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Top 30 B2B Startup Investors in Estonia (August 2026)

The most active venture capital funds and angel investors investing in Estonia B2B startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia B2B startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
hi VC
Angel
2 Turkey, Estonia, United States Seed, Pre-Seed Software, Artificial Intelligence, Information Technology $150k–$1M
Boğaziçi Ventures
VC Fund
2 Turkey, United States, Switzerland Seed, Pre-Seed, Series A Gaming, Software, Video Games $50k–$2M
Zenith Family Office
VC Fund
2 Estonia, United States Pre-Seed SaaS, Commercial Real Estate, B2B $27k–$549k
Mobi
VC Fund
1 Estonia Seed B2B, Software, Information Technology
Bain Capital
VC Fund
1 United States, India, China Private Equity, Series A Software, Health Care, Financial Services $7M–$1.2B
Gorilla Capital
VC Fund
1 Finland, Sweden, Estonia Pre-Seed, Seed, Venture - Series Unknown Software, SaaS, Information Technology $149k–$1.5M
Practica Capital
VC Fund
1 Lithuania, United Kingdom, United States Seed, Pre-Seed, Series A Software, B2B, Information Technology $219k–$30M
Crosslight Partners
VC Fund
1 Sweden, Estonia Seed Biotechnology, B2B, Medical
Indrek Kasela
Angel
1 Estonia, Japan, United Kingdom Seed, Pre-Seed, Angel Software, Information Technology, Artificial Intelligence $1M–$2.2M
Matt Arnold
Angel
1 Estonia Seed B2B, Software, Information Technology
Maria Sundlof
Angel
1 Denmark, Estonia Angel, Pre-Seed Software, B2B, SaaS
Change Ventures
VC Fund
1 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
Jakob Ellehauge Sode
Angel
1 Denmark, Estonia Angel, Venture - Series Unknown B2B, SaaS, FinTech
Mana Ventures
VC Fund
1 United States, Canada, Mexico Seed, Series A, Pre-Seed Software, Artificial Intelligence, SaaS $1M–$48M
Prototron
VC Fund
1 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Internet of Things $3k–$59k
Sten Tamkivi
Angel
1 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Financial Services, Manufacturing $120k–$35M
Sberbank
VC Fund
1 Russian Federation, United States, The Netherlands Seed, Corporate Round, Series A Internet, Information Technology, E-Commerce $30k–$8.5M
Correlation Ventures
VC Fund
1 United States, United Kingdom, Canada Seed, Series A, Series B Software, Artificial Intelligence, Health Care $1.5M–$44M
Marek Kiisa
Angel
1 Estonia, United States, Sweden Seed, Series A, Pre-Seed Software, Information Technology, Transportation $165k–$25M
Specialist VC
VC Fund
1 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$4.6M
Kim Aviram
Angel
1 Estonia, United Kingdom Angel, Series A B2B, SaaS, Finance
Initialized Capital
VC Fund
1 United States, Canada, United Kingdom Seed, Series A, Series B Software, Artificial Intelligence, SaaS $1.5M–$67M
Lux Capital
VC Fund
1 United States, United Kingdom, Canada Series A, Seed, Series B Software, Artificial Intelligence, Health Care $1.8M–$150M
Kuido Lepik
Angel
1 Estonia Seed, Pre-Seed Apps, GPS, Pet $41k–$348k
Icebreaker.vc
VC Fund
1 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $110k–$25M
Hyde Park Venture Partners
VC Fund
1 United States, Canada, Estonia Series A, Seed, Series B Software, SaaS, Information Technology $1M–$50M
Jaan Tallinn
Angel
1 United States, Estonia, United Kingdom Seed, Series A Software, Artificial Intelligence, Information Technology $531k–$124M
Yolo Investments
VC Fund
1 United States, Australia, Estonia Seed, Series A, Venture - Series Unknown Financial Services, FinTech, Cryptocurrency $1.2M–$200M
PULSAR
VC Fund
1 Russian Federation, United States, Ireland Seed, Pre-Seed Software, Internet, Information Technology $60k–$3M
European regional development fund (ERDF)
VC Fund
1 United Kingdom, Germany, France Grant, Pre-Seed Software, Information Technology, Artificial Intelligence
Access all 46 investors in Estonia B2B startups.

Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

hi VC
Angel · 2 investments in Estonia B2B startups

hi VC

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Turkey, Estonia, United States

Investor stats

  • Total investments: 11
  • Round size: Seed $150k–$1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Insumo — Insumo is a personalized productivity & habit building assistant that works with other productivity tools.
  • Workhy — More than 20,000 entrepreneurs chose us for company formation, financial process management, tax return preparation, and bookkeeping services.
  • Cloud4Feed — Cloud4Feed helps businesses increase their brand values and maximize customer satisfaction by enabling them to make customer-oriented decisions with its solutions. They provide service to brands and businesses with different solutions in many areas, such as retail, automotive, insurance, finance, the hospital and health industry, and more.
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Boğaziçi Ventures
VC Fund · Istanbul, Istanbul, Turkey · 2 investments in Estonia B2B startups

Boğaziçi Ventures has been established in 2015 with the purpose of supporting entrepreneurship to take their global success to a next level. We aim to invest in technology start-ups which have talented teams by providing business models and looking for funds and mentoring support for future exponential growth.BV Growth fund will only focus on thetechnology startups established in Turkey at the growth stage while having the ambition to get into the global market.BV Crypto fund will be closed with a minimum fund size of $50M to invest in cryptocurrency and blockchain projects. People are interested in investing in cryptocurrency, especially new initial coin offerings (ICO), but they don’t know which one is reliable. We have an extremely capable team dedicated to cryptocurrency. Our analysts search hundreds of ICO projects, follow their communication, investigate the commitment of their teams, make interviews and if they have a chance, even visit them at their locations to give a much better decision.

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Investment focus

  • Industry: Gaming, Software, Video Games
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Turkey, United States, Switzerland

Investor stats

  • Total investments: 87
  • Round size: Seed $134k–$2M; Pre-Seed $50k–$600k; Series A $228k–$431k
  • Lead/follow: 56% lead, 44% follow
  • Last fund: May invest from a new fund soon — raised $7.3M in 2020

Portfolio highlights

  • Ideanote — Ideanote is your complete innovation platform. It's faster, more efficient, and lets you build a fully customizable idea management flow from start to finish.
  • Lucida AI — Enhance your employees' language skills with our AI-powered tool, tailored to your company regulations using end-to-end encryption.
  • Ono — OneNewOne, which operates in the Human Resources vertical, uses artificial intelligence technology to classify and match the CV Pool in minutes and to enable artificial intelligence to do preliminary interviews using its "Smart Pre-Interview" module.
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Zenith Family Office
VC Fund · 2 investments in Estonia B2B startups

Independent wealth management company devoted to handling the investments and personal needs of wealthy individuals

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Investment focus

  • Industry: SaaS, Commercial Real Estate, B2B
  • Stage:Pre-Seed
  • Geography: Estonia, United States

Investor stats

  • Total investments: 5
  • Round size: Pre-Seed $27k–$549k
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Remato — Remato is all-in-one & mobile-first platform to seamlessly manage projects, people and assets. Budget estimating & task planning, field communications & work tracking, real-time overview & automated reports.
  • Moderan — Moderan is an online software for commercial real estate lease lifecycle management and asset reporting. So easy, any team can start using it in a day. Get your lease and property information organised. Save time with automated reports and make sure no deadline is missed.
  • VideoCV.io — Spend less time reading stacks of resumes, and more time on finding the best fit for your company. VideoCV helps you increase your hiring productivity by streamlining your talent management processes.
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Mobi
VC Fund · Tartu, Tartumaa, Estonia · 1 investments in Estonia B2B startups

Mobi is a holding and investment company of Mobi Solutions group

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Investment focus

  • Industry: B2B, Software, Information Technology
  • Stage:Seed
  • Geography: Estonia

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Plumbr — Expose metrics and set up alerts for ops. Detect and prioritize root causes for dev. Complete the devops feedback loop. Configure your application to send traces using Plumbr Agents.
  • SignWise Services — SignWise Corporation Limited was founded in 2014 and is one of the world leaders in eSignature and authentication technology.SignWise helps to digitally manage document-based transactions with advanced electronic signing, strong user authentication, electronic signature validation, document delivery, document creation and more; SignWise is fullyscalable as either an on-premises solution or as a SaaS hosted in the cloud. It enables organizations and consumers to manage the entire lifecycle of a digital document, to automate and speed up business processes both, in home country as well as across borders.SignWise’s competitive edge lies in the cross-use of various countries’ e-identities and qualified certificates for authentication and electronic signing. The service can be used with state-issued electronic identities from Switzerland, Finland, Estonia, Latvia, Lithuania, Portugal, Georgia, Armenia, Belgium, Austria, Iceland, Oman, Luxembourg, Sweden, Denmark, Spain, Azerbaijan and others.
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Bain Capital
VC Fund · Boston, Massachusetts, United States · 1 investments in Estonia B2B startups

Bain Capital is a multi-asset alternative investment firm with assets under management and operates business units that create value through private equity, public equity, credit, and venture capital across multiple sectors and industries.

