EstBAN Board Members for 2026-2028 are Lauri Antalainen, Jan Lätt, Martin Goroško, and Peeter P. Mõtsküla. Jana Budkovskaja, Olga Luštšik and Aleksander Tõnnisson were elected into board in 2025 and serve for at least another year. EstBAN board members are set to serve in the board for two consecutive years and half of the the board changes each year to allow new ideas and views to emerge.

We also recognised outstanding members and partners:

• Law Firm of the Year – Hedman
• Ecosystem Partner of the Year – Estonian Founders Society
• Fund Partner of the Year – Specialist VC
• Newcomer Angel of the Year – Ozan Sönmez
• Lead Investor of the Year – Jana Budkovskaja
• Angel Investor of the Year – Tuomas Pahlman
• Master of Exits – Kristjan Raude

A strong network is built on active people. Thank you to everyone who continues to strengthen Estonia’s startup ecosystem.

Photos: Edmond Mäll

Take a closer look

See EstBAN Annual Review of 2025
See EstBAN Awards throughout the years

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According to EstBAN President Lauri Antalainen, the past three years have been relatively similar for angel investors. “In 2020 and 2021 investment activity was at record levels. Today, many investors are waiting for the results of earlier investments, which would release capital for new startup deals. For EstBAN members, last year was exceptionally successful. Three of our syndicate investments exited, and participating investors achieved multiple returns,” Antalainen said.

Investors Are Looking for Strong Leadership

EstBAN Managing Director Jana Saastamoinen notes a growing trend among angels to invest together and in a more passive role. “A large share of angel investors now invest through syndicates and increasingly also through venture capital funds. This helps reduce the risk of individual decisions. As a result, we are placing more focus on training lead investors and strengthening the investor community,” she explained.

Syndicate investing allows investors to participate with tickets of just a few thousand euros, while investing through a VC fund requires significantly larger commitments. “In Estonia we have both new angels who are still building their portfolios and experienced investors who invest hundreds of thousands independently. We also see a new generation of angel investors emerging, along with a growing share of women investors. Our role in educating and supporting different types of investors is therefore significant,” Saastamoinen added.

Fewer Deals, but Active Investment in Estonia and Nearby Markets

Angel investors remain broadly interested across sectors, with a primary focus on seed and early-stage companies that typically raise between one hundred thousand and one million euros.

In 2025, investors reported 247 deals, compared to 311 the year before, and named 109 startups they invested in, compared to 158 in 2024. The most frequently mentioned companies included SafePAS, BrachyDOSE, MarkeDroid, Bolt, Nanordica Medical and Lightcode Photonics.

The most popular sectors were deep and space technologies at 15 percent, health and wellbeing solutions at 14 percent, fintech at 11 percent, business and HR software at 10 percent, and industrial technologies at 9 percent. Three percent of angels invested in defence innovation. Based on the survey, 49 percent of investors invested in Estonian startups, while 22 percent of capital went into neighbouring markets in the Baltics and Scandinavia.

Risk and Returns Vary Widely

Of the 93 investors who responded to the EstBAN survey, 63 percent plan to continue investing in 2026. The most common individual angel ticket sizes range between 2,500 and 50,000 euros.

Angel investing carries high risk and returns vary significantly. In 2025, some investors lost their entire investment due to startup bankruptcies, while others achieved returns of seven to eight times their original investment. Experienced angels recommend keeping startup investments at around ten percent of a total portfolio and making at least 10 to 20 investments over several years.

At the end of 2025, EstBAN had 202 individual angel investor members. Members consider the network’s strongest value to be high-quality deal flow, syndicate opportunities, investor training and a strong community. The results confirm that Estonian angels remain an important source of capital for the startup sector and play a central role in company growth from the earliest stages.

See more

• EstBAN Annual Reviews 2016-2025
• Annual Review 2025 (pdf)

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Agenda highlights of the event

Sun, May 31 – Side events, Vilnius exploration & VIP Dinner
Mon, June 1 – Main Conference Day 1: keynotes, panels & EBAN Awards Gala Dinner
Tue, June 2 – Main Conference Day 2: panels, matchmaking & side events
Wed, June 3 – Study tour: Lithuanian startup ecosystem

Why attend?

