# Top 50 Energy Startup Investors in Estonia in June 2026

## Lemonade Stand
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 8
- Stages: Seed, Pre-Seed
- Focus: Software, Artificial Intelligence, FinTech

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.

## Specialist VC
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 7
- Stages: Seed, Pre-Seed
- Focus: Software, Information Technology, Artificial Intelligence

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

## Superangel
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 6
- Stages: Seed, Pre-Seed, Series A
- Focus: Artificial Intelligence, Software, Information Technology

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

## Prototron
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 6
- Stages: Pre-Seed, Grant, Seed
- Focus: Software, Manufacturing, Internet of Things

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.

## Contrarian Ventures
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 5
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Renewable Energy, Energy

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

## Vestman Energia
- Type: VC Fund
- Location: Viljandi, Viljandimaa, Estonia
- Relevant deals: 4
- Stages: Pre-Seed, Seed
- Focus: Water, Software, CleanTech

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.

## Expansion Capital
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 3
- Stages: Seed, Debt Financing
- Focus: Manufacturing, Logistics, Transportation

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.

## Change Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, Apps

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

## Spring Capital
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, E-Commerce

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.

## Thorgate Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, FinTech

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

## 2C Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- Stages: Pre-Seed, Seed
- Focus: Software, Renewable Energy, SaaS

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.

## Sunly
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- Stages: Seed, Pre-Seed
- Focus: Solar, CleanTech, Rental

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.

## Kristjan Raude
- Type: Angel
- Relevant deals: 3
- Stages: Seed, Pre-Seed, Equity Crowdfunding
- Focus: Software, Automotive, Internet of Things

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.

## Kuldar Väärsi
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- Stages: Seed, Pre-Seed
- Focus: Water, Battery, Fuel Cell

Kuldar Väärsi is the Founder and CEO at Milrem Robotics.

## Kair Käsper
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Pre-Seed, Seed, Angel
- Focus: Software, SaaS, Financial Services

Kair Käsper

## SpeedUp Venture Capital Group
- Type: VC Fund
- Location: Poznan, Wielkopolskie, Poland
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, Artificial Intelligence

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.

## Funderbeam
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Equity Crowdfunding
- Focus: Apps, FinTech, Software

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.

## EstBAN
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, Information Technology, Manufacturing

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

## Eneco Ventures
- Type: VC Fund
- Location: Rotterdam, Zuid-Holland, The Netherlands
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Energy, Renewable Energy, Software

Eneco Ventures, the investment arm of Netherlands-based energy innovator, Eneco.

## Eigenkapital
- Type: VC Fund
- Location: Curitiba, Parana, Brazil
- Relevant deals: 2
- Focus: Water, Recycling, Water Purification

Eigenkapital is an investment firm.

## Ragnar Sass
- Type: Angel
- Relevant deals: 2
- Stages: Seed, Pre-Seed
- Focus: Information Technology, Software, SaaS

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.

## Iron Wolf Capital
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 2
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Information Technology, SaaS

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. 

## Trind Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Software, Information Technology, SaaS

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.

## Future Ventures
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 2
- Stages: Series A, Seed, Series B
- Focus: Biotechnology, Software, Medical

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.

## Taavi Veskimägi
- Type: Angel
- Relevant deals: 2
- Focus: Water, Battery, Recycling

Taavi Veskimägi is a former member of the Estonian Parliament(2003-2009) and Minister of Finance from 2003 to 2005.

## Little Green Fund
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: CleanTech, GreenTech, Manufacturing

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

## Martin Villig
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Seed, Angel, Pre-Seed
- Focus: Software, FinTech, Education

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

## Greenco Ventures
- Type: VC Fund
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: Software, Sustainability, Renewable Energy

Greenco Ventures is an investment firm.

## Icebreaker.vc
- Type: VC Fund
- Location: Helsinki, Southern Finland, Finland
- Relevant deals: 2
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Information Technology, Artificial Intelligence

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.

