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Top 25 B2B VC Funds & Investors in Estonia (October 2026)

The most active venture capital funds 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
Zenith Family Office
VC Fund
3 Estonia, United States Pre-Seed, Seed, Venture - Series Unknown SaaS, Commercial Real Estate, B2B $27k–$549k
Boğaziçi Ventures
VC Fund
2 Turkey, United States, Switzerland Seed, Pre-Seed, Series A Gaming, Software, Video Games $50k–$2M
Nutshell Invest OU
VC Fund
1 Estonia, Finland Seed B2B, Apps, Fashion $354k–$650k
Summus Venture Capital
VC Fund
1 Israel, Estonia Seed, Venture - Series Unknown B2B, SaaS, Rental
Sberbank-500
VC Fund
1 Russian Federation, United States, Estonia Seed, Pre-Seed, Non-Equity Assistance Software, E-Commerce, Information Technology $150k–$157k
Level39
VC Fund
1 United Kingdom, Norway, United States Seed, Pre-Seed Financial Services, FinTech, Software $400k–$1.5M
Prototron
VC Fund
1 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Energy $4k–$66k
Gorilla Capital
VC Fund
1 Finland, Sweden, Estonia Pre-Seed, Seed, Venture - Series Unknown Software, Information Technology, SaaS $149k–$2.1M
Practica Capital
VC Fund
1 Lithuania, United Kingdom, United States Seed, Pre-Seed, Series A Software, B2B, Information Technology $219k–$30M
PULSAR
VC Fund
1 Russian Federation, United States, Ireland Seed, Pre-Seed, Venture - Series Unknown Software, Internet, Information Technology $60k–$9M
DEPO Ventures
VC Fund
1 Czech Republic, United States, Estonia Seed, Pre-Seed, Convertible Note Software, Artificial Intelligence, Information Technology $300k–$4.3M
Correlation Ventures
VC Fund
1 United States, Canada, United Kingdom Seed, Series A, Series B Software, Health Care, Artificial Intelligence $1.5M–$41M
Bain Capital
VC Fund
1 United States, India, China Private Equity, Series A, Series B Software, Information Technology, Health Care $5M–$1.2B
Mana Ventures
VC Fund
1 United States, Canada, India Seed, Pre-Seed, Series A Software, Artificial Intelligence, SaaS $1.1M–$43M
Initialized Capital
VC Fund
1 United States, Canada, United Kingdom Seed, Series A, Series B Software, Artificial Intelligence, SaaS $1.3M–$67M
Lux Capital
VC Fund
1 United States, United Kingdom, Canada Series A, Seed, Series B Software, Artificial Intelligence, Health Care $1.6M–$150M
hiVC
VC Fund
1 Turkey, United States, Estonia Seed, Pre-Seed, Series A Software, Artificial Intelligence, SaaS $175k–$1.2M
Mobi
VC Fund
1 Estonia, United Kingdom, United States Seed Software, SaaS, Information Technology $200k–$1M
Sberbank
VC Fund
1 Russian Federation, United States, The Netherlands Seed, Corporate Round, Series A Internet, Information Technology, E-Commerce $50k–$8.5M
Hyde Park Venture Partners
VC Fund
1 United States, Canada, Estonia Series A, Seed, Series B Software, SaaS, Information Technology $850k–$50M
Yolo Investments
VC Fund
1 United States, Australia, Estonia Seed, Series A, Venture - Series Unknown Financial Services, FinTech, Cryptocurrency $1.2M–$200M
Specialist VC
VC Fund
1 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$4.6M
Change Ventures
VC Fund
1 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
European regional development fund (ERDF)
VC Fund
1 United Kingdom, Germany, France Grant, Pre-Seed Software, Information Technology, Artificial Intelligence
Icebreaker.vc
VC Fund
1 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $110k–$25M
Access all 41 VC funds in Estonia B2B startups.

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

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Investor list

Zenith Family Office
VC Fund · 3 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, Seed, Venture - Series Unknown
  • Geography: Estonia, United States

Investor stats

  • Total investments: 6
  • Round size: Pre-Seed $27k–$549k
  • Lead/follow: 33% lead, 67% 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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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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Nutshell Invest OU
VC Fund · 1 investments in Estonia B2B startups

Nutshell Invest OU

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Investment focus

  • Industry: B2B, Apps, Fashion
  • Stage:Seed
  • Geography: Estonia, Finland

Investor stats

  • Total investments: 2
  • Round size: Seed $354k–$650k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Polka Dot Studio — Kalian Bisa Memasang Taruhan Online Dengan Sangat Mudah Dan Nyaman Di Situs DEWAHOKI Yang Sudah Resmi Di Indonesia
  • Zelos Team Management — Zelos Team Management is a claim-based signup app for volunteer and on-demand teams. Post shifts and tasks, let people claim what fits, and coordinate in built-in chat. Free for unlimited members.
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Summus Venture Capital
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

Summus Venture Capital is a venture capital investment firm.

