EstBAN Board Members for 2026-2028 are Lauri Antalainen, Jan Lätt, Martin Goroško, and Peeter P. Mõtsküla. Jana Budkovskaja, Olga Luštšik and Aleksander Tõnnisson were elected into board in 2025 and serve for at least another year. EstBAN board members are set to serve in the board for two consecutive years and half of the the board changes each year to allow new ideas and views to emerge.

We also recognised outstanding members and partners:

• Law Firm of the Year – Hedman
• Ecosystem Partner of the Year – Estonian Founders Society
• Fund Partner of the Year – Specialist VC
• Newcomer Angel of the Year – Ozan Sönmez
• Lead Investor of the Year – Jana Budkovskaja
• Angel Investor of the Year – Tuomas Pahlman
• Master of Exits – Kristjan Raude

A strong network is built on active people. Thank you to everyone who continues to strengthen Estonia’s startup ecosystem.

Photos: Edmond Mäll

Take a closer look

See EstBAN Annual Review of 2025
See EstBAN Awards throughout the years

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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.

See more

• EstBAN Annual Reviews 2016-2025
• Annual Review 2025 (pdf)

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At the Estonian Startup Ecosystem Fireside Chat panel discussion, Allan Martinson, President of the Estonian Founders Society and an entrepreneur, described the year as the best so far for the local startup sector.

“It certainly wasn’t an easy year, but our founders have done excellent work. The added value of Estonia’s startup sector this year is €1.8 billion, or 4.3% of Estonia’s GDP, which is three times more than five years ago. What’s remarkable, however, is that the number of employees in the sector has not grown over the past four years. We have built an extremely efficient sector that generates 2.5 times more added value per employee,” Martinson said.

The turnover of Estonia’s startup sector is forecast to exceed €5.1 billion this year, about a fifth higher than last year. “At the same time, the Estonian economy has grown by about 1%, and unlike the rest of the economy, the startup sector has not contracted even once,” Martinson noted.

Kärt Klein, representing Invest Estonia, highlighted growing interest from international investors in Estonian startups as a positive trend. “We work with international investors every day and see very strong interest in the defense industry and deep tech. At the moment, 40 to 50 foreign funds are looking for opportunities to invest in Estonia, and the interest is coming from new countries. So we are in a good place and moving in the right direction,” she said.

The Estonian Business Angels Network (EstBAN), which represents Estonia’s angel investors, also views this year positively. “Private investors are investing actively, both directly and through syndicates and funds, and this year we have seen a record number of three angel syndicate exits, which adds optimism and brings money back into the market,” said EstBAN CEO Karin Künnapas. “At the same time, we see that angel investors have become more mature and that it is harder to secure early stage investment. In the past, a good idea and a strong team were enough, but today, to raise your first investment, you need to have something real to show,” Künnapas emphasized.

A concern raised was that Estonia’s startup sector could be held back by a declining number of new startups. Several factors were cited, from economic conditions to demographics. “Today we have far fewer people in their thirties than five years ago, yet historically they have been the most active startup founders,” Martinson noted.

Hendrik Reimand, Chairman of the Board of the Estonian Private Equity and Venture Capital Association (EstVCA), agreed that the shortage of founders is a concern that needs to be addressed. “We need to think about how to make Estonia even more attractive to foreign founders, encourage more experienced and somewhat older professionals to enter the startup sector, and engage universities to better commercialize scientific discoveries,” Reimand said.

Head of Startup Estonia Vaido Mikheim drew attention to the fact that globally, entrepreneurial activity is higher than ever. “Every day, 137,000 new startups are founded worldwide, so entrepreneurship has not disappeared. This is the global context in which we find ourselves today,” Mikheim stressed.

The discussion also noted that private equity and venture capital investment has declined across Europe and globally. “European venture capital funds have raised a total of €9 billion this year, which is the lowest number in the last ten years. The problem of lower investment activity is certainly wider then in Estonia. Today’s biggest challenge is attracting investors from foreign fund of funds into Estonian venture capital,” Kärt Klein said.

However, the numbers show that Estonian startups have learned to grow even without massive funding rounds. “Estonia’s startup sector is profitable today, and rising profits are replacing investor funding. This is a dramatic change that will strongly shape the sector’s development in the coming years. Estonia’s startup sector is entering a new era,” Martinson concluded.

Estonian Startup Ecosystem Annual Fireside Chat 2025 was organised by the Estonian Private Equity and Venture Capital Association EstVCA, the Estonian Founders Society, the Estonian Business Angels Network EstBAN, Startup Estonia, and Invest Estonia. The event was supported by Swedbank Estonia. The panel was led by Vaido Mikheim, the head of Startup Estonia.

• Gallery (photos by Tiit Tamme)
• The recording of the chat is up on YouTube
• Read about the thoughts on 2024
• Read about the thoughts on 2023

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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.

