Done Deal: One Startup finalists got investments from the Nordic Angel Program by DanBAN

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Nordic Angel Program (NAP) is a training and investment program for startup investors ran simultaneously in addition to Denmark also in Finland, Estonia, and Norway. The Danish program hosted by DanBAN received almost 40 applications from startups seeking funding from the Nordics during the first NAP. After months of support and acceleration of both the investors and startup, DanBAN is thrilled to announce the winner of the companies that reached the TOP10.

Nordic Angel Program (NAP) is a training and investment program for startup investors. The goal of the program is to increase cross-border investing awareness among existing and potential startup investors. This is done through sharing angel investments best practices, inspire cross-border investing and offer a unique opportunity to screen and invest in the most promising early-stage startups in the Nordic & Baltic area. NAP culminates in a syndicated investment into one or more startup finalists and the investments are made in cooperation with experienced business Angels.

The initial application period for this first round of the NAP program at DanBAN ended on 24th of April and almost 40 startups applied to the deal flow room. All startups were carefully screened by the 22 investors of DanBANs Nordic Angel Program, led by the experienced lead investor, Thomas Black-Petersen. From this first batch, the 10 best startups were selected for an exclusive pitch event in front of all NAP investors on the 8th of May 2018. After the event, three startups were chosen for individual follow-up meetings and finally, it was chosen to continue the due diligence process and negotiation of terms with two finalists. The minimum ticket size for each Business Angel investor was 13,400€ (100,000 DKK).

One startup finalists received investments

After three months of investor training, screening and meeting the startups from the final top 10, three startups were chosen by the angel group to go through a due diligence. Three became one, and we are happy to announce the two final startups, the angel group decided to invest 235.000EUR in, Meploy.

We asked one of the founders, Michael Bugaj from Meploy why he choose to apply for the Nordic Angel Program, the gains, and challenges getting funding from a big group of business angels:

Why did you choose to apply for the NAP program?
It is a fantastic initiative to connect startups with business angels and an intriguing format. Syndicated investment are a great opportunity to get a wider network connected to your startup, so when I saw the opportunity, I couldn’t resist.

What was your expectations and did they match the reality?
I didn’t know what to expect to be honest. I was very much focused on delivering a great pitch and get as many people as possible interested in our mission and the product we have brought to the market. If we succeeded with the first and got picked as finalists, I was prepared for a thorough due diligence process.

What has been the best experience working with the NAP group?
So far the people and the open dialogue. It is great when you can have a clear and honest conversation around every aspect of the company and also the future relation you embark on.

What has been the most challenging working with a big group of business angels?
I wouldn’t’ stress anything as challenging beyond normal. When you grow +50% each month your biggest challenge is time. So anything added on top becomes a choice of priority. But I would rather say there has been a great understanding of that.

Why should other startups apply for the next NAP program
It is an unique chance to get +20 investors to join your company and help you scale and grow. The combined experience of the whole group is invaluable!

TOP 10 startups in the NAP I program by DanBAN

  • AlcoWhey – Converting whey to alcohol, helping dairies to get value from waste streams
  • BetterNow – White label fundraising solution for charities, helping to get more donations
  • FindZebra – Text intelligence platform (AI) eliminating inefficient Q&A processing
  • KlipWorks – AI video platform & app assisting companies with video production & marketing
  • MeetinVR – Virtual interactive space for product presentations & advanced collaboration
  • Meploy – is a cloud-based staffing solution for blue-collar labor
  • Spenderlog – Tracks your spending using AI & shows you exactly what you spend money on
  • Tolkify – Connecting you with the nearest, highest qualified interpreter in seconds
  • Tilde – Digital marketing manager for restaurants, to manage their digital presence
  • WelcomeBob – Intercom system for apartment residents, working via. video app on phone

More info

More details about the program and the other available NAP syndicates in the Nordic & Baltic region (Estonia, Finland, and Norway) can be found at

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