What’s a role of 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.