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Top 15 Community Startup Investors in Estonia (September 2026)

The most active venture capital funds and angel investors investing in Estonia Community startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Community startup companies. Find investors to raise a Pre-Seed, Seed or Angel round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
MM Grupp
VC Fund
2 Estonia, United Kingdom Seed, Angel, Series D Energy, Gaming, Battery $34M–$49M
Ambient Sound Investments
VC Fund
2 Estonia, United States, United Kingdom Seed, Series A, Series B Internet, Software, E-Commerce $200k–$6M
Kuido Lepik
Angel
2 Estonia, Germany Seed, Pre-Seed Apps, Software, B2B $47k–$354k
Arteel Ventures
VC Fund
1 Finland, Estonia, United States Seed, Angel Mobile, Software, B2B $500k–$3.9M
Iaroslav Belkin
Angel
1 Estonia Pre-Seed SaaS, Web3, Events $1M–$1.2M
Veedoo
VC Fund
1 Estonia Pre-Seed Events, Sports, Fitness
Pablo Palma
Angel
1 Estonia Pre-Seed B2B, Travel, Tourism
Lluís Bayer
Angel
1 Estonia Pre-Seed Rental, Recruiting, Advertising
Raigo Õunapuu
Angel
1 Estonia Pre-Seed Apps, GPS, Pet $79k–$122k
Arvi Tavast
Angel
1 Estonia Seed, Angel AgTech, Farming, Software $200k–$531k
Mercurio
VC Fund
1 Estonia Angel Communities, Open Source, Social Impact
Martin Henk
Angel
1 Estonia, United States, United Kingdom Pre-Seed, Seed, Angel Software, SaaS, Marketplace $218k–$5.1M
Martin Tajur
Angel
1 Estonia, Poland, Ukraine Pre-Seed, Seed, Angel Software, Artificial Intelligence, SaaS $136k–$2.7M
Change Ventures
VC Fund
1 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
Enabling Future
VC Fund
1 United States, United Arab Emirates, The Netherlands Seed, Angel, Series A Software, Financial Services, Information Technology $50k–$30M
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Investor list

MM Grupp
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Community startups

MM Grupp is a privately owned holding and investment company headquartered in Estonia. The group has made strategic investments in different sectors, including pharmaceuticals' distribution (Magnum) and real estate development (Ecobay). Furthermore, the group strongly focuses on new venture capital investments to bring innovative products andservices to the market (Bacterfield, Villa Benita). Group companies employ more than 1,000 employees and mainly operate in Europe.

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Investment focus

  • Industry: Energy, Gaming, Battery
  • Stage:Seed, Angel, Series D
  • Geography: Estonia, United Kingdom

Investor stats

  • Total investments: 5
  • Round size: Series D $34M–$49M
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Yanu — Robotics Company in Estonia, EU.
  • Dark Math Games — Studio behind the upcoming detective RPG - TANGERINE ANTARCTIC Wishlist on Steam!
  • 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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Ambient Sound Investments
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Community 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, Series B
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 31
  • Round size: Seed $200k–$3.7M; Series A $527k–$3.7M; Series B $5.2M–$6M
  • 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's AI-driven satellite insights help governments and businesses make fact-baseddecisions and save time on analyzing vast amounts of data globally.
  • 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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Kuido Lepik
Angel · 2 investments in Estonia Community startups

Kuido Lepik - Owner & CEO @ Signiti

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Investment focus

  • Industry: Apps, Software, B2B
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, Germany

Investor stats

  • Total investments: 5
  • Round size: Seed $262k–$354k; Pre-Seed $47k–$79k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

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

Arteel Ventures is a fully independent and invests from its balance sheet. As an investment vehicle, we are focused on innovative early stage start-ups with capable management team and disruptive idea in areas of internet, mobile device based services and solutions. We make investments between 25.000 – 150.000 €.Arteel Ventures is not a fund, sowe don’t have a need to stamp any sell before dates to company we invest in. We invest not only equity but also our time, knowledge and network to the use of our portfolio companies. Our investment approach is active and hands-on, as is our approach to ownership. We believe in independence, openness and clarity when partnering with entrepreneur-driven management teams.

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Investment focus

  • Industry: Mobile, Software, B2B
  • Stage:Seed, Angel
  • Geography: Finland, Estonia, United States

Investor stats

  • Total investments: 7
  • Round size: Seed $500k–$3.9M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Zapflow — Zapflow is the all in one solution for investment professional working in venture capital, private equity and alternative investments.
  • Wellness Foundry — MealLogger, your photo food journal and nutrition network, is the fast and easy way to keep track of your personal wellness. App available on iOS and Android
  • EatAndTheCity — EatAndTheCity helps international newspapers, magazines, local media & food guides monetise the influence of their content. We enhance the communication between local communities and local media. Their revenue generating restaurant journalism platform for media companies allows users to not only discover but to reserve gastronomic experiences.EatAndTheCity’s white label platform already collaborates with leading companies in Finland and Estonia and Germany. Media and publishing companies are able to leverage their connection with local communities to generate new revenue streams. Combining these features and the business model in cooperation with local media companies differentiates us from the competitors.
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Iaroslav Belkin
Angel · 1 investments in Estonia Community startups

