EstBAN Syndicates

EstBAN Syndicates are a micro-fund type of co-investment syndicates where angel investors will participate with individual tickets and invest into 1-2 startups chosen by themselves. Often the syndication program is combined with business angel trainings led by experienced startup investors. The syndicates always link with the leading startup events in the New Nordics like Latitude59 or sTARTUp Day, culminating in an investment selected by the group. 

Previous EstBAN syndicates:

EstBAN sTARTUp Day 2020 Syndicate

EstBAN sTARTUp Day syndicated investment went to a Latvian fintech startup Jeff App. The announcement was made on sTARTUp Day, the largest startup festival in the Baltics. The 170 000 EUR collected will be invested into Jeff App during Q1 of 2020. Jeff App is a loan brokerage solution - as they say “Tinder for loans” in Vietnamese market, they are planning to expand to Indonesia later in 2020.

The lead investor of the round was Ivo Remmelg!

Nordic Angel Program Batch 4

GuavaHR was announced the company to receive up to €250 000 investment by the Nordic Angel Program syndicate! GuavaHR is an internal communication and engagement tool for companies where frontline workers make up a substantial part of the workforce. It combines social and organisational information feeds and spices them up with employee engagement drivers to create one engaging communication channel for the whole company. Guava plans on using the investment for expanding to the UK and hiring new talent to support marketing and development goals.

The lead investor of the round was Ivo Remmelg!

Nordic Angel Program Batch 2 and 3 

EstBAN's Nordic Angel Program 2018/19: investors from batches 2 and 3 joined forces and invested 2x 225.000€ 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 Nordic Angel Program 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

EstBAN Syndicates are the best opportunity to dig deeper into the secrets of angel investing and learn from 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 EstBAN Syndicates?

  • 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 was co-financed by European Commission’s Startup Europe initiative under the Horizon 2020 programme.