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Investment focus

  • Industry: Software, Health Care, Financial Services
  • Stage:Private Equity, Series A
  • Geography: United States, India, China

Investor stats

  • Total investments: 205
  • Round size: Series A $7M–$126M; Private Equity $43M–$1.2B
  • Lead/follow: 50% lead, 50% follow
  • Last fund: Likely actively investing — fund raised in 2024

Portfolio highlights

  • Edgar Online — EDGAR Online, Inc. creates and distributes financial data and public filings for equities, mutual funds, and other publicly traded assets primarily in the United States. The company offers data that assists in the analysis of the financial, business, and ownership conditions of a company or investment vehicle. The company was formerly known asCybernet Data Systems, Inc. and changed its name to EDGAR Online, Inc. in January 1999. EDGAR Online was founded in 1996 and is headquartered in Maryland, USA.
  • Dhoot Transmissions — Dhoot Transmissions providing solutions for wire harnesses, cable systems, copper wires, electronics tooling, stamping and moulding systems.
  • Les Hotels de Paris SA — Les Hôtels de Paris Group is the first independent hotel operator on the Paris market, with 23 hotels and residences. Since 1992, Les Hôtels de Paris Group and their founders, Patrick Machefert and Christiane Derory, have been developing a powerful hotel concept on the Capital. The vertical concentration of its skills, combines the professions ofconstruction and decoration of hotels, the financing of development through the design of financial products, hotel operations and all the management departments that are there. associates.
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Gorilla Capital
VC Fund · Helsinki, Southern Finland, Finland · 1 investments in Estonia B2B startups

Gorilla Capital helps ambitious startups grow with smart funding and support. Discover how our team invests in early-stage companies.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Pre-Seed, Seed, Venture - Series Unknown
  • Geography: Finland, Sweden, Estonia

Investor stats

  • Total investments: 73
  • Round size: Seed $297k–$1.5M; Pre-Seed $149k–$680k
  • Lead/follow: 68% lead, 32% follow

Portfolio highlights

  • Munchi — Munchi allows restaurants to manage all orders, payments and loyalty in one platform with the power of AI.
  • Mobal — It is time to get your Business Profiles in shape. Meet your customers where they are and stand out where it matters most.
  • Nordic Information Control — Inventering och klassificering av information, automatiskt med Nordic Information Control Platform. Automatic Regulatory compliance.
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Practica Capital
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 1 investments in Estonia B2B startups

Practica Capital

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Investment focus

  • Industry: Software, B2B, Information Technology
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Lithuania, United Kingdom, United States

Investor stats

  • Total investments: 125
  • Round size: Seed $219k–$3.3M; Pre-Seed $500k–$2.4M; Series A $2.4M–$30M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: Likely still investing — raised $85M in 2022

Portfolio highlights

  • Creem — Creem is the all-in-one platform where software companies run payments, taxes, affiliates and revenue - together Finance for humans building online
  • kopa.ai — AI agents for e-commerce growth.
  • Outcraft AI — Outcraft AI is the autonomous revenue engine built to drive growth across the entire customer lifecycle.
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Crosslight Partners
VC Fund · 1 investments in Estonia B2B startups

Crosslight Partners is a growth equity firm. The firm invests in the environment, healthcare, impact, and technology sectors across Europe.

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Investment focus

  • Industry: Biotechnology, B2B, Medical
  • Stage:Seed
  • Geography: Sweden, Estonia

Investor stats

  • Total investments: 2
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Gelatex Technologies — Gelatex is a Techstars-backed materials technology company that invented the fastest technology for producing bio-based nanofibers on a large scale. It is a platform technology that enables faster and up to 100 cheaper nanofiber production for applications like 3D scaffolds for tissue engineering, cultured meat, bio-based filters, eco-friendlyleather-like textile, energy storage, wound care, and many more. The technology is patent-pending and the machinery fully functional. The company was founded in 2016 and until COVID-19 pandemic developed eco-friendly leather-like textile from gelatin nanofibers, using this nanofiber production technology as part of the process. COVID-19 was a trigger to understand the wider potential of the technology which then led to pivot.The company is based in Estonia and holding incorporated in UK (2019).
  • Sigrid Therapeutics — Sigrid Therapeutics is developing an ingested medical device for lowering blood sugar in prediabetics.
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Indrek Kasela
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