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Investment focus

  • Industry: B2B, SaaS, Rental
  • Stage:Seed, Venture - Series Unknown
  • Geography: Israel, Estonia

Investor stats

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

Portfolio highlights

  • Consorto — B2B online marketplace for European commercial real estate that integrates AI-driven deal-matching with deal-flow automation. Connecting sellers, brokers and professional investors worldwide.
  • Click-Ins — Click-Ins can automatically inspect, analyze, and process vehicle damage at high precision and consistency without special equipment or skilled personnel.
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Sberbank-500
VC Fund · 1 investments in Estonia B2B startups

Investment focus

  • Industry: Software, E-Commerce, Information Technology
  • Stage:Seed, Pre-Seed, Non-Equity Assistance
  • Geography: Russian Federation, United States, Estonia

Investor stats

  • Total investments: 28
  • Round size: Seed $150k–$157k; Pre-Seed $150k–$150k
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • Boontar — Boontar Live is a video streaming service with a trading module that allows viewers to buy products from a video without going to other pages.
  • Malivar — video face swap solution for businesses based on a single image
  • Watchout!AI — Watchout!AI is a company offering a range of marketing services for native advertising. The platform of the company uses artificial intelligence to examine video content frame by frame and establishes brand safety thresholds for accurate native ad placement, allowing users to display ads in secure locations.
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Level39
VC Fund · London, England, United Kingdom · 1 investments in Estonia B2B startups

Level39 is the world's most connected tech community, consisting of 1,250 leaders in cybersecurity, fintech and retail tech.

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Investment focus

  • Industry: Financial Services, FinTech, Software
  • Stage:Seed, Pre-Seed
  • Geography: United Kingdom, Norway, United States

Investor stats

  • Total investments: 61
  • Round size: Seed $400k–$1.5M
  • Lead/follow: 2% lead, 98% follow

Portfolio highlights

  • HOLD Platform — HOLD is a revolutionary card that provides instant cash against cryptocurrency collateral. Leverage the power of your portfolio without having to sell it.
  • DecisionForest — We're an innovative technology company with a mission to upskill the global workforce in the rapidly evolving fields of Data Science and AI. We partner with leading corporations and government organisations, providing them with:- The know-how and industry specific best practices required to deliver AI projects from idea to production;-High-quality expert programmes tailored to their needs, helping their workforce leverage new technologies to the best of their abilities;- Flexible team structures capable of successfully implementing end-to-end AI projects;- AI expert hires and/or dedicated cross-functional AI teams;
  • RequirementONE Group — Platform to streamline regulatory change and digitise business processes with confidence. Awarded as a RegTech 100, ESG 100 and AI 100 global technology leader. Requirement1, ReqOne, R1
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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, Energy
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 55
  • Round size: Seed $4k–$13k; Grant $5.3k–$24k; Pre-Seed $6.2k–$66k
  • 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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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, Information Technology, SaaS
  • Stage:Pre-Seed, Seed, Venture - Series Unknown
  • Geography: Finland, Sweden, Estonia

Investor stats

  • Total investments: 80
  • Round size: Seed $294k–$1.5M; Pre-Seed $149k–$680k; Venture - Series Unknown $1.1M–$2.1M
  • Lead/follow: 65% lead, 35% follow
  • Last fund: Likely actively investing — fresh fund, raised $49M in 2025

Portfolio highlights

  • Amplifiles — Amplifiles is a PropTech startup that turns real estate listing photos into fully branded, high-quality videos in minute, no filming or editing required. Our video engine helps agents, photographers, and marketplaces boost engagement, generate more leads, and unlock new revenue streams.
  • Comparables.ai — The leading M&A and valuation intelligence platform. Find +110% more relevant companies 10.5x faster. Access comprehensive financials, transaction data, and AI analysis on 370M+ companies worldwide.
  • 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: 148
  • Round size: Seed $219k–$3.3M; Pre-Seed $555k–$2.4M; Series A $2.4M–$30M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — raised $85M in 2022

