Why should you apply to NAP by EstBAN?

6 October, 2019

Nordic Angel Program is now on its last, 4th batch under this umbrella. There are more than 30 investors on board and eager to find the most promising new companies from the region. Two companies from the 1st batch, Fractory and the runner-up FoodDocs are taking Europe by storm, expanding to new countries and conquering new markets. Why should the startups apply for the funding from NAP by EstBAN? 
Martin Vares from Fractory and Katrin Liivat from FoodDocs share their experience.

– Please tell a bit about your company. 

Martin Vares, the CEO of Fractory: Fractory is taking traditional production services digital. Customers can upload their drawings to our platform and get an instant price quotation in exchange. If the price is suitable, our algorithms choose a manufacturer from our list of pre-vetted partners. Our large network of partners makes a combination of great quality, short lead times and competitive prices possible. We take care of the delivery according to your instructions.
Katrin Liivat, the co-founder and CEO of FoodDocs: FoodDocs helps food businesses to ensure that food safety documents are always compliant with the law and meet all legal requirements.

– What did you gain from the participating in the Nordic Angel Program? 

Martin: NAP was a perfect program for us in the stage we were at. We had just come out of an accelerator, launched our product and were looking for an investment. Due to the nature of the program we were able to show how fast we can evolve and prove ourselves worthy of the investors trust. In addition it allowed us to maintain and grow the contact we had with the investors and executives involved in the program. The marketing following the announcement was a good opportunity to enter the wider public eye. 
Katrin: Definitely one of the best competition to take part in – you will get in touch with so many great angel investors at once and are able to start a relationship with them. Even if you don’t win at once, they will remember you and vice versa, because some of great connections grow in time and give you value you hadn’t realised. Also every performance experience is good for a startupper, you will hear new questions that’ll direct you to think in the right direction.

– How has your company grown since taking part in the project? (i.e. number of employees, new markets, new opportunities)

Martin: Since the program we have grown almost 10x, opened a second office in UK, grown the team from 5 to 22 and raised another round of 7-figures.

Katrin: Since taking part in the NAP project, we have grown our team and have altogether 10 people from 4 different countries. We have customers from 3 countries and we’ve found new opportunities to innovate food safety compliance over and over again.

– Having taken part in the project, do you have any tips for someone just starting out?

Martin: Make yourself stand out of the other 100 participants. If you have a great product show it, if you have a strong team show it, if you are fast show it. Make yourself interesting. 
Katrin: Some pointers for someone who’s just beginning their way in the startup landscape.

  1. Talk about your idea to as many people as possible before going in front of angels. The more questions you have had, the better you perform.
  2. Prepare your finances and take a calculator with you – they ask about numbers.
  3. Think big! Modesty is not a virtue..

PS. Don’t overthink 😉

Applying for Nordic Angel Program financing by the angel syndicate is closing next week, which means startups have less than a week to submit their profile HERE by October 14!