Yaroslav Belkin established Belkin Marketing as Founder & CEO in 2007. With his extensive experience in PR and GR, he chalked another milestone in 2018 with the Cointelegraph team where he worked as Head of Marketing for Cointelegraph events and Chief Marketing Officer at NewsBTC Media Group.Mr. Belkin focuses exclusively on DigitalMarketing and Marketing Strategies with extensive experience in ICO Marketing and PR. As ICO Advisor with a meticulous sense for details, he is well known in major US, European and Asian regions. He is regularly mentioned in crypto news media as one of the top providers of ICO Marketing services.While he has gained animosity with his no-holds-barred reviews as an ICOBench Expert, Yaros welded close friendships with similar advocates for truth and transparency: Ameer Rosic, Ivan On Tech, and many more stalwarts of the blockchain and crypto community.

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Investment focus

  • Industry: SaaS, Web3, Events
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 2
  • Round size: Pre-Seed $1M–$1.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • DogeOS — The App Layer for Dogecoin, from the founders of @MyDoge, the #1 Dogecoin Wallet. (No Token Avoid Scams)
  • BKSBackstage — All-in-one Web3 platform to book tickets, travel & unlock rewards. Fans earn. Artists own. Powered by $BKS.
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Veedoo
VC Fund · Oxford, Oxfordshire, United Kingdom · 1 investments in Estonia Community startups

Veedoo is a digital marketing and communications company that specializes in a broad range of web-based technologies, digital video production, and online messaging systems. By focusing on content as much as design and usability, they create unforgettable digital experiences to help companies sell and achieve more.

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Investment focus

  • Industry: Events, Sports, Fitness
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Everyrun — Everyone. Everywhere. Everyrun.We are on a mission to connect the world through running and make the world a healthier and happier place.By providing an easy way to organise recreational races and running events, we open the door to a world of new running experiences in unique locations anywhere in the world.From public parks to private land,we’re the most unique collection of running events and we make it super-simple to participate!Everyone togetherEveryrun is a growing community of good-natured people and the most comprehensive resource for recreational races, park runs and other unique running experiences. By connecting people and helping them run together, Everyrun works to support those who value their fitness and the company of other runners.We welcome experienced runners and professional athletes but, we are most proud of members who started running because of our events.Everywhere (and any time)Traditionally, running events have been about sport, competition and performance, however this excludes thousands of people who just want to run together and thousands of beautiful locations (parks, trails, farms etc) that are not optimised for competitive events.Everyrun is different. Of course we love competition, but we are all about locations and experiences. So, if you want to organise a run to your local beauty spot, or go jogging in a new city and make friends - Everyrun makes this possible.The Everyrun platformEveryrun gets the sharing economy moving. In the same way that AirBnB and Hipcamp have enabled a new world or hosting and accommodation, we are on a mission to help hosts create truly unique races and runs, and give runners thousands of new events to join.By empowering our hosts to create and monetise local events, we create a sustainable marketplace that connects runners and organisers, and our race management app takes the pain out of orgaising events.Whenever you attend an Everyrun event, you'll benefit from local knowledge, experience and creativity. You'll discover new places, make new friends and ultimately leave a little healthier and happier :)
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Pablo Palma
Angel · 1 investments in Estonia Community startups

CTO @ RhomTrip

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Investment focus

  • Industry: B2B, Travel, Tourism
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • RhomTrip — RhomTrip is an Estonian-based Travel Tech company which specializes in Worldwide Airport Transfers and Chauffeur Services.
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Lluís Bayer
Angel · 1 investments in Estonia Community startups

Investment focus

  • Industry: Rental, Recruiting, Advertising
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Cacttoos — Welcome to our platform! We are dedicated to bringing together tattoo artists with available studio spaces and helping studios find renters for their booths. As the "Airbnb" of the tattoo world, our goal is to make it easy for tattoo artists to find new opportunities and for studio owners to fill their vacant spaces. With years ofexperience in the industry, we understand the challenges that both parties face and strive to provide a seamless solution. Whether you're a tattoo artist seeking a new studio or a studio owner looking to rent out your space, we invite you to join our community and take your business to the next level. Let us help you succeed in the tattoo industry.
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Raigo Õunapuu
Angel · 1 investments in Estonia Community startups

Raigo Õunapuu is the CEO and Co-Founder at FOB Solutions, the Founder of Syntax Investments, and an Investor at Estonian Business Angels Network. He previously worked as the Service/Project Manager at Ixonos. Raigo attended TalTech – Tallinn University of Technology.