• Unmatched networking. Connect with co-investors and startups through side events, evening cocktails, a VIP reception, and the iconic EBAN Congress Gala Dinner.
• Invest in Europe’s resilience. Future thinking angels play a key role in investing in Europe’s resilience and this year we focus on defence & space, clean energy, life sciences, and Europe’s strategic sectors.
• Discover Lithuania’s startup ecosystem and enjoy Lithuania’s vibrant culture – including the Pink Soup Festival and meet Lithuanian VCs, angels, founders and ecosystem players, join the ecosystem tour!
• Special BAN Manager Programme. Deep dive and experience sharing for professionals running angel networks, clubs and syndicates

Vilnius is the place to be for angel investors in 2026. Join us!

Secure your spot: www.ebancongress.com Special discount for EBAN members – ask your discount via info@estban.ee

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Latitude59 CEO Liisi Org said that the involvement of New Nordic investors is a clear sign of trust. “Estonian investors have supported our pitch competition for years, while Latvian angel investors are taking part for the second year in a row. This year, Finnish investors will join the syndicate for the first time, bringing Nordic investors into the mix. The involvement of New Nordic investors gives founders the confidence to build the next success stories, while investors can discover promising startups for their portfolios,” Org said.

Estonian Business Angels Network EstBAN is contributing up to €200,000 to the prize pool, while Latvian Business Angel Network LatBAN is adding up to €100,000. Finnish Business Angels Network FiBAN will join the syndicate, representing Nordic investors. 

EstBAN board member and lead investor Jana Budkovskaja said that Latitude59 has consistently surfaced teams with the ambition and execution speed to scale globally. “Cooperating with LatBAN and FiBAN is exactly the kind of collaboration that strengthens the New Nordic startup ecosystem. When a startup secures a syndicate investment, it’s a good sign for both sides: founders gain committed hands-on supporters, and investors see a team ready to turn momentum into measurable growth. I’m excited to co-leading the syndicate for the Latitude59 together again with David Clark (Angel Investor and Venture Partner at Tera Ventures). After last year’s success with Markedroid who have seen massive growth since the 2025 pitch competition. I can’t wait to see this year’s applications,” she said.

Managing Director of LatBAN Emīls Kragis emphasised that supporting the Latitude59 competition builds closer collaboration between business angel networks. “This is our second year supporting the Latitude59 competition, and it builds on the momentum we created with last year. Since then, we’ve seen much closer collaboration between EstBAN, LatBAN and LitBAN from deal sharing to new co-investment opportunities. Continuing this initiative is a natural next step, allowing us to back strong founders across the region together,” Kragis said.

FiBAN COO Mari Kirjalainen said that the Latitude59 pitch competition strengthens cross-border investing and deepens collaboration. “FiBAN is delighted to be part of the initiative and to offer this investment opportunity to our members as we launch our new syndication activities. It’s a great step towards strengthening cross-border investing and deepening collaboration with our sister networks EstBAN and LatBAN,” she said.

In recent years, startups such as AskToSell, Flowstep, Adact, Atom and Cino have stood out on the Latitude59 stage. In 2025, a total of €675,000 was invested through the Latitude59 pitching competition, with investment of between €175,000 and €250,000 secured by Estonian green energy solutions developer MarkeDroid, Latvian construction startup Adventum Tech, and Lithuanian defence technology company Luna Robotics.

Last year, 407 startups from 48 countries applied to the Latitude59 pitching competition. This year Latitude59 is looking for early-stage startups with a clear mission, a scalable business model, and a functional product with proven traction or strong market feedback. 

The application deadline is 15 April 2026. From all applicants, 15 top teams will be selected for the semi-finals, where they will receive professional training and mentoring. The winners will be announced at the final on 22 May on the Latitude59 main stage.

Latitude59 2026 will take place on 20–22 May in Tallinn at Kultuurikatel. This year, Latitude59 has chosen The Global Village Experiment as its main theme, testing the hypothesis that the most valuable connections happen when ecosystems collide. In 2026, the ambition is to bring founders and ecosystem builders from around the world to Estonia, positioning Tallinn as a gateway to the New Nordics. Organisers expect participants from more than 70 countries.

Important dates:

• April 15, 2025 –  application deadline
• April 29 – TOP30 startups announced
• May 4–8 – pre-finals
• May 21–22 – the finals will take place on the main stage of the Latitude59

Applications are open now, and startups can apply via the Latitude59 website.

About Latitude59

This year marks the 14th edition of Latitude59 in Tallinn. Over the past decade, Latitude59 has grown into the most international and influential technology event in the Baltics and the New Nordics, extending its reach to Asia and Africa. Last year, alongside the flagship event in Tallinn, Latitude59 hosted a two-day conference in Nairobi, Kenya’s capital. Side events were also held in Singapore, and for the first time, two events took place in South Africa. Latitude59 returns to Tallinn this May with a new ambition to build bridges between the New Nordics and startup ecosystems in Africa and Asia, while putting the balance between humanity and technology centre stage.

