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International Internet Magazine. Baltic States news & analytics Monday, 27.03.2023, 16:01

Estban invested EUR 6.7 mln in Estonian startups in 2015

BC, Tallinn, 04.03.2016.Print version
Members of the Estonian Business Angels Network (Estban) invested approximately 6.7 million euros in 98 startups during 2015, both as first-time investments and follow-ons., reports LETA/BNS.

As in previous years, first-time investments made up the biggest portion of investments in 2015, accounting for 64% of total investments, Estban manager Heidi Kakko said. Companies of the ICT sector made up more than one-third of the businesses that received funding, followed by businesses offering financial services. Syndicated investments made up 85% of all investments.


"The Estonian angel investor community is growing mainly through attracting technology enthusiasts who see helping young innovative companies as their mission. Unfortunately there are not yet enough serial entrepreneurs in Estonia who have become rich by selling a startup, which means that despite the increase in the number of transactions capital supply is still way below demand," Estban founding member and chairman of the board Ivar Siimar said.


Siimar said a clear need exists for support from the state so that more capital could be offered to startups in the risky early phase. "Our hope is that the long-awaited co-investment fund Estfund established a few days ago will give a significant boost to investment by angel investors."    


Established in late 2012, Estban is an umbrella organization for business angels and business angel groups seeking investment opportunities in Estonia and its neighboring regions with an aim to grow the quantity and quality of local seed stage investments.


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