Indrek Kasela - investor @ Luup Culture

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Japan, United Kingdom

Investor stats

  • Total investments: 8
  • Round size: Seed $1M–$1.5M; Pre-Seed $1.9M–$2.2M
  • Lead/follow: 13% lead, 87% follow

Portfolio highlights

  • Insly — The low-risk insurance software partner for MGAs and insurers. Fast setup, AI-powered and real results for MGAs and insurers.
  • Supersimple — Supersimple helps SaaS companies use customer behavior data to drive decisions in product & sales.
  • ScamGuardian.AI — ScamGuardian develops AI-powered victim simulations to capture actionable scam intelligence
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Matt Arnold
Angel · Houston, Texas, United States · 1 investments in Estonia B2B startups

Matt Arnold is a Co-Founder and member of the Board of Directors for Solid BiosciencesMatt Arnold's background is in energy commodities. He was Managing Director of Constellation Energy Global Commodities in London from 2005 – 2009 when it was sold to Goldman Sachs.Prior to joining Constellation in 2002, Matt Arnold worked in energytrading and finance at Enron. Since 2009, Matt Arnold has been actively working with startup businesses in the UK and Europe, primarily in the technology and clean tech sectors. He holds an MS in Environmental Engineering from the University of Virginia and an undergraduate degree from Duke University.

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Investment focus

  • Industry: B2B, Software, Information Technology
  • Stage:Seed
  • Geography: Estonia

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Plumbr — Expose metrics and set up alerts for ops. Detect and prioritize root causes for dev. Complete the devops feedback loop. Configure your application to send traces using Plumbr Agents.
Show all investments...

Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

Browse database — It's Free!
Maria Sundlof
Angel · 1 investments in Estonia B2B startups

Maria Sundlof is a Program Director at NKT and CEO & Owner of Procevia.

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Investment focus

  • Industry: Software, B2B, SaaS
  • Stage:Angel, Pre-Seed
  • Geography: Denmark, Estonia

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Hala.ai — Conversational AI platform that blends everyday business software into one conversational UI. QuickBooks Online Digital Assistant & Web chat for IBM Watson.
  • Obital — I'm Elias, a guy from Denmark doing start-ups, coding and a bunch of fun projects in Engineering.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

We are a seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world.

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Investment focus

  • Industry: Software, Information Technology, Apps
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 65
  • Round size: Seed $500k–$4.2M; Pre-Seed $273k–$2.2M; Series A $1M–$39M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • BirdyChat — A modern work chat app for professionals. Start conversations with anyone using their work email. Collaborate and grow your network.
  • Giraffe360 — Giraffe360 is game-changing subscription product for real estate companies to streamline professional quality photography and high accuracy floor plan creation.
  • Saltz — Premium ingredients for your menu with no hidden delivery fees or markups.
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Jakob Ellehauge Sode
Angel · 1 investments in Estonia B2B startups

Jakob Ellehauge Sode

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Investment focus

  • Industry: B2B, SaaS, FinTech
  • Stage:Angel, Venture - Series Unknown
  • Geography: Denmark, Estonia

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Hala.ai — Conversational AI platform that blends everyday business software into one conversational UI. QuickBooks Online Digital Assistant & Web chat for IBM Watson.
  • Meo — The NewBanking Identity platform makes it easy for businesses to handle personal data and perform PEP checks for those subject to AML laws. Learn more here.
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Mana Ventures
VC Fund · San Francisco, California, United States · 1 investments in Estonia B2B startups, 32 in the past 12 months

Mana Ventures is a San Francisco based VC firm that invests in early stage technology companies and consumer brands.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, Canada, Mexico

Investor stats

  • Total investments: 156
  • Round size: Seed $2M–$7.6M; Pre-Seed $1M–$3.8M; Series A $5.5M–$48M
  • Lead/follow: 1% lead, 99% follow
  • Last fund: Likely still investing — raised $1.3M in 2024

Portfolio highlights

  • Claryx — The hospital immune system. Claryx detects each infection, traces how it's spreading, recommends a response, and confirms that it's gone.
  • SkinBit — SkinBit is a healthtech company that develops AI-powered skin cancer detection, digital mapping, and health monitoring solutions.
  • Atlas Motion — Instruments of Motion
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Prototron
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

Prototron is a start-up fund that gives money to teams for turning their great ideas into the first working prototype. Founded in 2012 by Swedbank, Tallinn Technical University and Tallinn Science Park Tehnopol. We finance teams with high growth potential in areas of Greentech, Electronics, Mechatronics and ICT. We run 3-4 rounds of financingevery year. During last 5 years we've funded 58 startups with over 470'000€ in cash + coaching/incubation services. Our protfolio has generated >4,5 M€ revenue and raised >17'000'000€ capital. These results make Prototron the most productive pre-seed fund in Estonia. Do you want to be part of the success? We seek for: *) New start-up teams who need money for building a prototype. Apply for funding: www.prototron.ee *) Additional partners who want to be part of Estonia's next success stories.

