Amount invested by EstBAN members barely changed in 2023

Members of the Estonian syndicate EstBAN invested €13,32M in startups in 2023. This is slightly less than in 2022 when they invested €13,36M. Angel investors contributed €7,64M, while various funds invested €5,49M, and crowdfunding platforms accounted for €0,19M.

In total, EstBAN completed 414 deals, of which 75% were with Estonian startups and 14% - with startups from neighboring countries. Smaller investments were made in UK, European, or North American companies.

The majority of business angels invested between €5K to €20K per startup. They supported in total of 120 startups in 2023. The most popular sectors for investment were fintech, business and personnel software, deep and space tech, health, and biotech. 

There were 22 reported exits in 2023, with many reporting returns of two to five times the capital invested. Some investors reported 10x returns.

By the end of 2023, the Estonian network consisted of 306 members, of which 279 were private investors and 27 were members of venture capital funds. Additionally, 34 new members joined EstBAN in 2023. In terms of gender diversity, only 9% of EstBAN investors were women. 13% of EstBAN investors were foreign.

Founded in 2012, EstBAN is a syndicate organization of angel investors. The lead investors are Martin Gorosko and Mait Sooaru. EstBAN's members include Estonian Change Ventures and Tera Ventures, Lithuanian Practica Capital and Firstpick, Nordic Secondary Fund from Denmark, and others. The main focus is on early-stage companies with high growth potential and high risk. EstBAN surveys its members and publishes its report on its website since at least 2022.