Agenda highlights of the event

Sun, May 31 – Side events, Vilnius exploration & VIP Dinner
Mon, June 1 – Main Conference Day 1: keynotes, panels & EBAN Awards Gala Dinner
Tue, June 2 – Main Conference Day 2: panels, matchmaking & side events
Wed, June 3 – Study tour: Lithuanian startup ecosystem

Why attend?

• Unmatched networking. Connect with co-investors and startups through side events, evening cocktails, a VIP reception, and the iconic EBAN Congress Gala Dinner.
• Invest in Europe’s resilience. Future thinking angels play a key role in investing in Europe’s resilience and this year we focus on defence & space, clean energy, life sciences, and Europe’s strategic sectors.
• Discover Lithuania’s startup ecosystem and enjoy Lithuania’s vibrant culture – including the Pink Soup Festival and meet Lithuanian VCs, angels, founders and ecosystem players, join the ecosystem tour!
• Special BAN Manager Programme. Deep dive and experience sharing for professionals running angel networks, clubs and syndicates

Vilnius is the place to be for angel investors in 2026. Join us!

Secure your spot: www.ebancongress.com Special discount for EBAN members – ask your discount via info@estban.ee

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Programm annab osalejatele võimaluse hinnata iduettevõtete potentsiaali nii iseseisvalt kui ka koos teiste investoritega ning tutvuda EstBANi kogukonnaga. Koolituste käigus õpitakse looma isiklikku investeerimisstrateegiat ja ehitama tasakaalustatud investeerimisportfelli ning saadud teadmisi saab rakendada kohe praktikas osaledes EstBAN x Latitude59 iduettevõtete pitch-võistluse parima valimisel ja sellele järgnevas sündikaatinvesteeringus.

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Koolituste ajakava

• 2. aprill kell 16.30-19.00 Kuidas alustada investeerimist idufirmadesse? Koolitab Kadi-Ingrid Lilles (Iron Wolf Capital partner, ingelinvestor);
  
• 9. aprill kell 16.30-19.00 Kuidas idufirmasid analüüsida ja luua tasakaalus investeerimisportfell? Koolitab Kärt Siilats (Go Beyond Capital, ettevõtja ja ingelinvestor);
  
• 22. aprill kell 16.30-19.00 Praktiline due diligence (DD) läbimäng Kati Pino (advokaadibüroo Hedman assotsieerunud partner) ja juhtinvestor Jana Budkovskaja juhendamisel;
  
• 7. mai kell 16.30-19.00 Investeerimise juriidilised põhialused Koolitab Kati Pino.
• Lisaks toimub programmi lõpus investorite networking üritus. 

Osalemine koolitustel on tasuta, kuid kohtade arv on piiratud 30 osalejaga. Kandideerimine on avatud kuni 22. märtsini. Pärast seda teavitame kandidaate programmi pääsemisest. Osalejad valime investeerimisprofiili, varasema üldise investeerimiskogemuse ja valmisoleku põhjal, kuid kandideerima on oodatud kõik huvilised. Sessioonid toimuvad eesti keeles.

Boonusena saavad osalejad kutsed EstBANi startup pitch-sündmustele aprillist juunini 2026, võimaluse osaleda Latitude59 sündikaatinvesteeringus ning ligipääsu kogenud ingelinvestorite ja startup-ökosüsteemi võrgustikule. Koolitusprogrammi toetavad advokaadibüroo Hedman ja SEB Eesti.

Lisainfo ja küsimused: jana@estban.ee
Info varasemate koolituste kohta: https://estban.ee/naisinvestorid/

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Due to the very strong competition, the EstBAN syndicate will be divided between two promising deep tech startups: ImpactPCB gets up to €150k, and LifeGlue (FIN) gets up to €150k.

EstBAN syndicate co-lead Martin Goroško commented that the startups were impressive, and it wasn’t an easy task to pick the winners. “All the top 30 companies that made it to the sTARTUp Day pitching stage are investable, and I believe investors will pick them up sooner or later. Regarding the angel investor syndicate, we were weighing the decision pretty intensely until the last minute,” Goroško mentioned.

