A few years ago, Wisby found itself in a situation familiar to many venture-backed companies: investor capital became significantly harder to access. The company reduced its team from eight people to three and set a clear course toward profitability.

“When our bank balance was approaching zero, I was asked a couple of times whether we should just call it quits,” recalled Kaspar Päll, founder and CEO of Wisby. “I said it was too late for that as our balance sheet was negative, so we had to become profitable just to get back to zero first.”

During this period, the company followed a simple principle: if an activity did not help generate revenue within the next 1-90 days, it was not a priority. In the first half of 2024, Wisby reached profitability, and since then the company has focused on profitable growth.

Funding helped to establish a fair valuation

Wisby did not initially set out to raise new capital. The company needed to convert previous convertible loans into equity, which required establishing Wisby’s current valuation. New investors were brought in who were willing to invest real capital at that valuation. This provided market validation for a valuation that all parties could consider fair. As the new investors wanted to invest in Wisby, the company decided to raise €250,000 and use the additional capital to accelerate its growth.

“We didn’t actually need new capital. What mattered was establishing a fair valuation that both existing and new investors were comfortable with. The best way to do that is to put real money from the market on the table — if a new investor is willing to invest at that valuation, it becomes much easier for everyone to agree that it is fair. Once we saw that investors wanted to come in at that price, it made sense to take an additional €250,000 and push the gas pedal a little harder,” said Päll.

According to Päll, the decision not to raise a traditional seed round, or take on more capital than Wisby could efficiently deploy at its current stage, was deliberate.

“We could have funded our planned growth from our existing resources. Now we can grow more aggressively, but not at any cost. To put it in startup terms, our unit economics need to remain healthy, and we need to retain the ability to return to profitability quickly if needed.”

Wisby projects revenue of €2.2–2.4 million this year and currently has a team of six. The company’s customers are primarily located in Scandinavia and Western Europe.

The financing round was led by Buildit VC with a €200,000 investment, alongside €50,000 from an EstBAN angel investor syndicate led by Martin Goroško. Buildit VC has been active in the investment market since 2014 and has made numerous investments over the years. The partnership between Wisby and Buildit, however, began with a chance encounter at sTARTUp Day.

“Of course, the goal of every investment is to generate a return, but behind every investment there is also a unique story. For Wisby, the headline would be ‘in the right place at the right time.’ Timing and being in the right place undeniably play an important role in business: I met Kaspar from Wisby at sTARTUp Day while rushing from one meeting to another, when Martin Gorosko, who was sitting with Kaspar, spotted me and asked if I had one minute. Kaspar gave me a very quick overview of Wisby, and my immediate reaction was: ‘Yes, this sounds interesting,’” said Matiss Neimanis, Partner at Buildit VC.

“EstBAN angels saw a strong growth opportunity in Wisby in a sector that might not initially look like a classic venture capital investment. For us, the deciding factors were a strong team, an already proven international customer base, and the ability to grow profitably without relying on constant external capital. The company has demonstrated that its business model works and that customers are responding – the additional capital now gives Wisby the capacity to scale that model faster across new markets,” said Martin Goroško, who led the EstBAN angel investor syndicate.

For Wisby, the €250,000 investment represents strategic growth capital, not a seed round. The company plans to use the capital to accelerate product and business development and strengthen its position in its existing Scandinavian and Western European markets, while maintaining its focus on profitable growth.

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What is Unicorn Machine?

We are actually a group of venture studios building companies with the real potential to become unicorns. Yes, the name is deliberately ambitious, and the model behind it is simple: rather than investing in companies other people have already started, Unicorn Machine builds them from nothing.

Our studios take an idea through customer validation, product development, fundraising, and building the founding team – then spin the company out to stand on its own.

We work through specialised studios, each with its own domain and playbook. Mythic Builder creates AI-enabled B2B software, currently across accounting, recruitment, and music. Glazeworks focuses on hardware – robotics, physical AI, and electric mobility. More studios and an accelerator program will follow.

Where do you invest and/or what kind of startups you’re looking for?

Today our capital goes into the companies our own studios build, at the very earliest stage – often before there is a product, sometimes before there is a founder in the driver’s seat.

What we look for is consistent across every studio: a market large enough to support a genuine category leader, a problem that isn’t being properly addressed today, and a product that deserves to exist rather than one that merely can be built. If a company can’t credibly become the leader in its category, we don’t start it.

For angels, it means exclusive deal access at a stage usually invisible from the outside – while the thesis is still being proven.

What’s your goal or expectations with EstBAN?

