How did you get into angel investing?

I joined in 2021 after receiving a payout from Wise. I felt that I wanted to put some of that money back into the ecosystem that had given me so much. Today people talk about the “Wise Mafia” – former employees and early contributors who go on to build new companies. That idea resonated with me. A friend and I joined EstBAN together, and syndicates felt like the right place to start. I didn’t yet feel confident enough to conduct full due diligence on my own.

I’m currently involved in three syndicates and have made a few solo angel investments as well. One reason I value syndicates is the quality of the due diligence process. I’ve also learned an important lesson: don’t invest just because other investors are doing so. One investment I joined largely because I trusted the crowd, hasn’t worked out too well.

What is your background?

I started by studying law, later moved on to recreation management, and more recently health promotion at Tallinn Health University of Applied Sciences. Although I never worked directly in law or recreation management, healthcare has always been close to me as much of my family works in medicine. At heart, I’m still a business person. As I like to say: in medicine and law you work, but in entrepreneurship you build.

How do you decide where to invest?

I always look at the team first. If I don’t believe in the founders, I won’t invest. Personally, I’m interested in defence and healthcare. Both sectors require patience, significant capital, and have long development cycles, which is why I haven’t invested heavily in either yet. But I’m building myself in defence and medicine through PropsAid now.

Tell us about PropsAid.

While studying health promotion, I was looking for opportunities in healthcare and eventually joined PropsAid, a company focused on disaster medicine and medical training. My role is helping the company grow internationally. Recently, PropsAid received a €10,000 grant through the Visa She’s Next programme. We’re currently focused on bootstrapping and growing sustainably before considering external investment.

You’ve even co-authored a book, Leading People for the First Time. How did that come about?

While working as a consultant, I noticed I was answering the same management questions repeatedly. That led to a blog, which eventually became Leading People for the First Time. When most leadership books focus on mindset, we wanted to create a practical guide for first-time managers covering topics like, prioritisation, productivity, meetings, communication, and everyday management challenges.

Where do you get your own information and inspiration?

Naturally, I would recommend reading my book – Leading People for the First Time.

But if I had to choose one book that has influenced my thinking the most, it would be Thinking in Systems by Donella H. Meadows. I’ve read it more than ten times. It teaches you to see connections, feedback loops, and unintended consequences – lessons that are useful in management, entrepreneurship, and investing alike.

What advice would you give to a new angel investor?

First, learn how investing actually works. Participate in training programmes. Join syndicates. Understand what investors look at during due diligence and how risks are evaluated.

Second, don’t invest simply because someone else is investing. One of my mistakes was backing a company largely because I trusted the other investors involved. That experience reminded me that every investor still needs to do their own thinking.

Does a good investor need a finance degree?

No. What matters more is persistence, resilience, and curiosity. Financial knowledge can be learned. What is harder to teach is the willingness to keep learning, stay patient, and continue moving forward when things don’t go according to plan.

What has EstBAN meant to you?

One thing I have really enjoyed seeing is the growing visibility of women in the network. When I joined in 2021, there were fewer female investors and role models. When we were introduced as new joiners there was a note about celebrating more women joining. Today there are more women actively investing, serving on the board, and contributing to the community. That’s a very positive development.

Beyond investments, EstBAN has given me access to people I genuinely enjoy spending time with. Some of the most valuable conversations don’t happen in formal meetings or pitch sessions but over a cup of coffee with fellow investors.

Take a closer look at what Helen is up to:

• Leading People for the First Time (in English)
• “Uute juhtide käsiraamat” (eesti keeles)
• PropsAid

Photo credits: Sten Ottep

EstBAN Investor Talk series

• Liina Joller-Vahter
• Kuido Lepik
• Aleksander Tõnnisson
• Jana Budkovskaja
• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

The post Investor Talk: Helen Maidre about working in medicine and building in entrepreneurship first appeared on EstBAN.

The post Investor Talk: Helen Maidre about working in medicine and building in entrepreneurship appeared first on EstBAN.

Has education shaped the foundation for what you’re doing now?

