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Top 50 Climate Startup Investors in Estonia (July 2026)

The most active venture capital funds and angel investors investing in Estonia Climate startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Climate startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Prototron
VC Fund
11 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Internet of Things $3k–$27k
Lemonade Stand
VC Fund
9 Estonia, Lithuania, India Seed, Pre-Seed Software, Artificial Intelligence, FinTech $227k–$3M
Superangel
VC Fund
7 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $165k–$20M
Thorgate Ventures
VC Fund
6 Estonia, United Kingdom, Norway Seed, Pre-Seed, Series A Software, SaaS, FinTech $22k–$3.4M
EstBAN
VC Fund
5 Estonia, Lithuania, Latvia Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $197k–$2.2M
Specialist VC
VC Fund
5 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$6.6M
Vestman Energia
VC Fund
4 Estonia Seed, Pre-Seed Water, Software, CleanTech $531k–$1.7M
Contrarian Ventures
VC Fund
3 Lithuania, United Kingdom, France Seed, Series A, Pre-Seed Software, Renewable Energy, Energy $55k–$23M
Change Ventures
VC Fund
3 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$33M
Kristjan Raude
Angel
3 Estonia, United States Seed, Pre-Seed, Equity Crowdfunding Software, Automotive, Internet of Things $71k–$2.7M
BADideas.fund
VC Fund
3 Estonia, Latvia, Lithuania Seed, Pre-Seed, Grant Software, Information Technology, Artificial Intelligence $110k–$4.6M
Expansion Capital
VC Fund
3 Latvia, United States, Norway Seed, Debt Financing Manufacturing, Logistics, Transportation $125k–$713k
Spring Capital
VC Fund
3 Estonia, Finland, United States Seed, Pre-Seed, Series A Software, SaaS, E-Commerce $439k–$8.2M
BayWa r.e. Energy Ventures
VC Fund
2 Germany, Israel, Sweden Series B, Seed, Series A SaaS, Energy, Solar $1.3M–$16M
UG Investments
VC Fund
2 Estonia Seed, Series A GreenTech, Renewable Energy
Honey Badger Capital OÜ
VC Fund
2 Estonia, Germany Seed, Angel FinTech, GreenTech, Health Care $1.5M–$4.1M
Little Green Fund
VC Fund
2 Estonia Pre-Seed, Seed Software, CleanTech, GreenTech $543k–$4.3M
2C Ventures
VC Fund
2 Estonia, Finland, Italy Pre-Seed, Seed Software, Renewable Energy, SaaS $1M–$4.2M
Norrsken VC
VC Fund
2 Sweden, United Kingdom, Germany Seed, Series A Software, Artificial Intelligence, Health Care $1.1M–$56M
Greenco Ventures
VC Fund
2 Estonia Pre-Seed Software, Sustainability, Renewable Energy $1M–$1.6M
Kuldar Väärsi
Angel
2 Estonia Seed, Pre-Seed Manufacturing, Water, Battery
Icebreaker.vc
VC Fund
2 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $106k–$25M
Ragnar Sass
Angel
2 Estonia, Ukraine, United States Seed, Pre-Seed Information Technology, Software, SaaS $110k–$6M
Sunly
VC Fund
2 Estonia, France, Finland Seed, Pre-Seed, Series A Solar, CleanTech, Rental $329k–$4.3M
Taavi Tamkivi
Angel
2 Estonia, Latvia, United Kingdom Seed, Angel, Pre-Seed Software, Financial Services, AgTech $111k–$2.1M
Martin Villig
Angel
2 Estonia, Spain, South Africa Seed, Angel, Pre-Seed Software, FinTech, Education $111k–$6M
Eigenkapital
VC Fund
2 Estonia Water, Recycling, Water Purification
SpeedUp Venture Capital Group
VC Fund
2 Poland, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, SaaS $71k–$12M
Andrus Purde
Angel
2 Estonia, United Kingdom, Cyprus Seed, Pre-Seed Software, Apps, Internet $100k–$2.7M
Future Ventures
VC Fund
2 United States, China, Canada Series A, Seed, Series B Biotechnology, Software, Medical $2.7M–$863M
BSV Ventures
VC Fund
2 Lithuania, Estonia, Finland Pre-Seed, Seed, Grant Software, Biotechnology, Manufacturing $64k–$2.3M
Ambient Sound Investments
VC Fund
2 Estonia, United States, United Kingdom Seed, Series A Internet, Software, E-Commerce $200k–$3.7M
Iron Wolf Capital
VC Fund
2 Lithuania, Estonia, United Kingdom Seed, Series A, Pre-Seed Software, Information Technology, SaaS $120k–$7.1M
Kairi Pauskar
Angel
2 Estonia, United States Series A, Pre-Seed Software, Manufacturing, SaaS $11M–$50M
Taavi Veskimägi
Angel
2 Estonia Seed Water, Battery, Software $800k–$1.7M
Funderbeam
VC Fund
2 Estonia, United Kingdom Seed, Pre-Seed, Equity Crowdfunding Apps, FinTech, Software $549k–$2M
Markku Jääskelainen
Angel
2 Estonia Seed, Series A Drones, Big Data, Software
Shellona
VC Fund
2 Estonia Seed Manufacturing $1.6M–$4.4M
Madis Müür
Angel
2 Estonia, United States Seed, Equity Crowdfunding, Pre-Seed Apps, Cycling, Security $100k–$1.3M
Estonian venture capital
VC Fund
2 Estonia Pre-Seed, Series A Energy, Software, CleanTech
Sten Tamkivi
Angel
2 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, Manufacturing $120k–$35M
Kair Käsper
Angel
2 Estonia, United States, Lithuania Pre-Seed, Seed, Angel Software, SaaS, Financial Services $543k–$2.7M
42CAP
VC Fund
2 Germany, France, Sweden Seed, Series A, Pre-Seed Software, Artificial Intelligence, SaaS $1.3M–$28M
Trind Ventures
VC Fund
2 Finland, Estonia, Spain Seed, Series A, Venture - Series Unknown Software, Information Technology, SaaS $549k–$15M
Alvar Lumberg
Angel
2 Estonia Seed, Pre-Seed, Angel Software, Information Technology, FinTech $321k–$2.4M
EdgeCap Partners
VC Fund
2 Estonia Series A Power Grid, Building Material, Natural Resources
Superhero Capital
VC Fund
1 Finland, Estonia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Internet
Pascal Christian Weinberger
Angel
1 Estonia, Germany, United States Series A, Seed, Angel EdTech, Software, Communities
Commerce Ventures
VC Fund
1 United States, India, United Kingdom Series A, Seed, Series B FinTech, Software, Financial Services
Bangladesh Angels
VC Fund
1 Bangladesh, India, Estonia Seed, Pre-Seed, Angel Supply Chain Management, Fashion, SaaS
Access all 232 investors in Estonia Climate startups.