EstBAN has spent more than a decade building something very difficult: a network where experienced investors share deal flow, judgement, and hard-won lessons rather than guarding them. That culture is a real part of why Estonia punches so far above its weight, and being invited into it is a privilege we don’t take lightly.

Our intention is to be useful members first. We want to learn from people who have been investing in this ecosystem far longer than we have, and we want to give the community more places to gather. We’re building a programme of monthly meetups, hackathons, and a summit, and EstBAN members will be welcome at all of them.

Longer term, our ambition is straightforward: to put more into the Estonian ecosystem than we take out. New companies headquartered here, new jobs, and capital reinvested locally.

• More information: https://www.unicornmachine.com/
• Unicorn Machine representatives in EstBAN are Ashton Barger and Kyle Ueckermann

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Below is a month-by-month overview of EstBAN events from September to November. Mark your calendars and stay tuned for registration details and programme updates. Our Luma Calendar is open for members only and where you can’t see a sign up link – look for it in your mailbox.

August

• 12.08 Startup Ecosystem Season Opening Party
  The event is organized by EstBAN, EstVCA, the Estonian Founders Society and Startup Estonia.

• 26.08 EstBAN Monthly Pitch Event

September

• 08.09 Wrong Presumptions on Why Companies Fail to Get or Lose Their Licences in FinTech
  A training session exploring common misconceptions around licensing in the FinTech sector and the reasons companies may fail to obtain or retain their licences.
• 16.09 New Angel Investor Onboarding
  An introductory online session for new and prospective angel investors, covering the fundamentals of angel investing and how to make the most of the EstBAN network.
• 24.09 EstBAN Monthly Pitch Event
  Our monthly pitch event brings together selected startups and EstBAN investors for an evening of new ideas, investment opportunities and networking.
• 16-17.09 Startup Fair, Vilnius, Lithuania Tickets here 

October

• 05.10 Angel Investor Study Trip: Romania & How to Web Conference, Bucharest, Romania
  A curated investor study trip combining ecosystem meetings, networking and participation in the How to Web conference in Bucharest. Sign up
• 15.10 EstBAN x KPMG Monthly Pitch: Defence Tech
  A thematic pitch event focused on defence technology, bringing together investors, industry experts and selected startups working in the sector.

November

• 19.11 EstBAN x Tehnopol Pitch Event
  A joint pitch event with Tehnopol featuring promising startups, investor insights and opportunities to build new connections across the ecosystem.
• 19.-21.11 Investor Tour 2026 Yerevan, Armenia
  The Investor Tour on 19-21 November 2026 is a curated journey through Armenia’s thriving innovation and technology ecosystem – designed to give you an insider’s view of the region’s most dynamic startup scenes. Sign up 

Before you switch off for the summer, secure your spot at our autumn events, we look forward to seeing you there!

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New Team in place

The beginning of 2026 brought two new team members into EstBAN – as Karin Künnapas stepped down from Managing Director position, Jana Saastamoinen became a new CEO of the network. In March we also welcomed a new Deal Flow Manager Darja Ogorodnik as Margret Kanniste continues as an angel investor member.

Latitude59 Syndicate Investments

In spring, EstBAN strengthened cooperation across the New Nordics. Together with LatBAN and FiBAN, the network backed the Latitude59 Pitch Competition with up to €300,000 in angel investment. The final syndicate was divided between Finnish energy-storage startup Granarium Technologies, receiving up to €200,000, and Estonian working-dog technology company DogBase, receiving up to €100,000.

Training New Angels

EstBAN also continued to develop the next generation of investors through training and educational initiatives, including the Female Angel Investor Training Programme, legal seminars and pitch events for angel investors. At the same time, the network published new Investor Talk interviews to share the experiences of active members and make angel investing more accessible to a wider audience. We also held monthly angel luncheons to support members networking opportunities.

Investing Summary and Board Elections

At the Annual General Meeting, EstBAN approved its 2026 action plan, elected and re-elected board members (welcome Peeter P. Mõtsküla as a newly elected Board Member), and recognised outstanding investors and ecosystem partners through the EstBAN Angel Awards. The annual review also showed that members invested €14.1 million into startups in 2025, while syndicates, funds and cross-border investing continued to play an increasingly important role.