Lead investor Heidi Kakko said that the winners were the strongest in all aspects that investors are looking for. “They know how to validate a problem early enough in a complex field and create a corresponding solution. For investors, it’s also important to understand their specific markets,” Kakko said.

How are the investment winners going to change the world?

ImpactPCB offers a validated, revenue-generating deep-tech solution for chemical-free e-waste recycling, addressing a critical EU resource challenge. Strong founder expertise, early customer traction, and scalable modular technology support an attractive growth opportunity.

• Founders: Artur Klauson, Deniss Klauson
• Read more: https://www.impactpcb.com/our-solutions

LifeGlue is developing a scalable biomaterial platform with strong scientific foundations and broad application potential. Early validation and a clear value proposition position the company well for long-term impact and growth.

• Founders: Laura Kuittinen, Paula Puistola, Anni Mörö
• Read more: https://www.glue4life.com/

Rest of the TOP5 startups of the sTARTUp Day 2026 Pitching Competition

These companies made it to the finals together with two winners from a pool of over 200 promising ventures:

• Thistle and Gerda-Annika Laager (EST)
• EsaDres and Karin Kogermann (EST)
• BabAI Orbital and Roman Karpenko (UKR-EST).

More on the same topic

• Read more about the sTARTUp Day 2026 syndicate
• Take a look at former EstBAN syndicates too.

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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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Wednesday, December 10 at 17:45 (Estonian time)
→ Chat on YouTube

Estonian Startup Ecosystem representatives and Annual Fireside Chat panelists, Karin Künnapas, Allan Martinson, Hendrik Reimand, Kärt Klein, and Vaido Mikheim, are geared up to dive into the state of the sector, from the rise of new founders and access to capital, to startup mortality and the real sources of optimism.

​The Estonian Startup Ecosystem Annual Fireside Chat 2025 is powered by Swedbank Estonia and organized by Estonian Business Angels Network (EstBAN) and Connect2Scale project, Estonian Founders Society, Estonian Private Equity & Venture Capital Association (EstVCA), Invest in Estonia & Startup Estonia. 

Previoulsy on the same topic:

• 16.01.2025 Estonian Startup Ecosystem Annual Fireside Chat 2024 

• 19.01.2024 Estonian Startup Ecosystem says we need more superfounders

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Applications for sTARTUp Pitching are open until 7 November. If you have a startup in your portfolio or you are building one yourself – take action and apply ASAP.

The best startups will compete for:

• Up to €200k syndicate investment from EstBAN
• €200k deep tech investment from Baltic Sandbox Ventures
• €10k equity-free cash from Swedbank
• €10k legal support from Sorainen
• Pitch deck legal proofing & 6000€ legal support from Triniti
• Up to $25k in AWS credits for participants from Spendbase!
• Mentorship and advisory worth €120k from Values360Ventures
• Pitching training for TOP30

 Find all the information: www.startupday.ee/program/pitching

This year, sTARTUp Pitching takes place in two parts

In the first round, you’ll first need to assess your startup’s current development status on a scale of 1-9 across six areas using The KTH Innovation Readiness Level model:

– Customer Readiness Level (CRL)
– Technology Readiness Level (TRL)
– Business Model Readiness Level (BRL)
– IPR Readiness Level (IPRL)
– Team Readiness Level (TMRL)
– Funding Readiness Level (FRL)

You can find detailed information about how to score your startup on each aspect HERE. Be honest! We don’t expect you to score high on any aspect, but our investors do need a realistic overview of your current state.

• Explore EstBAN’s previous syndicates and see the impact of collective investing on the EstBAN website.

See you all in January at the sTARTUp Day!

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Ajakava

• 9. oktoober
• Kompanii HUB, Tartu

15:00-15:45 Enesekindlus laval (töötoa formaat)

Praktiline kiirkursus kõigile, kes soovivad oma ideid edasi anda enesekindlalt, selgelt ja kaasahaaravalt. Õpime, kuidas esineda nii, et sinu sõnum päriselt kohale jõuaks – olgu see pitch investorile, müügikohtumine kliendiga või ettekanne konverentsil.

Töötuba viib läbi kogenud esinemiskoolitaja ja EstBAN juhatuse liige Aleksander Tõnnisson.

