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Top 50 CleanTech Startup Investors in Estonia (September 2026)

The most active venture capital funds and angel investors investing in Estonia CleanTech startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia CleanTech startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Superangel
VC Fund
5 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $170k–$20M
EstBAN
VC Fund
4 Estonia, Latvia, Lithuania Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $198k–$1.5M
Contrarian Ventures
VC Fund
3 Lithuania, United Kingdom, France Seed, Series A, Pre-Seed Software, Renewable Energy, Energy $55k–$23M
Thorgate Ventures
VC Fund
3 Estonia, United Kingdom, Norway Seed, Pre-Seed, Series A Software, SaaS, FinTech $22k–$3.9M
Iron Wolf Capital
VC Fund
3 Lithuania, Estonia, United Kingdom Seed, Series A, Pre-Seed Software, Information Technology, SaaS $120k–$7.3M
SpeedUp Venture Capital Group
VC Fund
3 Poland, Germany, Czech Republic Seed, Pre-Seed, Series A Software, Artificial Intelligence, SaaS $77k–$12M
Kristjan Raude
Angel
3 Estonia, United States Equity Crowdfunding, Seed, Pre-Seed Software, Automotive, Internet of Things $73k–$2.7M
Expansion Capital
VC Fund
3 Latvia, United States, Norway Seed, Venture - Series Unknown Manufacturing, Software, Logistics $132k–$2.4M
Sunly
VC Fund
2 Estonia, France, Finland Seed, Pre-Seed, Series A Solar, CleanTech, Rental $332k–$4.3M
Trind Ventures
VC Fund
2 Finland, Estonia, Spain Seed, Venture - Series Unknown, Series A Software, Information Technology, SaaS $590k–$15M
Markku Jääskelainen
Angel
2 Estonia Seed, Series A Drones, Big Data, Software
Vestman Energia
VC Fund
2 Estonia Seed, Pre-Seed CleanTech, Water, Software $598k–$1.7M
BADideas.fund
VC Fund
2 Estonia, Latvia, Lithuania Seed, Pre-Seed, Grant Software, Information Technology, Artificial Intelligence $110k–$3.6M
Funderbeam
VC Fund
2 Estonia, Croatia, Denmark Seed, Equity Crowdfunding, Venture - Series Unknown FinTech, Software, CleanTech $192k–$2M
Specialist VC
VC Fund
2 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$4.6M
Madis Müür
Angel
2 Estonia, United States Equity Crowdfunding, Seed, Pre-Seed Apps, Cycling, Security $73k–$1.4M
Spring Capital
VC Fund
2 Estonia, Finland, United States Seed, Pre-Seed, Series A Software, SaaS, E-Commerce $426k–$9.1M
Change Ventures
VC Fund
2 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
Black Pearls VC
VC Fund
2 Poland, United States, United Kingdom Seed, Pre-Seed, Convertible Note Software, Artificial Intelligence, Information Technology $170k–$2.6M
Andrus Purde
Angel
1 Estonia, United Kingdom, Cyprus Seed, Pre-Seed Software, SaaS, Internet $100k–$5.4M
Creative Business Network
VC Fund
1
Yolo Investments
VC Fund
1 United States, Australia, Estonia Seed, Series A, Venture - Series Unknown Financial Services, FinTech, Cryptocurrency $1.2M–$200M
AIRE (AI & Robotics Estonia)
VC Fund
1
Kaamos
VC Fund
1 Estonia Seed, Pre-Seed Manufacturing, Information Technology, Battery $1.1M–$2.1M
Marko Virkebau
Angel
1 Estonia, South Africa Seed, Pre-Seed Software, Energy, Mobile $636k–$2.4M
Ministry of Economic Affairs and Communications for Estonia
VC Fund
1 Estonia Pre-Seed CleanTech, GreenTech, Manufacturing
Creative Estonia
VC Fund
1
Pontos Group
VC Fund
1 Finland, Estonia Venture - Series Unknown, Seed Apps, Mobile, Content $6.3M–$16M
Ajujaht
VC Fund
1 Estonia Grant, Pre-Seed Manufacturing, Video, Medical $5.6k–$1.2M
Taavi Tamkivi
Angel
1 Estonia, Latvia, Japan Seed, Pre-Seed, Angel Financial Services, Software, SaaS $116k–$8.4M
Cleantech Estonia
VC Fund
1 Estonia, Argentina Pre-Seed Manufacturing, Renewable Energy, CleanTech $60k–$1.2M
Enterprise Estonia
VC Fund
1 Estonia Grant, Seed, Pre-Seed Biotechnology, Software, Mobile Apps $17k–$4.3M
Taavi Madiberk
Angel
1 Estonia Seed, Angel, Pre-Seed Software, Information Technology, Energy $636k–$1.1M
Grid.vc
VC Fund
1 Finland, Estonia Seed, Pre-Seed Energy, Renewable Energy, SaaS $20k–$6.1M
Tatoli AS
VC Fund
1 Estonia Seed AgTech, CleanTech, Agriculture
Little Green Fund
VC Fund
1 Estonia Pre-Seed, Seed Software, CleanTech, GreenTech $543k–$4.3M
SMARTCAP
VC Fund
1
UP Invest
VC Fund
1 Estonia Series A Energy, CleanTech, Automotive
Estonian venture capital
VC Fund
1 Estonia Pre-Seed, Series A Energy, Software, CleanTech
AS Giga
VC Fund
1 Estonia Seed Energy, Software, CleanTech $542k–$636k
Lemonade Stand
VC Fund
1 Estonia, Lithuania, India Seed, Pre-Seed, Venture - Series Unknown Software, Artificial Intelligence, SaaS $251k–$3M
Tallinn University of Technology (TalTech)
VC Fund
1 Estonia Pre-Seed CleanTech, GreenTech, Manufacturing
ZGI Capital
VC Fund
1 Latvia, Estonia, United Kingdom Seed, Debt Financing Manufacturing, Consulting, Construction $55k–$981k
TMT Investments
VC Fund
1 United States, United Kingdom, Estonia Seed, Series A, Series B Software, SaaS, Social Media $300k–$35M
LIFT99
VC Fund
1 Estonia, United Kingdom, El Salvador Pre-Seed, Seed, Series A Software, Information Technology, Legal $300k–$12M
Martin Villig
Angel
1 Estonia, Spain, South Africa Seed, Angel, Pre-Seed Software, FinTech, Education $116k–$6M
Sustainable Futures
VC Fund
1 Spain, Estonia, Colombia Seed, Series A Apps, AgTech, Credit
Janis Krums
Angel
1 United States, Estonia, United Kingdom Seed, Pre-Seed, Angel SaaS, Big Data, Software $167k–$2.1M
Greenco Ventures
VC Fund
1 Estonia, Denmark Pre-Seed Software, Sustainability, Renewable Energy $255k–$1.6M
Swedbank
VC Fund
1 Sweden, Finland, Estonia Post-IPO Debt, Debt Financing Energy, Real Estate, Renewable Energy $4.2M–$928M
Access all 90 investors in Estonia CleanTech startups.

