Syndicates
Syndicated investments make it easier for investors to manage risk and acquire a more diversified portfolio. Syndicates are also an excellent way for startups aiming to acquire larger investments.
EstBAN Syndicates
Since early 2018 EstBAN has been putting together syndicated investments into early stage companies. Syndicate refers to a co-investment by several investors, represented by one person – a so-called lead investor.
Read more about the role of a Lead Investor
Since 2018 there have been 25 unique companies in EstBAN Syndicate Portfolio. Sum invested with several rounds into those companies already exceeds 4,5 million euros. Read more about the EstBAN Syndicate portfolio companies below.
Grab2GO develops Fully Autonomous Store Technology – Modular point of sale hardware with a cloud software platform. Grab2Go’s main product is an autonomous store technology based on artificialintelligence.
Backed by EstBAN in 2022. Investment led by Mait Sooaru. Read more.
Nanordica Medical is developing advanced antibacterial wound care products to avoid infection-related amputations.
Backed by EstBAN in 2022 (sTARTUp Day). Investment led by Heidi Kakko and Martin Goroško. Read more.
LightCode Photonics is a science-intensive deep tech company developing breakthrough technology for mobility.
Backed by EstBAN individual angels in 2022 (sTARTUp Day). Investment led by Heidi Kakko and Martin Goroško. Read more.
VSight UAB is a technology provider company that develops and markets the leading Augmented Reality Remote Assistance software platform, “VSight Remote” for enterprises.
Backed by EstBAN in 2021 (sTARTUp Day). Investment led by Kristjan Raude and Kristjan Novitski. Read more.
EnderTuring is a platform that collects all calls/chats/emails data from sales and customer care teams, converts it into vital business insights, sales analytics, and completely transparent information that provide sales and customer care instant coaching, immediate feedback and opportunities to exceed KPIs 4 times faster.
Backed by EstBAN in 2022 (Latitude59). Investment led by Mait Sooaru. Read more.
VocalImage is a speech training and voice therapy app for speakers and singers.
Backed by EstBAN in 2022 (Latitude59). Investment led by Mait Sooaru. Read more.
Sharewell is a platform that gives real-human insights for UX/UI design and benefits people and companies. This tool is essential for all professionals who want to improve their products and be more user-friendly.
Backed by EstBAN angels in 2021 (Ajujaht). Investment led by Mait Sooaru and Kristjan Novitski. Read more.
Mentornaut is an ed-tech startup, that is developing an online learning platform to help bridge knowledge gaps and support students in achieving their maximum potential in school. Their mission is to provide students with more personalized learning at the local level to help them to reach their maximum academic potential.
Backed by EstBAN angels in 2021 (Ajujaht). Investment led by Ivo Remmelg and Harri Tallinn. Read more.
VideoCV is a recruitment platform that’s refining the hiring process to attract highly sought after talent in the market by connecting the applicants to hiring companies via video screening. VideoCV has spent time in Starta Accelerator in New York City.
Backed by EstBAN angels in 2019 (NAP programme). Company bankrupted. Investment led by Rando Rannus and Madis Müür. Read more.
Zelos – team management app for goal-oriented for teams and communities, that helps to manage volunteers during large events and is a graduate of the recent Startup Wise Guys acceleration program.’
Backed by EstBAN angels in 2019 (NAP programme). Investment led by Madis Müür. Read more.
Jeff is a personalised financial comparison service that bridges the gap between lenders and consumers. Jeff’s solution gathers a wide range of alternative data from consumers under the same roof, builds alternative credit scores, and ultimately enables access to financial services and a range of other benefits for Asia’s 1 billion unbanked.
Backed by EstBAN angels in 2020 (sTARTUp Day) and 2021. Investment led by Ivo Remmelg and Reima Linnanvirta. Read more.
TranslateWise is SaaS to provide user-friendly and multilingual customer support at any website that is visited by non-native customers. Their mission is to help businesses connect with their customers better by eliminating any language-related obstacles on their customer care journey.
Backed by EstBAN angels in 2020 (Ajujaht) Investment led by Ivo Remmelg and Harri Tallinn. Read more.
ATOM Mobility is a provider of a vehicle sharing platform development services based in Riga, Latvia. The company offers an electric scooter sharing platform along with software development with features such as real-time tracking and control of fleet, heat map and analytics, thus enabling customers to book electric scooters and entrepreneurs to launch their own vehicle sharing platforms.
Backed by EstBAN angels in 2020 (Latitude59) Investment led by Kristjan Raude and Akim Arhipov. Read more.
Adact enables agencies to create online interactive marketing campaigns without writing a single line of code. Adact aims to be the go-to software and trailblazer for interactive marketing and enable to cover the entire marketing lifecycle for an agency or an individual brand.
EXIT!