Portfolio highlights

  • Creem — Creem is the money platform for the AI era. Sell software and digital products globally.
  • kopa.ai — Kopa is the AI Google Ads media buyer and ecommerce marketing platform for stores doing 7 figures and up. Replace slow agencies, freelancers, and manual PPC rule tools with store-connected campaigns, AI static and video creatives, 8-area audits, offer pages, and reporting.
  • Outcraft AI — Outcraft AI develops autonomous revenue agents that convert, retain and grow customers across voice, SMS, email and messaging.
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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, Venture - Series Unknown
  • Geography: Russian Federation, United States, Ireland

Investor stats

  • Total investments: 55
  • Round size: Seed $65k–$313k; Pre-Seed $60k–$3M; Venture - Series Unknown $146k–$9M
  • 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 — Trade better on WOO X with low fees and deep liquidity. Buy, sell and earn on your crypto on a secure and trusted platform with live proof of reserves.
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Access 48,091 investors

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

Browse database — It's Free!
DEPO Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 1 investments in Estonia B2B startups, 6 in the past 12 months

DEPO Ventures is an angel network and VC (Grouport and DEPO Angels Fund II), which connects world of startups and investors.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed, Convertible Note
  • Geography: Czech Republic, United States, Estonia

Investor stats

  • Total investments: 76
  • Round size: Seed $564k–$4.3M; Pre-Seed $300k–$1.3M
  • Lead/follow: 17% lead, 83% follow

Portfolio highlights

  • Tapaya — A modern, fast payment app that runs on any device you already own: phone, tablet or kiosk. Accept contactless payments in store with Tap to Pay, with nothing to buy and nothing to install on a counter.
  • ArcSpace — ArcSpace is a SpaceTech company that develops proprietary high energy electron beam technology to cut, join, and weld materials under vacuum conditions. This compact system enables the maintenance, infrastructure assembly, and in-orbit repair of satellites that were not originally designed for servicing.
  • WanderWallet — Pay with Pix in Brazil, Mercado Pago in Argentina, QR in Bolivia, without a local bank account. Fund with USD or EUR, scan QR codes, pay instantly. No ATM fees.
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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, Health Care, Artificial Intelligence
  • Stage:Seed, Series A, Series B
  • Geography: United States, Canada, United Kingdom

Investor stats

  • Total investments: 455
  • Round size: Seed $1.5M–$7.5M; Series A $4M–$21M; Series B $7M–$41M
  • Lead/follow: 1% lead, 99% follow
  • Last fund: Likely still investing — raised $130M in 2023

Portfolio highlights

  • QuadSci — Customer Intelligence AI that predicts churn and growth from product telemetry, CRM data and conversational signals.
  • Birdstop — Fully automated aerial imaging on your field assets through AI powered drones.
  • Autopoiesis Sciences — Autonomous scientific discovery. Building the architectures, training methods, and reasoning systems that give AI judgment.
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Bain Capital
VC Fund · Boston, Massachusetts, United States · 1 investments in Estonia B2B startups

Bain Capital offers capital solutions such as growth and venture funding, life sciences investments, and special situations financing. These activities involve cross-platform collaboration to identify opportunities in global markets and diverse industries. The company works with management teams to assist in operational and strategic pivots intended to improve business performance. Its portfolio focuses on technology opportunities, insurance, and sustainability-driven investments.

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Private Equity, Series A, Series B
  • Geography: United States, India, China

Investor stats

  • Total investments: 216
  • Round size: Series A $7M–$126M; Series B $5M–$141M; Private Equity $43M–$1.2B
  • Lead/follow: 50% lead, 50% follow
  • Last fund: Likely actively investing — fresh fund, raised $11B in 2026

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.
  • Surf Internet — Enjoy the fastest internet connection in the Great Lakes Region with Whole-Home WiFi and a rate lock guarantee. Plans start at $35/mo. Call 888-274-6381 now.
  • Dhoot Transmissions — Dhoot Transmissions providing solutions for wire harnesses, cable systems, copper wires, electronics tooling, stamping and moulding systems.
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Mana Ventures
VC Fund · San Francisco, California, United States · 1 investments in Estonia B2B startups, 30 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, Pre-Seed, Series A
  • Geography: United States, Canada, India

Investor stats

  • Total investments: 167
  • Round size: Seed $1.6M–$7.6M; Pre-Seed $1.1M–$5.3M; Series A $5.5M–$43M
  • Lead/follow: 1% lead, 99% follow
  • Last fund: Likely actively investing — fresh fund, raised $272k in 2024