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Investment focus

  • Industry: Software, Manufacturing, Internet of Things
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 55
  • Round size: Seed $4k–$13k; Grant $3k–$27k; Pre-Seed $6k–$59k
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Parcelsea — Parcelsea is a technology firm that provides e-commerce users and last-mile delivery service providers with an open network platform. The goal is to create a smart mailbox that is user-friendly and secure for everyone.
  • RAIKU — RAIKU is a cleantech startup that produces 100% natural packaging material that has also great looks and shock absorption - most importantly, it gives 15-20 times more volume to its raw material making it one of the most resource efficient material uses in the world with high margins. Both the production is and products are clean making no harm tonature. RAIKU has raised over 1.2mln€ in the pre-seed stage, built a team of over 10 people, its own IP and clients are already using its packaging material. This material will up-end the 1 trillion € packaging sector.
  • Jälle Technologies — Jälle Technologies create advanced recycling technologies that transform battery waste into high-value resources.
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Sten Tamkivi
Angel · San Francisco, California, United States · 1 investments in Estonia B2B startups

Sten Tamkivi is the Chief Product Officer at Topia (formerly MOVE Guides). He was previously co-founder and CEO of Teleport (acquired by Topia), the place to scout for startup people. He co-founded the company as an EIR at Andreessen Horowitz.Sten has been a tech entrepreneur since 1996. After founding a few companies in Estonia, he joined Skypeas an early executive, ran the original R&D office, and held several global product leadership roles for 8+ years.He has an MS in Management from Stanford GSB.

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Investment focus

  • Industry: Software, Financial Services, Manufacturing
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 49
  • Round size: Seed $540k–$20M; Pre-Seed $120k–$2.2M; Series A $7.4M–$35M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • Katana — Katana gives thousands of manufacturers a live look at their business with visual, intuitive, and easy-to-use ERP software.
  • Entrepreneurs First — We turn exceptional individuals into funded founders. We back you first, then give you a bridge to Silicon Valley.
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Sberbank
VC Fund · Moscow, Moscow City, Russian Federation · 1 investments in Estonia B2B startups

Sberbank today is the largest credit institution in Russia and CIS, accounting for 26% of the aggregate Russian banking assets and 30% of banking capital. According to The Banker magazine, as of July 01, 2010, Sberbank was ranked 43th in the world in terms of Tier 1 capital.Established in 1841, Sberbank has grown into a universal commercialbank with diversified businesses. Sberbank is the biggest taker of deposits in the country and the key lender to the national economy. As of January 01, 2011, Sberbank accounted for 47,9% of retail deposits, 31% of consumer loans and 31% of corporate loans in Russia.

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Investment focus

  • Industry: Internet, Information Technology, E-Commerce
  • Stage:Seed, Corporate Round, Series A
  • Geography: Russian Federation, United States, The Netherlands

Investor stats

  • Total investments: 29
  • Round size: Seed $30k–$250k; Series A $52k–$8.5M
  • Lead/follow: 48% lead, 52% follow

Portfolio highlights

  • VEON — VEON is a Nasdaq-listed digital operator headquartered in Dubai that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economicgrowth. For more information visit: www.veon.com
  • Veon — Veon is an international communications and technology company, headquartered in Amsterdam, and driven by a vision to unlock new opportunities for customers as they navigate the digital world. Present in some of the world’s most dynamic markets, Veon provides more than 200 million customers with voice, fixed broadband, data and digital services.Veon’s heritage as a pioneer in technology is the driving force behind a major transformation focused on bringing the digital world to each and every customer. Veon offers services to customers in 14 markets including Russia, Italy, Algeria, Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, Kyrgyzstan, Tajikistan, Armenia, Georgia, Laos, and Zimbabwe.
  • O2O Holdings — Formed by a JV between Sberbank and Mail.ru Group, provides an O2O services platform focusing on key areas of food and transportation.
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Correlation Ventures
VC Fund · San Diego, California, United States · 1 investments in Estonia B2B startups

Reimagining our industry. So our clients can disrupt theirs.