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16:00 – 17:00 Minu esimene (ingel)investeering EstBAN-iga

EstBAN-i praktiline seminar alustavale investorile ja ettevõtjale, mis avab ingelinvesteeringute telgitagused. Räägime ausalt ja otse sellest, milline on investoriks olemise igapäev, mida investorid tegelikult otsivad ning kuidas muuta oma ettevõte atraktiivseks ingelinvestoritele.

Seminari viivad läbi EstBAN juhatuse liikmed Jan Lätt ja Aleksander Tõnnisson.

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17:15–18:00 Rohetehnoloogia iduettevõtete pitch ja networking

Lavale astuvad valitud rohetehnoloogia startupid, kes jagavad oma lahendusi ja tulevikuvisiooni. See on võimalus näha Eesti rohetehnoloogia uue põlvkonna ettevõtteid, saada inspiratsiooni ning kohtuda äriinglitest investoritega.

Üritus toimub koostöös Tartu Teaduspargi ja Baltic Innovation Agency’ga. Pärast pitchi ja networki läheb sündmus üle elava muusikaga õhtuks.

Kõik sündmused on tasuta, aga palun pane end kirja, et teaksime arvestada ligikaudse osalejate arvuga.

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Lisainfo EstBANi juhatuse liikmelt Aleksander Tõnnissonilt: tel: 522 8248 aleksander@estban.ee

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This year’s edition features keynotes like EU Commissioner Ekaterina Zaharieva, EIF Deputy Chief Executive Merete Clausen, Head of Unit Malgorzata Nikowska, Nordic Alpha Partners Co-Founder Laurits Bach Sørensen, who will dive into topics in AI, space & defence, growing angel networks, and EU policies to boost investment and better support startups. Plus, hear reverse pitches from EBAN members and network with hundreds of angels and VCs from across Europe.

Time: 28-29 October
Location: Brussels, Belgium

• Tickets
• If you are an EBAN member, email nathan@eban.org to get your special discount code

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August

• 13.08 NEW! Angels networking luncheon TALLINN 
• 13.08 NEW! Angels networking luncheon TARTU
• 18.08 Legal advice: Introduction to the Startup Estonia model documents – key pointers to angel investors when making investments into startups (by Triniti Law Firm)
• 20.08 Kuopio Health Insights (KHI) in Kuopio, Finland
• 26.08 Networking: Deep Tech Pub (Startup Estonia event in Tartu) 
• 27.08 DTx New Nordics in V Spa Conference Center, Tartu, Estonia
• 28.08 EstBAN August Pitch Event 

September

• 04.-05.09 Baltic VCA Summit (Riga, Latvia ) TICKETS

October 

• 8.-9.10 Startup Fair & Investor Camp (Vilnius, Lithuania ) TICKETS
• 9.-11.10 Armenia Study Trip (Yerevan, Armenia )
• 28.-29.10 European Angel Investment Summit (EAIS, Brussels, Belgium ) TICKETS
• Female Angel Investor Training Programme (in Estonian) – TBA
  

November

• Connect2Scale study trip to Portugal – TBA

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And this time, the gathering took place in a brand-new location in Tallinn where this was the first ever event held – the Hundipea quarters. Hundipea is envisioned as a future-proof neighbourhood developed with the input of a wide range of people – from urban experts and universities to students and local communities. It’s designed as a living testbed for future cities, where new ideas are tested, refined, and put into action – making it a fitting backdrop for a gathering of innovators and investors.

The evening started with short welcoming words from Karin Künnapas (EstBAN), Allan Martinson (Estonian Founders Society), Tiina Laisi-Puheloinen (FiBAN), and Kaari Kink (EstVCA), who briefly highlighted the importance of community, cooperation and ongoing exchange across the ecosystem.

The rest of the evening was fully dedicated to networking, catching up, and making new connections and dancing while DJ Ula — aka angel investor Priit Uustulnd — provided the soundtrack for the evening.

Thank you to everyone who joined – the Estonian startup ecosystem is growing stronger with every great connection and conversation held.

• See the full event gallery (Photos: Edmond Mäll)
• Season End of 2024 December
• Season End of 2024 June

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