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: [email protected]
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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We sat down with Kadri Sundja, the CEO of UniTartu Ventures to hear what’s the goal with the IP-venture company. Currently, the company invests into ideas that are spun out of research at the University of Tartu. Much of that research is funded by public grants.

What UniTartu Ventures does?

Instead of only licensing the IP for royalties, UniTartu Ventures can invest the IP itself into a startup in exchange for equity. This IP-for-equity approach sits alongside cash coming from other investors or grants. In practice, it means the startup can start with a valuable technology asset on its balance sheet and the university becomes a shareholder aligned with the company’s success.

How the IP-for-equity model works

• IP stays with the university until there is a company with a credible plan (e.g., cash investment secured or a grant won). 
• The university then contributes the IP as its investment, taking an equity stake. 
• The company gains a clear, transparent right to use and commercialize the technology, which simplifies future fundraising and partnerships.

Focus areas and support network

UniTartu Ventures works with very early-stage science-based projects across a broad range of fields, reflecting the research profile of the university, with a strong concentration in life sciences and other deep tech.

Projects are sourced directly from the University of Tartu research base and are supported together with the university through an evolving pre-company process to test commercial logic, team readiness, and real-world relevance before pushing the team to the outside world.

Why this matters for Estonia and angel investors

In our conversation, Kadri noted that funding and ecosystem density can be challenging in Estonia, especially outside of Tallinn and in deep tech That makes collaboration important between universities, local funds, international investors in larger ecosystems.

• Read more about UniTartu Ventures
• Become EstBAN partner member

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At the Estonian Startup Ecosystem Fireside Chat panel discussion, Allan Martinson, President of the Estonian Founders Society and an entrepreneur, described the year as the best so far for the local startup sector.

“It certainly wasn’t an easy year, but our founders have done excellent work. The added value of Estonia’s startup sector this year is €1.8 billion, or 4.3% of Estonia’s GDP, which is three times more than five years ago. What’s remarkable, however, is that the number of employees in the sector has not grown over the past four years. We have built an extremely efficient sector that generates 2.5 times more added value per employee,” Martinson said.

The turnover of Estonia’s startup sector is forecast to exceed €5.1 billion this year, about a fifth higher than last year. “At the same time, the Estonian economy has grown by about 1%, and unlike the rest of the economy, the startup sector has not contracted even once,” Martinson noted.

Kärt Klein, representing Invest Estonia, highlighted growing interest from international investors in Estonian startups as a positive trend. “We work with international investors every day and see very strong interest in the defense industry and deep tech. At the moment, 40 to 50 foreign funds are looking for opportunities to invest in Estonia, and the interest is coming from new countries. So we are in a good place and moving in the right direction,” she said.

The Estonian Business Angels Network (EstBAN), which represents Estonia’s angel investors, also views this year positively. “Private investors are investing actively, both directly and through syndicates and funds, and this year we have seen a record number of three angel syndicate exits, which adds optimism and brings money back into the market,” said EstBAN CEO Karin Künnapas. “At the same time, we see that angel investors have become more mature and that it is harder to secure early stage investment. In the past, a good idea and a strong team were enough, but today, to raise your first investment, you need to have something real to show,” Künnapas emphasized.

A concern raised was that Estonia’s startup sector could be held back by a declining number of new startups. Several factors were cited, from economic conditions to demographics. “Today we have far fewer people in their thirties than five years ago, yet historically they have been the most active startup founders,” Martinson noted.

Hendrik Reimand, Chairman of the Board of the Estonian Private Equity and Venture Capital Association (EstVCA), agreed that the shortage of founders is a concern that needs to be addressed. “We need to think about how to make Estonia even more attractive to foreign founders, encourage more experienced and somewhat older professionals to enter the startup sector, and engage universities to better commercialize scientific discoveries,” Reimand said.

Head of Startup Estonia Vaido Mikheim drew attention to the fact that globally, entrepreneurial activity is higher than ever. “Every day, 137,000 new startups are founded worldwide, so entrepreneurship has not disappeared. This is the global context in which we find ourselves today,” Mikheim stressed.

The discussion also noted that private equity and venture capital investment has declined across Europe and globally. “European venture capital funds have raised a total of €9 billion this year, which is the lowest number in the last ten years. The problem of lower investment activity is certainly wider then in Estonia. Today’s biggest challenge is attracting investors from foreign fund of funds into Estonian venture capital,” Kärt Klein said.

However, the numbers show that Estonian startups have learned to grow even without massive funding rounds. “Estonia’s startup sector is profitable today, and rising profits are replacing investor funding. This is a dramatic change that will strongly shape the sector’s development in the coming years. Estonia’s startup sector is entering a new era,” Martinson concluded.