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

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Investor list

Prototron
VC Fund · Tallinn, Harjumaa, Estonia · 11 investments in Estonia Climate startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Neurosalience — Neurosalience develops a tool for the early detection of dementia from structural MRI scans.
  • 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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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 9 investments in Estonia Climate 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, FinTech
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, Lithuania, India

Investor stats

  • Total investments: 43
  • Round size: Seed $1.1M–$3M; Pre-Seed $227k–$2.2M
  • 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 enables renewable energy producers to earn additional income through an automatic guarantee of the origin trading system.
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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Climate 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: 78
  • Round size: Seed $767k–$6.6M; Pre-Seed $165k–$2.2M; Series A $5.3M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $35M in 2022

Portfolio highlights

  • ROCSYS — Meet the world's first autonomous charging solution for electrical vehicles in public transportation, logistics, material handling, and passenger cars.
  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
  • 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.
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Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia Climate 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: 23
  • Round size: Seed $22k–$713k; Pre-Seed $133k–$478k; Series A $2.1M–$3.4M
  • Lead/follow: 26% lead, 74% 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 is a personal finance management app that helps you to track, analyze and plan your finances.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia Climate 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, Lithuania, Latvia

Investor stats

  • Total investments: 22
  • Round size: Seed $215k–$2.2M; Angel $212k–$1M; Pre-Seed $197k–$1.2M
  • Lead/follow: 36% lead, 64% 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 Technologies is a Finnish deep-tech energy that creates renewable supercapacitors using only nanocellulose, biocarbon, and water, eliminating the need for mining entirely.
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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia Climate startups, 10 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: 69
  • Round size: Seed $587k–$6.6M; Pre-Seed $240k–$2.2M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $55M in 2022

Portfolio highlights

  • Copla — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • CyberUpgrade — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Vestman Energia
VC Fund · Viljandi, Viljandimaa, Estonia · 4 investments in Estonia Climate 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: Water, Software, CleanTech
  • Stage:Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $531k–$1.7M; Pre-Seed $1.2M–$1.6M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • KWOTA — Kwota offers digital validation and trading services for recycled material CO₂ emissions.
  • 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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Contrarian Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 3 investments in Estonia Climate 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: 55
  • Round size: Seed $274k–$8M; Pre-Seed $55k–$4M; Series A $1.7M–$23M
  • Lead/follow: 38% lead, 62% follow

Portfolio highlights

  • Fusebox Energy — Fusebox is a bridge between consumers and energy markets to save on energy costs and reduce CO2.
  • Inion software — Renewable energy infrastructure provider (PV plant management, PV park SCADA racks, battery and EV charging integration and control)
  • Thrust — Intelligent UAV Systems for Aerial Diagnostics Services
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Climate 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: 64
  • Round size: Seed $500k–$4.5M; Pre-Seed $273k–$2.2M; Series A $1M–$33M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Eurora — Eurora develops an e-commerce suite of customs compliance tools.
  • FanSifter — FanSifter is a fan data management platform that leverages machine learning to help rights holders in music, entertainment, and sports increase tickets, music, merch, experiences, and sponsorships sales.
  • RecruitLab — Teamdash's built-in recruitment, applicant tracking, and marketing features give you the focus you need to achieve the impossible. Here's how.
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Kristjan Raude
Angel · 3 investments in Estonia Climate 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:Seed, Pre-Seed, Equity Crowdfunding
  • Geography: Estonia, United States