Yes, my academic path began in textile technology and later continued at the University of Tartu, where I studied Corporate Finance and Investments. That four-year degree provided a strong base that continues to support everything I do today. Understanding cash flows and financial structures is not theoretical knowledge, it is a practical toolkit whatever the sector.

I later completed a Master’s degree in Entrepreneurship and Technology Management (ETJ), a programme that has provided many active members to Estonia’s startup ecosystem, e.g. Gerri Kodres, Riivo Anton, Rain Rannu, and several others. Already back then, the Dutch experts were teaching us due diligence methods and innovation management. That way of thinking has stayed with me ever since.

What did entrepreneurship look like before “startup” became a buzzword?

I was exposed to entrepreneurship early through a family business. One formative experience was working at Ilves-Extra where the Estonian sports brand ISC was built as a spin-out from the very traditional sewing subcontractor. My first responsibility was outfitting the Estonian winter Olympic team for the 2002 Salt Lake City Games. I continued as a purchasing manager for the retail and sports clubs collections. Looking back, it was essentially a startup mindset everywhere: brand creation, product development, financial structuring and growth planning. We just did not use that word at the time.

That period taught me that entrepreneurship is a combination of creativity, operational discipline and financial clarity.

You have a remarkable academic journey behind you. How does that match with entrepreneurship and investing?

After my Master’s studies, I worked quite successfully as a freelance consultant. However, eventually I felt the need for new avenues for personal growth. I pursued a PhD focusing on the diffusion of innovation – how and why new technologies get adopted, products and business models alike and how this process can be accelerated. But deep inside I am not a typical academic person. I am more of an entrepreneur who can switch into a scientific mindset when needed. The ability to operate between these two worlds has become one of my strengths. Today, I continue teaching Innovation Management and Biotechnology Entrepreneurship at Tartu University. For me, teaching is both a way of giving back and a powerful tool for continuous self-development.

How did EstBAN become part of your path?

Although I have been an official EstBAN member for a relatively short time, I have known many members, such as Heidi Kakko and Paavo Siimann, for years through the JCI network (Junior Chamber International Estonia). For me, the greatest value of EstBAN lies in the community –  the opportunity to discuss and reflect, but everyone still makes the decisions by themselves. I also value the discussions on what did not go as planned, and what we can learn from these.

What matters when you make an investment decision?

First and foremost –  trust in the team. If I don’t trust the founders, I won’t invest, regardless of how appealing the market opportunity seems.

Second, I need to understand how this product or technology will reach the market and scale? I don’t need to grasp every technical detail, but the business logic must be convincing and aligned with my experience.

My angel portfolio is still in development. I have invested in science-driven companies such as Nanordica Medical, Vectiopep and Elnora AI. Bio- and health-tech feel naturally closer to me, partly because of my own entrepreneurial background in the field.

Beyond startups, I also invest in equities and bonds. I believe in data-driven strategies, but personally I do not want to spend excessive time on Excel micromanagement. An experienced investor’s “gut feeling” is the result of years of learning and pattern recognition – not a random instinct.

And besides all of that you’re also a founder.

Yes, I am a co-founder of two biotechnology companies.

Power Algae was established over a decade ago and develops photobioreactors for microalgae cultivation. Building on that experience, we recently launched a spin-out – Supercharger Labs, to provide high-value cosmetic and pharmaceutical components derived from microalgae biomass.

With Supercharger Labs, we are currently raising our first funding round. For me, this is a new perspective – being on the other side of the table as a founder seeking capital. It has added an entirely new dimension to how I think about investing.

What advice would you give to a new angel investor?

Do not blindly follow the advice to “trust your gut”. As I said earlier, a trustworthy gut feeling is not where you start. It is the outcome of years of experience, learning and mistakes. As a new investor, focus on understanding the angel investment process logic, build your network and keep learning. Only then does intuition become a reliable guide.

Photo credits: Andres Tennus, Tartu University

EstBAN Investor Talk series

• Kuido Lepik
• Aleksander Tõnnisson
• Jana Budkovskaja
• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

The post Investor Talk: Liina Joller-Vahter on mixing science, entrepreneurship and investing first appeared on EstBAN.

