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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The post What’s Ahead for EstBAN: August to November 2026 appeared first on EstBAN.

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.

“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

The post Welcome to EstBAN – TooEarly Ventures is a Partner Member first appeared on EstBAN.

The post Welcome to EstBAN – TooEarly Ventures is a Partner Member appeared first on EstBAN.

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

The post How EstBAN is building the Next Generation of Female Angel Investors in Estonia first appeared on EstBAN.

The post How EstBAN is building the Next Generation of Female Angel Investors in Estonia 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.

EstBAN Board Members for 2026-2028 are Lauri Antalainen, Jan Lätt, Martin Goroško, and Peeter P. Mõtsküla. Jana Budkovskaja, Olga Luštšik and Aleksander Tõnnisson were elected into board in 2025 and serve for at least another year. EstBAN board members are set to serve in the board for two consecutive years and half of the the board changes each year to allow new ideas and views to emerge.

We also recognised outstanding members and partners:

• Law Firm of the Year – Hedman
• Ecosystem Partner of the Year – Estonian Founders Society
• Fund Partner of the Year – Specialist VC
• Newcomer Angel of the Year – Ozan Sönmez
• Lead Investor of the Year – Jana Budkovskaja
• Angel Investor of the Year – Tuomas Pahlman
• Master of Exits – Kristjan Raude

A strong network is built on active people. Thank you to everyone who continues to strengthen Estonia’s startup ecosystem.

Photos: Edmond Mäll

Take a closer look

See EstBAN Annual Review of 2025
See EstBAN Awards throughout the years

The post EstBAN approved new Board Members and gave out Angel Awards for 2025 first appeared on EstBAN.

The post EstBAN approved new Board Members and gave out Angel Awards for 2025 appeared first on EstBAN.

With over seven years in the startup ecosystem, Darja brings a wealth of hands-on experience to the role, having spent two years running acceleration programs at Startup Wise Guys and three more years managing their scouting operations and scaling dealflow processes within the team. Currently Darja is also part of the Dealum team, building software that powers angel investor organisations across Europe. “I’m excited to be part of the EstBAN team and continue supporting startups on their entrepreneurial journey by connecting them to smart money early on,” she says.

The post EstBAN welcomes a new Deal Flow Manager first appeared on EstBAN.

The post EstBAN welcomes a new Deal Flow Manager appeared first on EstBAN.

​The training will cover key investment documents, highlight common regional differences, and share practical insights relevant to cross-border investing. The goal is to support informed discussion and more confident decision-making when investing in the region.

​The session consists of a 45-minute presentation followed by a 15-minute Q&A.

Sign up via Luma link: https://luma.com/urn5l9cv

EstBAN x Triniti Law Seminar is supported by Finest Scaleup project funded by EU.

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The post Free law seminar: Understanding standard investment documents – Nordic perspectives appeared first on EstBAN.

We sat down with Kadri Sundja, the CEO of UniTartu Ventures to hear what’s the goal with the IP-venture company. Currently, the company invests into ideas that are spun out of research at the University of Tartu. Much of that research is funded by public grants.

What UniTartu Ventures does?

Instead of only licensing the IP for royalties, UniTartu Ventures can invest the IP itself into a startup in exchange for equity. This IP-for-equity approach sits alongside cash coming from other investors or grants. In practice, it means the startup can start with a valuable technology asset on its balance sheet and the university becomes a shareholder aligned with the company’s success.

How the IP-for-equity model works

• IP stays with the university until there is a company with a credible plan (e.g., cash investment secured or a grant won). 
• The university then contributes the IP as its investment, taking an equity stake. 
• The company gains a clear, transparent right to use and commercialize the technology, which simplifies future fundraising and partnerships.

Focus areas and support network

UniTartu Ventures works with very early-stage science-based projects across a broad range of fields, reflecting the research profile of the university, with a strong concentration in life sciences and other deep tech.

Projects are sourced directly from the University of Tartu research base and are supported together with the university through an evolving pre-company process to test commercial logic, team readiness, and real-world relevance before pushing the team to the outside world.

Why this matters for Estonia and angel investors

In our conversation, Kadri noted that funding and ecosystem density can be challenging in Estonia, especially outside of Tallinn and in deep tech That makes collaboration important between universities, local funds, international investors in larger ecosystems.

• Read more about UniTartu Ventures
• Become EstBAN partner member

The post Welcome to EstBAN: UniTartu Ventures is turning university research into investable companies first appeared on EstBAN.

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