Investment Manager Kaari Kink: “The venture capital is for extremely driven founders” — sTARTUp Day - Most Startup-Minded Business Festival

Investment Manager Kaari Kink: “The venture capital is for extremely driven founders”

Superangel Venture Capital Investment Manager Kaari Kink shared her diverse career journey in an interview with sTARTUp Day, tracing her path from competitive dance and health sciences to the startup world and ultimately to leading venture capital investments. Kaari also reveals the qualities she seeks in founders and how she has overcome challenging situations herself. She will take the stage at sTARTUp Day to offer invaluable advice to aspiring entrepreneurs preparing to navigate the complex yet exciting process of raising venture capital.
Your background is quite diverse – competitive dancing, health sciences, the startup world, and now venture capital. What drove you to make so many career pivots?
I’ve always been curious and open to trying new things. I’ve also never had a plan but more tried to think about what I really want to do and how I can create an impact through the roles I take. Hence, my path to venture capital also seems rather unconventional.

The first major change came when I went to study health sciences in the UK. I remember sitting in my dorm room, wondering why I put myself in such an uncomfortable situation when I could’ve stayed at home in a much more familiar setting. But I realized this experience would prepare me for the future – I learned to cope with discomfort and find confidence in a new environment.

How did you get into the startup world, and what brought you to it?

During my university studies, I returned to Estonia for the summers and began exploring the startup world. I came across Triumf Health – a company offering psychological and behavioral support for children with chronic illnesses through a gaming environment. Given that my studies focused on lifestyle-associated illnesses like some forms of cancer and diabetes, it felt like an excellent opportunity to contribute to developing a product with a real and meaningful impact.

I was willing to work as an unpaid intern just to gain experience and learn. I remember asking Kadri, the CEO of Triumf Health, to give me a chance to help them for a short period just so I could understand what a startup is. I ended up staying for two years, transferring to a full-time role after my university studies and turning down an opportunity to work for a global consulting company out of London. As an early employee, I got exposure to all aspects of startup building, from product development to securing initial customers, and fundraising. It was incredibly hands-on and offered the type of impact that working in a big corporation couldn’t offer. But I was still naive and I had little idea of what venture capital actually is. To me, the whole concept of raising funds seemed a bit like a secret club of wealthy people who discreetly pass money around. I think that’s a good example of how clueless I was back then!

I was recommended to Kalev Kaarna from Superangel, who was looking for someone to help him scale up the Superangel acceleration program for portfolio companies. After our first call, it became clear that my experience in different support programs as an operator and takeaways of what works or doesn’t, resonate with them.

Once I joined Superangel, I spent hours googling terms, studying, and reading to build up my understanding. Two years later, I transitioned into the role of Investment Manager, and by then, I had gained substantial experience working with founders and felt confident in what I was doing. By that point, I also had a solid network across Europe, which became a valuable resource as I began actively making investment decisions.


What is that feeling or motivation that pushes you forward? What are you really seeking in those challenging moments?

For me, it’s all about growth and self-improvement. Even though it can be terrifying to step into a sector where you know very little at first. But I’ve always had self-belief that I can swim in unfamiliar waters, and I think my background in sports has taught me resilience.

There have been times when growth opportunities come naturally, like the EstVCA Chair position, but I also go out and search for them when I feel I'm getting too comfortable. For example, I decided to do a VC secondment, which means taking some time off to work at a portfolio company. It's a good chance to remember what life at an early-stage company is really like and also think through how VCs offer support to portfolio companies. I went to KOOS. I remember that I felt rather uncomfortable going to Taavi Kotka, the CEO and founder of KOOS, given he can be quite direct. But I thought it is what it is. If the answer is no, at least I tried.

Fear is such a fascinating topic, and I think it’s a feeling that many people are familiar with. For you, it seems like you recognize when fear comes up, but you’re able to push through it. Where do you find the strength to move past that fear?

For me, it’s about taking a rational approach. I had a mentor once who reminded me that fear can be irrational and can grow in our minds to seem much bigger than it actually is. I try to manage it by discussing these thoughts out loud, especially with my partner and close friends. I’ve never had a problem sharing my doubts or insecurities. Another strategy that I use is thinking through the worst-case scenario. I often realize that even the worst outcomes aren’t as bad as I’d feared.

In a previous article, you mentioned that you initially wanted to try working in the startup world. But what made you stay and build your career in this field?

