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Keely Deininger started her business, Angel's Face, in 2007 with an investment from a colleague.

Cedric Sellin, a Paris-based business angel, reckons that locals are too scared of venturing abroad early.

“The precise statistics are hard to come by as angels are often discreet about their investments,” said Mark Hon, chairman of Singapore-based Business Angel Network Southeast Asia, which has grown to 48 accredited investors from 40 last year.

Trillenium has raised 335,000 pounds so far from Seedrs as well as two business angel investors.

“In Tel Aviv the level at which a VC or business angel will enter a funding round is constantly increasing,” adds Kagan.