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Investment focus

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

Investor stats

  • Total investments: 2
  • Round size: Pre-Seed $79k–$122k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Traxby — Traxby OÜ (formerly Huntloc OÜ) is a company owned by Estonian owners, founded in 2013, which develops various real-time tracking platforms via a smartphone and manufactures tracking devices. The company’s product portfolio includes the following solutions: hunting platform Huntloc for hunters, team management platform LiveTeam, dog tracking appDoglo. The company has developed its own GPS-GSM tracking device, which is mainly intended for tracking dogs. The device is long life, robust, water resistant, no distance limitation.
  • MyGames — MyGames offers a set of solutions to help tennis court owners to reduce administrative costs, improve occupancy, and increase profit: Online booking system + mobile app; Marketplace platform; Venue controller for automatic management (access, lighting, etc). We bring less effort, new players, more money and free time for court owners &managers.
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Arvi Tavast
Angel · 1 investments in Estonia Community startups

Arvi Tavast is the Director at Institute of the Estonian Language.

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Investment focus

  • Industry: AgTech, Farming, Software
  • Stage:Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 4
  • Round size: Seed $200k–$531k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Eventornado — Your next hackathon, without the hassle. Built for speed and minimal human errors.
  • Deltasight — Data-centric products and services for innovation and IP strategy. #innovation #patents #bigdata #datamining
  • VitalFields — VitalFields is a digital agriculture company that offers an easy-to-use farm management system for farmers to plan, manage and analyze their field activities, including simplified tracking and reporting of all crop inputs to help ensure compliance with European Union environmental standards. Founded in 2011 and based in Tallinn, Estonia,VitalFields is available in several European countries.
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Access 48,091 investors

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

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Mercurio
VC Fund · 1 investments in Estonia Community startups

Mercurio is specialized in sleep-disordered breathing devices sales in Baltic states.

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Investment focus

  • Industry: Communities, Open Source, Social Impact
  • Stage:Angel
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Eventornado — Your next hackathon, without the hassle. Built for speed and minimal human errors.
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Martin Henk
Angel · San Francisco, California, United States · 1 investments in Estonia Community startups

Martin Henk is the Co-founder of Pipedrive.

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Investment focus

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

Investor stats

  • Total investments: 20
  • Round size: Seed $413k–$5.1M; Pre-Seed $218k–$2.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Vendis.ai — A CRM that actually understands you. Your intelligent AI sales companion. Conversation in, pipeline out. Zero forms.
  • Baserow — Discover Baserow, the open-source no-code platform for building databases and applications. No code or technical skills needed. Start creating for free today!
  • Breyta — Gather all your qualitative data and our AI assistant transcribes, analyses and delivers you accurate product insights and patterns at scale in seconds.
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Martin Tajur
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Community startups

Martin Tajur is the co-founder of Pipedrive.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, Poland, Ukraine

Investor stats

  • Total investments: 17
  • Round size: Seed $800k–$2.7M; Angel $136k–$566k; Pre-Seed $401k–$2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • YuMuuv — YuMuuv is an employee wellness platform that uses science-based formulas to capture data and keeps track of physical activity & leaderboard.
  • Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.
  • 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.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Community 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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Enabling Future
VC Fund · Dubai, Dubai, United Arab Emirates · 1 investments in Estonia Community startups

Enabling Future (EF) is a sector agnostic, family office backed Venture Capital firm head quartered in Dubai. EF provides seed and early stage funding to entrepreneurs who challenge conventional wisdom and look to create true disruption. Our goal is to enable entrepreneurs to build companies of the future. We provide our portfolio companies withcapital, experience, strategy and network.

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Investment focus

  • Industry: Software, Financial Services, Information Technology
  • Stage:Seed, Angel, Series A
  • Geography: United States, United Arab Emirates, The Netherlands

Investor stats

  • Total investments: 28
  • Round size: Seed $50k–$3.5M; Series A $6M–$30M
  • Lead/follow: 21% lead, 79% follow
  • Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

  • NÜWATER — NÜWATER was born out of a desire to combat the harmful impact that plastic bottles have on our environment today. With approximately 8 million tonnes of plastic ending up in the ocean every year, NÜWATER is a recyclable alternative to plastic bottled water. We'd like to put the UAE at the forefront of driving sustainability, to ensure ourfuture generations live in a cleaner, healthier, plastic free world. NÜWATER is sourced from an artesian spring 500 meters underground, one of the deepest springs in the world. Filtered through rich volcanic rock, NÜWATER supplies the body with essential minerals for life. In comparison to desalinated water - a process that is highly energy intensive, removes all the minerals and produces toxic waste in the process. We are proud to say our manufacturing process is 100% Carbon Neutral. We aim to be a Carbon Net Positive company by 2023. see less
  • Trifacta — Trifacta has joined Alteryx to help customers and partners bring even more value to their businesses, powered by breakthrough data analytic insights.
  • Volt Lines — Yeni nesil personel, okul, vardiya ve teknopark servisi.
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Community Investor funding in Estonia at a glance

Stats across 37 deals from 47 investors.

47
investors
in Estonia Community startups
37
deals
in Estonia Community startups
$110k
median round
in Estonia Community startups
43%
lead investors
lead at least one round
41%
Pre-Seed
most common funding stage
68/32
VC / Angel
share of investor count

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