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Investment focus

  • Industry: Software, Artificial Intelligence, Health Care
  • Stage:Seed, Series A, Series B
  • Geography: United States, United Kingdom, Canada

Investor stats

  • Total investments: 353
  • Round size: Seed $1.5M–$7.7M; Series A $3.9M–$21M; Series B $7M–$44M
  • Lead/follow: 1% lead, 99% follow
  • Last fund: Likely still investing — raised $130M in 2023

Portfolio highlights

  • QuadSci — The most predictive and prescriptive AI for customer intelligence and customer intelligence AI. Connect product telemetry data, usage patterns and customer behavior to revenue outcomes to eliminate surprise churn and uncover unpiped growth.
  • Birdstop — Fully automated aerial imaging on your field assets through AI powered drones.
  • Async — Podcastle is an AI-powered content creation platform that helps podcasters, educators, marketers, and other creators to produce professional-quality audio and video content like podcasts and audiobooks. The company’s goal is to democratize access to content creation by offering an end-to-end suite of tools encompassing creation, editing,transcription, voice duplication, and distribution.
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Marek Kiisa
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

Marek Kiisa is Co-Founder and Managing Partner at NordicNinja VC.

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Investment focus

  • Industry: Software, Information Technology, Transportation
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, Sweden

Investor stats

  • Total investments: 54
  • Round size: Seed $263k–$4.9M; Pre-Seed $165k–$2.3M; Series A $5M–$25M
  • Lead/follow: 44% lead, 56% follow

Portfolio highlights

  • Wwwash — Download wwwash app. Car wash - hardware and software to connect every car wash to cloud. wwwash.
  • Warren.io — Warren is a complete self-service cloud platform for regional infrastructure service providers. Functionally rich, technologically modern and architecturally reliable turnkey commercialisation solution packaged as a service and driven by your success to compete in the global landscape.
  • Planet OS — Planet OS provides big data infrastructure to help renewable energy companies transform the way data is used in their organizations. From operators in control rooms to executives in boardrooms, our specialized applications to integrate, exchange, and visualize data for all stakeholders make renewable energy more competitive.
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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups, 8 in the past 12 months

United Angels VC is an early stage venture capital fund based in Estonia.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Finland

Investor stats

  • Total investments: 71
  • Round size: Seed $545k–$4.6M; Pre-Seed $240k–$2.2M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $55M in 2022

Portfolio highlights

  • Copla — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • CyberUpgrade — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Kim Aviram
Angel · 1 investments in Estonia B2B startups

Kim Aviram

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Investment focus

  • Industry: B2B, SaaS, Finance
  • Stage:Angel, Series A
  • Geography: Estonia, United Kingdom

Investor stats

  • Total investments: 2
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Hala.ai — Conversational AI platform that blends everyday business software into one conversational UI. QuickBooks Online Digital Assistant & Web chat for IBM Watson.
  • United Capital Finance LLC — United capital finance is a global alternative investment management firm, since its founding in 2010, this firm has operated with a long-term approach to investing, focused on diversifying and uncorrelated alpha strategies.The objective of this firm's discretionary global macro strategies is to produce a high risk-adjusted return over thelong term by using a disciplined, repeatable investment process within a strong risk management framework.United believes in integrity, transparency, and alignment of interest are essential, uncompromising parts of your busses model.
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Initialized Capital
VC Fund · San Francisco, California, United States · 1 investments in Estonia B2B startups

Initialized Capital is an early-stage venture capital firm focused on the seed. Initialized has 6 investing partners and over $3.2B under management over five core funds since its founding in 2012. The firm's startups have created in aggregate over $200B in market value so far.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Series B
  • Geography: United States, Canada, United Kingdom

Investor stats

  • Total investments: 410
  • Round size: Seed $1.5M–$9.3M; Series A $6M–$42M; Series B $16M–$67M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • Picogrid — Picogrid builds a unified platform for autonomous systems. Connect, command, and monitor sensors and autonomous systems at global scale.
  • Ellis — Ellis connects and reconciles portfolio, fund, and investor data across the systems you already use. Every number traceable. Run every fund from one trusted view.
  • Reibus — Take the hassle out of shipping steel and other industrial metals. Leverage our vast network of international and domestic freight providers.
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Lux Capital
VC Fund · New York, New York, United States · 1 investments in Estonia B2B startups

Lux Capital manages over $5 billion in assets focused on founding, seed, early-stage, and growth investments at the intersection of technology and the sciences. Lux takes an active role in helping entrepreneurs build successful businesses in high-growth sectors. Its investment team has built over 20 companies from scratch. Lux's investmentstrategy ensures portfolio companies are better connected, have a deeper insight, and command industry leadership faster than their competitors.

