How are you feeling, Feelingstream?
June 17, 2019
Nordic Angel Program at Slush collaboration began in 2018. Angel syndicate, 19 angels strong, decided to invest into Feelingstream, an Estonian based startup with AI recognition speech-to-text tool. Now, almost a year later we ask them: how’s it going?
For the past 1,5 years NAP program has been looking for the best cases to invest in. One of its collaborators has been no one else but the biggest startup tech event in the New Nordics, Slush. In fall 2018, on stage at Slush, an angel syndicate together with Gorilla Capital invested 400 000€ into FeelingStream, a speech-to-text tool which helps contact centers to automate their processes with intelligence: thus, enabling customers to detect leaving customers and cutting the working hours of employees. Their main markets are the Nordics and Baltics, which aren’t attractive to the big players due to the complexity, and frankly, small size of the market for English-speaking market dominators.
Now, almost one year later, we wanted to check on them. So, how are you feeling, CEO of FeelingStream, Terje Ennomäe?
Why did your company originally apply to Nordic Angel Program at Slush?
“When we started our business, there was a clear plan to raise money as fast as possible. It did not work out for the first three years of our journey. While we pivoted for the third time, and we decided to make the next push and catch the investors from Scandinavia. Fiban organised NAP2 program was one of the good opportunities for us. When we were selected as Top4 at NAP2, we realised that this has a chance to impact our journey. We were surprised when being announced at the stage of SLUSH. Being the highlighted startup, it creates a huge motivational boost.”
What did you learn from this angel investing process?
“During the process of participating in NAP, our experience was very positive. As we have participated in other competitions, I can highly the NAP solid and simple process. The deepness of the interviews and personal touch of the future possible investors surprised us. We felt treated as a warmly welcome team. Later we understood that this was not only us, it was the whole setup of the competition. We value the level of professionalism of NAP organisers and the investors.
There are two important things we that learned during the process. Firstly, be open and honest – this is the only way to create a good relationship. Secondly, ensure your paperwork is in good shape. If investors will start the due diligence, you really need to have all the papers ready and all the signatures should be on agreements whatever has been the past. Investors will shake the company during the DD to find possible hidden stones below the surface. Be prepared.
Our greatest learnings are around the value of investors as persons and experienced leaders. We have been able to improve our business offering, clarified the processed and activated the sales towards customers.”
In fall 2019, we are back. Investors can already sign up for the fall batch. Startups, sharpen your value proposition and clean up your data rooms. Startup application period kicking off in August.