Nordic Angel Program Invested 575.000 Euros in Four Different Startups

Attended by over 90 business angels from eight countries, the first cross-border business angel program was a success.


Parallelly run in four different countries, Estonia, Denmark, Finland and Norway, the three-month angel training was attended by 90 business angels that shared their local startup investing best practices and evaluated almost 500 startups seeking investments. Each angel group comprised of a mix of new and experienced investors, where the responsibility for closing the final investments laid with the experienced angels.

The main goal for the program is to educate business angels about cross-border investing including joint study trips, evaluation of startups and discussing investment opportunities on StartupIncluder, the shared deal flow platform to evaluate the startup applications. Thomas Black-Petersen further explained, “Startup Includer turned out to be very valuable for the group as we could share our thoughts and concerns with the other investors. It was very helpful to manage the deal flow and to close the final deal.”

The national programs were hosted by the local angel networks EstBAN (Estonia), FiBAN (Finland), DanBAN (Denmark) and BAN Norway in tight cooperation with the main startup events in the region Latitude59, Arctic15, AngelSummit Denmark and Seed Forum Global. All the national programs consisted of four trainings sessions where the latest startup investing best practices were discussed. In addition, several workshops were organised where investors together evaluated the potential investment opportunities. Each program had its own specific structure and the final contract terms and any startups with links to the Nordic and Baltic region were eligible to send in the applications.


With an increased interest for business angels to expand their network of co-investors and find startups outside their own region, the program structure supporting cross-border investing was very well received by the investors from the spring batch. Many of them have credited the program to close the gap in the knowledge level of how to optimize cross-border investments as a group. The program organisers have also thanked the local startup events for their warm cooperation as this gave access to larger amount of startups and access to investors attending the event.

Speaking with a program participant investor Reima Linnanvirta was quoted, “The startup coaching workshops where investors evaluate the value of companies together can be a deep learning experience. You can gain a lot from other investors and also learn about useful processes and tools to support the evolution.”

The next set of programs is scheduled to start nationally in September – October. The interested candidates can learn more about the program and register their application at

Nordic Angel Program (NAP) is an international cross-border training and investing program for business angels. The goal of the program is to increase cross-border investing awareness among existing and potential startup investors. The program is powered by EU\’s Horizon2020 and coordinated by NordicBAN and Civitta.

Claes Mikko Nilsen, Managing Director, NordicBAN
(+358) 50 491 3001,claes.mikko(at)

Lead angels (not to be shared in public)
Denmark: Thomas Black-Petersen, (+45) 22 21 22 11, homas(at),
Estonia: Heidi Kakko, (+372) 5624 9959, kakko.heidi(at),
Finland: Reima Linnanvirta, (+358) 50 538 1606‬, reima.linnanvirta(at)
Norway: Åsmund Johan Mandal, (+47) 982 59 744‬, aajmandal(at)

Country program managers
Denmark: DanBAN, Sisse Melsen, ​(+45) 30 22 56 90‬‬‬‬, sisse(a)
Estonia: EstBAN, Anu Oks, ​(+372) 56 60 3344‬, anu(a)
Finland: FiBAN: Reetta Ilo, (​+358) 44 987 6641‬, reetta.ilo(a)
Norway: BAN Norway, Rita Anson, (+47) 93 02 1709 rita(at)

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