Estonian Business Angels’ 2023: A Year of Stable Growth and Collaboration

29 December, 2023

EstBAN managing director Anu Oks wrapping up 2023. Read about the business angel network highlights and most important figures for the ending year.


Standing strong with members, female investors still wanted!

I would say we had a year of stable growth in 2023. With 306 members, EstBAN surpassed its long-time target of 300 members. Notably, the network saw a small increase in female investors, now at 24, representing still unfortunately only 8% of the total. But we are happy for our reach among international members, who make up 12% of the community. With 21 local and international VC funds now part of EstBAN, the synergy between VCs and angels is a showing a strong startup environment in Estonia.


Opening of Tartu Investor Club

2023 also marked an outstanding milestone for EstBAN with the opening of the Tartu Investor Club. This new initiative represents a strategic expansion of activites, fostering a more inclusive and widespread angel investment community in Estonia. We are happy to have Tartu Teaduspark and Tartu Ärinõuandla joining forces with EstBAN to host gatherings for angel investors in Tartu. And it’s worth to say that the 2024 sTARTup Day lead investor Jan Lätt represents the Tartu investor club.


Impactful pitch events and EstBAN syndicates

EstBAN pitch events have become a cornerstone for startups seeking funding and a great source of dealflow for investors. In 2023, 1,141 startups applied to EstBAN, with 62 getting the opportunity to present their ideas to investors. The selection process, admitting only 5% of applicants, has led to a high success rate in fundraising for pitching companies.

A total of 11 pitch events were organized, with an average attendance of 37 investors per event. Three of these events were sector-specific or in partnership with other organizations, highlighting EstBAN’s commitment to diversifying and enriching investment opportunities.

Along the pitching events EstBAN put together the United Syndicate for startup flagship events in 2023. As the highlight of the year the United Syndicate 2023, led by Martin Goroško and Mait Sooaru invested in 3 early stage startups, contributing €220k to Paultech at sTARTUp Day and €100k each to Cino and Flowstep at Latitude59.


EstBAN is there for networking and education

Beyond deal flow, networking among investors has always been a key focus. In 2023, EstBAN hosted 47 events, including trainings, breakfast seminars, pitch events, and evening networking gatherings. These events saw 1,599 participations, engaging over 300 unique individuals. The most popular events were the EstBAN General Meeting, sTARTUp Day Investor Day, and the EstBAN Networking Night in Vilnius. A special shoutout goes to Olga Lustsik, recognized as EstBAN’s most active member of 2023.


International activities and projects

EstBAN is not only a local BAN, our footprint expanded through collaborations with international projects. A significant achievement was the progress in the 4NGELS project, aimed at exploring investment opportunities on cross-border markets. Additionally, EstBAN played a vital role in the REACH Big Data incubator program and is excited about the upcoming Connect2Scale project, involving multiple Baltic and European partners.


There is something to look forward to in 2024

As we leave 2023 behind, we are happy about our achievements as well as our partners and friends. We extend our best wishes for the year-end festivities and anticipate a prosperous new year filled with successful investments and, hopefully, some exciting exits. Here’s to a vibrant and thriving 2024!

PS! Mark your calendars as European biggest angel investor event, the EBAN Congress is coming to Tallinn on 20-22 May 2024. More information to come!