Code of Conduct

By being a member of EstBAN, you shall agree to comply with the Code of Conduct.


Business Angel Network

A Business Angels Network (BAN) is an organization that aims to bring together new or growing small and medium-sized companies (Investees) with private, informal investors (Business Angels). The main activity of a BAN is to match the capital-seeking entrepreneur with the informal investor, help lead investors to arrange syndicates, carry out training sessions for the Angels as well as educate the startup ecosystem players about angel investing.


Business Angel

Individual, who invests his/her own money into unquoted companies, and his/her time and expertise to the benefit of the Investee.



Entrepreneurial company eligible or looking for investment.


Angel investment

Startup investments are high-risk asset class, where the return is made on the portfolio of 20-30 similar size investments. A typical recommended allocation is no more than 30% of your total assets. No return is guaranteed and there is a risk of losing invested money. Any investment you make must be your free choice and weighted decision.


1. Best Practice

At all times EstBAN members will conduct business in a fair and honest way in all dealings and in particular with companies seeking investment, other investors, and other BANs and partners.

EstBAN members will develop their activities in a professional way and will not be associated with wrongful or illegal practices or parties that may damage the reputation of EstBAN.

EstBAN members will not allow persons to enter transactions if they suspect the funding available for investment to be of questionable origin.

A legal contract must be entered into between the EstBAN member and any investee or investor that he or she invests into. EstBAN members are advised to use the legal contracts provided by Startup Estonia and can be found on EstBAN’s webpage.

EstBAN members are to refrain from holding back information about an investee and/or deal in question from the network that might be damaging for the members of the network.


2. Membership and fees

EstBAN membership is membership fee-based, annually with a one-time entrance fee.

The yearly membership invoice will be issued in the II quarter of the year. Changes in the membership fees have to be confirmed by the Annual General Meeting.

When applying for the membership, the applicant is committing to pay the membership fee according to the invoices issued in a timely manner.

To become an EstBAN member, the investor must fill out an application on EstBAN’s website, agree with the terms of Code of Conduct and provide at least two (2) recommendations by existing EstBAN members.

The new members are confirmed by the managing board of EstBAN.

In order to terminate EstBAN membership, the investor shall clear all debts to EstBAN and send a written wish to terminate the membership via email to the managing director of EstBAN.

EstBAN has the right to terminate the membership in case of not complying with the Code of Conduct.


3. Confidentiality and ethics

EstBAN will use circulated information solely for the purpose of raising capital and shall not exploit it or otherwise apply it in any way.

EstBAN will take all reasonable precautions to keep Business Angels’ and Investee’s information private and confidential.

EstBAN will restrict access to information to those responsible employees and partners whose knowledge is essential for assessment and evaluation for the purpose of raising capital.

When an investee enters into a contract with EstBAN he/she must provide an executive summary and business plan in a format that can be circulated to the EstBAN members via Startup Includer platform. These details must not be circulated to others than members of EstBAN network without the written agreement of the investee and/or EstBAN investors involved.

EstBAN members will do their utmost to ensure that information they receive will be treated confidentially and will take steps to ensure that it remains so and is not divulged to other parties without the authority of the investee or investor as appropriate.

EstBAN members who are not formally regulated to give advice and are purely facilitators between investors/investees must advise both investors and investees that they are unable to give advice on the suitability of prospective investors/investees and that each must carry out their own due diligence.

EstBAN network is not to be used as a sales channel by the members to offer unsolicited professional services or products.

EstBAN members consciously avoid any activities that constitute verbal or other forms of sexual harassment.

These rules are adopted by the EstBAN managing board, to which any information of misuse also can be directed.