The post Investor Talk: Liina Joller-Vahter on mixing science, entrepreneurship and investing appeared first on EstBAN.

When did you become an investor?

I started my career at a company called Signiti as a salesman. Over time I bought shares and eventually bought the company out completely. At some point I realised I had more capital than I could productively use inside my own business. Around that time I got excited about a startup called Playluggage. I did not end up investing in it, but that curiosity led me to attend my first EstBAN pitch event in late 2014.

After that event I joined EstBAN and, perhaps a bit too enthusiastically, invested in around ten startups during my first year. I was driven mostly by instinct. Only later did I fully understand that angel investing is portfolio business. When some early companies failed, I started to take a more structured approach.

How has your investment philosophy evolved?

Initially I invested in ideas that resonated with me. Over time I realised that ideas are secondary. The team is what really matters. At the same time, evaluating teams is not easy. You cannot truly assess a founding team from a onepager. I also learned to avoid areas I do not understand. For example, I do not feel confident evaluating complex biomedical projects, so I am cautious there. Today I prefer not to invest alone. I am involved with Trind, Specialist and Siena Secondary. I need discussion partners and second opinions. Through my own entrepreneurial experience I have realised that I am not always the best judge of people. Because of that, I do not feel comfortable making high-risk investment decisions entirely on my own.

Did you invest before startups?

Yes, I invested in public markets before I became an angel. Around 2016 and 2017, when I became more active in startups, my portfolio shifted heavily towards private investments, well over half at one point. Later I corrected that and rebalanced towards listed assets again. Today my portfolio is more diversified, I think.

What have been your successes and failures?

I have not had extreme outcomes on either side. I learned early that if a founder consistently ignores investor feedback, that is a red flag. In one case I recognised it, but still continued investing, which was a mistake. I have had a few relatively quick exits within two to three years that returned between 2-3,5X the investment. In one case, Autolevi, I acted as lead investor on Funderbeam. I have also experienced situations that initially looked negative but later recovered due to the investment structure.

What has EstBAN meant for you?

The most important value has been the people. Joining EstBAN exposed me to a completely different way of thinking and a new crowd of people. Hearing how other investors analyse opportunities broadened my perspective significantly. I also value the international study trips. Meeting investors and founders abroad, including in the United States, has been eye-opening. Through EstBAN I gained access to venture funds and co-investment opportunities that would be difficult to access alone. Just as important is having a community where you can exchange views and test your thinking before making decisions.

Where does your dealflow come from?

A significant amount comes directly from founders reaching out. I try to respond to everyone, even if it is just to say no or to point them in another direction.

Are you a numbers and spreadsheet person?

I tend to simplify Excel sheets. I prefer numbers that can be calculated mentally and understood intuitively. We all make decisions emotionally, whether we admit it or not. The key is being aware of that and balancing emotion with rational analysis. I do not currently maintain an overly complex tracking system.

What would be your dream exit?

Bolt going public.

What would you recommend to a beginner angel investor?

Participate in the full investment process at least once. Join evaluation committees, syndicate preparations and discussions. Sitting at the table where startups are debated is the fastest way to learn. Listening to how experienced investors justify their decisions teaches more than reading any guide.

What do you do when you are not thinking about your company or your investments?

I sail and recommend it to everyone. Sailing takes you to places you would not otherwise go and teaches patience and adaptability. I started in my early twenties in a youth sailing club, took a 20-year break, and have now happily returned to it. I sail on Wednesdays and participate in the Moonsund Regatta every year. One day I would like to spend a year living the sailing life more fully.

EstBAN Investor Talk series

• Aleksander Tõnnisson
• Jana Budkovskaja
• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

The post Investor Talk: Kuido Lepik’s decade in angel investing first appeared on EstBAN.

The post Investor Talk: Kuido Lepik’s decade in angel investing appeared first on EstBAN.

What it means to be a lead investor and why are you doing it?

Martin: Leading a syndicate gives you in a few months the experience that usually takes years: scouting dealflow, running due diligence, negotiating terms, and closing the deal. It’s an experience every angel should aim for – when you make decisions later during your investment journey, you know each step first-hand and have tested the investment process. In the context of an event like sTARTUp Day, the lead role helps to shape a very resilient angel investor.