Estonian Startup Ecosystem Annual Fireside Chat 2025 was organised by the Estonian Private Equity and Venture Capital Association EstVCA, the Estonian Founders Society, the Estonian Business Angels Network EstBAN, Startup Estonia, and Invest Estonia. The event was supported by Swedbank Estonia. The panel was led by Vaido Mikheim, the head of Startup Estonia.

• Gallery (photos by Tiit Tamme)
• The recording of the chat is up on YouTube
• Read about the thoughts on 2024
• Read about the thoughts on 2023

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International perspective is always on the table

With 12% international members, EstBAN’s internal communication runs mostly in English. This year we strengthened ties with fellow BANs in the Baltics and joined or organized study trips to Latvia, Malta, Armenia, and Portugal. We also launched the first pan-Baltic angel syndicate call during the Latitude59 tech conference. In addition, EstBAN’s Managing Director Karin Künnapas represented the Estonian startup scene internationally, from Uruguay to Armenia and many countries in between.

Strong positioning in Estonia’s startup ecosystem

We aimed to be among the most active players in Estonia’s ecosystem. Together with EstVCA, Invest in Estonia and the Estonian Founders Society, we hosted a Season-End party and supported communication for the Estonian Startup Awards. All this is a reminder of the power of the community coming together. Twice this year EstBAN contributed to the Estonian Startup Ecosystem Annual Fireside Chat: first in January to recap 2024, and again in mid-December to reflect on 2025. For EstBAN, it is essential that early-stage angel investors, so critical in a startup’s first years, are visible in public discussion.

EstBAN network keeps evolving

We welcomed four new partner members: SEB, Triniti, Hedman Partners, and Accelerate Estonia, as well as three new fund members: Unmanned.VC, UniTartu Ventures, and Neer Ventures. At year-end we announced Jana Saastamoinen as EstBAN’s new Managing Director. She is already warming up and will fully step into the role after head-organizing sTARTUp Day 2026 at the end of January.

Initiatives that boosted angel investing awareness

• Connect2Scale New Angels Academy and Connect2Scale Mature Angels Academy raised the quality of angel-investing knowledge for both newcomers and experienced investors. Watch the training sessions online.
• The Female Angel Training Programme delivered high-quality training for future women angels. Today, women make up 11% of our membership, so there is meaningful work ahead. We trained 45 women with the help of industry professionals. 5 of them have become EstBAN members so far.
• Investor Talks opened our community members mindsets to each other: we interviewed members Paavo Siimann, Sandra Golbreich, Jan Lätt, Jana Budkovskaja, and Aleksander Tõnnisson.
• A new format, angel luncheons, gathered dozens of investors informally in Tallinn and Tartu. 

The core: pitching and investing in 2025

• 55 direct investing opportunities were offered
  
• 40 startups pitched at our events
  
• 15 different syndicates were opened to members
  
• About one-third of Q1 and Q2 pitch teams raised funding from angels
  
• 144 startup decks were validated and introduced to members 

Looking ahead

EstBAN board is currently made of 7 members: Lauri Antalainen (also a President), Mait Sooaru, Jan Lätt, Jana Budkovskaja, Olga Luštšik, Martin Goroško and Aleksander Tõnnisson serve as board members. Office team is currently four people: Karin Künnapas, Margret Kanniste, Annelis Rum and Jana Saastamoinen.

EstBAN will continue to support early-stage investing, educating investors and boost networking. The network’s efforts have lifted Estonia’s startup ecosystem and contributed to the broader European investment landscape.

On the same topic:

• EstBAN recap of 2024
• EstBAN Annual Review of 2024

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Wednesday, December 10 at 17:45 (Estonian time)
→ Chat on YouTube

Estonian Startup Ecosystem representatives and Annual Fireside Chat panelists, Karin Künnapas, Allan Martinson, Hendrik Reimand, Kärt Klein, and Vaido Mikheim, are geared up to dive into the state of the sector, from the rise of new founders and access to capital, to startup mortality and the real sources of optimism.

​The Estonian Startup Ecosystem Annual Fireside Chat 2025 is powered by Swedbank Estonia and organized by Estonian Business Angels Network (EstBAN) and Connect2Scale project, Estonian Founders Society, Estonian Private Equity & Venture Capital Association (EstVCA), Invest in Estonia & Startup Estonia. 

Previoulsy on the same topic:

• 16.01.2025 Estonian Startup Ecosystem Annual Fireside Chat 2024 

• 19.01.2024 Estonian Startup Ecosystem says we need more superfounders

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