VC: Estonian business angels want to fund 25 companies a year
A newly created network of Estonian business angels (called the ‘Estonian Business Angel Network’) was founded last week with the intent of raising VC money for about 25 early stage startups every year.
On the board are people like Ivar Siimar, Allan Martinson, Marek Kiisa, Peeter Klanberg, Andrei Korobeinik, Hardi Kampus and Harri Männistö.
“We want to develop an Estonian knowledge-based economy and exports,” said one of the initiators of the alliance Ivar Siimar.
The association estimated that VC investments in Estonian startups this year was a mere 1 million euros, BBN.ee reports – and the Estonian business angels want to increase that number twenty five fold.
In the report by EVCA (European Private Equity and VC Association) that we discussed earlier, Estonia ranked 22nd with about 1.33 million in VC money invested in 2011. We have to add however that even doubling or tripling this amount would significantly improve its ranking based on VC funding by GDP.
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