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

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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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According to EstBAN President Lauri Antalainen, the past three years have been relatively similar for angel investors. “In 2020 and 2021 investment activity was at record levels. Today, many investors are waiting for the results of earlier investments, which would release capital for new startup deals. For EstBAN members, last year was exceptionally successful. Three of our syndicate investments exited, and participating investors achieved multiple returns,” Antalainen said.

Investors Are Looking for Strong Leadership

EstBAN Managing Director Jana Saastamoinen notes a growing trend among angels to invest together and in a more passive role. “A large share of angel investors now invest through syndicates and increasingly also through venture capital funds. This helps reduce the risk of individual decisions. As a result, we are placing more focus on training lead investors and strengthening the investor community,” she explained.

Syndicate investing allows investors to participate with tickets of just a few thousand euros, while investing through a VC fund requires significantly larger commitments. “In Estonia we have both new angels who are still building their portfolios and experienced investors who invest hundreds of thousands independently. We also see a new generation of angel investors emerging, along with a growing share of women investors. Our role in educating and supporting different types of investors is therefore significant,” Saastamoinen added.

Fewer Deals, but Active Investment in Estonia and Nearby Markets

Angel investors remain broadly interested across sectors, with a primary focus on seed and early-stage companies that typically raise between one hundred thousand and one million euros.

In 2025, investors reported 247 deals, compared to 311 the year before, and named 109 startups they invested in, compared to 158 in 2024. The most frequently mentioned companies included SafePAS, BrachyDOSE, MarkeDroid, Bolt, Nanordica Medical and Lightcode Photonics.

The most popular sectors were deep and space technologies at 15 percent, health and wellbeing solutions at 14 percent, fintech at 11 percent, business and HR software at 10 percent, and industrial technologies at 9 percent. Three percent of angels invested in defence innovation. Based on the survey, 49 percent of investors invested in Estonian startups, while 22 percent of capital went into neighbouring markets in the Baltics and Scandinavia.

Risk and Returns Vary Widely

Of the 93 investors who responded to the EstBAN survey, 63 percent plan to continue investing in 2026. The most common individual angel ticket sizes range between 2,500 and 50,000 euros.

Angel investing carries high risk and returns vary significantly. In 2025, some investors lost their entire investment due to startup bankruptcies, while others achieved returns of seven to eight times their original investment. Experienced angels recommend keeping startup investments at around ten percent of a total portfolio and making at least 10 to 20 investments over several years.

At the end of 2025, EstBAN had 202 individual angel investor members. Members consider the network’s strongest value to be high-quality deal flow, syndicate opportunities, investor training and a strong community. The results confirm that Estonian angels remain an important source of capital for the startup sector and play a central role in company growth from the earliest stages.

See more

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

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

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

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

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

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

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

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

Who made the finals, and on what basis?

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

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

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

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International perspective is always on the table

With 12% international members, EstBAN’s internal communication runs mostly in English. This year we strengthened ties with fellow BANs in the Baltics and joined or organized study trips to Latvia, Malta, Armenia, and Portugal. We also launched the first pan-Baltic angel syndicate call during the Latitude59 tech conference. In addition, EstBAN’s Managing Director Karin Künnapas represented the Estonian startup scene internationally, from Uruguay to Armenia and many countries in between.

Strong positioning in Estonia’s startup ecosystem

We aimed to be among the most active players in Estonia’s ecosystem. Together with EstVCA, Invest in Estonia and the Estonian Founders Society, we hosted a Season-End party and supported communication for the Estonian Startup Awards. All this is a reminder of the power of the community coming together. Twice this year EstBAN contributed to the Estonian Startup Ecosystem Annual Fireside Chat: first in January to recap 2024, and again in mid-December to reflect on 2025. For EstBAN, it is essential that early-stage angel investors, so critical in a startup’s first years, are visible in public discussion.

EstBAN network keeps evolving

We welcomed four new partner members: SEB, Triniti, Hedman Partners, and Accelerate Estonia, as well as three new fund members: Unmanned.VC, UniTartu Ventures, and Neer Ventures. At year-end we announced Jana Saastamoinen as EstBAN’s new Managing Director. She is already warming up and will fully step into the role after head-organizing sTARTUp Day 2026 at the end of January.