On the same topic:

• EstBAN recap of 2024
• EstBAN Annual Review of 2024

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Here are the stars of 2024:

• Partner of the Year 2024 – Swedbank

Swedbank has proven to be more than just a financial institution, they are a good partner in supporting early-stage innovation. Through ongoing collaboration and backing of EstBAN initiatives (EBAN Congress, Female Investor Program), Swedbank has strengthened the bridge between traditional finance and angel investing. Thank you Swedbank and Triin Preem.

• Fund Member of the Year 2024 – BSV Ventures

BSV Ventures’ strong engagement in showing up, training new members, taking part our activities, and pushing the deep tech investing has contributed significantly to Estonian angel investing and venture capital community.

• Newcomer of the Year 2024 – Kati Vabi

Every network thrives when new energy enters the room – and in 2024, no one embodied that better than Kati Vabi. Her presence, good vibe and curiosity in the community didn’t go unnoticed.

• Lead Investors of the Year 2024 – Sven Kotkas & Jan Lätt

Leading a syndicate is a responsibility, and in 2024, Sven Kotkas and Jan Lätt led two syndicates with both precision and passion (Esgrid, Fleetfox). Their involvement, communication, and ability to rally co-investors around promising deals has been applauded.

• Angel Investor of the Year 2024 – Mihkel Karu

EstBAN’s Inestor of the Year recognition this year goes to Mihkel Karu, whose commitment, consistency, and active investing brought him the win.

Thank you to all our members! To everyone who answered the annual questionnaire, voted, led syndicates, gave feedback, joined events, and supported founders in 2024!

• See previous awards
• See EstBAN 2024 results
• EstBAN results 2016-2023

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Each year, EstBAN conducts a survey among its members to collect insights into their investment activity. As of the end of 2024, EstBAN had 255 members, including both private individuals and VC funds. A total of 134 members (49%) responded to the survey, with more than half saying they made at least one investment during the year. The majority also indicated they plan to continue investing in startups in 2025.

More investing, smarter strategies

EstBAN President Lauri Antalainen noted that the investment landscape in 2023 and 2024 has been somewhat similar. “Compared to the 2021 investment boom, the numbers are smaller, but that’s understandable considering the global context. I’m glad to see the total amount invested has still increased year over year. We also see a growing trend where investors prefer to invest via EstBAN syndicates – meaning – in collaboration with others. This shows increasing awareness and maturity among investors,” he said. He also highlighted already a milestone from this ongoing year – the first exit from an EstBAN syndicate investment, as startup Adact was acquired.

Supporting new startups after a challenging year

EstBAN’s Managing Director Karin Künnapas emphasized that the more choices investors have, the more effective they can be. “Since a record number of startups shut down last year, we now need to focus on supporting the next wave founders with innovative ideas, global potential, and strong teams. I’m glad to see our investors actively attending events, listening to pitches, and seeking out startups to support, whether for the first time or as follow-up investments,” she said.

She also noted that compared to 3-4 years ago, investors have become more selective. Decisions take longer, and fewer startups receive funding. While 414 deals were reported in 2023, the number dropped to 311 in 2024. There has also been a clear shift in investment geography: whereas 75% of respondents previously focused primarily on Estonian startups, only 51% did so in 2024. 24% of funding went to nearby countries, with noticeable growth in investments into Nordic and Baltic startups, and some capital flowing to North America and other parts of Europe. One of EstBAN’s goals is to encourage cross-border investing, which brings broader experience and better-quality deal flow.

Where the money went?

The most popular sectors remained consistent with previous years: business and HR software, fintech, health tech, biotech, deeptech, and space-related technologies. Looking ahead, EstBAN predicts growing interest in defense-tech startups.

In total, investors named 158 different startups they had backed in 2024 (up from 120 in 2023). Among the most frequently mentioned were Esgrid, Nanordica Medical, Fleetfox, Vectiopep, Lightcode Photonics, Cino, and Pactum AI, most of which have received support via EstBAN syndicates.

Angel investing is, by nature, high-risk. The 2024 results show both sides of the coin: some investors exited with no return, while others saw 10x returns or more on their investments.

EstBAN continues to collaborate with key ecosystem players, including Sparkup Tartu Science Park, Estonian Cleantech Association, EIS, Tehnopol, Workland, Swedbank, KPMG, Hedman Law, and Beamline Accelerator. The network also works closely with international angel networks in Finland, Latvia, Lithuania, Poland, and Slovenia, as well as numerous VC funds in Estonia and abroad.

View EstBAN results 2016-2023
Explore EstBAN syndicates

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Once a year, the Estonian Business Angels Network conducts a survey among its members, asking investors to share their investments made during the year. By the end of 2023, the network consisted of 306 members, of which 279 were private investors and 27 were members of venture capital funds. There were 34 new members to join last year. Nine percent of the investors are women. 128 investors (42% of members) responded to last year’s survey, of which 80% indicated that they made at least one investment in 2023, and 92% believed that they would continue investing in startups this year.