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

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Investor list

Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia CleanTech startups

Early-stage investments from entrepreneurs to entrepreneurs. Our companies include Bolt, Veriff, Fortumo and many more. 10x@superangel.io

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Investment focus

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

Investor stats

  • Total investments: 82
  • Round size: Seed $800k–$6.2M; Pre-Seed $170k–$1.6M; Series A $5.6M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $32M in 2022

Portfolio highlights

  • OTee — OTee's Industrial Automation platform makes it possible to create and manage industrial-grade virtual control systems, based on open standards and architecture!
  • Spiral Hydrogen — All-in-one, bubble-free centrifugal electrolyzer with an embedded axial flux generator that sets a new standard in efficiency and simplicity.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 4 investments in Estonia CleanTech startups

More than just a business angel network Building synergy between startups and angel investors EstBAN is member led organisation committed to finding, funding and mentoring ambitious young companies from pitch through to a successful exit. About estban Latest news Created with Fabric.js 3.5.0 All news For investors Get access to quality pre-selected internationaldeal-flow, and be

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Investment focus

  • Industry: Software, CleanTech, Manufacturing
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 24
  • Round size: Seed $215k–$1.5M; Angel $232k–$1M; Pre-Seed $198k–$1.2M
  • Lead/follow: 42% lead, 58% follow

Portfolio highlights

  • BrachyDOSE — BrachyDOSE - is a med-tech startup dedicated to solve radiation injuries that occur during the brachytherapy procedure. Our team consists of engineers and physicists experience in scientific research.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
  • Granarium Technologies — Granarium - The worlds first 100% renewable power storage for grid stabilization
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Contrarian Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 3 investments in Estonia CleanTech startups

We are a hands-on, community-focused and founders vetted early-stage sustainable energy transition focused VC in Europe & Israel

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Investment focus

  • Industry: Software, Renewable Energy, Energy
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Lithuania, United Kingdom, France

Investor stats

  • Total investments: 56
  • Round size: Seed $286k–$10M; Pre-Seed $55k–$4M; Series A $1.7M–$23M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: Likely still investing — raised $102M in 2022

Portfolio highlights

  • Inion software — EMS, Power Plant Control and Cybersecurity solutions for solar, wind and battery storage projects.Discover our performance-boosting monitoring systems. It
  • Decade Energy — Decade Energy is the energy infrastructure and optimization partner for transport operators and depot managers who want to electrify their fleets.
  • Delfos Energy — Why did it Fail? Avoid unexpected failures across your assetsReduce the risk of unexpected failuresmoreOptimize Maintenance Windowsmoreretain and scale up operational knowledgemoreplatform real time monitoring, analysis and predictions for renewable energy and oil&gas assetsVIEW OUR APPLICATIONS customer and partnerssee what our customers say about our solutions TestimonialsYour failure prediction alarm, helped us avoid an
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Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia CleanTech startups

We invest both capital and our know-how into startups. Join us and let's change the world

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Investment focus

  • Industry: Software, SaaS, FinTech
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United Kingdom, Norway

Investor stats

  • Total investments: 25
  • Round size: Seed $22k–$2.4M; Pre-Seed $23k–$664k; Series A $2.1M–$3.9M
  • Lead/follow: 32% lead, 68% follow

Portfolio highlights

  • Coursy.io — Make employee development more effective with LMS powered by Learning Design
  • Waybiller — Bulk TMS solution for end-to-end management: Waybiller transforms your logistics operations, allowing you to handle bulk shipments with precision and speed. The Best E-waybill Software & Bulk TMS Solution
  • Bilance — Bilance connects to 2,300+ European banks, syncs your transactions automatically and sorts them into budgets. On iOS and Android.
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Iron Wolf Capital
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 3 investments in Estonia CleanTech startups, 6 in the past 12 months

We are here to make you succeed! Iron Wolf Capital is an international venture capital firm with an experienced team of professionals with global outlook and strong roots in the Baltics. and a mandate for helping entrepreneurs realise their ideas into successful businesses.