Initiatives that boosted angel investing awareness

• Connect2Scale New Angels Academy and Connect2Scale Mature Angels Academy raised the quality of angel-investing knowledge for both newcomers and experienced investors. Watch the training sessions online.
• The Female Angel Training Programme delivered high-quality training for future women angels. Today, women make up 11% of our membership, so there is meaningful work ahead. We trained 45 women with the help of industry professionals. 5 of them have become EstBAN members so far.
• Investor Talks opened our community members mindsets to each other: we interviewed members Paavo Siimann, Sandra Golbreich, Jan Lätt, Jana Budkovskaja, and Aleksander Tõnnisson.
• A new format, angel luncheons, gathered dozens of investors informally in Tallinn and Tartu. 

The core: pitching and investing in 2025

• 55 direct investing opportunities were offered
  
• 40 startups pitched at our events
  
• 15 different syndicates were opened to members
  
• About one-third of Q1 and Q2 pitch teams raised funding from angels
  
• 144 startup decks were validated and introduced to members 

Looking ahead

EstBAN board is currently made of 7 members: Lauri Antalainen (also a President), Mait Sooaru, Jan Lätt, Jana Budkovskaja, Olga Luštšik, Martin Goroško and Aleksander Tõnnisson serve as board members. Office team is currently four people: Karin Künnapas, Margret Kanniste, Annelis Rum and Jana Saastamoinen.

EstBAN will continue to support early-stage investing, educating investors and boost networking. The network’s efforts have lifted Estonia’s startup ecosystem and contributed to the broader European investment landscape.

On the same topic:

• EstBAN recap of 2024
• EstBAN Annual Review of 2024

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If you want to read the same text in Estonian, download the article.

Every entrepreneur knows how important it is to keep company documents and cash flows in order. It is just as important to think through and organize matters that concern your own future and the future of your heirs. Everyone should consider what will happen if something occurs. It is encouraging to see that succession is discussed more and more. These are no longer awkward or taboo conversations but a natural part of the life of a responsible person and entrepreneur. The clearer our decisions and instructions, the easier it is for our loved ones to deal with our estate and for business partners to work with our loved ones.

Composition of the estate

An estate includes both assets and liabilities. The assets include e.g. real estate, vehicles, money in bank accounts, holdings in (investment) companies, rental property, crypto assets, funds held in Wise or Revolut accounts, investments on Lightyear, shares and options. All these items have value and that value may often be greater than the value of a summer house or an old farmhouse left behind in a small Estonian town. You should also decide where to record access codes and passwords for your crypto wallet, Lightyear or other online platforms so that heirs can access them.

An Estonian notary can obtain information about assets registered in Estonian registers and about bank accounts held in Estonia. The notary has no information about assets located abroad. Many people have accounts with banks in Finland, Lithuania and other European countries. Many wealthier families have purchased property in countries such as Spain or Thailand. It is worth considering how succession works in those states and what steps are required there and by whom.

Liabilities are also part of the estate. You should therefore list all loans, leases, guarantees and sureties in order to avoid unpleasant surprises for heirs in the future.

Intestate succession

If a person dies without a will or a succession contract, relatives inherit according to law. Children and the spouse inherit first. If the deceased had no children, the parents inherit. In case there are no parents, the right to inherit passes to siblings. If the deceased had a spouse, the spouse inherits in equal shares with the children but at least 25 percent. If there are no children, the spouse inherits in equal shares with the parents, which is 50 percent.

In intestate succession, the notary determines during the succession proceedings who the heirs are and what share of the estate belongs to each of them. This is often where the problems begin. The next step is to divide the estate, which includes both rights and obligations. Each heir receives a certain share of a mixture that contains both assets and debts. How should this be divided? If no agreement is reached on the division of assets, the court will divide the estate.

