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

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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.

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​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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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

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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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When Aleksander reflects on his journey into angel investing, the path is anything but traditional. “I am particularly interested in companies that build products with real impact on people’s lives rather than those created just for entertainment,” he says.

Before diving into tech, Aleksander spent two summers in the U.S. selling books door-to-door – a tough job that gave him one of his most enduring skills: the confidence to speak in front of any audience. This skill now serves him well as a founder, coach, lecturer, and investor. With a degree in computer engineering from the University of Tartu, his early career combined technical work with international experience. He first worked at the Estonian Aviation Academy, where he helped install Estonia’s first flight simulator. This later took him to Germany, where he worked on classified NATO simulation projects for the German Navy and Air Force.

From engineering to entrepreneurship

Returning to Estonia when his second child was on the way, Aleksander founded his first consulting business focused on engineering solutions. One of his early clients was the University of Tartu’s Institute of Technology, where he supported the development of startup products, including coding for the early Fits.me robotics platform.

Later, he co-founded and led Buildit Hardware Accelerator, one of the first hardware startup accelerators in Europe. The accelerator later grew into a seed fund. ‘That period of 60–80 hour work weeks was a turning point,’ Aleksander recalls. ‘The burnout that followed was heavy and made me realize I care more about the people behind startups than just the technology.’

There was also a period when he co-founded a medtech company working on non-invasive breast cancer detection. Despite the powerful mission, clinical trials didn’t yield strong enough results, and the team’s motivation dropped. It became an important (and humbling) founder lesson.

Building Knowledge and Community

Today, Aleksander is a guest lecturer at the University of Tartu, focusing on topics rarely covered in academia: personal vision, values, and human relationships. He also provides trainings in public speaking, fundraising, sales, and confidence-building, and mentors founders one-on-one. His broad interests have led him to Contriber Ventures, an angel fund and platform for founder support and self-development. There, he actively explores themes of mental health, conscious entrepreneurship, and lifelong learning.

Investing Style: People First

Over the past decade, he has made more than 100 startup investments through Buildit, Contriber Ventures, and as a solo angel. Well over half of his portfolio is now in startups. By traditional standards, he is not yet a highly profitable investor. ‘Today, I’m still in the red,’ he admits, ‘but there is a lot of potential in the portfolio.

He does not rely on strict spreadsheets or detailed market forecasts. His investments are based on people: ‘If I like the founder, the team, and the idea resonates with me, and I believe I can at least earn my investment back, that’s enough.’ His strategy is proximity-based — the closer to home, the more likely he is to invest. ‘Tartu over Tallinn, Estonia over Europe,’ he jokes, while noting that he generally avoids unfamiliar legal systems.

Beyond investing there’s music and human connection

Despite his tech-savvy background, Aleksander’s life today revolves around human connection and creative expression. Just a year ago, he followed a sudden urge to buy and learn the double bass. Within 12 months, he was performing in a band and had given several public concerts. ‘It runs in the family. I was just the last one to pick up an instrument,’ he says.

Health, both physical and mental, is another priority. He is concerned about the global food system, pointing to the paradox of obesity and malnutrition existing side by side. Issues like fertilizers, soil exhaustion, and seed monoculture are not only environmental, but existential. He also speaks openly about mental health, emphasizing that well-being starts with human relationships and self-awareness. Contrary to typical wellness advice, he encourages people to focus first on relationships, then on breathing, nutrition, and only after that on movement.”

Aleksander is also running in Tartu’s municipal elections to raise awareness of topics such as mental health, early-stage investing, and small-scale entrepreneurship. “Microbusinesses and lifestyle entrepreneurs are often dismissed,’ he notes. ‘But they are the real backbone of the economy.”

Read more

• Join Tartu ettevõtlusnädal x EstBAN events on 9 October in Tartu

EstBAN Investor Talk series

• Jana Budkovskaja
• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

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What are your hopes and goals towards the partnership of SEB and EstBAN?

SEB’s partnership with EstBAN aligns with its broader ambition to be a catalyst for sustainable growth and innovation in the Baltic region. From one side our goal is to foster a stronger startup ecosystem by connecting capital with entrepreneurial talent and from another side we are looking for interesting new ideas and partnerships for enhancing our own product offering to the market.

“Our goal is to be more than just a financial institution – we want to be a trusted partner in the growth journey of startups and investors alike. Through this partnership, we aim to create a dynamic platform where capital, mentorship, and innovation converge.”

How is SEB currently related to the startup landscape and founders?