Investor stats

  • Total investments: 13
  • Round size: Seed $488k–$1.3M; Pre-Seed $71k–$549k; Equity Crowdfunding $168k–$2.7M
  • Lead/follow: 31% lead, 69% 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 — Barking delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Barking 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 toan international 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.
  • 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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Access 48,091 investors

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

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BADideas.fund
VC Fund · 3 investments in Estonia Climate startups, 10 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: 38
  • Round size: Seed $540k–$4.6M; Pre-Seed $110k–$1.3M
  • Lead/follow: 16% lead, 84% follow

Portfolio highlights

  • Tapaya — Tapaya is a fintech infrastructure company that provides payment acceptance software designed to turn any device into a payment terminal.
  • Spotwise.ai
  • WhiteBridge AI — Whitebridge.ai will find everything about you online and provide you with a report. Check your online reputation or research people using AI. We help transform scattered online data into a coherent narrative of a your digital identity so that you can safeguard your reputation, understand prospects, prepare for pitches, hire wisely, and verify authenticity.
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Expansion Capital
VC Fund · Riga, Riga, Latvia · 3 investments in Estonia Climate 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, Logistics, Transportation
  • Stage:Seed, Debt Financing
  • Geography: Latvia, United States, Norway

Investor stats

  • Total investments: 40
  • Round size: Seed $200k–$713k; Debt Financing $125k–$246k
  • Lead/follow: 80% lead, 20% follow

Portfolio highlights

  • Flirtu — Flirtu is an app for dating on Telegram that helps users find their perfect match.
  • Willow Wealth — Willow Wealth is an alternative investment platform focused on generating income streams for investors. Get exclusive access to private market investments.
  • FIS.solutions — Loan Management System | Loan Servicing Software | Lending Software. Instalment loans, mortgages, car leasing & rentals, credit line, business loans, factoring
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Spring Capital
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Climate 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: 24
  • Round size: Seed $439k–$2.4M; Pre-Seed $500k–$580k; Series A $7M–$8.2M
  • Lead/follow: 21% lead, 79% follow
  • Last fund: May invest from a new fund soon — raised $3.9M 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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BayWa r.e. Energy Ventures
VC Fund · Munich, Bayern, Germany · 2 investments in Estonia Climate startups

BayWa r.e. Energy Ventures is a Munich based venture capital firm looking for early stage investment opportunities in the energy market all over Europe and Israel.They focus on scalable business models in the areas of digital energy solutions, storage and e-mobility. They believe the key to success is ensuring great chemistry and collaborationbetween the founders, management team and investors.As the venture capital unit of the BayWa r.e. Holding, they combine corporate stability and a deep understanding of the energy market with the entrepreneurial experience and mindset within their dedicated team.

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Investment focus

  • Industry: SaaS, Energy, Solar
  • Stage:Series B, Seed, Series A
  • Geography: Germany, Israel, Sweden

Investor stats

  • Total investments: 10
  • Round size: Seed $1.3M–$2.2M; Series B $6.6M–$16M
  • Lead/follow: 70% lead, 30% follow

Portfolio highlights

  • Pexapark — Pexapark provides software and advisory services for post-subsidy renewable energy sales and risk management.We make PPA transactions happen. -- Our advisory team has supported more than 60 PPA transactions, with a volume of over 10 GW. We manage transactions, support negotiations, source offtakers and advise M&A. We empower you to masterrenewable energy risks. -- We distil 20+ years of energy trading knowledge into user-friendly software tools that build capabilities and give you mastery over renewable energy risks.We connect and educate renewables professionals. -- With our community platform “LinkedIn for renewable energy professionals” we connect key players in the renewable energy market to accelerate the transition to a sustainable, renewable energy future.For more information please visit www.pexapark.com, or get in touch with us at togetherbetter@pexapark.com.
  • Roofit.solar — Our award-winning integrated solar roof combines Nordic design with premium materials and highly efficient solar technology.
  • Circadian Technologies GmbH — AI-driven VPP unlocking revenue for telecom towers.
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UG Investments
VC Fund · Tallinna, Harjumaa, Estonia · 2 investments in Estonia Climate startups

UG Investments provides sustainable businesses with good potential and competent management with a strong capital basis and an appropriate time horizon.

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Investment focus

  • Industry: GreenTech, Renewable Energy
  • Stage:Seed, Series A
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Stargate Hydrogen — Stargate Hydrogen is a European deep-tech company focused on advancing the production of green hydrogen with novel Stacks and turn-key Alkaline Electrolysers.
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Honey Badger Capital OÜ
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

We invest between 50k€ – 150k€ to start-ups along with access to our extensive network and know-how. We work together with an extended group of Pipedrive Angels who have the option to also join the investments we make which can bring the total amount invested up.

