Nordic Angel Program by EstBAN 

Nordic Angel Program is a business angel training and investment program led by experienced startup investors. The program links with the leading startup events in the New Nordics, culminating in an investment selected by the group. Nordic Angel Program is a micro-fund type of co-investment syndicate where angel investors will participate with individual tickets and invest into 1-2 startups chosen by themselves.

Previous programs:

Batch 2 & 3:

EstBAN's NAP 2018/19: investors from batches 2 and 3 joined forces and invested 2x 250.000€ in Zelos App and - 2 startups that stood out during Nordic Angel Program 3. 
52 investors led by Rando Rannus and NAP2 group led by Madis Müür. 
The startups were recognised on the stage of Latitude59, Tallinn, Estonia.

Batch 1

EstBAN's Spring NAP 2018: 175.000€ invested in by 35 angels. The group was led by Heidi Kakko. The round was joined by other investors summing up to 350 000€. Additionally, a spin-off angel investment was made to FoodDocs, the first runner-up!

Fractory has since Spring 2018 raised a 7-figure sum in their next round, opened an additional office in Manchester UK and is paving the way in the metal industry.

Angel Experience

Nordic Angel Program is the best opportunity to dig deeper into the secrets of angel investing and learn from the experienced peers to start as a business angel. Spread the word and join the syndicate yourself. Both, the early stage startups and angel investors are welcome to submit their applications!

Read about the cross-border investment program across the Nordics here.

Investors already signed up:

Why NAP?

  • To increase cross-border investing awareness among existing and potential startup investors
  • To increase angel investments by syndicating
  • To make stronger network connections
  • To obtain investment skills and share best practice
  • To build a diversified investment portfolio


  • Syndicated investments into startups from a micro-fund by 25+ angels
  • Training days and evaluation workshops
  • Lead investor selected in course of the process
  • The joint evaluation and due diligence using a common investment platform StartupIncluder
  • The investment is executed in collaboration with a local startup conference
  • Joint study trips with experienced angels
More questions? Write to Anu -!

Nordic Angel Program is co-financed by European Commission’s Startup Europe initiative under the Horizon 2020 programme.