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.

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.

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.

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

“In the beginning, we focused on building angel syndicates. Over time, we shifted toward deep tech and critical technologies, transitioning from an accelerator to a venture fund. Today, we’re investing from our Fund I and raising our Fund II.”

It wasn’t easy to launch a fund in an emerging ecosystem with little institutional backing. “We didn’t have institutional money when we started. It was a challenge, but we believed in the potential of deep tech to transform the region – not just economically but also in terms of technological sovereignty and political independence.”

Despite the difficult fundraising environment in 2022 – 2023, Sandra and her team managed to secure commitments, including a landmark investment from NATO’s Innovation Fund. “It was quite a journey,” she admits.

A Passion for Deep Tech

Sandra’s excitement is obvious when we start speaking about her favorite tech sectors.

“For us, it’s all about deep tech – 70% of our investments are in hardware, particularly in areas like quantum computing, aerospace, functional genomics, and computational drug discoveries. These technologies are driving medicine and innovation forward.”

She emphasizes the importance of understanding the bigger picture rather than mastering every technical detail. “As a General Partner, I don’t need to dive into every nuance. I rely on our ‘nerd department’ – our technical team – to evaluate the science. My role is to see how these innovations fit into the larger ecosystem and their commercialization potential.”

Sandra’s investment philosophy centers on three key principles:

1. Broad Commercial potential:
   “We look for technologies with applications across multiple industries – defense, sports tech, medicine, and beyond. The broader the potential, the better.”
2. Team Dynamics and Coachability:
   “Founders must be open to learning and capable of communicating with business partners. If a team isn’t willing to collaborate or grow, we won’t invest.”
3. Patience and Long-Term Vision:
   “Deep tech investments take time – our fund operates on a 10+1 year cycle. Building a solid portfolio requires resilience and the ability to think long-term.”

The Role of Academia and Relationships in Sourcing Deals

What sets BSV apart is its deep ties with academia.

“80-90% of our pipeline comes from academic connections. We’re constantly engaging with scientists, attending events, and sourcing deals through our portfolio companies. Only about 10-15% of opportunities come from other VCs.”

This approach allows BSV to identify startups at the earliest stages, even before other investors take notice. Sandra is open about the challenges of venture capital. “You can’t learn everything from books or podcasts. Real lessons come after your first missed opportunity – or a gut feeling you didn’t trust.”

One of her key takeaways? “Always listen to your instincts. If something feels off, even if you can’t pinpoint why, don’t invest. Your gut is often your experience talking.”

Advice for Aspiring Investors

• Be Hands-On:
  “Startup investing isn’t passive. If you’re not ready to actively support founders, choose a different asset class.”
• Understand What You’re Investing In:
  “Avoid jumping into trendy sectors like AI unless you truly understand them.”
• Do Your Due Diligence and Co-Invest:
  “Partnering with experienced investors helps mitigate risks, especially when starting out.”

Life Outside Venture Capital

When Sandra isn’t evaluating deep tech startups, she’s embracing her adventurous side.

“I completed 810 kilometers of the Camino de Santiago last summer, did it solo! It was physically and mentally challenging, especially with an 8 kg backpack. And yes, I was still working while walking – working with portfolio startups, negotiating with the NATO Innovation Fund and searching for reception along the trail.”

She laughs, but her resilience shines through in both her professional and personal endeavors, demonstrating the mindset needed to navigate the unpredictable world of venture capital.

Read more

• EstBAN Awarded its active members and partners at the Annual General Meeting
• EstBAN has a new fund member – welcome Baltic Sandbox Ventures!

The post Investor Talk: About Deep Tech with Sandra Golbreich first appeared on EstBAN.

The post Investor Talk: About Deep Tech with Sandra Golbreich appeared first on EstBAN.

You seem to be very active in the startup sector. Which professional hats do you wear?

In 2017, I transitioned from my role as Finance Director to concentrate on education and expanding my investment portfolio. Currently, I instruct master’s students at TalTech in accounting, financial analysis, and business performance management. I’m also a mentor and trainer, with a strong desire to increase people’s financial literacy. And I host a monthly show “Financial News in Focus” (Finantsuudised fookuses) in Äripäev Radio. I view all these endeavors as my way of contributing back to society.

What’s your investor journey been like?

