On the 26th of March, 25 venture capital companies and people from the field decided to establish Estonian Venture Capital Association EstVCA. The main purpose of the association is to develop the Estonian venture and private capital industry of and to increase the ambitious entrepreneurial culture in Estonia.
According to Allan Martinson, executive partner of MTVP, all operators in the capital market share a common interest that Estonia would have more and better businesses in which to invest. „Venture capital produces successful enterprises, which primary products are business plans and teams, “said Martinson. “Estonia has the potential to be this type of country in the region from where growing enterprises enter the world,” confirmed Ott Pärna, CEO of the Estonian Development Fund.
Killu Tõugu Sanborn who has a long-term experience with USA venture capital and is a member of the international expert committee evaluating the Development Fund´s projects, points out that it is essential to develop the Estonian venture capital market. “This is a culture of ambition that is being shaped by the models of success and normality of failure. In addition, it is necessary that supporting services like lawyers, auditors and advisors would understand the production of growing companies and speak the same language with venture capitalists,” emphasised Killu Tõugu Sanborn.
All venture capital funds, property management companies, investment funds, business angels, law offices, financial advisers and all development institutions that are interested in promoting Estonian start-up and growing enterprises are invited to join EstVCA.
The founding body comprised the Estonian Development Fund, Ambient Sound Investments, Askembla Asset Management, Baltcap Management, Baltic Mezzanine, Curonia Research, ESTVIK Partners, Hanseatic Capital, MTVP, Primos Invest, Unitree Group, Sorainen, Swedbank Investeerimisfondid, Connect Estonia, Ernst&Young, KPMG, Kredex, Nasdaq OMX Baltic, PwC, Sentio, Tallinn Univerity of Technology Technology and Innovation Centre, Wellman and Priit Martinson, Urmas Peiker and Ville Jehe.
Source: Estonian Development Fund