Annual Reviews

Annual review 2022

We proudly present the annual review of Estonian Business Angels Network’s activities. EstBAN has increased to a network of 282 members by the end of 2022 who invested a total of €13.36 million in with over 446 deals. All in all EstBAN investors invested more than €8.25M euros into startups through direct or syndicated angel investments and 4.89M via funds. More details on the results of EstBAN year from EstBAN 2022 review!

Annual review 2021

We proudly present the annual review of Estonian Business Angels Network’s activities. EstBAN has increased to a network of 250 members in 2021 who invested a total of €29.8 million altogether, with €13.5M as direct or syndicated angel investments. in 752 investments in total. More details on the results of EstBAN year from EstBAN 2021 review on the right. 

In 2020 EstBAN investors invested €11.2M

We proudly present the annual review of Estonian Business Angels Network’s activities. EstBAN has increased to a network of 165 members in 2020 who invested a total of €11.2 million as angel investors in with 421 deals. All in all EstBAN investors invested more than €11M euros into startups through funds, family offices or angel syndicates.

Download the results of EstBAN year from EstBAN 2020 review can be seen here.

Estonian Business Angels Networks collects data from our members annually since 2013 to have an overview of the investment trends, capability and also to get a picture of the available funding.

EstBAN 2019 annual review

By 2019 EstBAN has increased to a network of 147 members who invested a total of €9.28 million as angel investors in with over 240 deals within 2019. All in all EstBAN investors invested more than €71M euros into startups through funds, family offices or angel syndicates.

If you wish to see the infographic in PDF with better quality, please download it by clicking on the image.


Estonian Business Angels Networks collects data from our members annually since 2013 to have an overview of the investment trends, capability and also to get a picture of the available funding.

EstBAN 2018 annual review

EstBAN members invested €7M in 2018 The total investment sum during 2018, according to the survey, was €7,077,848, which was divid. ed into 186 investments into 99 different companies.

EstBAN has been gathering data from members since 2013.

EstBAN 2017 annual review

The total investment sum during 2017, according to the survey, was €11,260,432, which was divided into 225 investments into 108 different companies. This was nearly €3M more than on the previous year.  

The amount of members grew to a 125 total and they are from all over the world, in addition to Estonia there are members from Finland, UK, USA; Spain, Singapore, Norway, Sweden, Denmark, Japan.

The most popular stages for investing are still early-stage and expansion, most likely meaning that the follow-up rounds are being made to companies invested in the early stages. 

Read more on the right and feel free to download the summary for a closer look.

EstBAN 2016 annual review

The total investment sum during 2016, according to the survey, was €8,821,207, which was divided into 145 investments into 84 different companies.