, and most portfolio interest concentrates on startups with a presence in or connection to the Limousin area. However, as a member of both France Angels and EBAN, LBA can participate in deals outside its home territory, especially when co-investing with other accredited networks. No explicit geographic restriction is stated in public materials.

The network focuses on early-stage companies, specifically seed and start-up phases. Typical investments provide first or second institutional capital to companies that have moved beyond the idea stage but lack the revenue history to access venture capital funds. Ticket sizes are typical of regional French angel activity, generally in the range of tens of thousands to a few hundred thousand euros.

The network maintains a generalist investment posture and does not publish a formal exclusion list. Given the economic composition of the Limousin region — which includes agricultural technology, light manufacturing, tourism, and services — deal flow likely skews toward traditional economy and local innovation rather than speculative technology sectors. No sector-specific prohibitions have been publicly stated.

Limousin Business Angels is accredited by France Angels, the national federation that sets governance, ethical, and operational standards for angel networks in France. Accreditation requires adherence to a charter covering transparency, investor education, and deal documentation. SIBAL operates as a separate investment company and would be subject to French corporate and financial regulations appropriate to its legal form, though specific regulatory filings are not publicly available.