EstBAN angel investors invested €13,39M in 36 startups in 2022

EstBAN angel investors invested more than €13,39M in 36 startups in 2022. It is twice less than in 2021 when the number of investments amounted to €29M. €8,3M was invested through business angels and €4,89M - through venture funds. The number of investments in crowdfunding projects dropped from 21% to 17% and amounted to €200K in 2022. 78% of investment was made in Estonian startups. 

In the second half of 2022, the number of angel investments dropped due to the global economic climate. 42% of angel investors said they prefer to invest through a syndicate rather than alone. The minimum amount of investment in the syndicate was €5K for EstBAN members, and the amount of the investment round was up to €400K. By the end of 2022, EstBAN investors had invested a total of €4,5M across 19 syndicates.

Investors noted that they prefer to back mainly seed-phase and early-stage companies, and less - the companies with only business ideas. In 2022, EstBAN members increased interest in health, deep, and green technology sectors compared to 2021, where most members were interested in fintech and business software. 

According to the survey, there were 26 exits from the investment in 2022.

89% of EstBAN members (who participated in the annual survey to make this report) made at least one investment in 2022, and 76% of EstBAN members plan to continue investing in 2023.

EstBAN (Estonian Business Angels Network) is a syndicate organization of angel investors, founded in 2012.