Two New Fund Members

The community also expanded through new partnerships, including TooEarly Ventures and M2 Capital Partners joining as fund members. In addition, EstBAN continued supporting existing portfolio companies: Nanordica Medical announced a €1.6 million funding round with participation from an EstBAN syndicate.

sTARTUp Day Syndicates are on hold

The year began with the sTARTUp Day pitching competition, where EstBAN investors selected two deep-tech companies for syndicate investments: Estonian ImpactPCB and Finnish LifeGlue, each eligible to receive up to €150,000. By June 2026 neither of the syndicates have formulated due to follow-up due diligence issues.

Altogether, the first six months of 2026 have reinforced EstBAN’s role as a connector between investors, founders and ecosystem organisations bringing together capital, knowledge and international networks to help ambitious startups grow.

• See the photo gallery of Spring Season End 2026 (photos by Edmond Mäll)

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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

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Nanordica’s Premotiv® dressing has demonstrated a 43% reduction in wound area size after just one week of treatment compared to 13% with standard silver dressings in a randomized controlled trial on 30 patients with diabetic foot ulcers. The study was recently published in the scientific Journal of Wound Care^[2].

Around 100 million people worldwide have chronic wounds that fail to heal. More than half of these wounds become infected, often leading to severe complications such as sepsis, amputation and death. Diabetic foot ulcers (DFUs) are the leading cause of infections and leg amputations among chronic wounds. Every 20 seconds, someone with diabetes loses a leg due to amputation. Often called a “silent killer,” DFUs have five-year mortality rates and treatment costs comparable to cancer^[3].

Systemic antibiotics are currently the only treatment recommended for infected wounds by DFU treatment guidelines. However, they often fail to reach wound sites at sufficient concentrations. Their use is also increasingly restricted due to the rise of antimicrobial resistance.

Existing antibacterial dressings are not recommended by wound care guidelines largely because most lack clinical evidence. In addition, to effectively treat infection, many antibacterial dressings typically contain high concentrations of antibacterial agents that can delay healing by damaging healthy skin cells.

Nanordica Medical is addressing this challenge through its patent-protected Premotiv® technology that PREvents infection and proMOTes wound healing at the same time. By overcoming the longstanding trade-off between antimicrobial activity and safety to skin cells, Premotiv® enables faster wound healing and is suitable for both infected wounds and wounds at risk of infection.

In addition to the already published pilot study with 30 patients, Nanordica Medical is currently conducting a multicentered, double-blind, randomized clinical trial in patients with diabetic foot ulcers.

With more than 120 patients already enrolled, it is one of the largest studies of its kind. It is expected to generate strong clinical evidence supporting reimbursement, future treatment guideline recommendations and broader clinical adoption of Nanordica’s technology.

“Current DFU treatment guidelines are not fully aligned with everyday clinical practice, where there is a clear need for effective antibacterial dressings”, said Prof. Dr. José Luis Lázaro Martínez, the Chair of the Diabetic Foot Committee of the European Wound Management Association and the Principal Investigator of Nanordica Medical’s multicentered trial. “Antibacterial dressings supported by robust clinical evidence may influence future guideline recommendations and become category-defining solutions.”

The company’s innovative approach has gained international recognition. In 2026, SmartTRAK, a leading wound care market intelligence platform, named Nanordica Medical among four advanced wound dressing companies to watch, highlighting the company’s unique approach to addressing the “Silver Paradox” in antimicrobial wound care.

“Antimicrobial resistance is one of the defining healthcare challenges of this decade and most wound care products are making it worse. Nanordica has built a clinically proven alternative that doesn’t rely on antibiotics, doesn’t compromise healing, and leaves a significantly smaller environmental footprint. We backed the team because they had both the science and the conviction to see this through”, says Martin Koppel, the Founder Partner of 2C Ventures.

Nanordica Medical launched its first veterinary wound care product, Ravimus Vet^[4], in 2023. The product has received positive market acceptance and is currently distributed in six countries.

The human product will be launched following CE marking. To support commercialization, Nanordica Medical has completed key regulatory and operational milestones, including certification of its quality management system in accordance with ISO 13485:2016 requirements. The company has also recently been granted a European patent, strengthening its market defensibility and supporting the expansion of its product portfolio. These activities, including the ongoing multicentre clinical trial, were supported by a €2.4 million European Innovation Council (EIC) Accelerator grant.

“This financing round will enable us to complete a large randomized clinical study, strengthening the economic case for Premotiv® and finalize CE marking for commercial launch in Europe. Our clinical data suggest that Premotiv^® helps wounds heal faster by managing infection without compromising natural healing process. Faster healing has the potential to reduce complications, lower treatment costs and improve outcomes for patients with chronic wounds”, said Olesja Bondarenko, CEO and co-founder of Nanordica Medical.

