EstBAN’s first syndicate of 2020 was announced 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.
“Starting from this year, EstBAN syndicates are only available for EstBAN members. For startups, the speed of the deal is crucial, therefore we have decided to take initiative into our own hands by leading the process,” explained Ivo Remmelg, the chairman of the board and lead investor of the syndicate.The startup selected for the angel syndicate is a Latvian fintech startup Jeff App, that enables the unbanked in South-East Asia to build alternative credit scores by tapping into the power of available data: device metadata, geolocation, contact information, behavioural patterns, 3rd party data & more.
In addition to Jeff App, the TOP3 companies included Estonian startups Adovinci and Autom8. Adovinci is a self-service outdoor advertising platform allowing anyone anywhere to create campaigns without middlemen. They make all outdoor advertising options more accessible, giving a clear overview of availability, cost and expected results by saving time and money for all parties. Autom8 provides an automated service for securing web, mobile and third-party applications enabled by machine learning.
In total 248 companies from Estonia, Latvia, Lithuania, Finland, Ukraine and other countries, applied to the sTARTUp Day Pitching competition, out of which EstBAN investors chose the strongest 30. The TOP3 companies went through a thorough due diligence process. “It was a difficult choice, since the deal flow was the strongest we have seen recently and the teams were all exceptionally promising. Jeff App had a strong and dedicated team, therefore hopefully successful future for them lies ahead, ” added Anu Oks, the CEO of EstBAN.
Estonian Business Angels Network EstBAN puts together angel syndicates in cooperation with the major startup events of Estonia. The next syndicates are organised in Spring 2020, first with Ajujaht, the largest competition of business ideas in Estonia, and second in collaboration with the technology conference Latitude59.
EstBAN connects and educates business angels to increase investment quality, thereby helping innovative startups grow. During the trainings, trips and events organised, the angel investors share experiences and know-how and form connections with angel networks across the world. EstBAN has approximately 150 members from Estonia and other countries, whose passion is to develop the startup ecosystem as well as make profitable investments.
Read more about the sTARTUp Day pitching competition and awards here.