How do you rate the overall level of startups this year?

Martin: As expected, strong. All ~30 companies that passed the main screening are investable, and I believe investors will pick them up during sTARTUp Day or afterward. While there’s talk in the ecosystem about a shortage of founders and difficulty finding good companies, this selection doesn’t support that. It was diverse by stage, from deals for early angels to A-round VCs, and by verticals, from deep tech to simple, scalable mobile apps. The international angle stood out as well. Latvia and Lithuania have made a big leap, and serious deep tech is coming from there.

Heidi: The share of women founders could be higher, although a few women-led teams did make it to the top this year.

Which fields stood out, and what was specific about this year?

Heidi: Defense and dual-use, AI, and healthtech dominated. The strongest rise was in defense and dual-use technologies, not necessarily new products were introduced, but existing companies have redefined their market segment and go-to-market strategies. We aimed for balance so the strongest teams from different sectors were visible. Still, those two areas are the hottest globally right now.

Who made the finals, and on what basis?

Heidi: Simply put, companies that are market-ready, with a clear go-to-market strategy and a capable team to execute their plans. Every selection also reflects the lead investors. Since we’re drawn to more technically complex products like deep-tech, those teams were chosen.
Martin: As EstBAN represents angels, we also have to consider capital fit: stage, valuation, and ticket size need to match angel logic, and angels should be able to make a meaningful difference in the company’s progress. The capital-company fit is crucial, sometimes even more than the sector. In my view, the top five is strong, varied, and most importantly, well suited for angel investment.

On Thursday, 29 January, 30 startups will pitch on the sTARTUp Day stage, and on Friday, 30 January, a winner will be selected from the five finalists. The investment will come from both angel investors and the venture capital fund BSV.

• See all EstBAN previous syndicates
• Read more about the sTARTUp Day investment

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The post Heidi Kakko and Martin Goroško lead a syndicate investment of up to €200,000 into the sTARTUp Day pitch competition winner appeared first on EstBAN.

When Aleksander reflects on his journey into angel investing, the path is anything but traditional. “I am particularly interested in companies that build products with real impact on people’s lives rather than those created just for entertainment,” he says.

Before diving into tech, Aleksander spent two summers in the U.S. selling books door-to-door – a tough job that gave him one of his most enduring skills: the confidence to speak in front of any audience. This skill now serves him well as a founder, coach, lecturer, and investor. With a degree in computer engineering from the University of Tartu, his early career combined technical work with international experience. He first worked at the Estonian Aviation Academy, where he helped install Estonia’s first flight simulator. This later took him to Germany, where he worked on classified NATO simulation projects for the German Navy and Air Force.

From engineering to entrepreneurship

Returning to Estonia when his second child was on the way, Aleksander founded his first consulting business focused on engineering solutions. One of his early clients was the University of Tartu’s Institute of Technology, where he supported the development of startup products, including coding for the early Fits.me robotics platform.

Later, he co-founded and led Buildit Hardware Accelerator, one of the first hardware startup accelerators in Europe. The accelerator later grew into a seed fund. ‘That period of 60–80 hour work weeks was a turning point,’ Aleksander recalls. ‘The burnout that followed was heavy and made me realize I care more about the people behind startups than just the technology.’

There was also a period when he co-founded a medtech company working on non-invasive breast cancer detection. Despite the powerful mission, clinical trials didn’t yield strong enough results, and the team’s motivation dropped. It became an important (and humbling) founder lesson.

Building Knowledge and Community

Today, Aleksander is a guest lecturer at the University of Tartu, focusing on topics rarely covered in academia: personal vision, values, and human relationships. He also provides trainings in public speaking, fundraising, sales, and confidence-building, and mentors founders one-on-one. His broad interests have led him to Contriber Ventures, an angel fund and platform for founder support and self-development. There, he actively explores themes of mental health, conscious entrepreneurship, and lifelong learning.