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Investment focus

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

Investor stats

  • Total investments: 45
  • Round size: Seed $336k–$2.6M; Pre-Seed $120k–$1M; Series A $3.2M–$7.3M
  • Lead/follow: 60% lead, 40% follow
  • Last fund: Likely still investing — raised $77M in 2023

Portfolio highlights

  • Vegvisir — Revolutionising battlefield capabilities with XR technologies. Situational awareness & enchanced decision making for manned vehicles, remote platforms and command stations.
  • UFORCE — UFORCE is a defence technology business that specialises on combat-proven unmanned systems for air, ground, and marine operations.
  • PDKinematics — PDKINEMATICS builds precision guidance systems for the UAV era.
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SpeedUp Venture Capital Group
VC Fund · Poznan, Wielkopolskie, Poland · 3 investments in Estonia CleanTech startups

We are a group of venture capital funds, investing in enterprises in an early stage of development. Areas of our interest include enterprises and entrepreneurs in Central and Eastern Europe, who want to conquer the global market by utilizing their self-developed solutions. Our cooperation with companies is based on a 3-8 years investment horizon.We're looking for innovations from areas such as: consumer internet, electromobility, energy, fintech, martech, adtech, medtech, IoT and hardware. We're interested in technologies like Machine Learning, Picture Recognition and Artificial Intelligence.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Poland, Germany, Czech Republic

Investor stats

  • Total investments: 78
  • Round size: Seed $165k–$4.3M; Pre-Seed $77k–$500k; Series A $2.1M–$12M
  • Lead/follow: 23% lead, 77% follow
  • Last fund: May invest from a new fund soon — raised $27M in 2018

Portfolio highlights

  • PARTORY — PARTORY offers complete manufacturing solutions in engineering. PARTORY utilising AI and machine learning to streamline the procurement process for low-cost metal parts
  • CYCLE — KOITOTO hadir sebagai situs slot gacor online dengan link Slot777 resmi hari ini serta pilihan provider Slot88 terbaru yang menyediakan beragam game menarik dengan fitur dan tema berbeda.
  • Okazjum.pl — Okazjum.pl is a leading Polish site for local search and local promotion search. The company enables users to look for the best local sales online, search brochures of local retailers and find stores near them.
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Kristjan Raude
Angel · 3 investments in Estonia CleanTech startups

I am a serial entrepreneur and angel investor with 15+ years of international experience in sales & marketing, leading teams of 300+ with annual revenue of 10M+. Founder of 3 international companies and investor to 10+ startups. Member of the board at Estonian Business Angels Network.

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Investment focus

  • Industry: Software, Automotive, Internet of Things
  • Stage:Equity Crowdfunding, Seed, Pre-Seed
  • Geography: Estonia, United States

Investor stats

  • Total investments: 14
  • Round size: Seed $491k–$1.3M; Pre-Seed $73k–$584k; Equity Crowdfunding $171k–$2.7M
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • Askly — Add multilingual chat to any site in 2 minutes. Providing multilingual customer support is easy and affordable. Start a 30-day free trial today.
  • Snabb — Snabb delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Snabb App. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.Founded in 2015, we've grown from a Tallinn-based private parking App to aninternational platform that serves over 50,000 users in 10 markets on a monthly basis.We are constantly working towards connecting all vehicle service providers to our platform and thus enabling the ultimate convenience and simplicity to vehicle owners. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.
  • Promoty — Influencer marketing platform that helps you to find creators, manage influencer relationships, and save time on influencer marketing. Get started here!
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Expansion Capital
VC Fund · Riga, Riga, Latvia · 3 investments in Estonia CleanTech startups

Expansion Capital AIFP plans to participate in Latvian state-owned development finance institution ALTUM organized next generation fund manager tender, in order to continue to invest and finance mainly perspective Latvian ideas, projects, and companies.

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Investment focus

  • Industry: Manufacturing, Software, Logistics
  • Stage:Seed, Venture - Series Unknown
  • Geography: Latvia, United States, Norway

Investor stats

  • Total investments: 42
  • Round size: Seed $132k–$2.4M; Venture - Series Unknown $225k–$273k
  • Lead/follow: 79% lead, 21% follow

Portfolio highlights

  • Flirtu — Flirtu is an app for dating on Telegram that helps users find their perfect match.
  • FIS.solutions — Loan Management System | Loan Servicing Software | Lending Software. Instalment loans, mortgages, car leasing & rentals, credit line, business loans, factoring
  • Willow Wealth — Willow Wealth is an alternative investment platform focused on generating income streams for investors. Get exclusive access to private market investments.
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Sunly
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia CleanTech startups

Sunly, a renewable energy company, is active in the Baltics and surrounding markets. Sunly is developing renewable energy projects through Sunly Infra and manages a renewable energy and electrification portfolio of start-ups through Sunly Startup.

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Investment focus

  • Industry: Solar, CleanTech, Rental
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, France, Finland

Investor stats

  • Total investments: 10
  • Round size: Seed $554k–$4.3M; Pre-Seed $332k–$543k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Themo — Themo's innovation is an algorithm that optimizes the price of exchange electricity and the consumption of electricity. Themo offers an easy and environmentally friendly way to save on electricity consumed by heating.
  • Vok Bikes — We build heavy-duty cargo bikes and rent them out to on-demand delivery companies and their couriers — no surprises, no extra fees. Currently active in Tallinn and Vilnius and expanding to London and Berlin Q4 2021.
  • UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.
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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia CleanTech startups

Trind VC is a founder-first venture capital firm investing in early-stage consumer startups across Europe. We back ambitious teams, help them grow, and stay by their side through every stage of the journey.

