Nordic Angel Program by EstBAN 

Nordic Angel Program is a business angel training and investment program led by experienced startup investors. The program links with the leading startup events in the New Nordics, culminating in an investment selected by the group. Nordic Angel Program is a micro-fund type of co-investment syndicate where angel investors will participate with individual tickets and invest into 1-2 startups chosen by themselves.

The winner will be awarded on the stage of a main startup event (Latitude59, sTARTUp Day)!

Previous programs:

Batch 1

EstBAN's Spring NAP 2018: 175.000€ invested in by 35 angels. The group was led by Heidi Kakko. The round was joined by other investors summing up to 350 000€. Additionally, a spin-off angel investment was made to FoodDocs, the first runner-up!

Batch 2 

EstBAN's Winter NAP 2018/19: Outvio received a check for up to 250.000€ investment by the whopping 52 angels with Rando Rannus as the Lead Angel. The startups were recognised on the stage of sTARTUp Day in Tartu, Estonia, where all 4 had the chance to pitch in front of the international audience.

Angel Experience

Nordic Angel Program is the best opportunity to dig deeper into the secrets of angel investing and learn from the experienced peers to start as a business angel. Spread the word and join the syndicate yourself. Both, the early stage startups and angel investors are welcome to submit their applications!

Read about the cross-border investment program across the Nordics here.

Investors already signed up:

Why NAP?

  • To increase cross-border investing awareness among existing and potential startup investors
  • To increase angel investments by syndicating
  • To make stronger network connections
  • To obtain investment skills and share best practice
  • To build a diversified investment portfolio


  • Syndicated investments into startups from a micro-fund by 25+ angels
  • Training days and evaluation workshops
  • Lead investor selected in course of the process
  • The joint evaluation and due diligence using a common investment platform StartupIncluder
  • The investment is executed in collaboration with a local startup conference
  • Joint study trips with experienced angels
More questions? Write to Anu -!

Nordic Angel Program is co-financed by European Commission’s Startup Europe initiative under the Horizon 2020 programme.