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Investment focus

  • Industry: Software, Artificial Intelligence, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: United States, United Kingdom, Canada

Investor stats

  • Total investments: 613
  • Round size: Seed $1.8M–$30M; Series A $7.4M–$96M; Series B $14M–$150M
  • Lead/follow: 30% lead, 70% follow
  • Last fund: May invest from a new fund soon — raised $100M in 2007

Portfolio highlights

  • Toonimo — Toonimo humanize the web user experience with an engaging and personalized step-by-step interactive walkthrough
  • Kyruus Health — Kyruus Health is the leading care access platform on a mission to connect people to the right care.
  • Cajal Neuroscience — Cajal Neuroscience is a drug discovery company focused on neurodegenerative disease.
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Kuido Lepik
Angel · 1 investments in Estonia B2B startups

Kuido Lepik - Owner & CEO @ Signiti

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Investment focus

  • Industry: Apps, GPS, Pet
  • Stage:Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $262k–$348k; Pre-Seed $41k–$77k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Traxby — Traxby OÜ (formerly Huntloc OÜ) is a company owned by Estonian owners, founded in 2013, which develops various real-time tracking platforms via a smartphone and manufactures tracking devices. The company’s product portfolio includes the following solutions: hunting platform Huntloc for hunters, team management platform LiveTeam, dog tracking appDoglo. The company has developed its own GPS-GSM tracking device, which is mainly intended for tracking dogs. The device is long life, robust, water resistant, no distance limitation.
  • CostPocket — CostPocket is an accountancy startup intended to help accountants receive receipts from their clients in a much faster and easier way. Its expense management software automates business expense entry, eliminates paper trail, and reduces administrative effort and helps to ease the workflow and save 75% of the time accountants spend on receipts,enabling clients to save time on receipt delivery.The company was founded in 2016 and is headquartered in Tallinn, Estonia.
  • Zelos Team Management — A very simple app for mobile teams. Promoting #volunteering and #selfsignup as a mindset for successful teamwork everywhere.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 1 investments in Estonia B2B startups

Founded in 2016, Icebreaker has invested in over 50 fast-growing tech startups built by domain expert founders from companies like Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. In addition to the fund, Icebreaker also runs a community of more than 1000 founders and pre-founders with 5+ years of relevant industry experience and the will to start,build or join strong tech companies.With the initial ticket sizes of €150k - 800K Icebreaker provides enough funding for companies to get to a position of strength and avoid post-accelerator limbo without having to resort to disreputable sources of capital and unfriendly deal terms.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Finland, Sweden, Estonia

Investor stats

  • Total investments: 135
  • Round size: Seed $384k–$5.2M; Pre-Seed $110k–$1.3M; Series A $3.1M–$25M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: May invest from a new fund soon — raised $22M in 2021

Portfolio highlights

  • Cytely — Cytely operationalizes biological measurement, turning microscopy into standardized, reproducible data so research teams can accelerate discovery.
  • Oplane — Connect your repo. See and fix your vulnerabilities in minutes. AI-powered threat modeling - no consultants, no weeks of docs.
  • ReOrbit — Looking for a way to keep your data flowing in space? ReOrbit has you covered with our line of autonomous and inter-networking satellites!
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Hyde Park Venture Partners
VC Fund · Chicago, Illinois, United States · 1 investments in Estonia B2B startups

Hyde Park Venture Partners is an early-stage venture capital firm focused on high-growth, mid-continent technology startups. We seek companies with an exceptional founding team and fast-growth potential, looking to raise a first or second round of capital.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Series A, Seed, Series B
  • Geography: United States, Canada, Estonia

Investor stats

  • Total investments: 193
  • Round size: Seed $1M–$4.4M; Series A $2.5M–$11M; Series B $7.5M–$50M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • RWX — We've moved to @rwx_cloud
  • Benji — Benji is a modern API for loyalty programs. It helps businesses enhance conversion rates and profitability by providing clients with a new way to pay using rewards points.
  • PathFactory — PathFactory delivers the on-demand experience for B2B by enabling buyers with the most relevant information at every step of their unique journey and allowing them to binge-consume content, removing friction and making the buying process more efficient. By tracking exactly what each buyer is consuming along the path to purchase, PathFactorydelivers hyper-relevant, real-time content recommendations and dramatically expedites the buying process.
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Jaan Tallinn
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

Jaan Tallinn is the Co-Founder of the Centre for Study of Existential Risk and Future of Life Institute.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Series A
  • Geography: United States, Estonia, United Kingdom

Investor stats

  • Total investments: 64
  • Round size: Seed $531k–$15M; Series A $3.3M–$124M
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • ZaiNar — ZaiNar leverages patented digital signal processing techniques to locate radio devices in 3D with meter-level accuracy.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
  • Blueprint Bryan Johnson — On the surface, Blueprint may seem something about health, wellness and aging. It's really a system to make tomorrow better for you, me, the planet and our shared future with AI.
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Yolo Investments
VC Fund · Tallin, Harjumaa, Estonia · 1 investments in Estonia B2B startups

Yolo Investments is focusing on late seed & series A stage investments in igaming, fintech and crypto.

