Members of the Estonian Business Angels Network (EstBAN) invested a total of 14.1 million euros into startups in 2025, remaining at a similar level to previous years. Over the past four years, annual investment volumes have ranged between 13 and 16 million euros. Of this amount, 2.3 million euros were invested directly and through angel syndicates in 2025, while 11.8 million euros were invested via venture capital funds.
According to EstBAN President Lauri Antalainen, the past three years have been relatively similar for angel investors. “In 2020 and 2021 investment activity was at record levels. Today, many investors are waiting for the results of earlier investments, which would release capital for new startup deals. For EstBAN members, last year was exceptionally successful. Three of our syndicate investments exited, and participating investors achieved multiple returns,” Antalainen said.
Investors Are Looking for Strong Leadership
EstBAN Managing Director Jana Saastamoinen notes a growing trend among angels to invest together and in a more passive role. “A large share of angel investors now invest through syndicates and increasingly also through venture capital funds. This helps reduce the risk of individual decisions. As a result, we are placing more focus on training lead investors and strengthening the investor community,” she explained.
Syndicate investing allows investors to participate with tickets of just a few thousand euros, while investing through a VC fund requires significantly larger commitments. “In Estonia we have both new angels who are still building their portfolios and experienced investors who invest hundreds of thousands independently. We also see a new generation of angel investors emerging, along with a growing share of women investors. Our role in educating and supporting different types of investors is therefore significant,” Saastamoinen added.
Fewer Deals, but Active Investment in Estonia and Nearby Markets
Angel investors remain broadly interested across sectors, with a primary focus on seed and early-stage companies that typically raise between one hundred thousand and one million euros.
In 2025, investors reported 247 deals, compared to 311 the year before, and named 109 startups they invested in, compared to 158 in 2024. The most frequently mentioned companies included SafePAS, BrachyDOSE, MarkeDroid, Bolt, Nanordica Medical and Lightcode Photonics.
The most popular sectors were deep and space technologies at 15 percent, health and wellbeing solutions at 14 percent, fintech at 11 percent, business and HR software at 10 percent, and industrial technologies at 9 percent. Three percent of angels invested in defence innovation. Based on the survey, 49 percent of investors invested in Estonian startups, while 22 percent of capital went into neighbouring markets in the Baltics and Scandinavia.
Risk and Returns Vary Widely
Of the 93 investors who responded to the EstBAN survey, 63 percent plan to continue investing in 2026. The most common individual angel ticket sizes range between 2,500 and 50,000 euros.
Angel investing carries high risk and returns vary significantly. In 2025, some investors lost their entire investment due to startup bankruptcies, while others achieved returns of seven to eight times their original investment. Experienced angels recommend keeping startup investments at around ten percent of a total portfolio and making at least 10 to 20 investments over several years.
At the end of 2025, EstBAN had 202 individual angel investor members. Members consider the network’s strongest value to be high-quality deal flow, syndicate opportunities, investor training and a strong community. The results confirm that Estonian angels remain an important source of capital for the startup sector and play a central role in company growth from the earliest stages.