Portfolio highlights

  • Bloom — Bloom connects hardware brands with a vetted network of manufacturing, warehousing, assembly, and logistics partners. Discover, bid, book, and pay supply chain operations from one platform.
  • North.cloud — Automate your enterprise-grade cloud finance with zero effort. Our AI reduces your cloud bill by 50% without any risk, contracts, or technical work.
  • Uvi — Uvi provides infrastructure that serves as a context and reasoning layer for enterprise AI agents. The platform resolves internal corporate vocabulary, tracks dependencies, and reconstructs the decision-making intent scattered across disparate systems like Jira, GitHub, and Slack. By unifying data fragments into an integrated knowledge network, it enables AI tools to process query objectives accurately while enforcing existing user access permissions at the retrieval stage.
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Initialized Capital
VC Fund · San Francisco, California, United States · 1 investments in Estonia B2B startups, 16 in the past 12 months

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: 526
  • Round size: Seed $1.3M–$9.3M; Series A $6M–$40M; Series B $10M–$67M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: Likely still investing — raised $170M in 2021

Portfolio highlights

  • Hop Aero — Hop Aero develops hypersonic rocket cargo systems that provide rapid point-to-point delivery across long distances. The company focuses on rocket cargo vehicles designed to transport supplies to austere and contested locations within minutes. Its systems aim to support logistics operations that require fast response times and resilient supply chains. Hop Aero positions its technology as part of a broader physical internet concept, enabling high-speed movement of physical goods similar to data on the internet. The company targets users that need time-critical delivery capabilities in challenging operational environments.
  • Robocurve — Robocurve is an artificial intelligence and robotics infrastructure company that develops open-source evaluation frameworks and independent benchmarking platforms for robots and the AI models that control them. Organized as a public benefit corporation, the company focuses on measuring real-world robotic capabilities through standardized, reproducible evaluations that enable transparent comparisons across robotics systems and foundation models. Its mission is to provide objective benchmarks that help researchers, developers, and the public understand the progress of physical AI. Its product portfolio includes Inspect Robots, an open-source evaluation framework for running AI models on robotic platforms, and World Evals, a catalog of real-world robotics benchmarks. Robocurve also develops domain-specific benchmarks such as KitchenBench for bimanual household manipulation and DataCenterBench for data center construction tasks. The company's tools support integrations with robotics ecosystems including ROS, Isaac Lab, and vision-language-action models, enabling developers to evaluate robot performance across diverse embodiments and real-world tasks.
  • Sabi — Sabi is a neurotechnology startup developing a wearable, non-invasive brain-computer interface (BCI) designed to translate internal human speech directly into digital text.
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Lux Capital
VC Fund · New York, New York, United States · 1 investments in Estonia B2B startups

Lux Capital focuses on sectors such as artificial intelligence, biotechnology, advanced materials, space, and energy, backing businesses that apply scientific research to commercial applications. It provides capital alongside strategic input on product development, company building, and long-term positioning. The firm works with technical founders and research-driven teams to translate complex innovations into scalable businesses. It evaluates opportunities based on the underlying science, potential for industry impact, and feasibility of execution over extended time horizons.

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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: 706
  • Round size: Seed $1.6M–$25M; Series A $7M–$90M; Series B $13M–$150M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: Likely actively investing — fresh fund, raised $10M in 2026

Portfolio highlights

  • Adimab — Premier Human Antibody Discovery and Optimization
  • Modal Labs — Modal develops machine learning software to help run code in the cloud. The software enables users to run or deploy machine learning models, massively parallel compute jobs, task queues, web apps, and more. It also writes the code to launch hundreds of custom containers and runs scripts in the cloud faster than on the local machine.
  • Cajal Neuroscience — Cajal Neuroscience is a drug discovery company focused on neurodegenerative disease.
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hiVC
VC Fund · Kurucesme, Istanbul, Turkey · 1 investments in Estonia B2B startups

hiVC is an early-stage venture capital that connects early-stage startups with winning business models to achieve global success.

