Nordic Angel Program

What Nordic Angel Program does

Nordic Angel Program (NAP) is an international cross-border training and investing program for business angels, established in 2018 and funded by the European Union's Horizon 2020 research and innovation programme under grant agreement No. 780747. Operated as a two-year program (2018–2019), NAP runs parallel three-month training and investment cycles in Denmark, Estonia, Finland, and Norway through a consortium of national angel networks: DanBAN (Denmark), EstBAN (Estonia), FiBAN (Finland), and BAN Norway, coordinated by NordicBAN and Civitta. The program trains investors in startup evaluation, due diligence, valuation, and cross-border syndication, and culminates in a syndicated angel investment in a selected startup sourced through leading Nordic startup events including Slush, TechBBQ, sTARTUp Day, Latitude59, Arctic15, and Seed Forum.

The program's core technological asset is the StartupIncluder digital platform, which manages deal flow, startup applications, investor evaluation, and syndicate coordination across borders. Supporting tools include integrations with Invesdor for fund transfer, and ContractZen/Docusign for electronic signing of syndicate agreements. NAP also operates the Student Entrepreneurs Program for young student entrepreneurs and publishes the NAP Toolbox, a publicly available English-language document set designed to enable other business angel networks to replicate the program model.

NAP's business model is grant-funded rather than revenue-generating. The program is free-of-charge for approved angel investors, with minimum investment tickets varying by country (Denmark: 13,000 EUR, Estonia: 5,000 EUR, Finland: 10,000 EUR, Norway: 3,200 EUR). Revenue does not accrue to NAP itself; rather, the program facilitates approximately 600,000–800,000 EUR per quarter in angel capital deployment across cohorts. Over the 2018–2019 period, NAP brought together and trained 500 angel investors (including 75 cross-border participants), invested approximately 3.8M EUR into 21 companies, and received 1,445+ startup applications. The program was awarded the EBAN Best in Globally Engaging the Early Stage Investment and Entrepreneurial Ecosystem award in 2019.

Name

Nordic Angel Program

Legal name

Nordic Angel Program

Website

https://nordicangelprogram.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Nordic Angel Program is an EU Horizon2020-funded cross-border angel training and syndication program that ran three-month cohorts in Denmark, Estonia, Finland, and Norway through a consortium of national angel networks, training 500 angels and deploying ~3.8M EUR to 21 startups.

Ownership category

akta.pro rank

Product category

Angel Investing Services

NAICS

Professional and Management Development Training (61143), Business Schools and Computer and Management Training (6114)

SIC

Investment Advice (6282), Services-Educational Services (8200)

akta.pro primary industry

Accelerator / Incubator-Backed ETA Programs (FSANALAD)

Keywords

• Angel investor training
• Cross-border syndication
• Startup investment facilitation
• Venture capital services
• Business angel networks

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. EU Horizon2020 Funding: The two-year Nordic Angel Program is funded by the European Union's Horizon 2020 research and innovation programme under grant agreement No 780747. The service is free-of-charge for approved investors.
2. Program Services: NAP facilitates cross-border angel syndicates and shares angel investments best practices. The facilitation service is provided free-of-charge for approved investors. The program connects angel investors with startups seeking funding through structured training and investment rounds.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Nordic Angel Program is an international cross-border training and investing program for business angels that runs simultaneously in Denmark, Estonia, Finland, and Norway through a consortium of national angel networks (EstBAN, FiBAN, DanBAN, BAN Norway). The three-month program combines practical training on startup evaluation, due diligence, and cross-border syndication with curated deal flow sourced through major Nordic startup events (Slush, TechBBQ, sTARTUp Day, Latitude59). Services are facilitated via the StartupIncluder digital platform and provided free-of-charge to approved investors, with funding from the EU Horizon2020 research and innovation programme under grant agreement No 780747.

Product overview

Nordic Angel Program (NAP) is a multi-component investment platform comprising: (1) a core cross-border angel syndication and training program running approximately three months per batch across Denmark, Estonia, Finland, and Norway, (2) the StartupIncluder digital deal flow platform for startup evaluation and investment management, (3) NAP Toolbox for replicating the model in other regions, and (4) Student Entrepreneurs Program for nurturing young innovators. The program facilitates angel syndicates by connecting local angel networks (DanBAN, EstBAN, FiBAN, BANNorway) with major startup events (Slush, TechBBQ, Latitude59, sTARTUp Day) to channel investments into promising growth companies.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 500 angel investors trained, 3.8M EUR invested to 21 companies
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature1 record

Partnerships

Twelve partnerships are on record, tiered core and major.