About Estonia

Estonia has the highest concentration of unicorns in Europe, with 865 startups per million people. A global leader in digital innovation, Estonia continues to set the standard for thriving tech ecosystems.

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You may find your invitation to the meeting in your mailbox or contact info@estban.ee.

Location: Erinevate Tubade Klubi, Tallinn
Time: Tuesday, 31 March 17:00-20:00

AGM Agenda

17:00 Gathering and registration of attendees;
17:15 Opening words by Lauri Antalainen, EstBAN President;
17:20-17:40 Keynote by Swedbank Chief Economist Tõnu Mertsina on “Current situation of the Estonian economy, general overview of 2025 and prospects for 2026, economic risks and impact of the US market on the EU”;
17:40-19:00 AGM presented by Jana Saastamoinen, Managing Director of EstBAN:

• ​​Appointing the agenda of AGM;
• ​​Selecting Chair and Secretary of the meeting;
• Approval of 2025 Annual Fiscal report;
• ​​Election of the Management Board members for 2026;
• Presentation of 2026 action plan;
• ​​Approval of the Budget for 2026;
• Overview of 2025 investment statistics;
• Awarding Ceremony for EstBAN Outstanding members;

​​​19:00-20:00 Networking

Find the event also on EstBAN Calendar: https://estban.ee/calendar/

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With over seven years in the startup ecosystem, Darja brings a wealth of hands-on experience to the role, having spent two years running acceleration programs at Startup Wise Guys and three more years managing their scouting operations and scaling dealflow processes within the team. Currently Darja is also part of the Dealum team, building software that powers angel investor organisations across Europe. “I’m excited to be part of the EstBAN team and continue supporting startups on their entrepreneurial journey by connecting them to smart money early on,” she says.

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Programm annab osalejatele võimaluse hinnata iduettevõtete potentsiaali nii iseseisvalt kui ka koos teiste investoritega ning tutvuda EstBANi kogukonnaga. Koolituste käigus õpitakse looma isiklikku investeerimisstrateegiat ja ehitama tasakaalustatud investeerimisportfelli ning saadud teadmisi saab rakendada kohe praktikas osaledes EstBAN x Latitude59 iduettevõtete pitch-võistluse parima valimisel ja sellele järgnevas sündikaatinvesteeringus.

>>REGISTREERIMINE

Koolituste ajakava

• 2. aprill kell 16.30-19.00 Kuidas alustada investeerimist idufirmadesse? Koolitab Kadi-Ingrid Lilles (Iron Wolf Capital partner, ingelinvestor);
  
• 9. aprill kell 16.30-19.00 Kuidas idufirmasid analüüsida ja luua tasakaalus investeerimisportfell? Koolitab Kärt Siilats (Go Beyond Capital, ettevõtja ja ingelinvestor);
  
• 22. aprill kell 16.30-19.00 Praktiline due diligence (DD) läbimäng Kati Pino (advokaadibüroo Hedman assotsieerunud partner) ja juhtinvestor Jana Budkovskaja juhendamisel;
  
• 7. mai kell 16.30-19.00 Investeerimise juriidilised põhialused Koolitab Kati Pino.
• Lisaks toimub programmi lõpus investorite networking üritus. 

Osalemine koolitustel on tasuta, kuid kohtade arv on piiratud 30 osalejaga. Kandideerimine on avatud kuni 22. märtsini. Pärast seda teavitame kandidaate programmi pääsemisest. Osalejad valime investeerimisprofiili, varasema üldise investeerimiskogemuse ja valmisoleku põhjal, kuid kandideerima on oodatud kõik huvilised. Sessioonid toimuvad eesti keeles.

Boonusena saavad osalejad kutsed EstBANi startup pitch-sündmustele aprillist juunini 2026, võimaluse osaleda Latitude59 sündikaatinvesteeringus ning ligipääsu kogenud ingelinvestorite ja startup-ökosüsteemi võrgustikule. Koolitusprogrammi toetavad advokaadibüroo Hedman ja SEB Eesti.

Lisainfo ja küsimused: jana@estban.ee
Info varasemate koolituste kohta: https://estban.ee/naisinvestorid/

>>REGISTREERIMINE

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​The training will cover key investment documents, highlight common regional differences, and share practical insights relevant to cross-border investing. The goal is to support informed discussion and more confident decision-making when investing in the region.