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Investment focus

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

Investor stats

  • Total investments: 53
  • Round size: Seed $590k–$4.9M; Series A $5.9M–$15M; Venture - Series Unknown $692k–$6.7M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: Likely still investing — raised $53M in 2022

Portfolio highlights

  • Ringy — Ringy is a marketplace for refurbished electronics.
  • Aampere — Aampere is a marketplace for the purchase and sale of used powered mobility. Their services include personal contact, wide delivery, condition checking upon collection, and washing and cleaning before delivery. They are neutral intermediaries between buyer and seller.
  • Bahn Express — Bahn Express is a global car transportation company that supports independent contractors while offering quick and easy auto shipping throughout Europe.
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Access 48,091 investors

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

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Markku Jääskelainen
Angel · Miami, Florida, United States · 2 investments in Estonia CleanTech startups

Markku Jääskelainen.

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Investment focus

  • Industry: Drones, Big Data, Software
  • Stage:Seed, Series A
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Hepta Insights — Hepta provides automated power grid management and analysis using autonomous drones and powerful analytics software. Visit our website to find out more!
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Vestman Energia
VC Fund · Viljandi, Viljandimaa, Estonia · 2 investments in Estonia CleanTech startups

Our focus changes in the same pace with the surrounding world. If the main concern of the mankind is the food and energy supplies and polluted living environment, the current activities of the companies of Vestman Group thus also focus on these topics. Our vision is to be a sustainable forest manager on one of the Estonian largest private forestpossession. We lease out arable lands, give advice and help to find the best solution based on the partner’s needs. We are starting our journey in Eco-friendly Technology to strengthen our Circular economy way of doing things even further. We value the world we live in and the resources we use in our business.

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Investment focus

  • Industry: CleanTech, Water, Software
  • Stage:Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $598k–$1.7M; Pre-Seed $1.2M–$1.6M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • KWOTA — Verified carbon emission credits from increased material recovery
  • Spacedrip — Spacedrip develops automated water treatment and reuse systems that recycle wastewater back to pure usable water with minimal maintenance. Our systems provide off-grid water without the need for centralized sewage/water solutions.
  • 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.
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BADideas.fund
VC Fund · 2 investments in Estonia CleanTech startups, 11 in the past 12 months

BADideas.fund backs bold founders from the Baltics and CEE with fast, founder-friendly funding. Led by a community of unicorn builders, we support early-stage B2B and marketplace startups with global ambition.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Grant
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 43
  • Round size: Seed $939k–$3.6M; Pre-Seed $110k–$1.3M
  • Lead/follow: 14% lead, 86% 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.
  • ForActive — ForActive The Best App to Buy & Sell Memberships
  • Spotwise.ai — Spotwise hears every ad on TV, radio and podcasts, then puts AI agents on that data to do market research, reports, ad strategy and find new advertisers.
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Funderbeam
VC Fund · London, England, United Kingdom · 2 investments in Estonia CleanTech startups

Funderbeam is a funding and trading platform that connects companies and investors to buy and sell equity stakes. The platform allows the founders to gain exposure, legal support, a funding manager, or an investor network. It also allows the investors to take control of their investments and trade anytime they want.The company was founded in 2013as a global data platform for startup companies.

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Investment focus

  • Industry: FinTech, Software, CleanTech
  • Stage:Seed, Equity Crowdfunding, Venture - Series Unknown
  • Geography: Estonia, Croatia, Denmark

Investor stats

  • Total investments: 15
  • Round size: Seed $444k–$2M; Equity Crowdfunding $192k–$1.1M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Earthbound — MIRET sustainable, natural sneakers - made from 7 amazing plant materials and eco-certified New Zealand wool. Crafted for all the reasons.
  • Snabb — Snabb delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Snabb App. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.Founded in 2015, we've grown from a Tallinn-based private parking App to aninternational platform that serves over 50,000 users in 10 markets on a monthly basis.We are constantly working towards connecting all vehicle service providers to our platform and thus enabling the ultimate convenience and simplicity to vehicle owners. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.
  • Botsync — Botsync builds autonomous mobile robots to automate and digitize movement of goods from point to point for the logistics and manufacturing industry. Our robots can carry payloads from 500 kg to 1 tonne and are designed to operate in dynamic environments. Botsync's AMRs can be implemented at new facilities in minimal time with very minimalchanges to the existing infrastructure. With our technology, we hope to pioneer and push for larger scale adoptions of robotic automation in Asia's logistics and manufacturing industry.
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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia CleanTech startups, 7 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: 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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Madis Müür
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia CleanTech startups

Madis Müür

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Investment focus

  • Industry: Apps, Cycling, Security
  • Stage:Equity Crowdfunding, Seed, Pre-Seed
  • Geography: Estonia, United States

Investor stats

  • Total investments: 8
  • Round size: Seed $549k–$1.3M; Pre-Seed $73k–$584k; Equity Crowdfunding $100k–$1.4M
  • Lead/follow: 63% lead, 37% follow

Portfolio highlights

  • Bikeep — Smart bike and e-scooter stations with app access, fire-safe e-charging, and real-time monitoring from anywhere. 10,000+ devices across 30+ countries.
  • Promoty — Influencer marketing platform that helps you to find creators, manage influencer relationships, and save time on influencer marketing. Get started here!
  • FleetFox — Full-stack fleet care service. Hands-on fleet services powered by technology for car-sharing and business fleets across Europe.
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Spring Capital
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia CleanTech startups

Investments in exceptional teams in the Baltics & Nordics.Our two main focuses include: 1. Startups with a technological edge. Seed stage. Our check size is from €50K up to €200K. With a vast experience in startup building, we typically get hands-on with our advice and help the founders achieve operational excellence. 2. Innovators oftraditional sectors. SMEs with a proven track and strong market position. Clear plans to accelerate the growth. Our investment ticket can be from €300K to €700K to support these aspirations. If you think we have a match, reach out through invest@springcapital.ee.