In practice, situations also arise where a business owner has divorced but the company has not been divided with the former spouse. If there are children from different relationships, the children and their other parents must start dividing various companies among themselves.

Methods of dividing property

When dividing the estate, it is determined which items or parts thereof, as well as which rights and obligations included in the estate, will be allocated to each co-heir. The estate is divided among the heirs in proportion to their shares of the estate, based on the ordinary value of the items included in the estate at the time of division. This division follows the rules on termination of co-ownership. This means that the heirs divide the assets by agreement. If the value of the assets allocated to one heir exceeds that heir’s share, that heir pays compensation to the others. If no agreement is reached, the estate is sold at an internal auction among the heirs or at a public auction and the proceeds are divided according to the shares.

Thus, by refusing to make decisions about their estate during their lifetime, people often place their heirs in a stressful situation. The wish to avoid uncomfortable decisions may lead to a situation where the court divides the property of the deceased and the bailiff later sells it.

Testate succession

In light of the above, we strongly recommend making a will. A will allows you to specify exactly which assets go to whom. Real estate, cars, company shares, pension funds and money in accounts can all be designated. If the assets do not divide evenly and it is known that nobody wants to keep a particular property, it is possible to order its sale and divide the proceeds equally among the heirs.

Today the number of different family types and the diversity of people’s assets have increased significantly. It is therefore more important than ever to think through the arrangements and future owners of the property. Property is no longer limited to a plot of land, a car and a bank account. It often includes assets acquired worldwide that exist in both physical and virtual form.

Succession of a company

If the estate includes a shareholding in a company, for example a share in a private limited company with a nominal value of 100 euros, the heirs can usually register the share in their names through the Commercial Register. This can be done only after the notary has issued the certificate of succession following the succession proceedings. It is important to distinguish that the company’s own assets and liabilities remain with the company and do not pass into the personal property of the heirs. The inherited asset is the share in the company. The heir steps into the shoes of the deceased as a shareholder.

In practice, it is common that not all heirs wish to participate in business activities. For example, two children inherit their father’s share in a company but one of them does not want to take part in management. In such a case a buyout must be arranged and a fair value determined, which often requires an expert. These steps can be considered and documented in advance.

If there are several heirs, the share is inherited jointly. This means they must exercise voting rights together and decide jointly what to do with the share until they divide it among themselves or someone buys out the others.

It is important to understand that the heir becomes a shareholder with all related rights and obligations. If there were few shareholders, the death of one person may temporarily put company management in a difficult position. Succession proceedings may last at least one month and often longer. During that time the company may face situations where the necessary shareholder or management board member is missing for decision making. In such a case it may be necessary to appoint an administrator for the estate who can exercise the rights and obligations of the shareholder or to appoint a substitute management board member who represents the company. The most critical issues usually involve employees, banks, public authorities and contract partners. The company’s activities should not come to a halt because the company would lose value every day.

Ways to prevent potential disputes

By law, a share is inheritable. Shareholders can however set clear conditions under which the company share will not be inherited. In that case the articles of association must provide that the company pays the heirs fair compensation for the share within a specific time period. This prevents the situation where the company is forced to accept completely unknown persons as shareholders.

An effective way to further regulate relations between shareholders is to conclude a shareholders’ agreement. It helps to establish clearer rules in addition to the articles of association and to set additional rights and obligations related to the share. For example, the parties can agree on the steps a shareholder must take to transfer a share and on the method for calculating the value of the share if needed. Unlike the articles of association, a shareholders’ agreement is confidential and there is no statutory obligation to disclose it.

Although we cannot prescribe whether and how our business partners draft their wills or whom they designate as heirs, we can already now think through whether we would want to run a common business with their potential heirs in the future. If you are founding a company with a friend, it is worth asking yourself whether you would want to continue the same business with that person’s children, partner or other relatives. If the answer tends to be no, this situation can be regulated in advance.

• Hedman Law is EstBAN partner member.
• The article is based on EstBAN x Workland x Hedman Law co-hosted event Morning Mixer: Law Seminar on Inheritance and Succession. The event was supported by Connect2Scale project, financed by EU.

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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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