In January 2021, the Estonian Business Angels Network EstBAN and KPMG Estonia signed a cooperation agreement to jointly support Estonian start-ups and investors.  

KPMG and EstBAN will contribute to the local startup ecosystem by helping growth companies have better access to professional services, foreign markets and industry partners. Match-making events, need-based services and expert level courses will be designed with the EstBAN investor network in mind. 

According to Marek Mühlberg, KPMG Estonia’s Head of New Ventures, KPMG aims to connect growth companies and large enterprises to help address one of the biggest gaps in the local startup ecosystem. “In cooperation with EstBAN, we can facilitate match-making and knowledge exchange between industry leaders, investors and start-ups. Start-ups can find their first sector-specific customer and gain access to foreign markets or additional capital. Large companies will have the opportunity to accelerate their innovation processes and test out new business ideas. Investors will have access to a more diverse deal-flow and tailor-made investment services. Knowledge sharing initiatives, events and EstBAN-specific service development are already in the works,” added Mühlberg.

According to Anu Oks, CEO of Estonian Business Angels Network , working with KPMG is a great opportunity to offer even more value to start-ups and investors.

“A good example of the cooperation is the jointly developed Light Due Diligence service. It allows start-ups to have an independent and trustworthy partner perform a pre-investment audit with a reasonable price. We also plan to hold events and seminars together with KPMG for start-ups and investors alike.” For EstBAN, working with KPMG is a good link between large companies and the world of venture capital. “We see an increasing interest in making strategic investments in the area of the corporates’ competence, I believe that in cooperation with KPMG, we can simplify the process of corporate investing in Estonia and make it more accessible to traditional companies,” says Oks. 

KPMG is a “Big Four” company known for its audit, tax, business advisory, legal and accounting services, but in recent years, KPMG has explored several new areas of business. Launching New Ventures was the first step towards taking a more active role in supporting growth companies, investors and the local startup ecosystem as a whole. EstBAN will help pave the way for KPMG as the two organizations seek to leverage each-other’s strengths and networks in the process.

Read more about KPMG New Ventures – https://home.kpmg/ee/new-ventures