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Investment focus

  • Industry: Financial Services, FinTech, Cryptocurrency
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: United States, Australia, Estonia

Investor stats

  • Total investments: 39
  • Round size: Seed $1.2M–$9M; Series A $3M–$39M; Venture - Series Unknown $7M–$200M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Meld — Access stablecoins and digital assets anywhere
  • Pave Bank — The world's first multi-asset and programmable bank
  • Bitblox Games — Offer innovative and engaging blockchain-based games on your platform and attract a new wave of players with Bitblox.
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PULSAR
VC Fund · Kazan, Tatarstan, Russian Federation · 1 investments in Estonia B2B startups

Pulsar Venture Capital is an active player of the global venture capital market with a strong network of experts both in Europe, USA, Asia, Latam and worldwide. Besides traditional investments, Pulsar Venture Capital's professional team specializes in accelerating the growth of new high-tech businesses and also works to grow the ventureinfrastructure, especially in developing economies. Pulsar Venture’s approach is based on three sectors: Smart Investment, Growth Consulting and Applied Networking We invest early in start-ups that have immense potential and are looking for the boost that comes from having the first check in the bank; access to a global network of markets, partners and potential customers; and unflagging support from a professional group of investors.

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Investment focus

  • Industry: Software, Internet, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Russian Federation, United States, Ireland

Investor stats

  • Total investments: 54
  • Round size: Seed $65k–$230k; Pre-Seed $60k–$3M
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Oyl — Oyl offers customers access to the latest trading tools in a single application. Oyl additionally provides an eponymous browser-based wallet enabling inscription swapping within the wallet.
  • Q Platform — Q Platform is a First globally connected fintech- multi-banking platform in Russia and CIS.Its platform for banks provides access to the whole ecosystem of fintech solutions available on the market with detailed analysis; allowing quick integration and management. The platform for Fintechs allows to enter new markets and works with new audiencesin different countries using interbank distribution model.The company was founded in 2017 and based in Moscow, Russia
  • Woo X — Founded in 2018, high-performance trading workspace. Built by traders for traders. Backed by YZi Labs @yzilabs (Previously Binance Labs) @WOO_X_Japan
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European regional development fund (ERDF)
VC Fund · Brussels, Brussels Hoofdstedelijk Gewest, Belgium · 1 investments in Estonia B2B startups

The European Regional Development Fund (ERDF) aims to improve the European Union's economic, social, and territorial cohesion by resolving imbalances across its various regions. ERDF funds initiatives for which the European Commission and national and regional governments in member countries share responsibility. Each member state'sgovernment decides which initiatives to support and is responsible for their continued supervision.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Grant, Pre-Seed
  • Geography: United Kingdom, Germany, France

Investor stats

  • Total investments: 74
  • Lead/follow: no public data

Portfolio highlights

  • Losanje — Losanje has a brand and an upcycling workshop that gives second-hand and unsold completed apparel and textiles a second life. Its goal is to create an innovative manufacturing chain that will allow for the first time the industrialization of upcycling, as well as to implement the most credible solution, both ecologically and economically.
  • PulmoBiomed — Pulmobiomed has developed a best-in-class exhaled breath condensate device, capable of capturing Covid-19 particles in as little as 5 seconds. Pulmobiomed a biotechnology company is working with industry leaders in integrating their diagnostic capabilities into our PBM-Hale device. Pulmobiomed techn
  • Knock Technology — The world's simplest video chat app: Improves mental health and boosts innovation. It's a secure, cost effective and peer-to-peer telecoms solution for everyone.
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B2B Investor funding in Estonia at a glance

Stats across 31 deals from 46 investors.

46
investors
in Estonia B2B startups
31
deals
in Estonia B2B startups
$260k
median round
in Estonia B2B startups
37%
lead investors
lead at least one round
35%
Pre-Seed
most common funding stage
76/24
VC / Angel
share of investor count

Access all 46 investors in Estonia B2B startups.

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