SEB plays a strategic and active role in the Baltic startup scene:

• We operate Innovation Centers in Tallinn, Tartu, Riga, and Vilnius, which serve as hubs for collaboration between startups, academia, and corporates 
• SEB has been running the Growth Program, a 3-6-month accelerator designed to help SMEs and startups scale sustainably, often involving students, researchers, and SEB mentors.
• SEB is also a partner in Latitude59, Estonia’s flagship tech conference, where it supports founders through mentoring, networking, and capital access 

Additionally, SEB Venture Capital is one of the leading Fintech investors in the Nordics and Baltics, operating since 1995. The fund primarily acts as a strategic corporate venture, focusing on Fintech but also open to broader technology investments that can make the financial industry smarter, safer, greener, and more user-friendly.

SEB Venture Capital operates as an evergreen fund, giving it flexibility and the ability to focus on long-term value creation rather than short-term exits. Investment areas include AI, machine learning, automation, and new business models for the financial sector. Investments can be exploratory, financial, or strategic, especially if there is partnership potential with SEB

How or what services can you provide for investors – especially startup investors?

SEB can support startup investors with direct venture capital investments and access to a broad network and expertise and mentorship capabilities both for investors and startups. We have financing solutions available such as syndicated loans and venture debt for scale-ups, co-investment opportunities through SEB’s Venture Capital focused and access to innovation networks either run by us or where we participate.

What are SEB main strengths?

SEB has a long-standing presence in the Nordic and Baltic markets, with industry leading expertise in financial and banking markets since 1856. Our unique position lies in our ability to combine local depth with international reach. We’re deeply rooted in the Baltic region, yet we bring the strength of a Nordic banking group and a global perspective to everything we do.

• See other EstBAN Partner members
• Want to join us? – Click here

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Please dive in with us.*

Science and sustainability

Jana started out with an academic background in physics. Motivated by a desire to “save turtles and koalas,” she worked on environmental research, including what we would today call innovation or green deal roadmaps. Later, she moved into municipal projects, helping one Estonian municipality switch fully to renewable energy. This, Jana says, is also one of her proudest achievements. But the turning point into the startup ecosystem came through mentoring youngsters in the Entrum program and later participating in Ajujaht, Estonia’s largest startup competition. That’s where she caught the startup bug: “There I learned about startups and became a startupper myself.”

While being a founder didn’t stick to her, supporting startups and leading investments did. Only this year of 2025 she’s already leading EstBAN syndicate investments into promising startups such as L59’s winner MarkeDroid syndicate (co-lead is David Clark), and sTARTUp Day’s pitch-competition winner BrachyDose and SafePAS syndicate investments.

Why angel investing?

For Jana, investing is about values and trust. She believes talent is equally distributed across the world, but opportunity is not. Her sweet spot as an investor is finding those “diamonds” – the founders who can create a domino effect, where even small investments trigger meaningful growth. – “Money is like trust currency. If I trust my money with you, it means I trust you.”

She admits her first investments were made mostly on faith in the founder. Today, she’s more structured: doing her own research, balancing risks, and keeping emotions out of decisions.

Becoming a lead investor

Jana recently stepped up as a lead investor in EstBAN syndicates. At first, it was daunting: “I had to create my own style and system. If people trust you, you need to know as much as possible – about the team, the risks, and how things can go wrong. You don’t want to let others down.”

An important milestone so far? Leading an international syndicate in medtech, where EstBAN angels co-invested alongside foreign investors with Lithuanian government co-investment support. Jana believes this public-private model, where the state matches angel capital, is one we should have in Estonia as well to risk and empower angels. “I also think that risks should always be calculated and in investing emotions are only blurring the vision,” she says.

Is true Baltic collaboration just a dream?

Looking ahead, Jana wants to support more this kind of pan-Baltic collaboration, cross-border syndicates, and see more co-investment deals. She’s especially interested in cleantech, deeptech, and female-founded startups, and continues to dedicate time to youth projects. “The goal is always to create the next opportunities. To push real investments with real solutions.”

Jana assures that EstBAN is really trying to push a similar model here in Estonia like there is in Lithuania with the Co-Invest Capital where the state provides their part into big investments together with VC’s and angels.

Beyond investing there’s several passsions

When she’s not working with startups, Jana turns to art and nature. She paints daily, exploring Japanese sumi-e ink techniques where, just like in life, “every drop counts.” She’s also a passionate diver and traveler, inspired by the vastness of the natural world from Japan to the Caribbean. Jana seems to be busy, but very present in what she chooses to do. “Life is huge. Everyday decisions are part of the big picture, and every day is a responsibility.”

Jana’s journey shows the diversity of EstBAN’s investor community. From physics labs to startup pitches, from scuba diving to syndicate leadership, she brings a unique perspective to angel investing: one rooted in science, sustainability, and trust.

*Jana is also a diver, exploring this beautiful planet Earth from an underwater perspective.