It’s the people and the energy of the startup ecosystem that really kept me here. I see that the venture ecosystem is one of the few sectors where meeting new, inspiring people is so accessible. I’m naturally curious and enjoy interacting with others, so for me, being in that environment is incredibly fulfilling. It’s also a field where my strengths come into play – connecting people, sharing information, and building relationships.

Before coming to venture, I wasn't aware of how tightly knit the community is. Information is power in this sector and access to information drives good dealflow and decision making. The quality and diversity of one's network can also be a strong value add to portfolio companies, i.e. when it comes to introductions to first customers and domain experts.

Considering your background as a competitive dancer, do you think qualities from your sports career influenced your decision to build a career in startups?

Dance taught me discipline, resilience, and how to manage difficult situations. It’s a partner sport, so I spent hours every day working toward a shared goal with someone, often in high-pressure situations where harmony wasn’t guaranteed.

In startups, it’s a similar environment – there’s a constant drive to improve and push forward. My competitive side loves that element of growth. For me, it’s not about winning; it’s about seeing personal progress.

You meet a lot of ambitious entrepreneurs and hear a wide range of ideas. From your perspective, what are the key qualities you look for in a startup or a founder?

The venture capital is for extremely driven and ambitious founders. Modest ambitions just don’t cut it in this world. Truly engaging conversations happen when the ambition is coupled with pragmatism and a deep customer-centric approach. I always appreciate founders who have done their homework on the problem space and spent time chatting with users and potential customers before going full-in with the venture capital path. From our side, we then also try to understand the severity of the problem - is the startup solving a top priority, or is it rather seen as a “nice to have”.

Given that we invest in the very early stages, there are also other signs we can pick up on the founder's qualities. One such example is how far they've got with limited resources. Equally important is the circle of supporters, mentors, first investors, and users they’ve been able to attract, reflecting on the founder’s charisma and vision-led leadership. It doesn’t matter if they’re a repeat entrepreneur or first-time founder, if they’ve managed to convince great people to work with them, it’s a strong sign of execution.

Let’s talk about some of the common mistakes you see startups make when they start looking for funding. What do you think founders should avoid?

One key thing to ask is if your business is actually suited for venture capital. It is for explosive growth and outsized returns, and that’s what investors try to understand when assessing opportunities. There are many successful businesses that have a clear value proposition for customers but are not inherently super scalable. So before going down the venture path, ask yourself if this is truly the ride you want to take or if there are alternative funding options out there that make more sense. If the answer is still venture capital, let’s talk.

Another thing to bear in mind is that funds have specific mandates. Venture capital isn’t just a pot of money that can be allocated to every interesting idea – funds have specific strategies on stage, geographies, and sector. For instance, Superangel focuses on Baltic and Nordic founders working on novel and defensible technology. So companies from other geographies are probably not a match for us. Therefore, understanding if your company matches the strategy of the fund and if they have capital to deploy should be the first priority before spending more time with the fund.

For more reflections, I also wrote about it in Superangel’s Early-Stage fundraising guide.



When you think about recent trends in technology, particularly in the Baltics and Nordics, where do you see the sector heading?


I see a lot of AI tools that use large language models to perform functions in areas like marketing, sales, hiring, and customer service. It’s a competitive market, and it’s becoming an increasingly saturated space, where building a strong edge is challenging.

Regarding funding availability, there’s definitely momentum for deep tech, climate, and defense tech, with many new vertical funds emerging across Estonia and Europe. For example, a substantial portion of Superangel’s fund is directed toward Estonian deep tech.

Given this, if there are entrepreneurs or scientists tackling big, complex problems with innovative technology, now is the time to raise.

Which companies in Estonia do you see as the next big players? Are there any you think have significant potential?

If we’re looking at the early stages, I’d highlight Nanordica. It is a great example of a science-driven team that spun out its intellectual property, secured early funding, launched clinical trials, and brought in people with commercial expertise.

Another promising company is Askel. They’re automating workflows and processes using natural language – essentially, allowing people with no coding skills to automate manual tasks with technology.

Looking at more mature companies, I’m keeping an eye on Skeleton, Tuum, and Lightyear.

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Kaari Kink will speak at the Baltics' biggest business festival, sTARTUp Day 2025, which will be held from 29 to 31 January in Tartu, Estonia.


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