Before the pitches, we get to hear from one of Tartu Science Park’s own success stories, a company that has grown through the ecosystem and made its mark – Pätris Halapuu from CrystalSpace will hold a keynote. A source of inspiration for the founders taking the stage right after. ​In addition to fruitful conversations, we’ll have snacks and drinks to keep the energy going throughout the evening. The best conversations often happen away from the stage.

​​We expect all participants to join us on-site; however, if you’re unable to attend in person, an online link will be shared with you before the event.

• Time: Thursday, 23 April, 16:30-19:30
• Location: Knorringu Aadlimaja, Tartu
• Sign up: https://luma.com/e87lt1dt

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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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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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BrachyDOSE is developing cutting-edge radiation measurement tools that aim to significantly improve outcomes for cancer patients.

“We are grateful to the venture funds and angel investors who have supported us on our journey. This investment is a major boost that gives the BrachyDOSE team the opportunity to pursue our goal of helping cancer patients to avoid the side effects of radiotherapy, while enabling hospitals and doctors to significantly improve the quality of cancer treatment,” said Neringa Šeperienė, founder and CEO of BrachyDOSE.

Coinvest Capital contributed €300,000 as the lead investor in this round. The second largest investment came from BSV Ventures followed by smaller tickets by LitBAN and EstBAN business angels.

Sandra Golbreich, Partner at BSV Ventures, commented: “Radiotherapy is a cornerstone of cancer treatment, but until now, doctors have had to rely on approximations of dose delivery, which can lead to unwanted side effects for patients. BrachyDOSE’s data-driven solution introduces a new level of precision that can significantly reduce these side effects. It’s a breakthrough for both patients and clinicians. 

“This deal involved dealing with two jurisdictions, three languages, and a tight closing window,” said Jana Budkovskaja, EstBAN board member and lead investor on the Estonian side. “But it’s a clear signal that Baltic investors can come together to back science-driven innovation with real-world impact.”

BrachyDOSE’s clinical partnerships are already in place with two leading Lithuanian cancer hospitals, and the company is preparing for international expansion.

On the same topic:

EstBAN syndicate winners from sTARTUp Day Pitching Competition are SafePas and BrachyDOSE

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Two years ago the investment was backed by angels, Tera Ventures, Specialist VC and others. By today, Flowstep has secured a new, $2.6 million seed round led by London based Supernode Global with an impressive list of supporting investors among whose are also EstBAN fund members – Iron Wolf Capital, Tera Ventures and Specialist VC.

This new round brings Flowstep’s total funding to $4.5 million and will drive team growth, the launch of enterprise-grade platform features, and US sales. The company is also officially coming out of beta, opening up global access to its AI-native design platform.

“Flowstep empowers teams to design at the speed of thought. Instead of designers adjusting their creativity to fit rigid tools, our platform adapts to the natural way teams think, accelerating ideation and iteration. With this funding, we’re closer to redefining how exceptional digital experiences are crafted,” says Matt Clannachan, Co-founder & CEO of Flowstep.

More about Flowstep journey

• Latitude59 pitch competition winner Flowstep to fill the pre-seed round of €755 000

• Flowstep raises $2.6M to launch AI-native design platform

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According to the investors, the startups were at very different stages of development — some had only built their MVP, while others already had a customer base and recurring monthly revenue (MRR). From Estonia, the following startups presented their idea to Uzbek investors:

1. FMA (Find My Accountant)
2. GaaSAI
3. Greensoft Technologies
4. TraynMe
5. Leadfellow

“As it became clear, the level of digitalization of services in Central Asia is still low, meaning there are many so-called ‘low-hanging fruits’ — unsolved problems that could be addressed with simple and valuable solutions,” commented Olga Luštšik. “At the same time, most of the local startups are focused on their own region, and few showed global ambitions — which is understandable, considering they operate in a large and growing domestic market. In that sense, this can even be seen as an advantage compared to Estonian startups,” she added.

For Uzbek investors, Estonian startups might have seemed significantly more mature in terms of solutions and product development, and the differences in focus and complexity sometimes made it difficult to relate to the pitches. 

“I wouldn’t necessarily say that Estonian startups felt like ‘science fiction’ to Uzbek investors,” noted Luštšik. “Rather, the two ecosystems are solving different types of problems, shaped by their respective digital maturity levels and market needs — and that difference was clearly visible.”