Investing Style: People First

Over the past decade, he has made more than 100 startup investments through Buildit, Contriber Ventures, and as a solo angel. Well over half of his portfolio is now in startups. By traditional standards, he is not yet a highly profitable investor. ‘Today, I’m still in the red,’ he admits, ‘but there is a lot of potential in the portfolio.

He does not rely on strict spreadsheets or detailed market forecasts. His investments are based on people: ‘If I like the founder, the team, and the idea resonates with me, and I believe I can at least earn my investment back, that’s enough.’ His strategy is proximity-based — the closer to home, the more likely he is to invest. ‘Tartu over Tallinn, Estonia over Europe,’ he jokes, while noting that he generally avoids unfamiliar legal systems.

Beyond investing there’s music and human connection

Despite his tech-savvy background, Aleksander’s life today revolves around human connection and creative expression. Just a year ago, he followed a sudden urge to buy and learn the double bass. Within 12 months, he was performing in a band and had given several public concerts. ‘It runs in the family. I was just the last one to pick up an instrument,’ he says.

Health, both physical and mental, is another priority. He is concerned about the global food system, pointing to the paradox of obesity and malnutrition existing side by side. Issues like fertilizers, soil exhaustion, and seed monoculture are not only environmental, but existential. He also speaks openly about mental health, emphasizing that well-being starts with human relationships and self-awareness. Contrary to typical wellness advice, he encourages people to focus first on relationships, then on breathing, nutrition, and only after that on movement.”

Aleksander is also running in Tartu’s municipal elections to raise awareness of topics such as mental health, early-stage investing, and small-scale entrepreneurship. “Microbusinesses and lifestyle entrepreneurs are often dismissed,’ he notes. ‘But they are the real backbone of the economy.”

Read more

• Join Tartu ettevõtlusnädal x EstBAN events on 9 October in Tartu

EstBAN Investor Talk series

• Jana Budkovskaja
• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

The post ​​Investor Talk: How does a computer engineer become an angel investor? first appeared on EstBAN.

The post ​​Investor Talk: How does a computer engineer become an angel investor? appeared first on EstBAN.

What are your hopes and goals towards the partnership of SEB and EstBAN?

SEB’s partnership with EstBAN aligns with its broader ambition to be a catalyst for sustainable growth and innovation in the Baltic region. From one side our goal is to foster a stronger startup ecosystem by connecting capital with entrepreneurial talent and from another side we are looking for interesting new ideas and partnerships for enhancing our own product offering to the market.

“Our goal is to be more than just a financial institution – we want to be a trusted partner in the growth journey of startups and investors alike. Through this partnership, we aim to create a dynamic platform where capital, mentorship, and innovation converge.”

How is SEB currently related to the startup landscape and founders?

SEB plays a strategic and active role in the Baltic startup scene:

• We operate Innovation Centers in Tallinn, Tartu, Riga, and Vilnius, which serve as hubs for collaboration between startups, academia, and corporates 
• SEB has been running the Growth Program, a 3-6-month accelerator designed to help SMEs and startups scale sustainably, often involving students, researchers, and SEB mentors.
• SEB is also a partner in Latitude59, Estonia’s flagship tech conference, where it supports founders through mentoring, networking, and capital access 

Additionally, SEB Venture Capital is one of the leading Fintech investors in the Nordics and Baltics, operating since 1995. The fund primarily acts as a strategic corporate venture, focusing on Fintech but also open to broader technology investments that can make the financial industry smarter, safer, greener, and more user-friendly.

SEB Venture Capital operates as an evergreen fund, giving it flexibility and the ability to focus on long-term value creation rather than short-term exits. Investment areas include AI, machine learning, automation, and new business models for the financial sector. Investments can be exploratory, financial, or strategic, especially if there is partnership potential with SEB

How or what services can you provide for investors – especially startup investors?

SEB can support startup investors with direct venture capital investments and access to a broad network and expertise and mentorship capabilities both for investors and startups. We have financing solutions available such as syndicated loans and venture debt for scale-ups, co-investment opportunities through SEB’s Venture Capital focused and access to innovation networks either run by us or where we participate.

What are SEB main strengths?