​The session consists of a 45-minute presentation followed by a 15-minute Q&A.

Sign up via Luma link: https://luma.com/urn5l9cv

EstBAN x Triniti Law Seminar is supported by Finest Scaleup project funded by EU.

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Due to the very strong competition, the EstBAN syndicate will be divided between two promising deep tech startups: ImpactPCB gets up to €150k, and LifeGlue (FIN) gets up to €150k.

EstBAN syndicate co-lead Martin Goroško commented that the startups were impressive, and it wasn’t an easy task to pick the winners. “All the top 30 companies that made it to the sTARTUp Day pitching stage are investable, and I believe investors will pick them up sooner or later. Regarding the angel investor syndicate, we were weighing the decision pretty intensely until the last minute,” Goroško mentioned.

Lead investor Heidi Kakko said that the winners were the strongest in all aspects that investors are looking for. “They know how to validate a problem early enough in a complex field and create a corresponding solution. For investors, it’s also important to understand their specific markets,” Kakko said.

How are the investment winners going to change the world?

ImpactPCB offers a validated, revenue-generating deep-tech solution for chemical-free e-waste recycling, addressing a critical EU resource challenge. Strong founder expertise, early customer traction, and scalable modular technology support an attractive growth opportunity.

• Founders: Artur Klauson, Deniss Klauson
• Read more: https://www.impactpcb.com/our-solutions

LifeGlue is developing a scalable biomaterial platform with strong scientific foundations and broad application potential. Early validation and a clear value proposition position the company well for long-term impact and growth.

• Founders: Laura Kuittinen, Paula Puistola, Anni Mörö
• Read more: https://www.glue4life.com/

Rest of the TOP5 startups of the sTARTUp Day 2026 Pitching Competition

These companies made it to the finals together with two winners from a pool of over 200 promising ventures:

• Thistle and Gerda-Annika Laager (EST)
• EsaDres and Karin Kogermann (EST)
• BabAI Orbital and Roman Karpenko (UKR-EST).

More on the same topic

• Read more about the sTARTUp Day 2026 syndicate
• Take a look at former EstBAN syndicates too.

The post EstBAN syndicate winners of sTARTUp Day Pitching Competition are deep tech companies ImpactPCB (EST) and LifeGlue (FIN) first appeared on EstBAN.

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What it means to be a lead investor and why are you doing it?

Martin: Leading a syndicate gives you in a few months the experience that usually takes years: scouting dealflow, running due diligence, negotiating terms, and closing the deal. It’s an experience every angel should aim for – when you make decisions later during your investment journey, you know each step first-hand and have tested the investment process. In the context of an event like sTARTUp Day, the lead role helps to shape a very resilient angel investor.

How do you rate the overall level of startups this year?

Martin: As expected, strong. All ~30 companies that passed the main screening are investable, and I believe investors will pick them up during sTARTUp Day or afterward. While there’s talk in the ecosystem about a shortage of founders and difficulty finding good companies, this selection doesn’t support that. It was diverse by stage, from deals for early angels to A-round VCs, and by verticals, from deep tech to simple, scalable mobile apps. The international angle stood out as well. Latvia and Lithuania have made a big leap, and serious deep tech is coming from there.

Heidi: The share of women founders could be higher, although a few women-led teams did make it to the top this year.

Which fields stood out, and what was specific about this year?

Heidi: Defense and dual-use, AI, and healthtech dominated. The strongest rise was in defense and dual-use technologies, not necessarily new products were introduced, but existing companies have redefined their market segment and go-to-market strategies. We aimed for balance so the strongest teams from different sectors were visible. Still, those two areas are the hottest globally right now.

Who made the finals, and on what basis?

Heidi: Simply put, companies that are market-ready, with a clear go-to-market strategy and a capable team to execute their plans. Every selection also reflects the lead investors. Since we’re drawn to more technically complex products like deep-tech, those teams were chosen.
Martin: As EstBAN represents angels, we also have to consider capital fit: stage, valuation, and ticket size need to match angel logic, and angels should be able to make a meaningful difference in the company’s progress. The capital-company fit is crucial, sometimes even more than the sector. In my view, the top five is strong, varied, and most importantly, well suited for angel investment.

On Thursday, 29 January, 30 startups will pitch on the sTARTUp Day stage, and on Friday, 30 January, a winner will be selected from the five finalists. The investment will come from both angel investors and the venture capital fund BSV.

• See all EstBAN previous syndicates
• Read more about the sTARTUp Day investment

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