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Investment focus

  • Industry: FinTech, GreenTech, Health Care
  • Stage:Seed, Angel
  • Geography: Estonia, Germany

Investor stats

  • Total investments: 4
  • Round size: Seed $1.5M–$4.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
  • 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.
  • 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.
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Little Green Fund
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate 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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2C Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

2C Ventures is an early-stage venture capital firm investing in European cleantech startups driving the energy transition and circular economy. Backing visionary founders tackling climate challenges.

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Investment focus

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

Investor stats

  • Total investments: 11
  • Round size: Seed $1.2M–$4.2M; Pre-Seed $1M–$2.3M
  • Lead/follow: 73% lead, 27% follow

Portfolio highlights

  • GaltTec — GaltTec focuses on developing and marketing microtubular solid oxide fuel cells. GaltTec specializes in drones, off-grid equipment, IoT, portable devices, and space equipment. GaltTec was founded in 2022 and was headquartered in Tartu, Estonia.
  • Bisly — Bisly Scalable Building Automation reduces the overhead for building professionals and makes energy saving easy and affordable.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Norrsken VC
VC Fund · Stockholm, Stockholms Lan, Sweden · 2 investments in Estonia Climate startups

We are a venture capital fund investigating in Start-Ups solving the worlds biggest problems while building massive businesses.

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Investment focus

  • Industry: Software, Artificial Intelligence, Health Care
  • Stage:Seed, Series A
  • Geography: Sweden, United Kingdom, Germany

Investor stats

  • Total investments: 106
  • Round size: Seed $1.1M–$14M; Series A $4.2M–$56M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: Likely still investing — raised $340M in 2024

Portfolio highlights

  • Biorce — Biorce is an innovating HealthAI startup committed to transforming drug development through the use of artificial intelligence.
  • CEEZER — CEEZER is the digital infrastructure to give companies access to the complex voluntary carbon market. Deliver true climate impact now!
  • Endra — Endra is a software platform for mechanical, electrical, and plumbing (MEP) engineering that automates the design, modeling, and documentation of building systems. The platform generates 2D and 3D models, calculations, schedules, diagrams, and other engineering documentation from architectural and building design inputs. It supports disciplinessuch as electrical, fire alarm, HVAC, plumbing, and sprinkler system design, and integrates with Autodesk Revit and common CAD and BIM file formats. Endra uses artificial intelligence, simulation, and computational methods to assist with tasks such as system layout, cable routing, device placement, and documentation generation while helping engineers comply with applicable design standards and regulations. The platform is designed for MEP engineers and engineering firms seeking to reduce manual design and documentation work across construction projects.
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Greenco Ventures
VC Fund · 2 investments in Estonia Climate startups

Greenco Ventures is an investment firm.

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Investment focus

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

Investor stats

  • Total investments: 2
  • Round size: Pre-Seed $1M–$1.6M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • KWOTA — Kwota offers digital validation and trading services for recycled material CO₂ emissions.
  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
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Kuldar Väärsi
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

Kuldar Väärsi is the Founder and CEO at Milrem Robotics.

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Investment focus

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

Investor stats

  • Total investments: 5
  • Lead/follow: 40% lead, 60% 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.
  • GaltTec — GaltTec focuses on developing and marketing microtubular solid oxide fuel cells. GaltTec specializes in drones, off-grid equipment, IoT, portable devices, and space equipment. GaltTec was founded in 2022 and was headquartered in Tartu, Estonia.
  • Vegvisir — Vegvisir offers a 360-degree situational awareness system using XR tech for manned vehicles in defense and security sectors.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 2 investments in Estonia Climate 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: 124
  • Round size: Seed $384k–$5.2M; Pre-Seed $106k–$1.3M; Series A $3.1M–$25M
  • Lead/follow: 53% lead, 47% follow
  • Last fund: May invest from a new fund soon — raised $22M in 2021

Portfolio highlights

  • Cytely — Transforms microscopy from image-driven to data-driven through AI-powered autonomous targeting that captures high-resolution data of critical cellular events, enabling researchers to solve complex biological problems in minutes instead of years.
  • Oplane — Oplane AB is a cybersecurity startup that develops an AI powered platform for automated threat modeling for software development teams.
  • ReOrbit — Looking for a way to keep your data flowing in space? ReOrbit has you covered with our line of autonomous and inter-networking satellites!
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Ragnar Sass
Angel · 2 investments in Estonia Climate startups

Ragnar Sass is the Co-Founder of Darkstar Camp. He previously worked at LIFT99 as a Founder and CEO. Ragnar Sass attended Estonian Business School.