I have studied accounting and financial analysis, driven by a lifelong passion for numbers. In 2006, I bought my first stocks, Tallinna Kaubamaja (now TKM Grupp) and Saku Brewery shares. Recognizing that merely saving money was insufficient due to inflation, I decided to build an investment portfolio. By 2014, I began diversifying into various asset classes. In 2018, I became a member of the Estonian Business Angels Network (EstBAN) and by 2019, I expanded my investments into startups.

What has belonging to EstBAN taught you?

Despite my background as a financial analyst, I quickly realized that evaluating startups required a completely different skill set. Lacking the confidence to dive into startup investing on my own, I came across the Nordic Angel Program on the EstBAN website and decided to join. The program began with an introduction to startup terminology by Ivo Remmelg and, over six months, Estonian and Finnish experts led workshops on everything from founder evaluation to product-market fit. The legal aspects were particularly complex, investing in startups demands a vastly different approach compared to traditional businesses. But by the end of the program, I felt much more confident.

Once I met a Chinese investor who had backed 5,500 companies, of which only 500 were successful. That conversation visualized that angel investor should aim for at least 30 investments to improve their chances. Startup investing is, without a doubt, one of the riskiest asset classes.

Lessons learned

1. For every investor, the first major economic crisis is the most stressful. Mine came with the collapse of Lehman Brothers. I was fortunate not to panic and sell at the bottom, but at the same time, I didn’t yet seize the opportunity to buy at the bottom either.
2. I invested in Planet42 during its second funding round and at the time, I didn’t fully grasp how future fundraising rounds would be structured, which taught me that many factors influencing startup success are beyond investor’s control. However, I believed in the team and the strong market demand for their service. And I understood that early investments offer the highest potential return multiplier (x). Before the market downturn, my investment had grown 3.3x, a reasonable outcome for that period.
3. I’ve also overestimated some founders. Had I been more aware of the wide variations in financial literacy among them, I would have approached certain deals with greater caution.

Have you had any successful exits during your angel investor period?

In the startup world, a full cycle typically spans around 12 years. So, let’s revisit this conversation in 6–7 years, I prefer not to make any judgments at the moment.

How do you keep yourself informed?

I read every investor report that lands in my inbox, whether long or short, well-written or not. I regularly listen to podcasts like LHV Turutegijad and Swedbank’s Investeerimisjutud. When it comes to startup news, networking events are the most valuable source of information. EstBAN pitch events provide a glimpse into what investors are focusing on, and word-of-mouth remains unmatched for gaining real insights. That’s why I actively participate in events – to stay connected and ahead of the curve.

Advice for Beginners?

• Jason Calacanis’ book “Angel” is a classic starting point for anyone exploring the world of early-stage investments.

• To better understand the psychology behind decision-making, Daniel Kahneman’s Thinking, Fast and Slow is an essential read.

Favorite Sector to Invest In?

I’m particularly drawn to sectors that directly enhance people’s quality of life. That’s why my portfolio includes FitSphere, a movement app that encourages physical activity, and Bikeep, a micromobility solution improving urban mobility. Investing in businesses that create tangible, positive change is especially meaningful to me.

While I take a sector-agnostic approach, focusing primarily on scalability, I have a strong interest in ed-tech. I see its potential to transform learning, though it remains a challenging sector due to limited funding and high customer acquisition costs. As an investor, I approach it with caution, but as an educator, I’m excited about how technology can simplify and enhance the learning experience.

If you look at your students, what’s the future like?

Since the pandemic, I’ve observed heightened engagement among my master’s students, many of whom already manage their own investment portfolios. While it’s possible to acquire knowledge without pursuing a degree, the caliber of connections established during university years is invaluable. This sentiment extends to my experience with EstBAN, where the networking opportunities significantly enhance the value of membership.

Read also our other interviews in the Investor Talk series:

• Grete Pariis
• Olga Luštšik
• Ivar Siimar

The post Investor Talk: Paavo Siimann about the power of networking first appeared on EstBAN.

The post Investor Talk: Paavo Siimann about the power of networking appeared first on EstBAN.

When Ivar learned he had won the prestigious EBAN award, he says he was was surprised: “I had no idea, I haven’t been deeply involved in the ecosystem for the past five years. Before that, though, I was the president of EstBAN for five years and served on the EBAN board at the same time. It was a busy, active time, it seems people remember such contributions.”

