SINCE 2012

NAIROBI, KENYA: DEC 6, 2023

TALLINN, EST: MAY 22-24, 2024

L59 Pitch Competition
2023 for €1,000,000

Latitude59, in collaboration with a syndicate by Estonian Business Angels Network EstBAN and TeraVC, is looking for bold and promising startups that are shifting paradigms and changing the world for the better.

The application deadline for L59 Pitch Competition was April 9, 2023. 42 startups out of almost 400 passed on to the public round of online Pre-Finals. Come & cheer for the final 6, the best of the best still running for the 1 million euros, on May 26, the final day of at Latitude59 2023.

ANDRUS OKS
Lead Investor for TeraVC

“I’m looking for world-class founders, solving meaningful problems, ready to become the industry leader – if that’s you, Tera’s resources will speed up your journey to success!”

&

MARTIN GOROŠKO
Lead Investor for EstBAN

“For me, your impact is as important as the money you are making and how unique your technology is. Win us over and we’ll support you, hands-on, in any way we can.”

€1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000 €1,000,000

If you’re an early-stage startup with a proven traction, we dare you to join!

We are looking for founding teams with a solid mission, a scalable business model, and a functioning product with proven traction/feedback. But most of all, you should have a strong core team, ready to take your idea to the moon and back.

Early-stage

We’re looking for teams who are less than 3 years old

Actively fundraising

Applying startups should be in an active fundraising process

Proven traction

Ideas are great but we want solid proof that people love what you’ve got

Impactful

You have potential to grow global and change the world

Any questions? Problem solving is our superpower – please contact our team at info@latitude59.ee

Prizes & perks from Latitude59 partners

  • One of the 5 finalists will get a chance to represent the Baltics during Slush 2023 in Helsinki at the finals of the New Nordics Pitch Competition by Silicon Vikings
  • Prizes from our legal partners:
    Hedman Law Firm is offering €2500 of credit for legal services to the winner of the L59 Pitch Competition
    Triniti is supporting one of the teams with €2000 of pan-Baltic legal credit
  • Infobip credit of €5000 for their services
  • Workland membership for a hotdesk for 2 teams for a month
  • Google Cloud credit for €3000 to the winner & €2000 to the runner-up.
  • Stebby credit for €1000 of services to the winning team
  • … and the up to 1 one million euros prize fund by Tera Ventures & EstBAN

L59 Pitch Competition timeline

April 9
Application deadline
April 20
Announcing TOP40 teams

Pitch training

May 2-5
Pre-Finals
May 8
Announcing TOP8 teams

Investor meetings, mentoring sessions, legal and due diligence training

May 17
Announcing TOP5 teams

Final legal and pitch training

May 26
Final pitches on Latitude59 main stage

L59 Pitch Competition FAQ

Main criteria

In general, we are looking for founding teams with a solid mission, a scalable business model, and a functioning product/service with proven traction/feedback.

The applying company:

  • Should be in an active fundraising process,
  • We look for teams who are passionate and committed to the business,
  • The market opportunity is essential – providing a solution to a problem with a large potential market,
  • Innovative and novel technological components, we prefer to invest in first-of-a-kind new ideas. Also, great science projects that demonstrate a clear path to commercialization,
  • Clear unique value – competitive advantage includes intellectual property protection, exclusive licenses, exclusive marketing and distribution relationships, strong brands, and scarce human resources (i.e. knowledge and skills),
  • Good match between the valuation of the company and the capital need,
  • Preferably practicing novel technologies and unique business models.

     

Topics and verticals

L59 Pitch Competition is industry-agnostic, with some preferences based on our previous experience and the background of lead investors. 

In 2023, the Latitude59 conference follows areas such as deep tech and impact, which is why we welcome these companies to apply. However, this does not give any particular bonus points in the evaluation, and the selection will be based on the best fit with lead investors.

Countries

Startups from all around the world are invited to apply. 

However, it is important to note that Latitude59 stands with Ukraine, which is why startups with strong connections to Russia and Belarus will not be included in the evaluation process.

Angel investments tend to be more regional than international, which is why EstBAN is upfront about mostly seeking to invest in the region nearby. 

Tera VC and EstBAN have joined the L59 Pitch Competition as partners who will make the investment offers to the most promising startup(s). Together, these partners can give away an investment up to 1 million euros. Ideally, all partners would like to select one startup whose current phase and investment-readiness would meet this goal. However, it is possible that the final choice will be different, which can also result in multiple investment offers to more than one startup.

In collaboration with Tera Ventures and Estonian Business Angels Network, the pitch competition gives away up to 1 million euros of investment.

Investments can, but don’t necessarily have to go to the same company. This also means that more than one investment decision can be made. Tera Ventures and EstBAN leave the right to make the investment offer to 1–3 startups.

Concerning the investment size, we take into account previous experience. Thus, most broadly the investment can be named as a seed stage.

  • Eligible startups are invited to apply before 9 April 2023.
  • After that, all startups will be sorted to broad categories (internally).
  • Each startup will be evaluated by two separate people. Evaluators are chosen based on their experience and background to guarantee clarity. 
  • Each evaluator will share their top5 recommendations (based on grades and personal recommendations) with the lead investors. Based on these shortlists and grades, lead investors will agree on the TOP40 startups who will pitch in semi-finals.
  • Semi-finals will take place on 2-5 May 2023. The semi-finals will be held in hybrid format.
  • From each semi-final, one strongest startup will be selected each day (4 altogether). Based on the pitches, feedback of experts, and materials provided, 5 more startups will be selected on Friday, May 5th. Altogether, 9 most promising startups will continue in the next round.
  • TOP9 startups are asked to sign the general term sheet with the investors.
  • There will be one internal pitch for EstBAN and Tera Ventures investors that will take place on 17 May 2023. There, TOP5 startups will be selected.
  • The lead investors will conduct due diligence with top startups. Based on the results, investment decisions, and offers will be made. 
  • TOP5 startups will pitch on the Latitude59 Main stage on 26 May 2023. Winners will be announced.