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Investment focus

  • Industry: Information Technology, Software, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, Ukraine, United States

Investor stats

  • Total investments: 33
  • Round size: Seed $677k–$6M; Pre-Seed $110k–$2.2M
  • Lead/follow: 12% lead, 88% follow

Portfolio highlights

  • Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.
  • 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.
  • Ampler Bikes — Ampler is a light electric bike for everyone who seeks freedom and adventure in their daily routines and commutes. No heavy batteries, bulky screens or other clutter. We combine modern technology with a traditional bicycle design to make pedalling easier, lighter and faster. Our vision is to offer emotive zero-emission commuting for everyone.Since 2016, Ampler has grown from a small bicycle startup into a committed e-bike company with a large international team and showrooms in Berlin, Cologne, Amsterdam, Zurich and Tallinn. Our lightweight e-bike models Curt, Stout and Stellar have won multiple awards and are being used every day by over 10,000 happy riders all over Europe.Our team spirit, mission, values and production principles are still the same as on the early days of Ampler. All our bikes are designed with the highest attention to details and are hand-assembled in our factory in Tallinn, Estonia.
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Sunly
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate 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 $549k–$4.3M; Pre-Seed $329k–$549k
  • 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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Taavi Tamkivi
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

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

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Investment focus

  • Industry: Software, Financial Services, AgTech
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, Latvia, United Kingdom

Investor stats

  • Total investments: 10
  • Round size: Seed $371k–$1.3M; Angel $111k–$1M; Pre-Seed $191k–$2.1M
  • 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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Martin Villig
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate 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 $111k–$637k; Pre-Seed $276k–$2.2M
  • 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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Eigenkapital
VC Fund · Curitiba, Parana, Brazil · 2 investments in Estonia Climate startups

Eigenkapital is an investment firm.

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Investment focus

  • Industry: Water, Recycling, Water Purification
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • 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.
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SpeedUp Venture Capital Group
VC Fund · Poznan, Wielkopolskie, Poland · 2 investments in Estonia Climate 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, United States

Investor stats

  • Total investments: 60
  • Round size: Seed $135k–$4.3M; Pre-Seed $71k–$500k; Series A $2.1M–$12M
  • Lead/follow: 23% lead, 77% follow
  • Last fund: May invest from a new fund soon — raised $25M 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 — GetHenry is a rapidly growing subscription service for market-leading delivery companies. We make sure that thousands of couriers are on the move safely, quickly and comfortably every day. In this way, we not only create added value for delivery services, but also help to reduce transport-related CO2 emissions on the last mile.
  • 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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Andrus Purde
Angel · 2 investments in Estonia Climate startups

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

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Investment focus

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

Investor stats

  • Total investments: 11
  • Round size: Seed $100k–$2.7M; Pre-Seed $830k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Jatri — Jatri is a public transport journey planner, digital ticketing and mobility marketplace, driving productivity by helping drivers to offer reliable transport to the commuters through our state-of-the-art technology.
  • Klaus — Klaus is a conversation review tool that improves customer service quality by making internal feedback easy and systematic. It also integrates with your help desk, good for improving the quality of answers and on-boarding new agents. They also connect to your favorite help desk solution and saves time on fumbling around with spreadsheets and comingup with the review system.Klaus is based in Tallinn, Estonia.
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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Future Ventures
VC Fund · San Francisco, California, United States · 2 investments in Estonia Climate startups

Future Ventures is a financial services platform with a focus on disruptive technology companies such as commercial space exploration, deep learning, quantum computing, robotics, AI, blockchain, sustainable transportation, synthetic biology and clean meat.As venture capitalists, the founders of Future Ventures have led founding investments inseveral companies that had successful IPOs and others that were acquired for over $16 billion in aggregate. Some of our early VC investments include Memphis Meats, Mythic, Nervana, Planet, Rethink Robotics, Skype, SpaceX, Tesla and Zoox. Current board seats include SpaceX, Tesla, and D-Wave.

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Investment focus

  • Industry: Biotechnology, Software, Medical
  • Stage:Series A, Seed, Series B
  • Geography: United States, China, Canada

Investor stats

  • Total investments: 76
  • Round size: Seed $2.7M–$26M; Series A $8.3M–$55M; Series B $30M–$863M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — raised $200M in 2019

Portfolio highlights

  • Gameto — Gameto is a new breed of biotechnology company in female reproductive longevity
  • Earthshot Labs — We are an open-source community, public benefit technology company, and regenerative asset manager using data science for planetary-scale climate mitigation.
  • ALICE Technologies — ALICE is a construction project schedule optimization software that enables contractors and owners to optimize, de-risk and recover construction projects with AI.
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BSV Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 2 investments in Estonia Climate startups

Baltic Sandbox Ventures is an early-stage VC dedicated to developing the Deep Tech and Life Science ecosystem in the Baltic region. Our focus is on early-stage individuals and teams that are engaged in research and development and are seeking to address complex technical challenges with significant potential for commercial applications.