About Nanordica Medical

• Nanordica Medical is an Estonian medtech company founded by scientists and medical doctors, dedicated to transforming laboratory innovations into practical medical solutions. The company is Estonia’s National Institute of Chemical Physics and Biophysics spin-off.

• Estonian MedTech company Nanordica Medical receives €2.4M EIC Accelerator funding and closes €375k oversubscribed investment round

• The winners of sTARTUp Pitching 2022 have been announced!

Referrals:

^[1] https://www.2cventures.eu/

^[2] Roosimaa M, Ilumets H, Kaha T, Kubo AL, Valkna A, Sihtmäe M, Kadaja M, Russell DA, Bondarenko O, Vasiliev G. A wound dressing with copper and silver nanoparticles versus ionic silver hydrofibre dressing for the treatment of diabetic foot ulcers: a randomised clinical trial. J Wou the nd Care. 2026;35(4):300-310. doi: 10.12968/jowc.2025.0002

^[3] Armstrong DG, Swerdlow MA, Armstrong AA, Conte MS, Padula WV, Bus SA. Five year mortality and direct costs of care for people with diabetic foot complications are comparable to cancer.

J Foot Ankle Res. 2020;13(1):16. doi: 10.1186/s13047-020-00383-2

^[4] https://www.nanordica.com/ravimus

The post EstBAN Syndicate update: Nanordica Medical raises €1.6M to commercialize its first-in-class antibacterial wound dressing first appeared on EstBAN.

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“That’s where our name comes from: TooEarly,” Triinu Lukas and Aneth Tinnus, the team behind TooEarly, explain. After working closely with pre-seed and seed-stage founders at a cleantech accelerator, they shifted their focus even earlier, supporting ideas at the moment they first take shape and pressure-testing them before they become companies. Triinu and Aneth give a little overview what they’ve been doing lately.

Who is TooEarly Ventures for?

TooEarly Ventures is built for people at the very beginning of the founder journey — when there’s an idea (or even just a strong intuition about a problem), but not yet a company or product. We are not looking for polished pitch decks, but for people with the drive to build. Founders come mainly from two places: the Estonian Business School (our “home base”) and the wider ecosystem through events, networks, and word of mouth. Teams are not limited to EBS.

The collaboration is hands-on and includes:

• A co-working space in central Tallinn (EBS), where founders build alongside the studio team
• A sprint-based program tailored to each case (customer discovery, MVP, early sales, team formation, business model)
• Community events like monthly “0→1 Wednesdays”

At a later stage, TooEarly co-builds more actively, helps find team members, and may invest cash or contribute operational support alongside its network of experienced founders and operators.

What kind of ideas do you work with?

TooEarly is sector-agnostic. We’ve worked with climate tech, B2B software, consumer products, services, and deep tech. What matters is scalability. Our venture studio focuses on startup ideas with high-growth potential, not lifestyle businesses or local service concepts. If an idea lacks scaling potential, founders are guided to more suitable resources. “Too early” means ideas don’t need to be fully formed. A strong problem and conviction to solve it are enough to begin.

How do you validate ideas and candidates?

Validation happens at two levels: the founder and the idea. The key question is not whether the idea is perfect, but whether there is real market pull and whether the team can find it. TooEarly operates on a rolling basis and currently works with around ten ideas simultaneously.

How is EBS connected?

EBS supports the studio and provides part of the idea pipeline, although many teams come from outside academia. The model is a university-backed venture studio, with a long-term goal of collaborating with additional universities to bridge business and academia.

A call to investors

If you invest at the earliest stages: pre-seed, angel, or pre-product, then TooEarly welcomes regular contact. By the time their companies raise capital, they have already gone through eight months of structured building, validation, and early traction work. That means clearer signals and less guesswork than the average inbound pitch deck.

MORE INFORMATION

• TooEarly Ventures website
• Be in the loop on our LinkedIn page HERE.
• We’re happy to host investors at our 0->1 Wednesdays event series, do informal portfolio walkthroughs, or just grab coffee in Tallinn. If backing companies before the rest of the market catches on interests you, that’s exactly the moment we operate in. Just a bit too early. 

Photo: Silver Gutmann

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Why does this matter? – Because today, women make up less than 15% of EstBAN members, and startup investing remains a space where female role models, knowledge-sharing, and trusted communities are limited. Some say it’s because there’s also only around 11-12% of female founders and too few female-led company exits. Meaning – there are not enough role models that other women can relate to. The attitude of “if she can do it, I can do it too!”.