SEB has a long-standing presence in the Nordic and Baltic markets, with industry leading expertise in financial and banking markets since 1856. Our unique position lies in our ability to combine local depth with international reach. We’re deeply rooted in the Baltic region, yet we bring the strength of a Nordic banking group and a global perspective to everything we do.

• See other EstBAN Partner members
• Want to join us? – Click here

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Please dive in with us.*

Science and sustainability

Jana started out with an academic background in physics. Motivated by a desire to “save turtles and koalas,” she worked on environmental research, including what we would today call innovation or green deal roadmaps. Later, she moved into municipal projects, helping one Estonian municipality switch fully to renewable energy. This, Jana says, is also one of her proudest achievements. But the turning point into the startup ecosystem came through mentoring youngsters in the Entrum program and later participating in Ajujaht, Estonia’s largest startup competition. That’s where she caught the startup bug: “There I learned about startups and became a startupper myself.”

While being a founder didn’t stick to her, supporting startups and leading investments did. Only this year of 2025 she’s already leading EstBAN syndicate investments into promising startups such as L59’s winner MarkeDroid syndicate (co-lead is David Clark), and sTARTUp Day’s pitch-competition winner BrachyDose and SafePAS syndicate investments.

Why angel investing?

For Jana, investing is about values and trust. She believes talent is equally distributed across the world, but opportunity is not. Her sweet spot as an investor is finding those “diamonds” – the founders who can create a domino effect, where even small investments trigger meaningful growth. – “Money is like trust currency. If I trust my money with you, it means I trust you.”

She admits her first investments were made mostly on faith in the founder. Today, she’s more structured: doing her own research, balancing risks, and keeping emotions out of decisions.

Becoming a lead investor

Jana recently stepped up as a lead investor in EstBAN syndicates. At first, it was daunting: “I had to create my own style and system. If people trust you, you need to know as much as possible – about the team, the risks, and how things can go wrong. You don’t want to let others down.”

An important milestone so far? Leading an international syndicate in medtech, where EstBAN angels co-invested alongside foreign investors with Lithuanian government co-investment support. Jana believes this public-private model, where the state matches angel capital, is one we should have in Estonia as well to risk and empower angels. “I also think that risks should always be calculated and in investing emotions are only blurring the vision,” she says.

Is true Baltic collaboration just a dream?

Looking ahead, Jana wants to support more this kind of pan-Baltic collaboration, cross-border syndicates, and see more co-investment deals. She’s especially interested in cleantech, deeptech, and female-founded startups, and continues to dedicate time to youth projects. “The goal is always to create the next opportunities. To push real investments with real solutions.”

Jana assures that EstBAN is really trying to push a similar model here in Estonia like there is in Lithuania with the Co-Invest Capital where the state provides their part into big investments together with VC’s and angels.

Beyond investing there’s several passsions

When she’s not working with startups, Jana turns to art and nature. She paints daily, exploring Japanese sumi-e ink techniques where, just like in life, “every drop counts.” She’s also a passionate diver and traveler, inspired by the vastness of the natural world from Japan to the Caribbean. Jana seems to be busy, but very present in what she chooses to do. “Life is huge. Everyday decisions are part of the big picture, and every day is a responsibility.”

Jana’s journey shows the diversity of EstBAN’s investor community. From physics labs to startup pitches, from scuba diving to syndicate leadership, she brings a unique perspective to angel investing: one rooted in science, sustainability, and trust.

*Jana is also a diver, exploring this beautiful planet Earth from an underwater perspective.

Read more

• sTARTUp Day Syndicate 2025 – Brachy Dose and SafePAS
• Latitude59 syndicate 2025 (MarkeDroid)

EstBAN Investor Talk series

• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

The post Investor Talk: Jana Budkovskaja’s journey from physics to startups first appeared on EstBAN.

The post Investor Talk: Jana Budkovskaja’s journey from physics to startups appeared first on EstBAN.

What was the moment you realized you want to be an angel investor?