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Investment focus

  • Industry: Software, Biotechnology, Manufacturing
  • Stage:Pre-Seed, Seed, Grant
  • Geography: Lithuania, Estonia, Finland

Investor stats

  • Total investments: 31
  • Round size: Seed $207k–$2.3M; Grant $64k–$134k; Pre-Seed $328k–$1.4M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: Likely still investing — raised $18M in 2022

Portfolio highlights

  • FirstQFM — FirstQFM offers patent-pending AI foundation models for quantum computing.
  • Emulsi Biotech — Emulsi Biotech is a biotechnology company that develops lipid technology to deliver biologic drugs orally.
  • Intu Diagnostics — Intu Diagnostics develops rapid and instrument-free solutions for infectious disease diagnostics, aiming for affordability and global accessibility. The company is committed to implementing a sustainable and socially responsible business model to contribute to better global health through its technology. The product portfolio includes solutionslike PCR-TO-GO, designed to bring doctor's office-level diagnostics to the patient's door.
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Ambient Sound Investments
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

Ambient Sound Investments (ASI) was established in 2003 as an equal partnership by four founding engineers at Skype to hold a minority stake in Skype. At the end of 2005 ASI sold its Skype shares to eBay and now operates as a private investment vehicle.

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Investment focus

  • Industry: Internet, Software, E-Commerce
  • Stage:Seed, Series A
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 31
  • Round size: Seed $200k–$3.7M; Series A $527k–$3.7M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • Pomelo Fashion — Shop the latest fashion at POMELO fashion. Designed and manufactured in house for quality and style. Dresses, tops, knits, jackets, denim, accessories and more!
  • KappaZeta — KappaZeta provides services for interpreting radar satellite data to assist farmers in increasing profitability and improving the quality of agricultural products.
  • Ampler Bikes — Ampler is a light electric bike for everyone who seeks freedom and adventure in their daily routines and commutes. No heavy batteries, bulky screens or other clutter. We combine modern technology with a traditional bicycle design to make pedalling easier, lighter and faster. Our vision is to offer emotive zero-emission commuting for everyone.Since 2016, Ampler has grown from a small bicycle startup into a committed e-bike company with a large international team and showrooms in Berlin, Cologne, Amsterdam, Zurich and Tallinn. Our lightweight e-bike models Curt, Stout and Stellar have won multiple awards and are being used every day by over 10,000 happy riders all over Europe.Our team spirit, mission, values and production principles are still the same as on the early days of Ampler. All our bikes are designed with the highest attention to details and are hand-assembled in our factory in Tallinn, Estonia.
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Iron Wolf Capital
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 2 investments in Estonia Climate startups

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: 43
  • Round size: Seed $450k–$2.6M; Pre-Seed $120k–$965k; Series A $3.2M–$7.1M
  • Lead/follow: 58% lead, 42% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Speiz — Speiz is a platform that enables revenue generation and sales for companies through the renting of warehousing space.
  • Vegvisir — Vegvisir offers a 360-degree situational awareness system using XR tech for manned vehicles in defense and security sectors.
  • Solfeg.io — Have trouble with your students in music lessons? Are they not engaged in your curriculum? Solfeg.io app will help you solve this problem. Our app for music teachers can increase students engagement by up to 90%. Learn how and try out our software for FREE here!
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Kairi Pauskar
Angel · 2 investments in Estonia Climate startups

Kairi Pauskar

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Investment focus

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

Investor stats

  • Total investments: 3
  • Round size: Series A $11M–$50M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Katana — Katana gives thousands of manufacturers a live look at their business with visual, intuitive, and easy-to-use ERP software.
  • Printify — Sell custom t-shirts, phone cases, and 800+ products with your designs printed on demand. We will handle printing and shipping to your customers.
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Taavi Veskimägi
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

CEO of Sentris Capital defence/resilience investment firm; Founder and Chairman of the Estonian Defence & Aerospace Industry Association; Partner at 2°C Ventures Venture Capital firm; Served 14 years as CEO of of Estonian National Electricity&Gas system operator Elering AS; Former Minister of Finance and Vice Chairman of EstonianParliament; Long term civil servant of the Estonian MoF;

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Investment focus

  • Industry: Water, Battery, Software
  • Stage:Seed
  • Geography: Estonia

Investor stats

  • Total investments: 4
  • Round size: Seed $800k–$1.7M
  • Lead/follow: 50% lead, 50% 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.
  • Wayren — Wayren is an Estonian technology business that specializes in secure, robust digital communication solutions built to work successfully amid bandwidth constraints and communication outages.
  • 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.
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Funderbeam
VC Fund · London, England, United Kingdom · 2 investments in Estonia Climate 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: Apps, FinTech, Software
  • Stage:Seed, Pre-Seed, Equity Crowdfunding
  • Geography: Estonia, United Kingdom

Investor stats

  • Total investments: 4
  • Round size: Seed $549k–$2M
  • Lead/follow: 25% lead, 75% follow

Portfolio highlights

  • Pynk — Pynk is the Multi-Award Winning London Fintech that rewards you for making predictions on assets like Gold, NASDAQ and Bitcoin. Free sign up, start today!
  • 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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Markku Jääskelainen
Angel · Miami, Florida, United States · 2 investments in Estonia Climate 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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Shellona
VC Fund · Ramatuelle, Provence-Alpes-Cote d'Azur, France · 2 investments in Estonia Climate startups

Shellona offers a musical atmosphere inspired by trends from Ibiza & Mykonos.

