During 2025, EstBAN saw three exits from angel syndicates (one public exit from Adact and two non-public), celebrated new partnerships, welcomed new fund members, took part in international study trips that strengthened Estonia’s standing in Europe’s startup-investing ecosystem, and appointed a new Managing Director. Over the year EstBAN hosted nine startup pitch events and initiated two major syndicate investments together with sTARTUp Day (into SafePAS and BrachyDOSE) and Latitude59 (into MarkeDroid). In total, EstBAN offered 55 direct investing opportunities via monthly pitches, public syndicate calls, and members’ direct offerings.
International perspective is always on the table
With 12% international members, EstBAN’s internal communication runs mostly in English. This year we strengthened ties with fellow BANs in the Baltics and joined or organized study trips to Latvia, Malta, Armenia, and Portugal. We also launched the first pan-Baltic angel syndicate call during the Latitude59 tech conference. In addition, EstBAN’s Managing Director Karin Künnapas represented the Estonian startup scene internationally, from Uruguay to Armenia and many countries in between.
Strong positioning in Estonia’s startup ecosystem
We aimed to be among the most active players in Estonia’s ecosystem. Together with EstVCA, Invest in Estonia and the Estonian Founders Society, we hosted a Season-End party and supported communication for the Estonian Startup Awards. All this is a reminder of the power of the community coming together. Twice this year EstBAN contributed to the Estonian Startup Ecosystem Annual Fireside Chat: first in January to recap 2024, and again in mid-December to reflect on 2025. For EstBAN, it is essential that early-stage angel investors, so critical in a startup’s first years, are visible in public discussion.
EstBAN network keeps evolving
We welcomed four new partner members: SEB, Triniti, Hedman Partners, and Accelerate Estonia, as well as three new fund members: Unmanned.VC, UniTartu Ventures, and Neer Ventures. At year-end we announced Jana Saastamoinen as EstBAN’s new Managing Director. She is already warming up and will fully step into the role after head-organizing sTARTUp Day 2026 at the end of January.
Initiatives that boosted angel investing awareness
- Connect2Scale New Angels Academy and Connect2Scale Mature Angels Academy raised the quality of angel-investing knowledge for both newcomers and experienced investors. Watch the training sessions online.
- The Female Angel Training Programme delivered high-quality training for future women angels. Today, women make up 11% of our membership, so there is meaningful work ahead. We trained 45 women with the help of industry professionals. 5 of them have become EstBAN members so far.
- Investor Talks opened our community members mindsets to each other: we interviewed members Paavo Siimann, Sandra Golbreich, Jan Lätt, Jana Budkovskaja, and Aleksander Tõnnisson.
- A new format, angel luncheons, gathered dozens of investors informally in Tallinn and Tartu.
The core: pitching and investing in 2025
- 55 direct investing opportunities were offered
- 40 startups pitched at our events
- 15 different syndicates were opened to members
- About one-third of Q1 and Q2 pitch teams raised funding from angels
- 144 startup decks were validated and introduced to members
Looking ahead
EstBAN board is currently made of 7 members: Lauri Antalainen (also a President), Mait Sooaru, Jan Lätt, Jana Budkovskaja, Olga Luštšik, Martin Goroško and Aleksander Tõnnisson serve as board members. Office team is currently four people: Karin Künnapas, Margret Kanniste, Annelis Rum and Jana Saastamoinen.
EstBAN will continue to support early-stage investing, educating investors and boost networking. The network’s efforts have lifted Estonia’s startup ecosystem and contributed to the broader European investment landscape.