## Andrus Purde
- Type: Angel
- Relevant deals: 2
- Stages: Seed, Pre-Seed
- Focus: Software, Apps, Internet

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

## Alvar Lumberg
- Type: Angel
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, Information Technology, FinTech

Alvar Lumberg

## Estonian venture capital
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Pre-Seed, Series A
- Focus: Energy, Software, CleanTech

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

## Norrsken VC
- Type: VC Fund
- Location: Stockholm, Stockholms Lan, Sweden
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Software, Health Care, Food and Beverage

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

## Markku Jääskelainen
- Type: Angel
- Location: Miami, Florida, United States
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: Drones, Big Data, Software

Markku Jääskelainen.

## Madis Müür
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- Stages: Seed, Equity Crowdfunding, Pre-Seed
- Focus: Apps, Cycling, Security

Madis Müür

## Andrius Slimas
- Type: Angel
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 1
- Stages: Seed
- Focus: Information Technology, Cooking, Jewelry

Andrius Slimas - CEO and co-founder @ Oberlo, formerly head of web agency Studio4, over ten years experience in ecommerce, dropshipping and software development.Oberlo is a dropshipping solution for ecommerce store-owners. It provides a number of dropshipping automation tools and instant access to millions of products available fordropshipping.

## Tallinn University of Technology (TalTech)
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: CleanTech, GreenTech, Manufacturing

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

## Amalfi Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Beauty, Health Care, Location Based Services

International Technology Investment Fund

## Sie Ventures
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series B
- Focus: CRM, SaaS, Mobile

SIE

## Bangladesh Angels
- Type: VC Fund
- Location: Dhaka, Dhaka, Bangladesh
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Angel
- Focus: Supply Chain Management, Fashion, SaaS

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.

## Justin Jenk
- Type: Angel
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Seed
- Focus: Battery, Electronics, Manufacturing

Justin Jenk is the Senior Managing Partner of Raktas OU.

## Swedbank
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 1
- Stages: Post-IPO Debt, Debt Financing
- Focus: Banking, Real Estate, FinTech

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

## PKO BP
- Type: VC Fund
- Location: Warszawa, Mazowieckie, Poland
- Relevant deals: 1
- Stages: Seed, Series A, Debt Financing
- Focus: Software, SaaS, Gaming

PKO BP operates as a commercial bank. The Bank’s operations comprise cash deposits, maintenance of accounts, granting loans and cash advances, granting and confirming bank guarantees.

## European regional development fund (ERDF)
- Type: VC Fund
- Location: Brussels, Brussels Hoofdstedelijk Gewest, Belgium
- Relevant deals: 1
- Stages: Grant, Pre-Seed
- Focus: Software, Information Technology, Artificial Intelligence

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

## Cats.vc
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series A
- Focus: E-Commerce, Grocery, Software

Y generation investment professionals sourcing and closing deals for top tier angels from Europe

## Alejandro Jimenez
- Type: Angel
- Relevant deals: 1
- Stages: Angel
- Focus: Waste Management, Packaging Services

Alejandro Jimenez

## Ministry of Economic Affairs and Communications for Estonia
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: CleanTech, GreenTech, Manufacturing

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

## Sarona Ventures
- Type: VC Fund
- Location: Tel Aviv, Tel Aviv, Israel
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, Machine Learning

Founded in 2019, Sarona Ventures is a venture capital firm based in Tel Aviv, Israel. The firm is a "people-first" investor, seeking founding teams with strong execution capabilities. The firm's investment scope focuses on enterprise software, and most of their deals concentrate on building the future of business with AI, helpingcompanies operate more efficiently, save money, and drive revenue.

## Baltic Sandbox Ventures
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 1
- Stages: Pre-Seed, Convertible Note
- Focus: Software, Drones, Infrastructure

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.

## ZGI Capital
- Type: VC Fund
- Location: Riga, Riga, Latvia
- Relevant deals: 1
- Stages: Seed, Debt Financing
- Focus: Manufacturing, Machinery Manufacturing, Consulting

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

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