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Investment focus

  • Industry: Manufacturing
  • Stage:Seed
  • Geography: Estonia

Investor stats

  • Total investments: 2
  • Round size: Seed $1.6M–$4.4M
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Frankenburg Technologies — Frankenburg Technologies aims to develop missile systems that are ten times more affordable, a hundred times faster to produce, and in quantities far exceeding current industry capabilities.
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Madis Müür
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

Madis Müür

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Investment focus

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

Investor stats

  • Total investments: 6
  • Round size: Seed $549k–$1.3M; Equity Crowdfunding $100k–$1.3M
  • Lead/follow: 67% lead, 33% 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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Estonian venture capital
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate 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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822 industries, 177 countries. Updated daily. Emails and phones included.

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Sten Tamkivi
Angel · San Francisco, California, United States · 2 investments in Estonia Climate startups

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

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Investment focus

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

Investor stats

  • Total investments: 46
  • Round size: Seed $540k–$20M; Pre-Seed $120k–$2.2M; Series A $7.1M–$35M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • Katana — Katana gives thousands of manufacturers a live look at their business with visual, intuitive, and easy-to-use ERP software.
  • Entrepreneurs First — We turn exceptional individuals into funded founders. We back you first, then give you a bridge to Silicon Valley.
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Kair Käsper
Angel · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate startups

Kair Käsper

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Investment focus

  • Industry: Software, SaaS, Financial Services
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, United States, Lithuania

Investor stats

  • Total investments: 6
  • Round size: Seed $584k–$2.7M; Pre-Seed $543k–$1.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Lutso — Empowering older adults to live independently, safely, and with dignity. Lutso is the smarter way to support aging at home.
  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Frontu — Field service management software designed to simplify business operations. Learn how FSM can transform your field service company. Try now!
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42CAP
VC Fund · Munich, Bayern, Germany · 2 investments in Estonia Climate startups

We are peers amongst entrepreneurs helping the brave to build game-changing companies, just like we have done ourselves.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Germany, France, Sweden

Investor stats

  • Total investments: 96
  • Round size: Seed $2.2M–$6M; Pre-Seed $1.3M–$2.3M; Series A $2.3M–$28M
  • Lead/follow: 34% lead, 66% follow

Portfolio highlights

  • ALP Bio — Alp Bio’s platform integrates tonsil organoid technology with advanced protein AI to identify and mitigate immunogenic risks in therapeutic antibodies, ensuring safer patient outcomes.
  • Flowlity — Flowlity revolutionizes planners' experience by streamlining tasks within planning tools and automating 95% of planning activities.
  • Quillon — Quillon develops artificial intelligence software designed for technical accounting and financial reporting workflows. The platform enables users to research accounting standards, analyze regulatory filings, and interpret contractual documents with outputs linked to source references for traceability. It provides tools for drafting structuredaccounting memos, performing peer benchmarking across filings, and executing compliance checklists within a unified workspace. The system integrates data from frameworks such as US GAAP and IFRS, along with public filing databases, to support decision-making in areas like revenue recognition and financial disclosures. Quillon also includes collaboration and document editing features that allow teams to review, revise, and finalize reporting materials within the platform.
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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Climate 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, Series A, Venture - Series Unknown
  • Geography: Finland, Estonia, Spain

Investor stats

  • Total investments: 44
  • Round size: Seed $549k–$4.9M; Series A $5.5M–$15M; Venture - Series Unknown $692k–$6.7M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: May invest from a new fund soon — raised $27M in 2018

Portfolio highlights

  • Webel — Webel is an on demand Home Services Marketplace (cleaning, nannies, tutors...) where clients can search, book, compare, pay and review these services. Thanks to a deep analysis of the current methods for hiring these services and the competition outlook, we have created a unique and revolutionary business model that will outperform the market.
  • GitHits — GitHits gives AI coding agents access to open-source code
  • 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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Alvar Lumberg
Angel · 2 investments in Estonia Climate startups

Alvar Lumberg

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Investment focus

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

Investor stats

  • Total investments: 12
  • Round size: Seed $587k–$2.4M; Pre-Seed $321k–$2.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is an online selling and shopping platform for new and preloved fashion. Buy preloved clothing safely or open your own shop and sell. Find unique second hand clothes, earn extra money and help save the Planet.
  • 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.
  • ScamGuardian.AI — Providing Actionable Intelligence to Stop Scams
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EdgeCap Partners
VC Fund · 2 investments in Estonia Climate startups

EdgeCap Partners focuses on private and venture capital investments.

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Investment focus

  • Industry: Power Grid, Building Material, Natural Resources
  • Stage:Series A
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Roofit.solar — Our award-winning integrated solar roof combines Nordic design with premium materials and highly efficient solar technology.
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Superhero Capital
VC Fund · Helsinki, Southern Finland, Finland · 1 investments in Estonia Climate startups, 7 in the past 12 months

Early-stage VC searching for the next Superheroes.