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Investment focus

  • Industry: Software, SaaS, E-Commerce
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Finland, United States

Investor stats

  • Total investments: 26
  • Round size: Seed $426k–$2.5M; Pre-Seed $500k–$2.5M; Series A $7.4M–$9.1M
  • Lead/follow: 19% lead, 81% follow
  • Last fund: May invest from a new fund soon — raised $7.4M in 2018

Portfolio highlights

  • Uniify — Uniify is a no-code customer onboarding software that makes it fast, easy and secure for financial companies to onboard their customers. Save your business time and money, and build onboarding flows for your customers in minutes instead of months.
  • Crisp — Crisp connects data between retailers, distributors, and brands to power real-time insights across the supply chain.
  • Salesforge — Salesforge is an all-in-one sales execution super app that gives every sales team the highest probability to hit their target by tackling email deliverability and the need to personalize cold email outreach at scale.We do that by enabling real-time AI & machine learning to decision critical sales activities, enhance messaging and eliminatethe need for various sales point solutions, therefore driving superior conversion rates.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia CleanTech 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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Black Pearls VC
VC Fund · Gdansk, Pomorskie, Poland · 2 investments in Estonia CleanTech startups

Black Pearls VC is a venture capital firm focusing on Life Quality Technologies. We look for the best entrepreneurs in Poland and the Baltic Sea Region.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed, Convertible Note
  • Geography: Poland, United States, United Kingdom

Investor stats

  • Total investments: 70
  • Round size: Seed $170k–$2.6M; Pre-Seed $191k–$1.8M
  • Lead/follow: 60% lead, 40% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • swotzy. — Swotzy offers a shipping platform to assist e-commerce retailers in streamlining their last-mile operations and reducing operating expenses by always using the best-suited carrier.
  • Sauna by Wordware — A collaborative prompt engineering IDE
  • Certifier — Certifier is the leading software to create, issue, and verify certificates in bulk. An AI-powered platform for managing digital certificates, credentials, and badges.
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Andrus Purde
Angel · 1 investments in Estonia CleanTech startups

Experienced startup marketer. Co-founder and CEO of Outfunnel. Skype and Pipedrive alumni. Angel investor.

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Investment focus

  • Industry: Software, SaaS, Internet
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Cyprus

Investor stats

  • Total investments: 11
  • Round size: Seed $100k–$5.4M; Pre-Seed $292k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Avrio — Capture and share data analysis, user research, and learnings directly in context, with your team.
  • SegmentStream — At SegmentStream we partner with growth leaders to drive more revenue from paid media through full-funnel attribution, incrementality measurement and automated cross-channel budget allocation powered by predictive AI.
  • Jälle Technologies — Jälle Technologies create advanced recycling technologies that transform battery waste into high-value resources.
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Creative Business Network
VC Fund · Brønshøj, Hovedstaden, Denmark · 1 investments in Estonia CleanTech startups

The Creative Business Cup (CBC) is an annual international competition for creative and innovative startups organized by Creative Business Network since 2013.

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Investor stats

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

Portfolio highlights

  • 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.
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Yolo Investments
VC Fund · Tallin, Harjumaa, Estonia · 1 investments in Estonia CleanTech 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 — 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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AIRE (AI & Robotics Estonia)
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

AIRE drives manufacturing industry innovation by bringing together ideas, requirements, and solutions.

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Investor stats

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

Portfolio highlights

  • 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.
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Kaamos
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Kaamos is an investment management firm that invests in the construction, real estate, energy sector, and wood industry.

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Investment focus

  • Industry: Manufacturing, Information Technology, Battery
  • Stage:Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 4
  • Round size: Seed $1.1M–$2.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • VOOL — VOOL is a one-stop shop for EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
  • 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.
  • EyeVi Technologies — EyeVi is a provider of road network intelligence with AI-powered on-demand mapping technologies.
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Marko Virkebau
Angel · 1 investments in Estonia CleanTech startups

Marko Virkebau

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Investment focus

  • Industry: Software, Energy, Mobile
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, South Africa

Investor stats

  • Total investments: 4
  • Round size: Seed $636k–$2.4M
  • Lead/follow: 25% lead, 75% follow

Portfolio highlights

  • LynxPower — Cleantech platform offering wireless metering and AI-driven energy management to track, analyze, and optimize energy use in real time.
  • MarkeDroid — Turn sites into intelligent power plants The world's most adaptable AI-powered Energy Orchestration Platform. Google Play App Store Our customers participate
  • DriveX Technologies — Decrease your average claim size with AI vehicle inspection tool for CASCO pre-checks and windshield claims.
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Ministry of Economic Affairs and Communications for Estonia
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

The Ministry of Economic Affairs and Communications intends to promote Estonian enterprises' efficiency and people's prosperity.It also encourages entrepreneurship to have a justifiable price for the efficient transport system, a developing information society, and environmentally friendly energy supply.It was headquartered inTallinn, Harjumaa.

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Investment focus

  • Industry: CleanTech, GreenTech, Manufacturing
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • 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.
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Creative Estonia
VC Fund · 1 investments in Estonia CleanTech startups

Creative Estonia is and development center, which promotes and develops creative industries and creative businesses in Estonia.

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Investor stats

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

Portfolio highlights

  • 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.
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Pontos Group
VC Fund · Helsinki, Southern Finland, Finland · 1 investments in Estonia CleanTech startups

Pontos is a family owned Finnish private equity and real estate investment company operating in Finland, the Baltic States, and Portugal.