Building Bridges with EBAN

The story of his connection to EBAN (European Business Angel Network) began in 2012 when he co-founded EstBAN (Estonian Business Angels Network). “When we established EstBAN together with 23 founders, we had to learn from somewhere,” he says. The opportunity came during a government-organized startup study trip to Brussels, where he first heard about EBAN.

The idea stuck, and he began researching how to cultivate a community of angel investors in Estonia. “At that time, we only had a handful of angel investors, and we had made maybe four or five investments. I reached out to our Finnish neighbors at FiBAN, who had launched their network just a year earlier,” he recalls. “I traveled back and forth to Finland, spoke to their board, and personally called 23 people, convincing them to help form an angel network.”

Thanks to the support of the Finnish angels and EBAN, EstBAN quickly gained recognition, winning the award for Best New Network the very next year. And jumping into this day – EstBAN still is one of the best performing business angel networks in Europe, having received the “Best Performing EBAN Member 2024” Award this May in EBAN Congress Tallinn.

People in leadership roles must bring fresh perspectives

Reflecting on his role in the angel investing community, he remains modest. “I don’t think about it too much,” he says. “What’s important to me is that EstBAN didn’t become just a ‘one-man show.’ For the first five years, it was heavily influenced by me, and I worried that nobody would take over when I stepped down. But, thankfully, there have been four different presidents since, which shows that the organization is healthy and evolving.”

He emphasizes that networks like EstBAN should constantly refresh their leadership. “It’s crucial that leadership rotates and new ideas are injected. Otherwise, things stagnate. It’s always been my belief that people in leadership roles must bring fresh perspectives. We swap out half the board every year to keep the energy alive.”

A Unique Background and Passion for Investing

“All five partners at our firm, Trind Ventures, have done angel investments.  Together with Joel Aasmäe we were co-founders of EstBAN and Reima Linnanvirta was the president of FiBAN with a business angel portfolio of about 20-startups back then. Becoming a VC, it’s a natural progression – as you gain experience, you want to play the game at a higher level.”

Ivar’s own background is diverse. “I studied physical education and international economics,” he says, detailing his 15-year career at Arco Vara, a major real estate firm, where he worked his way up from entry-level to top management. “In 2007, I left to pursue new opportunities. Together with my friend and partner Guido Kundla we established investment company WNB Project and started to look around. Our investments went mostly to startups. For example we invested in seed rounds of Cleveron and Defendec. I also used to play semi-professional basketball in the legendary ASTO team, and today, I still play twice a week with the same guys.”

Investing in People, Not Just Numbers

“I’ll be honest,” he says, “I’m not a spreadsheet wizard. My strength is investing in people. I need partners who are numbers-driven or experts in specific fields. It’s essential to understand the people behind the business, and I look for opportunities where there’s a real potential for growth.

Ivar admits there are ups and downs in angel investing. “Sometimes, despite everyone’s best intentions, things go wrong, and you must be prepared for that.”

Investment philosophy and advice for new angels: “Join EstBAN!”

His advice to aspiring angel investors is simple: “Join EstBAN! Don’t set rigid investment targets in your first year. Instead, immerse yourself, attend pitch events, and sneak into pre-screenings if you can. Build a close circle of 5-10 people within the community. Ask all the ‘stupid’ questions you have; often, those are the best ones.”

He suggests investing €5,000 in a syndicate as a learning experience. “It’s like paying for an education in investing. If, after a year, you feel it’s too risky, you can walk away, and no one will judge you.

EstBAN isn’t just about investing; it’s about making a difference. Ivar highlights a powerful example of community impact: “With Riivo Anton, we launched the United Delivery Mission to help Ukraine. The key is networking. It’s not just about investments; you meet incredible people who might become lifelong friends.”

And to sum up we asked Ivar where he get’s his information from – be it a podcast or book. And here’s what we got: „I actually have a book recomendation for angel investors – my friend Paulo Andrez just recently published the book Zero Risk startup – the name of the book is a little  bit confusing but it’s all about potential risk midigation. In my mind good reading for investors and founders.

Read also our other interviews in the Investor Talk series:

• Grete Pariis
• Olga Luštšik

The post Investor Talk: Ivar Siimar’s journey of becoming a gamechanger first appeared on EstBAN.

The post Investor Talk: Ivar Siimar’s journey of becoming a gamechanger appeared first on EstBAN.