Overall, events like these help investors map the maturity level of different markets and assess the potential for cross-regional collaboration. They also play an important role in building the first connections between ecosystems that have had limited interaction so far.

• Tehnopol is EstBAN partner member and they have several startup-supporting programs ongoing.

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Due to the very strong finalists, EstBAN syndicate was divided between two promising startups – SafePAS gets up to €200k and BrachyDOSE gets up to €50k investment.

Karin Künnapas EstBAN Managing Director commented that the investors are happy for their final choice and it wasn’t easy to pick winners. “I’m glad that there were awesome startups in the final and both winners had a diverse team by gender and geography too.”

How are the EstBAN syndicate investment winners going to change the world for a better place?

Investment of up to €200k: SafePAS has developed lab-accurate, portable devices that provide instant, on-site testing results at a fraction of the cost of traditional lab tests. Their flagship products include Drug Hunter (for rapid drug detection) and SMAGRY | Revolutionizing Soil Health Analytics (for soil nutrient analysis). With clients ranging from law enforcement to farmers, SafePAS is on track to revolutionize real-time field diagnostics. Founders: Jekaterina Mazina and Ivo K.

Investment of up to €50k: BrachyDOSE that is addressing the high risk of radiation-related injuries in cancer treatment. Their hardware-software solution collects real-time patient data via AI-integrated sensors, ensuring radiation doses align with treatment plans. This helps reduce treatment errors, lower hospital costs, and improve patient outcomes. The company has already secured partnerships with hospitals in Lithuania, Estonia, and Germany. Founders: Neringa Šeperienė and Rhyme Šeperys.

Cheers to the rest of the TOP teams as well: Muun Health, SKYCORP Technologies OLEC Technology

• Take a look at former EstBAN syndicates too.

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Time: Tuesday, August 27, 17:00-19:00
Location: Humal, Riia 4, Tartu
Sign up: https://startupestonia.typeform.com/to/HchETzOZ

Agenda
17:30-18:00 Networking
18:00-18:25 Keynote by Verge HealthTech Fund – Sigvards Krongorns (LAT) about cross-border investing
18:25-18:45 Panel discussion about how to raise money, on what conditions, and how to lead health-tech investments? (panelists: Erki Mölder, Tõnu Esko and a startup rep TBA)
18:45 Open Mic
19:00-21:00 Matchmaking

Event is co-hosted by Tartu Biotechnology Park, Sparkup Tartu Science Park, and EstBAN as a joint meetup during Estonian Health Tech Week. The event is part of the gathering called DeepTech Pub.

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The Summit is where connections flourish, expert knowledge is shared, and where international deals get done. #EAIS24 offers a unique platform to connect and network with international investors and entrepreneurs who bring innovations to life.

This year’s summit will be focusing on:

• Past, Present, and Future of Angel Investing: Learn from the past to shape the future of angel investing and increase participation of women within the tech industry;
• Deeptech: Leverage the capabilities of artificial intelligence, biotechnology, and more when investing in startups that bring about generational changes and tackle gender biases;
• DefenceTech: Discover how governments are using the tech developed by DefenceTech startups and how you can invest in its dual-use capabilities;
• Pitching showcase: Get introduced to generation defining startups from all over Europe as they pitch directly to you for seed equity investments. 
• Unique networking opportunities: With over 500 investors, founders, ecosystem stakeholders and policy makers from 50 countries strengthen their network. 

Get your discount code from EstBAN team and purchase the ticket

With this year marking the 25th anniversary of EBAN network this is an opportunity to come celebrate with your international angel investor community. As a member, do not miss out on the special discount to attend #EAIS24 – grab your tickets using your special discount code – please email us at info@estban.ee so that we can give you the code.

• Join the Summit

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Applications are open to the “Energy | Climate focus” Batch for cleantech startups focusing on energy, construction and climate resilience. The new “Energy | Climate focus” Batch offers non-dilutive support with product and business development services worth up to 100,000€ to drive the success of these innovative ventures.

What are Beamline, BIA and Sparkup looking for from the teams in their new batch?

• Developing science-based solutions in cleantech
• Focus: energy, construction and climate resilience
• Has a prototype tested in the lab or relevant environment
• Either currently fundraising or planning to start fundraising within 6-12 upcoming months
• Registered or incorporated in Estonia
• Dedicated team with at least 2 founders

Check more info about the brand new batch & apply: https://www.beamline.fund/energy

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