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Investment focus

  • Industry: Apps, Mobile, Content
  • Stage:Venture - Series Unknown, Seed
  • Geography: Finland, Estonia

Investor stats

  • Total investments: 5
  • Round size: Venture - Series Unknown $6.3M–$16M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • Hintsa — Discover a better you, with methods proven in Formula 1 and Fortune 500.
  • R8tech — R8 Jenny is AI HVAC technology for commercial real estate. It helps you achieve ESG goals while saving up to 30% in energy costs!
  • Blueprint Genetics — We offer complete genetic testing and genetic diagnostics to medical professionals worldwide. Learn more about our winning clinical-grade NGS offering!
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Ajujaht
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Ajujaht (brain hunt) is Estonia’s largest entrepreneurial competition where 100 best business ideas from the tiny Northern Europe nation compete for a chance to win 50 000 euros. Jomi is currently among the final eight in the competition, well on its way to becoming fully developed and funded.

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Investment focus

  • Industry: Manufacturing, Video, Medical
  • Stage:Grant, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Grant $5.6k–$34k; Pre-Seed $17k–$1.2M
  • Lead/follow: 80% lead, 20% follow

Portfolio highlights

  • Groveneer — Groveneer is a manufacturer of adhesive wood panels.
  • Callmidwife.com — Callmidwife.com is a healthcare that provides online tools to connect the patients with midwives regarding pregnancy or baby's health.
  • 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.
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Taavi Tamkivi
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Taavi Tamkivi was Helping in Banks & FinTechs fight FinCrime. also a Founder & CEO at Salv .

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Investment focus

  • Industry: Financial Services, Software, SaaS
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Latvia, Japan

Investor stats

  • Total investments: 11
  • Round size: Seed $413k–$8.4M; Angel $116k–$1M; Pre-Seed $206k–$1.9M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • GIG-A — Open a bank account in Japan from your mobile with GIG-A. Receive salary, manage everyday spending, or transfer money with ease.
  • Introwise — Introwise makes it easy for everyday experts to offer coaching and advice online.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
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Cleantech Estonia
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Cleantech Estonia is an incubation, acceleration, and links to investors, partners, and the public sector for early-stage cleantech firms.

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Investment focus

  • Industry: Manufacturing, Renewable Energy, CleanTech
  • Stage:Pre-Seed
  • Geography: Estonia, Argentina

Investor stats

  • Total investments: 4
  • Round size: Pre-Seed $60k–$1.2M
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Einsted — Einsted is an biotechnology company based in Argentina, developing a BioElectroProcessor for bioindustrial processes optimization. Our goal is to generate NanoPulsed Reactions (NPR) for the Food, Pharma and Cosmetic industries.
  • RedoxNRG — RedoxNRG develops advanced carbon capture and conversion technology to transform CO₂ into green fuel using renewable energy.
  • 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.
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Enterprise Estonia
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Enterprise Estonia (EAS), established in 2000, promotes business and regional development in Estonia. Enterprise Estonia is one of the largest institutions within the national support system for entrepreneurship, providing financial assistance, advisory, cooperation opportunities and training for entrepreneurs, research establishments, public andthird sector.

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Investment focus

  • Industry: Biotechnology, Software, Mobile Apps
  • Stage:Grant, Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 29
  • Round size: Seed $800k–$1.1M; Grant $17k–$2.1M; Pre-Seed $1.2M–$4.3M
  • Lead/follow: 55% lead, 45% follow

Portfolio highlights

  • ÄIO — Innovative food technologies to replace palm oil, coconut oil and animal fats with sustainable and healthier alternatives.
  • Lifeyear — Digital-first heart care. At scale.
  • Rollo Robotics — 1ROLLO is the world's first commercial autonomous one-wheeled security robot. Making security services 10x cheaper, smarter, and more energy-efficient.
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Taavi Madiberk
Angel · Dresden, Sachsen, Germany · 1 investments in Estonia CleanTech startups

Taavi Madiberk is the Co-Founder and Chief Executive Officer at Skeleton Technologies. His business development, sales and marketing and company management skills have been instrumental in setting-up and driving growth. He has been the driving force for excellent customer traction, (the company counts as customers European Space Agency and severalTier 1 automotives), business strategy (leveraging the advantage in materials technology to energy storage cells and modules), product development and fundraising from venture capital, private equity and public sources in German, Estonian and EU level. Taavi Madiberk brings knowledge from the IT, locomotive and NGO sectors from his experience prior to Skeleton Technologies. Among other Board positions he has served as the youngest ever Chairman of the Supervisory Board in Estonian Railways Ltd (AS Eesti Raudtee) from 2012-2014 the national railway. He also served as a Member of the Supervisory Board of RKAS in 2014, an Estonian state-owned real estate company with over 400 M EUR of assets.

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Investment focus

  • Industry: Software, Information Technology, Energy
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 6
  • Round size: Seed $636k–$1.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • LynxPower — Cleantech platform offering wireless metering and AI-driven energy management to track, analyze, and optimize energy use in real time.
  • MarkeDroid — Turn sites into intelligent power plants The world's most adaptable AI-powered Energy Orchestration Platform. Google Play App Store Our customers participate
  • DriveX Technologies — Decrease your average claim size with AI vehicle inspection tool for CASCO pre-checks and windshield claims.
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Grid.vc
VC Fund · Helsinki, Southern Finland, Finland · 1 investments in Estonia CleanTech startups

Grid.vc is the first investor in superb teams disrupting the energy business.

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Investment focus

  • Industry: Energy, Renewable Energy, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Finland, Estonia

Investor stats

  • Total investments: 6
  • Round size: Seed $20k–$6.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Bioreactor — Bioreactor is a revolutionary technology that converts bio waste into clean energy through biomass gasification. It's a sustainable, efficient and cost-effective solution that addresses energy poverty, energy security and climate change. With the use of the latest technology in computational fluid dynamics, cloud-optimized digital twin anddeep learning algorithms, the Bioreactor can optimize its performance in real-time over a wide range of fuels and operating conditions. The Bioreactor is a game changer in the energy industry, it can reduce greenhouse gas emissions, drastically lower energy costs, and help to alleviate energy poverty on a national scale.
  • Safegrid — Smarter sensors for a smarter grid
  • Vensum Power — Revolutionizing power conversion. More power in same package, less energy waste and low maintenance.
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Tatoli AS
VC Fund · Tartu, Tartumaa, Estonia · 1 investments in Estonia CleanTech startups

TATOLI AS is an Estonian company engaged in the sale and maintenance of agricultural machinery.