Backed by EstBAN angels in 2020 (Latitude59) Investment led by Kristjan Raude. Successful exit in 2025. Read more.
GuestJoy is a complete guest experience platform that provides the exact information to your guests at the right time from one place. GuestJoy’s innovative way of addressing this problem and helping hoteliers solve it has won the company several awards, including being named the Top Estonian Early Stage Start-up by the ESTBAN Angel Investment Program in 2017.
EXIT!
Backed by EstBAN angels in 2017 (sTARTUp Day) Investment led by Heidi Kakko. Successful exit in 2024. Read more.
Fractory is a cloud manufacturing company connecting engineers to production capacity around the world through an automated platform. Their mission is to streamline the procurement process by eliminating all the unnecessary steps. Gathering data about production capabilities, manufacturing times, prices and feeding it to the system is what makes this possible.
Backed by EstBAN angels in 2018 (Latitude59) Investment led by Heidi Kakko. Read more.
GuavaHR is a data-driven internal communication and employee engagement platform designed for companies with deskless workforces. It helps improve communication, feedback, and overall workforce performance by providing tools for e-learning, file management, shift management, leave and certificate management, feedback collection, and powerful analytics.
Backed by EstBAN angels in 2023 (Latitude59) Investment led by Martin Goroško. Read more.
Cino is a shared payments app designed for couples and groups to easily split expenses at the time of purchase. It uses a virtual card that automatically deducts each person’s agreed-upon share from their bank account when a purchase is made, eliminating the need for manual calculations or payment requests.
Backed by EstBAN angels in 2023 (Latitude59) Investment led by Martin Goroško. Read more.
In today’s world, where sustainability, efficient resource management, and optimizing fertilizer use are more critical than ever, smart farming is essential.
Paul-Tech’s technology is built on decades of experience and knowledge, offering something no one else has. Our goal is to help farmers to make data-driven decisions that lead to better outcomes.
Backed by EstBAN angels in 2023 (sTARTUp Day) Investment led by Mait Sooaru. Read more.
Flowstep is building the next-gen design tools – to design 10x faster and empower others to do the same. Flowstep is a copilot that helps you create better designs, 10x faster. Just type and get user flows, high-fidelity UI, JTBD and more. Generate polished design artifacts in seconds with Flowstep’s Infinite Imagination algorithm.
Backed by EstBAN angels in 2023 (Latitude59) Investment led by Martin Goroško. Read more.
ESGRID – automate your value chain ESG compliance at 10x lower costs and 2x better data collection success rates. Esgrid streamlines your value chain ESG impact management process.
Save weeks, if not months, on analysing the results and writing a report with our one-click ESG assessment report that provides an overview of the assessment results in detail and can be used in the overall sustainability report.
Backed by EstBAN angels in 2024 (sTARTUp Day) Investment led by Jan Lätt and Sven Kotkas. Read more.
BrachyDOSE is a patient-centric, data-driven measurement tool that helps doctors’ to prevent up to 100% of treatment-caused injuries in radiotherapy procedures. The solution is hardware and software combined.
Backed by EstBAN angels in 2025 (sTARTUp Day) Investment led by Jana Budkovskaja. Read more.
SafePAS is an Estonian deeptech startup focused on developing portable, lab-accurate devices for rapid drug detection and other field diagnostics. Their flagship product, Drug Hunter, is a handheld device that can identify and analyze narcotics from a saliva sample in minutes, providing a faster and more precise alternative to traditional drug testing methods. SafePAS also offers SMAGRY, a device for soil nutrient analysis, and provides various R&D services related to instrument and sensor development.
Backed by EstBAN angels in 2025 (sTARTUp Day) Investment led by Jana Budkovskaja. Read more.
The lead investor walks an extra mile
Angel syndicate investment bridges the gap before VC investment. Syndicated investments could reach up to €500k. To make the syndicated angel investment happen, there needs to be a lead angel to carry the weight and lead the wolf pack. EstBAN has a group of lead investors who are willing to go another mile.
Understanding the product and market
• How big is the Serviceable Obtainable Market and is it well above €10M?
• Which other market segments can be served after obtaining the SOM It’s better to obtain 30% of the very narrow niche than 0,0003 % of the huge market.
Meeting the team
• Meet all the founders and understand how the team works.
• Check the cap-table
• Do the founders have reverse vesting?
• Is there option pool for the employees agreed?
Conducting due diligence (see the DD checklist)
It’s easy to exhaust the startup with too deep of a DD at this phase, but still there are some things that are must-haves:
• Shareholders or founders agreement with founder vesting terms
• IP rights
• Bookkeeping and finances
• Articles of association
Closing the deal with the best terms for the syndicate members
• Negotiating the (agreement) terms with the founders
• Making sure the cap table is not spoiled with tens of small angel investors- those should be hidden behind one SPV.
Ask more from info@estban.ee and sign up as a lead investor!
