The Nordic Angel Program by FiBAN finished its first investor training and investing batch at Arctic15 in May. The program made a group investment in Screenful worth 115.000 euros by 14 business angels. What were the documents signed, what were the tools and how did the group form. Read the experiences from closing the international angel syndicate by business angel Reima Linnanvirta.
SHORT INTRO AND BACKGROUND AS AN ANGEL INVESTOR + INDUSTRY INTEREST
I have an entrepreneurial background from business consulting and have been a full time investor after exiting my previous firm. I used to work a lot with M&A and financing, and that got me stumbled into the world of angel investing. My investment focus is pretty wide, typical targets are in B2B (and have a product and business model that I can understand).
WHAT GOT YOU EXCITED ABOUT ANGEL INVESTING?
WHAT MADE YOU ATTEND THE “NORDIC ANGEL PROGRAM BY FIBAN”?
HOW WAS YOUR ROLE AS THE LEAD INVESTOR?
AS THE LEAD ANGEL, COULD YOU SHORTLY DESCRIBE WHAT THE NAP ANGEL SYNDICATE CONSISTED OF?
SHORT INTRODUCTION OF THE SYNDICATION PROCESS
COULD YOU HIGHLIGHT THE MAIN JURIDICAL POINTS OF THE INVESTMENT
We also discussed using an special purpose vehicle for the investment, but this was abandoned due to costs and administrative burden. Also, as we had a Russian investor in our syndicate, using an SPV could have created tax issues for him due to controlled foreign company regulations.
WHAT TOOLS WERE USED IN THE PROCESS?
WHAT WAS THE MOST VALUABLE PART OF THE “NORDIC ANGEL PROGRAM”?
HOW WAS YOU EXPERIENCE EVALUATING THE STARTUPS IN A GROUP?
HOW DOES THE ANGEL SYNDICATE COOPERATE AND COMMUNICATE FROM NOW ONWARDS?
HOW IMPORTANT WAS THE NAP FACILITATION SERVICE FOR THE SYNDICATE?
With 15 successful investors onboard you also have 15 personalities and 15 busy or extremely busy persons. So having the NAP support was crucial in the neverending deal lead task of herding cats.