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Investment focus

  • Industry: AgTech, CleanTech, Agriculture
  • Stage:Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Paul-Tech — Soil, weather and satellite data translated into actionable insights. Know precisely when to sow, water or spray with Paul-Tech's soil stations.
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Little Green Fund
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Little Green Fund invests in companies that are good for the Earth, with teams that can get big things done.

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Investment focus

  • Industry: Software, CleanTech, GreenTech
  • Stage:Pre-Seed, Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $2.6M–$4.3M; Pre-Seed $543k–$1.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.
  • 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.
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SMARTCAP
VC Fund · Redmond, Washington, United States · 1 investments in Estonia CleanTech startups

SMARTCAP is a direct real estate investment firm that manages commercial real estate investments focusing on value-added retail centers. It minimizes investment risk by acquiring assets at value-add pricing. The company applies creative thinking supported by a deep dive into research and data to ground their understanding of how to positionproperty to take advantage of where the market is headed. Once it understands the market need, the company either acquires or develops specific properties that perform at the market.It was founded in 2014 and is headquartered in Redmond, Washington.

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Investor stats

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

Portfolio highlights

  • Paul-Tech — Soil, weather and satellite data translated into actionable insights. Know precisely when to sow, water or spray with Paul-Tech's soil stations.
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UP Invest
VC Fund · Laagri, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

UP Invest company focusing on investments in health care, media, consumer brands real estate and cleantech venture capital.

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Investment focus

  • Industry: Energy, CleanTech, Automotive
  • Stage:Series A
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Skeleton Technologies — Skeleton Technologies is the global leader in ultracapacitor & supercapacitor energy storage and helps companies in automotive, transportation, grid, and industry to save energy.
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Estonian venture capital
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Estonian venture capital provides support to entrepreneurs, fund managers, institutional investors.

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Investment focus

  • Industry: Energy, Software, CleanTech
  • Stage:Pre-Seed, Series A
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Skeleton Technologies — Skeleton Technologies is the global leader in ultracapacitor & supercapacitor energy storage and helps companies in automotive, transportation, grid, and industry to save energy.
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AS Giga
VC Fund · 1 investments in Estonia CleanTech startups

Holding

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Investment focus

  • Industry: Energy, Software, CleanTech
  • Stage:Seed
  • Geography: Estonia

Investor stats

  • Total investments: 2
  • Round size: Seed $542k–$636k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • LynxPower — Cleantech platform offering wireless metering and AI-driven energy management to track, analyze, and optimize energy use in real time.
  • MarkeDroid — Turn sites into intelligent power plants The world's most adaptable AI-powered Energy Orchestration Platform. Google Play App Store Our customers participate
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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Lemonade Stand is a VC fund that focuses on early stage B2B investments in Baltic and East European founders no matter the HQ location. Investing €25-300K in strong teams, technology or traction.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Estonia, Lithuania, India

Investor stats

  • Total investments: 43
  • Round size: Seed $1M–$3M; Pre-Seed $251k–$2.3M; Venture - Series Unknown $302k–$814k
  • Lead/follow: 9% lead, 91% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Ligence — AI Automated Echocardiography - Artificial intelligence-powered automated heart ultrasound echo lab system.
  • Soldera — Soldera is unifying energy certificate registries. We give corporate energy buyers, sustainability teams, procurement teams, utilities, and traders one infrastructure layer across fragmented registries so they can procure, manage, and cancel renewable energy certificates with far less manual work.The platform combines aggregated procurement fromthousands of utilities with cleaner registry execution and audit-ready, government-backed cancellation statements traceable to the generating machine. That makes renewable energy certificate management easier to run, easier to evidence, and easier to scale across markets.
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Tallinn University of Technology (TalTech)
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Tallinn University of Technology is a technological university that offers engineering, business, and public administration programs.

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Investment focus

  • Industry: CleanTech, GreenTech, Manufacturing
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • 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.
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ZGI Capital
VC Fund · Riga, Riga, Latvia · 1 investments in Estonia CleanTech startups

ZGI Capital is the fund management company that manages "ZGI fund”, that was founded to support entrepreneurs lacking start-up capital for their business. The total amount of assets available for venture capital investments is of EUR 7.4M. Combined with bank financing, this will allow to finance investment projects with total assets of up toEUR 30M. The fund acts on behalf of various investors including the State.

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Investment focus

  • Industry: Manufacturing, Consulting, Construction
  • Stage:Seed, Debt Financing
  • Geography: Latvia, Estonia, United Kingdom

Investor stats

  • Total investments: 28
  • Round size: Seed $55k–$896k; Debt Financing $110k–$981k
  • Lead/follow: 89% lead, 11% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • Echoo Group — Echoo Group provides Smart Home, Building automation system (BMS), Engineering network solutions from design to solution.
  • RoyaltyRange — RoyaltyRange is a data provider with 4 professional databases covering Royalty rates, Service fees, Loan rates, Companies' financials.
  • Electrify — Electrify manufactures electric buses and minibusses offers charging solutions, and bus infrastructure maintenance.
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TMT Investments
VC Fund · St. Helier, NA - Jersey, Jersey · 1 investments in Estonia CleanTech startups

TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 65 companies to date. The Company’s objective is to generate an attractive rate of return for shareholders,predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com.

