Business Angels (BAs) have an important role in financing and developing entrepreneurial businesses. Research has nevertheless highlighted the difficulties BAs face in finding suitable entrepreneurial businesses, which led to the creation and spread of Business Angel Networks (BANs) to connect BAs and entrepreneurs. Consequently, many BANs have emerged worldwide, marking a major development in the market for entrepreneurial finance. However, researchers debate whether BANs significantly benefit BAs. This research analyses the role of BANs and evidences their effect on BAs' investment activities. Using qualitative data collected through interviewing 30 BAs, this research shows that BANs are contributing to financing entrepreneurial businesses and increasing BAs’ investments. BANs help develop the angel market by making it visible and regulatable. Furthermore, the research identified a typology of BAs based on their investment activities. Beginner BAs wishing to increase their investments joined BANs to access deals and enlarge their social networks. In contrast, beginner BAs with limited investment interests preferred not joining BANs but investing through their strong ties instead. Active BAs who avoided joining BANs used their experience and extensive networks to offset the benefits of BANs membership. In contrast, active BAs who joined BANs served the community by supporting entrepreneurs and beginner BAs while increasing their deal flow and expanding their social networks. This identified typology of BAs can guide the type of BAs that BANs should target for membership. This research contributes to theory by showing that social network theory helps explain BAs' investment activities and desire to join or avoid BANs in a developing economy with weak supportive institutions.