This thesis aims at understanding the presence and the impact of Business Angels in the Italian ecosystem. In the first part, a literature analysis was performed, investigating the importance and the different types of Business Angels, categorizing them according to their investment experience as Business Angels, the additional services they provide to the investees and the type of firms they invest in. Furthermore, the appearance of forms of aggregation of Angels such as Business Angels Groups, Networks and Platforms and the investment process of the Angels were further explored. Additionally, throughout all the thesis, particular attention was paid to Impact investing and a deep dive on Impact-oriented and Hybrid Angels has been carried out.