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Investment focus

  • Industry: Software, SaaS, Social Media
  • Stage:Seed, Series A, Series B
  • Geography: United States, United Kingdom, Estonia

Investor stats

  • Total investments: 117
  • Round size: Seed $300k–$5M; Series A $1.5M–$11M; Series B $1.7M–$35M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: May invest from a new fund soon — raised $60M in 2017

Portfolio highlights

  • Backblaze — Backblaze is a pioneer in robust, scalable low cost cloud backup and storage services. Personal online backup to enterprise scale data storage solutions.
  • Rhino — First-class armored rides
  • Global Work — Explore 500k+ verified remote, hybrid, and local jobs worldwide. Find your ideal role, compare opportunities, and apply on globalwork.ai!
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LIFT99
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

LIFT99 is a coworking hub and network of startup founders in Tallinn, Estonia, and Kyiv, Ukraine. In 2018, we launched our Skillsharing Platform for founders around the world.

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Investment focus

  • Industry: Software, Information Technology, Legal
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Estonia, United Kingdom, El Salvador

Investor stats

  • Total investments: 10
  • Round size: Seed $800k–$1.1M; Pre-Seed $300k–$1.5M; Series A $7.7M–$12M
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
  • AXDRAFT — Automate contracts with AXDRAFT.
  • Legal Nodes — Offload your legal tasks to a virtual legal department and get on with running your business. Get started with the Legal Nodes platform for free.
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Martin Villig
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia CleanTech startups

Martin is co-founder of Bolt.eu, Estonian Founders Society, Garage48.org, Good Deed Education Foundation and kood/Jõhvi coding school. Read more from http://martinvillig.com

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Investment focus

  • Industry: Software, FinTech, Education
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, Spain, South Africa

Investor stats

  • Total investments: 20
  • Round size: Seed $500k–$6M; Angel $116k–$662k; Pre-Seed $303k–$2.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Planet42 — Having your own car has never been easier. Planet42 is a vehicle rental company offering rent-to-buy car service for private clients.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
  • StudentFinance — Catapult your career with leading re-skilling and up-skilling bootcamps. Study now and pay us back once you land a job & start earning!
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Sustainable Futures
VC Fund · 1 investments in Estonia CleanTech startups

Sustainable Futures is an investment arm of Mondelez International. Sustainable Futures aims to make seed investments in social companies that strive to enhance livelihoods and create healthy communities, as well as co-invest in projects that address climate change.

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Investment focus

  • Industry: Apps, AgTech, Credit
  • Stage:Seed, Series A
  • Geography: Spain, Estonia, Colombia

Investor stats

  • Total investments: 4
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Ziro — Embedded financial services for MSMEs | B2B Buy Now, Pay Later
  • Athian — Funding livestock sustainability via a connected carbon marketplace.
  • Pack2Earth — Pack2Earth, S.L. is a company that specializes in developing new, sustainable materials for the food sector and other industries.
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Janis Krums
Angel · Riga, Riga, Latvia · 1 investments in Estonia CleanTech startups

Janis Krums is a Venture Partner at change ventures.

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Investment focus

  • Industry: SaaS, Big Data, Software
  • Stage:Seed, Pre-Seed, Angel
  • Geography: United States, Estonia, United Kingdom

Investor stats

  • Total investments: 13
  • Round size: Seed $167k–$2.1M; Pre-Seed $708k–$2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • KWOTA — Verified carbon emission credits from increased material recovery
  • PayQin — Vous allez aimer payer en ligne
  • Detail — Record and edit videos with Detail for iOS and macOS. Everything you need to create videos and podcasts, fast. Download for free on the App Store.
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Greenco Ventures
VC Fund · 1 investments in Estonia CleanTech startups

Greenco Ventures is an investment firm.

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Investment focus

  • Industry: Software, Sustainability, Renewable Energy
  • Stage:Pre-Seed
  • Geography: Estonia, Denmark

Investor stats

  • Total investments: 3
  • Round size: Pre-Seed $255k–$1.6M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • KWOTA — Verified carbon emission credits from increased material recovery
  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Nature Preserve — Nature Preserve offers a subscription-based Life Cycle Assessment (LCA) platform tailored for food distributors and processors to track and minimize the emissions of food products.
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Swedbank
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 1 investments in Estonia CleanTech startups, 16 in the past 12 months

Swedbank AB (formerly Föreningssparbanken) is a Nordic-Baltic banking group offering retail banking, asset management, financial, and other services.Swedbank is a modern bank firmly rooted in Swedish savings bank history.

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Investment focus

  • Industry: Energy, Real Estate, Renewable Energy
  • Stage:Post-IPO Debt, Debt Financing
  • Geography: Sweden, Finland, Estonia

Investor stats

  • Total investments: 51
  • Round size: Post-IPO Debt $20M–$786M; Debt Financing $4.2M–$928M
  • Lead/follow: 43% lead, 57% follow

Portfolio highlights

  • Bonava — Bonava is a real estate company. They offer apartments and single-family housing to consumers and rental apartments to investors. It constructs several types of homes, such as multi-family housing, single-family homes, and semi-detached houses with various types of tenure.
  • UAB Rudina — Company details, contacts and financial data
  • Utilitas — Utilitas is an energy group that specializes in heat and electricity production and the provision of district heating services.
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CleanTech Investor funding in Estonia at a glance

Stats across 58 deals from 90 investors.

90
investors
in Estonia CleanTech startups
58
deals
in Estonia CleanTech startups
$1.1M
median round
in Estonia CleanTech startups
42%
lead investors
lead at least one round
29%
Seed
most common funding stage
87/13
VC / Angel
share of investor count

Access all 90 investors in Estonia CleanTech startups.

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