My journey into angel investing felt really natural. As an entrepreneur and active marketing strategy mentor for startups over the last decade, I was working closely with teams all across Europe. I started to notice that some teams and ideas just flew higher than others, and that really got me thinking. It intrigued me enough to extend my investment focus to include startups. My thought was, “If I’m already working with them, why not invest and have some skin in the game?”

After my first few investments, I was hooked. I started reading everything I could about angel investing, even though there aren’t many great publications out there on the topic, and before I knew it, it had become almost a full-time gig with my own developed playbook.

To date, I’ve made 30 investments in early-stage companies and have led seven angel or crowdfunding investment rounds. So far, I’ve had four decent exits.

The spark that made you join EstBAN?

The main person who introduced me to angel investing and EstBAN was Madis Müür. His passion for early-stage investments and for educating new angels in the industry was truly amazing.

What’s your advice for aspiring angel investors?

If you’re thinking about getting into angel investing, my recommendation is to think big, but start small. Begin by looking at startups in an industry you’re already familiar with. Set a strict allocation limit of no more than 10% of your net worth for startups and then divide that sum into 20-30 investment tickets for diversification.

It’s a long-term game (think 5+ years), so choose your battles wisely. Most importantly, surround yourself with industry peers. Joining a group like EstBAN, for example, would be a great move.

Recent success story?

My most recent exit was with the gamification startup Adact, founded by Kalev Kärpuk. It’s a great example of the grit of a solo founder who truly made it happen. I was the EstBAN lead investor for the Latitude59 startup pitch competition, and out of more than 300 teams and ideas, we chose Adact. It turned out to be a really good choice.

Read more:

• Adact exit news
• About investor readiness
• Want to join EstBAN?

The post Investor Talk: Kristjan Raude – from a marketing mentor to successful business angel first appeared on EstBAN.

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Meri, tell us a bit about your fund and yourself.

Unmanned.VC is an investment unit of Modirum, a deep-technology company with a strong footprint in the defense sector. Modirum’s products include advanced munitions, naval systems, and mission-critical software, including C2 systems and swarming for autonomous operations.

Unmanned.VC was established to foster a collaborative ecosystem among trusted partners within our network. We back seed-stage defense technology startups, with a particular emphasis on unmanned and autonomous technologies.

I am currently the only full-time employee of Unmanned.vc, supported by experienced advisors. Ellis Huber and Josh Henriques, founders of 2Raw Aerials, contribute their UAV technology expertise to evaluating startups. From Modirum, Elias Silvola, Jari Heikkinen, and Tero Silvola provide strategic industry insights.

About myself – as originally from Finland, I have been actively involved in Aalto University’s startup ecosystem, contributing to hackathons, startup events, a startup recruitment portal, programs for early-stage entrepreneurs, and Research-to-Business (R2B) projects. My professional experience also includes working at a B2B SaaS startup, where I focused on handling credit applications and improving an internal credit tool. Passionate about new technologies and innovation, I’m always reading about the topic when I have time. Outside of work, you can often find me jogging through the streets of Tallinn.

Where does the name ‘unmanned’ come from – I initially thought it means you either have no employees (a robot must be leading it?) or you have a female-only team.

The name Unmanned has nothing to do with gender. Rather, it reflects the fund’s investment thesis: the future is shaped by unmanned systems, such as drones, autonomous vehicles, and robotic naval platforms. 

We back startups mainly from idea to seed-stage, with a particular emphasis on unmanned and autonomous systems: a domain we see as pivotal to the future of warfare as well as mobility, logistics, and other civil uses.

How big is your portfolio?

We have made two investments so far: NeuralAgent and Rebelvolt. 

What do you think about Estonian startup scene?

I think Estonia has a vibrant startup scene, and the legislation is supportive of startups. I think the support from the government is one of the strongest among European countries, and Finland has a lot to learn from here. 

Can you name drop a few promising startups to keep an eye on?

NeuralAgent: They are building a decentralized AI operating system ‘Neural Cloud’ that seamlessly connects satellites, drones, and aircraft into a self-learning, hardware-agnostic backbone for high-speed, global connectivity. They are tackling a massive, mission-critical problem with a highly technical and defensible solution, executed by an experienced and ambitious team.