• StartupIncludercoreTechnology or Integration · 1 January 2018Digital investment platform developed for NAP programs. Enables startups to submit applications, allows business angels to access shared deal flow for evaluating applications, and facilitates the syndication process. Used for screening, due diligence tracking, and investment coordination.
• EstBAN (Estonian Business Angels Network)coreStrategic or Co-development PartnerNational angel network running NAP programs in Estonia. EstBAN unites and educates angel investors in Estonia, connecting more than 140 international angel investors. Hosted NAP batches 1-4 with events including sTARTUp Day and Latitude59.
• FiBAN (Finnish Business Angels Network)coreStrategic or Co-development PartnerOne of the largest angel networks in the world with 650+ approved investor members. FiBAN runs NAP programs linked to Slush and Arctic15 startup events. NAP training programs have produced notable investments including FeelingStream, Screenful, Crowst, and Duuers.
• DanBAN (Danish Business Angels Network)coreStrategic or Co-development PartnerMost active BA network in Denmark with 200 private investors. DanBAN members invested DKK 192 million in 2019 with 152 exits since 2014. Runs NAP programs in cooperation with TechBBQ and Nordic Investor Day.
• BAN Norway (Business Angels Network Norway)coreStrategic or Co-development PartnerUmbrella organization for business angels in Norway established in 2016. Seed Forum is the main event partner. Has launched regional programs including Oslo International Angels Program and Asker & Baerum Angel Training Program.
• NordicBAN (Nordic Business Angel Network)coreStrategic or Co-development PartnerCoordination partner for the NAP consortium. Managing Director Claes Mikko Nilsen leads the network. NAP is coordinated by NordicBAN linking over 1,700 visible business angels in the Nordic & Baltic region.
• Civitta EesticoreStrategic or Co-development PartnerLead coordination partner, described as the leading independent management consultancy in Emerging Europe. Program Manager Grete Gutmann coordinates NAP activities. The program is facilitated by Civitta.
• SlushmajorGTM or Marketing PartnerOne of the world's leading startup events and primary deal flow source for NAP by FiBAN. NAP at Slush has produced multiple successful investments including FeelingStream (400K EUR), Crowst (300K EUR), and Duuers. Event brings together 4,000 startups, 2,000 investors, and 20,000 change-makers.
• TechBBQmajorGTM or Marketing PartnerMajor Nordic startup event partnership for NAP by DanBAN. Event partner for Danish programs, providing deal flow access and visibility for the investor network.
• sTARTUp DaymajorGTM or Marketing PartnerEstonia's largest startup festival held in Tartu. Event partner for NAP by EstBAN. Winner announcements at sTARTUp Day for investments in Outvio (250K EUR) and GuestJoy (160K EUR).
• Latitude59majorGTM or Marketing PartnerEstonian tech conference and event partner for NAP by EstBAN. Provides deal flow access and platform for startup-investor connections.
• Arctic15majorGTM or Marketing PartnerStartup conference event partner for NAP by FiBAN. Deals finalized on stage at Arctic15 including Screenful investment (115K EUR).

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Gust: Global deal-flow platform serving angel networks and startups with standardized tools for deal sourcing and management. Directly comparable to NAP's StartupIncluder platform functionality, though at global commercial scale.
• AngelList: Global platform for angel investing, deal syndication, and startup recruitment. Comparable to NAP as deal-flow and syndication infrastructure for angel investors, though operating as a commercial platform rather than a training/coordination program.
• Funderbeam: Estonian-founded secondary market and deal-flow platform for private company shares. Comparable to NAP on cross-border Nordic/Baltic early-stage deal flow, with shared Estonian roots and ties to the same startup events (Latitude59, sTARTUp Day).
• Seedrs: UK-based equity crowdfunding platform enabling retail and angel investors to invest in early-stage startups. Comparable to NAP on the early-stage investment facilitation axis, though Seedrs operates as a regulated commercial platform with a broader investor base.
• Antler: Global early-stage VC with residency programs that train and support founders and connect them to an investor network. Comparable to NAP on the structured training and ecosystem-development axis, though focused on founders rather than angels and operating commercially across multiple regions.
• SeedBlink: European equity-based crowdfunding platform originating from Romania with operations across Central and Eastern Europe. Comparable to NAP on cross-border European early-stage deal flow, particularly relevant given NAP's Estonian roots and shared regional events (sTARTUp Day, Latitude59).
• EBAN (European Business Angels Network): European umbrella federation for business angel networks, with 150+ member organizations across 50+ countries. Directly comparable to NAP's role coordinating national angel networks and serving as a federation body, though at a broader European scale and including NAP as an award recipient.
• Crowdcube: UK-based equity crowdfunding platform for early-stage and growth companies. Comparable to NAP on early-stage investment facilitation, though with a more retail-focused investor model and UK-centric market focus.

Broad incumbents

• Y Combinator: Top US-based startup accelerator that has trained thousands of founders and built a large investor network. Comparable to NAP on structured training and investor-network access, though at vastly larger scale and focused on a different geographic market.
• Techstars: Global accelerator with 400+ portfolio companies annually and a worldwide mentor/investor network. Comparable to NAP on the early-stage ecosystem development and structured cohort-program axis, though operating as a much larger commercial accelerator with a different core model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nordic Angel Program