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Investment focus

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

Investor stats

  • Total investments: 20
  • Round size: Seed $175k–$1.2M; Pre-Seed $200k–$660k
  • Lead/follow: 25% lead, 75% follow

Portfolio highlights

  • Kidokit — Kidokit is a child development and parent support application that promotes the growth of infants and kids from one to six years old.
  • Varsapp — Varsapp is a data-driven rental and resale platform helping brands gain consumer insights, increase conversions, and reduce waste. Through its B2B2C model, brands can offer products for short-term rentals, allowing users to try before they buy.With over 200,000 users and partnerships. Varsapp enables brands to test demand, build loyalty, andmonetize refurbished or excess inventory via its newly launched Varsapp Market.Consumers rent high-quality items—especially in home appliances, electronics, and lifestyle categories—and decide whether to return or purchase.Currently active in Turkey and expanding into Eastern Europe and Central Asia, Varsapp supports circular consumption while generating measurable impact for both brands and users.
  • VRLab Academy — VRLab Academy | Virtual Experiments
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Mobi
VC Fund · Tartu, Tartumaa, Estonia · 1 investments in Estonia B2B startups

Mobi Solutions provides SMS gateway, global bulk SMS sending, mobile application development, and m-government services. They are a holding and investment company.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Seed
  • Geography: Estonia, United Kingdom, United States

Investor stats

  • Total investments: 5
  • Round size: Seed $200k–$1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • 1oT — 1oT is a carrier independent connectivity provider for IoT. We remove the complexities of IoT connectivity and help companies scale globally.
  • Greenhouse CI — Greenhouse is a cloud based continuous integration server for Android, iOS and cross platform apps. Setting up a new project is dead simple, doesn’t take any crazy configuration magic and takes just a few clicks. Greenhouse automatically builds your project for every commit you make and runs all your unit or UI tests on the emulator/simulatoror on real hardware. Automatic build distribution is also supported so that your team and clients are always up to date with the latest state of your apps.
  • Digital Sputnik — Making Hollywood level virtual production simple, fast and budget-friendly. Without big screens and teams. Show anything real on any virtual background and let the AI lights sync with the background. For film makers, influencers, streamers and live event organizers.
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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: 30
  • Round size: Seed $50k–$250k; Series A $79k–$8.5M
  • Lead/follow: 47% lead, 53% 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 economic growth. 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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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: 201
  • Round size: Seed $850k–$4.5M; Series A $2.4M–$12M; Series B $3M–$50M
  • Lead/follow: 27% lead, 73% follow
  • Last fund: Likely still investing — raised $1.9M in 2024

Portfolio highlights

  • RWX — RWX is a software company that builds tools for optimizing reliability, building, test performance, and developer experience.
  • definity — definity is a Data Application Observability & Remediation platform, helping Spark-heavy data engineering teams to seamlessly monitor data applications health + data quality + performance in-motion, detect anomalies in run-time, resolve incidents in minutes, optimize applications’ performance, and cut infrastructure cost – with zero codechanges.
  • 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.
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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 — raised $110M in 2023

Portfolio highlights

  • Meld — Driving access to stablecoins and digital assets globally.
  • Pave Bank — Pave Bank is built for programmable finance. Hold, move and manage traditional currencies, stablecoins and digital assets from one corporate account, 24/7.
  • 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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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia B2B startups

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: 72
  • Round size: Seed $545k–$4.6M; Pre-Seed $240k–$2.3M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $57M 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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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 — One chat for your team, people outside your company, and your agents. Free, built, and hosted in the EU.
  • Giraffe360 — Real estate camera and AI software that turns one property capture into HDR photos, floor plans, 360 virtual tours, videos and property websites.
  • Saltz — Premium ingredients for your menu with no hidden delivery fees or markups.
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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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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: 144
  • Round size: Seed $409k–$5.4M; Pre-Seed $110k–$1.3M; Series A $3.1M–$25M
  • Lead/follow: 56% lead, 44% follow
  • Last fund: May invest from a new fund soon — raised $24M in 2021

Portfolio highlights

  • Cachet — Adaptive insurance solutions for micromobility, car-sharing and gig work platforms in 16 countries. Feel in control of risk and handle claims in one system.
  • Oplane — Connect your repo. See and fix your vulnerabilities in minutes. AI-powered threat modeling - no consultants, no weeks of docs.
  • Cota Robotics — Cota Robotics deploys general-purpose robots in retail stores through a Robot-as-a-Service model, integrating with existing environments without requiring changes to store layouts or infrastructure. The company automates shelf replenishment, inbound handling, and order picking using human-in-the-loop teleoperation, with autonomy increasing asdeployment data trains its models.
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B2B VC funding in Estonia at a glance

Stats across 35 deals from 41 investors.

41
investors
in Estonia B2B startups
35
deals
in Estonia B2B startups
$165k
median round
in Estonia B2B startups
46%
lead investors
lead at least one round
37%
Seed
most common funding stage

Access all 41 VC funds in Estonia B2B startups.

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