Read more

• sTARTUp Day Syndicate 2025 – Brachy Dose and SafePAS
• Latitude59 syndicate 2025 (MarkeDroid)

EstBAN Investor Talk series

• Kristjan Raude
• Jan Lätt
• Sandra Globreich
• Paavo Siimann
• Ivar Siimar
• Olga Luštšik
• Grete Pariis

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Startup Estonia model documents speed up the investment process

Startup Estonia has developed standardized legal templates to simplify early-stage investments. These include agreements for convertible loans, equity deals, shareholder arrangements, and more. They are designed to be used with professional legal advice but make negotiations faster and more consistent.

A tip from TRINITI lawyers: If you change wording in one document, you often need to adjust others as well, as the templates are interconnected.

Key concepts every investor should know

• Term sheets: Usually non-binding, but set the tone for the deal.
• Due Diligence: Always ask founders the right questions. Focus on ownership, risks, and IP.
• Convertible loans vs SAFEs: Similar tools for early-stage funding, but the formulas differ. Know which one you’re signing!
• Equity & cap tables: Understand how your stake compares to founders and how dilution works.
• Reverse vesting & non-competes: Called “necessary evils” – they ensure founders stay committed and don’t compete directly.
• Investor rights: Consider what veto rights or board/observer roles are reasonable at angel stage.

Protect your intellectual property (IP) early!

IP can be a startup’s most valuable asset, and losing control of it can be fatal.

• Golden Rules: Bring it home, own it, and do it now.
• Make sure all founders, employees, and contractors sign agreements that clearly transfer IP to the company.
• Always keep full access to software, code, and online accounts.

How to think around stock options for the team?

Stock options are a powerful way to attract and retain talent, but they come with rules:

• Options usually vest over time (3+ years is common).
• Estonia has a 3-year tax rule: if exercised after 3 years, gains are tax-free; early exercise is taxable like salary.
• Always document grant dates, cliffs, and vesting schedules.
• Cross-border teams require extra attention to local laws.

Try to see the big picture

For angel investors, legal structures may feel like a burden, but they are essential for protecting your money, building trust with founders, and setting the startup up for international growth.

Advice from the lawyers:

• Prevention is cheaper than cure.
• Don’t reinvent the wheel, use the Startup Estonia templates.
• Always secure IP and document stock options properly.
• And yes, hire a lawyer when in doubt.

For more detailed consultation, contact EstBAN partner member TRINITI. To use Startup Estonia standardized legal templates click here.

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Meri, tell us a bit about your fund and yourself.

Unmanned.VC is an investment unit of Modirum, a deep-technology company with a strong footprint in the defense sector. Modirum’s products include advanced munitions, naval systems, and mission-critical software, including C2 systems and swarming for autonomous operations.

Unmanned.VC was established to foster a collaborative ecosystem among trusted partners within our network. We back seed-stage defense technology startups, with a particular emphasis on unmanned and autonomous technologies.

I am currently the only full-time employee of Unmanned.vc, supported by experienced advisors. Ellis Huber and Josh Henriques, founders of 2Raw Aerials, contribute their UAV technology expertise to evaluating startups. From Modirum, Elias Silvola, Jari Heikkinen, and Tero Silvola provide strategic industry insights.

About myself – as originally from Finland, I have been actively involved in Aalto University’s startup ecosystem, contributing to hackathons, startup events, a startup recruitment portal, programs for early-stage entrepreneurs, and Research-to-Business (R2B) projects. My professional experience also includes working at a B2B SaaS startup, where I focused on handling credit applications and improving an internal credit tool. Passionate about new technologies and innovation, I’m always reading about the topic when I have time. Outside of work, you can often find me jogging through the streets of Tallinn.

Where does the name ‘unmanned’ come from – I initially thought it means you either have no employees (a robot must be leading it?) or you have a female-only team.

The name Unmanned has nothing to do with gender. Rather, it reflects the fund’s investment thesis: the future is shaped by unmanned systems, such as drones, autonomous vehicles, and robotic naval platforms. 

We back startups mainly from idea to seed-stage, with a particular emphasis on unmanned and autonomous systems: a domain we see as pivotal to the future of warfare as well as mobility, logistics, and other civil uses.

How big is your portfolio?

We have made two investments so far: NeuralAgent and Rebelvolt. 

What do you think about Estonian startup scene?

I think Estonia has a vibrant startup scene, and the legislation is supportive of startups. I think the support from the government is one of the strongest among European countries, and Finland has a lot to learn from here. 

Can you name drop a few promising startups to keep an eye on?

NeuralAgent: They are building a decentralized AI operating system ‘Neural Cloud’ that seamlessly connects satellites, drones, and aircraft into a self-learning, hardware-agnostic backbone for high-speed, global connectivity. They are tackling a massive, mission-critical problem with a highly technical and defensible solution, executed by an experienced and ambitious team.

• Read more about Unmanned.VC
• Read more about Modirum Group
• Become EstBAN Fund Member

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