Process for Startups
All companies that apply funding through our network go through the same process. We support all high growth companies all the way from submitting the application to successful investment. Start today and get your company visible with our 650+angel investors!
By filling a company profile in FiBAN Deal Room in Dealum (the new name of Startup Includer) company goes into the FiBAN process.
Dealum (the new name of Startup Includer) is the main tool and database for FiBAN and once the submission is published all our 650+ members can access the information.
As many of our investors are sector-agnostic, startups from all industries are welcome to apply.
All profiles submitted to FiBAN are pre-screened by the deal flow manager, who might ask to fill in more details if something is missing. Only companies who have made a Dealum profile are considered in our process. All submitted company profiles should have a notification within 2 weeks from the submission, if not, please be in contact with the deal flow manager.
Founder needs to fill in all fields, upload a pitch deck, and fill in the financials. The information that is shared with FiBAN will not be shared with any other third party. FiBAN may use aggregated data for its own research purposes, but will never breach confidentiality and share information regarding any company which is identifiable.
In Dealum, investors can search for companies according to their own field of expertise or according to the company sector or location.
Once you have submitted your application keep an eye on your mailbox: all submitted profiles will get an acceptance message from the FiBAN deal flow manager in 1-2 weeks after submission.
All relevant and complete company profiles are screened by a FiBAN investor screening board consisting of 6-8 FiBAN investor members. The screening board selects the companies pitching at the FiBAN Pitch Finland event.
Screening boards are held regularly and all companies that are screened receive compiled feedback from the investor screening board. The investor feedback is sent through Dealum. There are two screening boards for every pitch event and 8-15 companies are chosen to pitch at each event.
Not all companies screened are invited to pitch. If your company is not invited to pitch, please update your profile in accordance with the feedback you get, and we can re-screen your company again at a later stage. To be re-screened, founder needs to inform the deal flow manager if they want to apply again. Typically the re-screening can be done after a couple of months.
The deadline for submission is at noon one week prior to screening. If your company profile is not filled in completely, we won’t screen it. We will always inform you through Dealum if we’d like you to update any information. Dates for screenings can be checked from the FiBAN event calendar.
FiBAN gets on average 600+ new applications a year and they are pre-screened by the FiBAN deal flow manager.
A median investment size for angel investors is 200K€ and the company valuation is 1-2M€. For screening we typically do not take cases with 5M€ or more in valuation.
For companies not located at Finland we ask for investor contacts or a lead investor to proceed in our process. Typically business angels invest in companies near them unless it is a syndicate where they join. As an exception in most of the cases we do accept companies in Nordics and Baltic area.
When submitting the application the startup needs to have: 1. executive summary, the list of questions will be provided during submitting the application profile, 2. investor pitch deck that will be downloaded to the platform and 3. a view of how much money company is raising and in what value.
3. FiBAN Pitch Finland
FiBAN Pitch Finland is the leading regularly arranged pitch event in Nordics presenting potential high-growth startups to FiBAN angel investors. The event is targeted at FiBAN private investor members and partner members and is organized in cooperation with our partners. The event language is English. The startups pitching at the event are chosen by the FiBAN screening board. The pitches at FiBAN Pitch Finland are 3 minutes long followed by a short Q&A. Companies invited to pitch are selected by the FiBAN investor screening board. At the event, each startup will have 3 minutes to pitch with a presentation. Before every pitching event, there is a short rehearsal session for the entrepreneurs. After each FiBAN Pitch Finland event, FiBAN helps to collect the names of interested angel investors. FiBAN members can indicate their interest in three ways; by letting the entrepreneur know, by informing the deal flow manager, or by indicating interest in FiBAN deal flow tool Dealum. Conversations between investors and founders will be facilitated by the FiBAN deal flow manager. After a company has been pitching at FiBAN Pitch Finland, they will have a 1-year quarantine before applying again.
FiBAN Pitch Finland program example
14:30 Pitch rehearsal for startups
15:00 Business Angel Training
16:00 Doors open for the event
16:30 Event opening & latest FiBAN News
17:00 Pitch Presentations (3 min + Q&A)
18:00 Networking and Cocktails
FiBAN Pitch Finland Online schedule:
14:00 Pitch rehearsal for startups
16:00 Event opening & latest FiBAN News
16:30 Pitch Presentations (3 min + Q&A)
17:30 Online meetings with startups
4. Investment & Syndication
FiBAN is an NGO and a network of Finnish Business Angels. FiBAN does not invest in any startups – our private investor members do. The most common format of startup investing is through a syndicate.
A syndicate refers to a co-investment by several investors, represented by one person, a so-called lead investor. Syndicated investments make it easier for the investors to manage risk and acquire a more diversified portfolio. Syndicates are also an excellent way for startups aiming to acquire larger investments.
If a startup receives interest from more than three FiBAN angel investors, FiBAN deal flow manager will help with the facilitating of the first group meeting between the investors and entrepreneur, to support the potential creation of a syndicate. All companies that have pitched are informed about the number of interested angel investors.
Entrepreneurs should keep in mind that their activity is key in closing a round. One of the key elements in the investor discussions is finding a lead investor that will represent the investors in the syndicate and help the entrepreneur close the round.
FiBAN has legal document templates for Term Sheet and Share Holder Agreements available for FiBAN members and syndicates.