• Read more about Unmanned.VC
• Read more about Modirum Group
• Become EstBAN Fund Member

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The post EstBAN has a new fund member: Unmanned.vc from Finland appeared first on EstBAN.

Evaluating funding decisions for various companies in banking eventually led me to start my own business. Being an entrepreneur gave me the confidence to begin investing in other founders’ ideas. As I looked for more ways to diversify my portfolio and aim for higher returns, angel investments became the next logical step.

What was your first angel investment or other high-risk investment? How did it go?

My first serious experience with taking an idea to market from scratch was back in 2014 when we co-founded the car rental brokerage CarHireLabs.com.

One big takeaway: as a co-founder, be cautious when partners delay formalizing agreements. If you don’t have a signed option agreement, you don’t have options, simple as that. Still, this experience introduced me to a whole new field – international car rental brokering – which was totally outside my prior banking and financial services background. Entering an international market through a startup significantly changed my worldview.

Another high-risk investment was in Carbon Streaming Corporation (NETZ), where I relied on another investor’s due diligence. While the company initially moved toward its projected sales goals and got listed on exchanges, getting out of the investment as a non-resident turned out to be extremely time-consuming. By the time the shares were tradable via a broker, the right time to exit had passed. The share price dropped from 16.69 CAD to 0.45 CAD in just 12 months.
Lesson learned: if you create an investment strategy, also think through your exit strategy -and whether exiting is even feasible.

Third, I invested in Ratechain Solutions, a platform where, as an angel investor or option holder, you can find yourself “stuck” as a minority shareholder with little access to information or influence over the company’s direction. In this case, your success depends heavily on the founders and their team.

What does your startup portfolio look like today?

My portfolio feels like a theory brought to life. Out of ten startup investments:

• Three failed quickly,
• Three are just surviving, and
• Three are profitable,
• One might return all invested capital.

And if it doesn’t? At least I get the joy of participating in bold, innovative ideas.

The best-performing investments were done through syndicates, together with other investors. I’ve co-led two syndicates with Sven Kotkas and participated in several others. Current investments include: Esgrid, Fleetfox, JeffApp, VideoCV, Zelos, RateChain, Carbon Streaming Corporation (NETZ), Ampler, Cleveron, Clevon, Settle, Fara Cycling, among others.

How do you choose where to invest?

The best way to explain this is through my experience as a lead investor in the sTARTUp Day syndicate. In 2024, 322 startups applied. We shortlisted a Top 40, then a Top 10, and finally chose a Top 3. At each stage, we assessed companies differently—from broad criteria to deep due diligence.

In early stages, you’re evaluating a large number of companies quickly. You focus on the team, market potential, whether they have revenue, if their valuation is reasonable, and whether the product solves a big enough problem. Later stages involve interviews and scoring frameworks. In the final stage, it’s about negotiating investment terms and seeing if the company is ready to take in a syndicate investment.

Three tips for new angel investors

1. Start with syndicates: you’ll learn faster and share the risk. EstBAN runs at least two syndicates per year: sTARTUp Day and Latitude59.
2. Set an investment strategy: focus on industries where you have knowledge or interest.
3. Define your budget: know how much of your portfolio you’re willing to allocate to high-risk investments. For me, it’s 5%, a number I’m comfortable losing and confident I could regain with other investments. Most active angel investors allocate between 5-30% of their portfolio.

Where do you get your inspiration or information?

Mainly through the EstBAN network, sTARTUp Day, mentoring in incubators, and regularly exchanging ideas with founders and fellow investors.

Finally, do you need a finance degree or be a math whiz to be a good investor?
Not necessarily. It’s more important to understand the fields you invest in or have a strong interest in them. Yes, you should diversify to reduce risk, but always do your own due diligence. If you’re risking your own capital, don’t count on someone else having done the homework better than you.

See also:

• New member onboarding by Jan
• New Angel training by Jan

The post Investor Talk: Lead investor and business angel Jan Lätt about high risk investments first appeared on EstBAN.

The post Investor Talk: Lead investor and business angel Jan Lätt about high risk investments appeared first on EstBAN.