Women can and want to build world changing companies, but the stakes seem too high. The self-doubt keeps them away.

Over the past 1.5 years, our Female Angel Investor Training Programme has brought together angel investors, VCs, lead investors, legal professionals, startup mentors, and founders to openly share what they know about supporting startups, raising millions in investor capital, navigating high-risk investments, conducting due diligence, building a portfolio, and developing an investment strategy.

Startup investing is not for everyone regardless of gender. However – greater diversity in angel investing strengthens the ecosystem. Yes, everyone bold enough can step into the unknown and sure, it takes conviction, emotional resilience, a portfolio approach, a strategy, and genuine curiosity about what and why you invest in. High-risk investing should be approached thoughtfully and intentionally, and it is something that everyone can learn. And that’s why programmes like this matter. We believe that EstBAN and partners’ systematic, hands-on angel investing programme specifically designed for women is a step towards more open and supportive startup ecosystem. We have always had our events for everyone, and then somehow, mostly men show up.

To end in a positive note, 7 out of the training programme participants became members of EstBAN and 20 of them made at least one angel investment within past 1,5 years. Altogether 26 investments into EstBAN syndicates were made by women from these three cohorts.

Huge thank you to all our speakers, partners, and participants who are helping to grow the next generation of informed and confident angel investors.

Thank you Hedman Law Firm, SEB Eesti and Meelis Nurk, Swedbank Estonia and Astrid Maldre, Karin Künnapas, Merlin Seeman and your team, Jana Saastamoinen, Allan Gaidunko, Triin Hertmann, Kaari Kink, Heidi Kakko, Kati Pino, Kadi-Ingrid Lilles, Kart Siilats, Jana Budkovskaja and all the participants who came to learn.

• See more about the programme
• Spring 2026
• Autumn 2025
• Spring 2025

Photos: Jaana Süld

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Up to €200 000 goes to Finnish startup Granarium Technologies

EstBAN lead investor and BSV partner Jana Budkovskaja and co-lead David Clark say that the Granarium Technologies’ up to €200k investment reflects the current needs in the global economy. “A key structural shift is that storage is no longer just a ‘backup power’ – it is becoming core grid infrastructure. Granarium is the perfect addition to our angel investment portfolio because the company is solving a massive global challenge in a safe and scalable way. We are impressed with their technology and experience, as well as the capacity to use local raw materials to make the production process sustainable and inexpensive,” Jana Budkovskaja explains.

• Granarium Technologies is a Finnish deep-tech specializing in developing 100% renewable supercapacitors made from nanocellulose and activated carbon, designed to stabilize electricity grids and manage power fluctuations. Granarium Technologies was founded in 2022 by Paula Viinamäki (CEO), Otto-Ville Kaukoniemi, and Vesa Kunnari.

Up to €100k investment is announced for Estonian DogBase

And second part of the overall up to €100k investment goes into DogBase, the working and rescue dog training platform solving a specific need for dog trainers whose end goal is to save human lives. “We were convinced by the team’s deep domain expertise as well as clear market validation, with a strong share of users converting into paying customers. This combination of real-world impact, functional technology, and a validated business model gave us the confidence to invest. The team behind could not be better with awesome Echo the dog,” Budkovskaja says.

• DogBase is an Estonian based, AI-powered operations and training platform built specifically for professional working-dog teams, including K9 Search and Rescue (SAR), law enforcement, military units, and service dog programs. It replaces outdated paper logs and spreadsheets with mobile-friendly tools to track training progress, certifications, and health records. DogBase was founded in 2022 by Almog Koren, an active SAR dog handler with a military special forces background.

FIRSTPICK is investing up to €150,000 in Lithuanian startup Backoffice

Lithuanian venture capital fund FIRSTPICK is investing up to €150,000 in Lithuanian startup Backoffice, which is developing a workforce management solution for restaurants.

The Vilnius-founded startup Backoffice (building workforce management and operations software for the hospitality industry) was founded in 2025. The company was created by founders Erikas Pakenas and Denis Stech.

On the same topic:

• Startups from Estonia, Finland, Lithuania and Ukraine Reach the Finals of Latitude59’s Pitch Competition

• New Nordics Angel Investors Back Latitude59 Pitch Competition with up to €300,000

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Startups from Estonia, Finland, Lithuania and Ukraine take the stage at Latitude59, the flagship startup and tech conference of the Baltics and Nordics, held in Tallinn, Estonia. Seven finalists compete for an investment of nearly half a million euros.

The seven finalists are:

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