Lauri Antalainen, President of EstBAN, noted his satisfaction with the continued activity of business angels and the consistent investment volumes despite the ongoing war in Ukraine and the current economic situation worldwide.

“The stable level and consistency of angel investments are critically important for startups because in ten years, new unicorns (such as Bolt, Wise, and Pipedrive today) are those that are raising money from risk investors today. I am also very pleased with EstBAN’s syndicates and the emergence of new lead investors,” said Antalainen.

 

Most of EstBAN’s members are local entrepreneurs, but 13% are foreign investors. Last year, members made a total of 414 transactions, with 75% into Estonian startups and 14% in neighbouring countries. Smaller amount of investments were made into UK, European, or North American companies. 37% percent of members prefer to invest through syndicates, meaning they pool funds collectively under the leadership of experienced lead investors.

The reward for investors is exiting a company. Last year, investors reported 22 exits, with many mentioning returns of two to five times the invested capital. While some did not earn any returns, others reported 10x earnings. EstBAN’s board selected the syndicate assembled by EstBAN investors in 2017 for GuestJoy‘s accommodation software company as the exit of the year, acquired by Australian hotel technology giant SiteMinder.

The most popular sectors for investment, similar to last year, were financial technology companies, followed by business and personnel software, deep and space tech, and health and biotechnology-focused ventures – all receiving investments from at least 10% of investors. The majority of angel investors prefer to invest €5,000 to €20,000 in a single deal.

Angel investors mentioned a total of 120 different startups they invested in during 2023. The most mentioned companies included Paul-Tech, Cino, Flowstep, Lightcode Photonics, Nanordica Medical, Cuploop, Efenco, Salv, EyeVi Technologies, Complok, Gearbox Biosciences, and Machineric Solutions.

This spring, EstBAN, together with the European Business Angels Network, will organize the European Business Angels Network annual meeting, which will take place from May 20th to 22nd in Tallinn’s Noblessner Quarters.

• Click here for in-depth EstBAN Annual Report 2023
• Click here for in-depth EstBAN Annual Report of 2022

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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! 

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Happy Holidays everyone and enjoy your days off!

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The president of EstBAN, Rein Lemberpuu, said that the amount invested by EstBAN members has kept growing year after year and last year another all time record was reached. The 11.3 million euros invested by EstBAN members went to 108 companies in 225 transactions. In 2016, altogether 8.8 million euros was invested in 84 companies in 145 transactions. The growth can be partially attributed to increased cross-border investment, Lemberpuu said.

Where in the three previous years EstBAN members placed over 70% of their total investments in Estonian startups, in 2017 the portion going to Estonian startups was 59%, and 26% going to startups in other EU member states and 15% to startups outside Europe. Other than Estonia, the more popular investment destinations were Finland, the United States, the U.K., Germany, Denmark, Croatia and Norway.

“The trend of internationalization is going on strong because the aim of EstBAN is is to help business angels find the best startups in Estonia and abroad. In February we launched a Nordic Angel Program with the business angel networks of Norway, Finland, Denmark and the Nordic countries,” Lemberpuu said. Nordic Angel Program is a three-month business angel training and investment program led by experienced startup investors. NAP is a micro-fund type of co-investment syndicate where angel investors will participate with minimum tickets of €5000 and invest into 1-2 startups.

At the EstBAN Annual General Meeting on 21st of February 2018, the most outstanding EstBAN angel investors of the 2017 were awarded:

• Angel Investor of 2017 – Rein Lemberpuu for his outstanding number of investments and active role in the community.

• Lead Investor of 2017 – Lauri Isotamm was acknowleged for his active role in EstBAN board and leading the investment deals.

• Exit of the Year 2017 –  INZMO with EstBAN members Ivo Remmelg, Kristel Meos and Kuido Lepik. 
• The Newcomer of the Year – Risto Rossar, for his remarkable activities during one-year membership.

EstBAN was established in late 2012 as an umbrella organization for business angels and business angel groups seeking investment opportunities in Estonia and its neighboring regions with an aim to enhance the quantity and quality of local seed stage investments. EstBAN has 125 members at present. As EstBAN celebrates five year anniversary this year – it’s suitable to thank the most outstanding partners who have supported EstBAN from the beginning – EBAN and FiBAN. EstBAN wouldn’t be here without the associated members – Ekspress Grupp, Telia, SmartCap, Hedman Partners, Eversheds Sutherland Ots & Co, Startup Estonia, Civitta, Tehnopol and Tallinna Business Incubators, Spring HUB and Contriber.

More information:

Rein Lemberpuu

EstBAN President

+372 503 5897

rein@contriber.com

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