For the first time, Estonia’s EstBAN, Latvia’s LatBAN, and Lithuania’s LitBAN will jointly invest up to €500,000 in the winner of the Latitude59 pitch competition.
The investment will be made as part of a syndicate during the technology conference, taking place in May in Tallinn, Estonia.
Latitude59 CEO Liisi Org noted that while EstBAN has previously invested in the competition, this marks the first time Latvian and Lithuanian business angel networks are joining.
“The willingness of investors from neighbouring countries to invest in the Latitude59 competition winners is significant. It shows that our traditional pitching competition has grown into the region’s most prestigious and reliable platform where success stories for both founders and investors are born,”
she said.
Org also stated that further announcements regarding the competition’s prize fund would follow.
In 2023 and 2024, companies such as AskToSell, Flowstep, and ÄIO secured nearly €2 million in investments through the competition. “We will maintain the high standard this year as well,”
Org added.
EstBAN Managing Director Karin Künnapas said that the collaboration with LatBAN and LitBAN reflects strong cooperation and trust.
“We are three small but technologically innovative countries. In recent years, several well-known billion-euro companies have emerged from the Baltics, and our startup ecosystem and investment landscape are at the forefront globally. The Estonian Business Angels Network has been collaborating with our Latvian and Lithuanian colleagues for several years, and the fact that this year we have achieved a joint investment demonstrates that our goal – to work more closely together, on a larger scale, and with stronger connections – has been realised,”
she said.
She also emphasised the potential of the partnership.
“By joining forces, EstBAN, LatBAN, and LitBAN can bring the best Baltic startups to investors. I am excited to see what joint investments and pan-Baltic startups will emerge from our region.”
In 2024, Latitude59 received 526 applications from 53 countries. This year, early-stage startups from around the world are invited to apply.
The competition is open to teams with a clear mission, a scalable business model, and a functional product with demonstrated traction or strong market feedback.
The application deadline is 5 April 2025.
From all submissions, 30 startups will be selected for the semifinals, where they will receive pitch training and mentoring.
The competition will conclude on 23 May 2025, with five finalists presenting on the main stage.
Further details here.
Featured image credit: Latitude59