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Investment focus

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

Investor stats

  • Total investments: 54
  • Lead/follow: no public data

Portfolio highlights

  • Phaver — Welcome to the biggest mobile app on Lens Protocol. Access all that Web3 Social has to offer through one easy-to-use app. Engage with your favourite creators, connect your NFT's, earn rewards and more
  • MyDello — Get instant quotes for all transportation modes. Enter a new era of freight forwarding with the MyDello logistics platform. Sign up for free
  • Fractory — Metal fabrication services for project and series manufacturing. 1-1 engineering support and payment terms for companies.
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Pascal Christian Weinberger
Angel · San Francisco, California, United States · 1 investments in Estonia Climate startups

Pascal Christian Weinberger - CEO & Co-Founder @ Bardeen

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Investment focus

  • Industry: EdTech, Software, Communities
  • Stage:Series A, Seed, Angel
  • Geography: Estonia, Germany, United States

Investor stats

  • Total investments: 4
  • Lead/follow: no public data

Portfolio highlights

  • Zowie — Zowie is the brain powering customer service automation. Plug in Zowie AI Chatbot in minutes, automate in hours. No code. Zowie self-learns. Get a free demo!
  • simpleclub — simpleclub - the most popular digital learning platform in Germany with over 1 million users per month.Loved by both students and parents, simpleclub makes it easy for students and learners to understand anything related to any subject at school by investing less time and therefore reducing stress. At simpleclub we are all creators. We have builta product that millions of people already use and are falling in love with. Check out our app for Apple and Android.We are on a mission to disrupt the traditional school-based learning system by creating a learning experience personalised to every student. Created in 2015 by back then students, Alexander Giesecke and Nicolai Schork, simpleclub has grown to over 1M users and going. In 2020, simpleclub secured a seed round from HV Capital (formerly HV Holtzbrinck Ventures) to accelerate growth.
  • Envelop Risk — Envelop Risk Analytics is a cyber insurance specialists, combining insurance expertise with artificial intelligence-driven cyber risk modeling.
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Commerce Ventures
VC Fund · San Francisco, California, United States · 1 investments in Estonia Climate startups

At Commerce Ventures, they are building a new and different type of venture capital firm. Their investors are a unique and strategic blend of leading entrepreneurs, senior executives, and corporates from their focus sectors (mobile, retail/e-commerce, payments, fin-tech, insurance). In addition to providing capital, they are committed tohelping their portfolio companies succeed in scaling their commerce-related innovations.

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Investment focus

  • Industry: FinTech, Software, Financial Services
  • Stage:Series A, Seed, Series B
  • Geography: United States, India, United Kingdom

Investor stats

  • Total investments: 182
  • Lead/follow: no public data

Portfolio highlights

  • Clerq — Clerq makes it easy for your business to accept low-cost, guaranteed bank payments with the ease and safety of cards.
  • Flueid — Flueid Software Corporation is on a mission to fundamentally change how the traditional real estate transaction closing process works. With broad strategic, design, technology and operational experience within these industries, our goal is not to eliminate critical functions within the process, but to re-think them and make them smarter, whichultimately increases productivity and reduces redundancy and cost. Working with major title insurance, real estate and mortgage lending partners, Flueid develops key solutions that streamline real estate transaction workflow, automate the delivery of risk-eliminating information during closing, and optimize business processes throughout the entire process.
  • Reachify — Reachify empowers restaurants to connect with their customers easily with Call Deflection to capture otherwise lost revenue.
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Bangladesh Angels
VC Fund · Dhaka, Dhaka, Bangladesh · 1 investments in Estonia Climate startups

Bangladesh Angels operates as an angel investing platform. Its mission to nurture innovation and entrepreneurship in Bangladesh, connecting them to both local and global investors. Bangladesh Angels was founded in 2018 and is headquartered in Dhaka, Bangladesh.

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Investment focus

  • Industry: Supply Chain Management, Fashion, SaaS
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Bangladesh, India, Estonia

Investor stats

  • Total investments: 11
  • Lead/follow: no public data

Portfolio highlights

  • Airwrk — AI recruiting sidekick for founders: post permanent or contractual jobs with AI assessments, interview offshore/nearshore remote developers in 24 hours.
  • Shuttle — Shuttle is a mass-transit startup based in Bangladesh that provides safe transportation at an affordable fare by moving more people with fewer vehicles and caters to both B2B and B2C customers.
  • Reverse Resources — The smartest way to deal with leftovers from fashion production
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Climate Investor funding in Estonia at a glance

Stats across 176 deals from 232 investors.

232
investors
in Estonia Climate startups
176
deals
in Estonia Climate startups
$1.1M
median round
in Estonia Climate startups
48%
lead investors
lead at least one round
24%
Pre-Seed
most common funding stage
78/22
VC / Angel
share of investor count

Access all 232 investors in Estonia Climate startups.

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