# Top 50 Energy Startup Investors in Estonia in June 2026

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Lemonade Stand | 8 | Estonia, Lithuania, India | Seed, Pre-Seed | Software, Artificial Intelligence, FinTech |
| Specialist VC | 7 | Estonia, United Kingdom, Finland | Seed, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Superangel | 6 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, Information Technology |
| Prototron | 6 | Estonia, Finland, Germany | Pre-Seed, Grant, Seed | Software, Manufacturing, Internet of Things |
| Contrarian Ventures | 5 | Lithuania, United Kingdom, France | Seed, Series A, Pre-Seed | Software, Renewable Energy, Energy |
| Vestman Energia | 4 | Estonia | Pre-Seed, Seed | Water, Software, CleanTech |
| Expansion Capital | 3 | Latvia, United States, Norway | Seed, Debt Financing | Manufacturing, Logistics, Transportation |
| Change Ventures | 3 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| Spring Capital | 3 | Estonia, Finland, United States | Seed, Pre-Seed, Series A | Software, SaaS, E-Commerce |
| Thorgate Ventures | 3 | Estonia, United Kingdom, Norway | Seed, Pre-Seed, Series A | Software, SaaS, FinTech |
| 2C Ventures | 3 | Estonia, Finland, Italy | Pre-Seed, Seed | Software, Renewable Energy, SaaS |
| Sunly | 3 | Estonia, France, Finland | Seed, Pre-Seed | Solar, CleanTech, Rental |
| Kristjan Raude | 3 | Estonia, United States | Seed, Pre-Seed, Equity Crowdfunding | Software, Automotive, Internet of Things |
| Kuldar Väärsi | 3 | Estonia | Seed, Pre-Seed | Water, Battery, Fuel Cell |
| Kair Käsper | 2 | Estonia, United States, Lithuania | Pre-Seed, Seed, Angel | Software, SaaS, Financial Services |
| SpeedUp Venture Capital Group | 2 | Poland, United States, Czech Republic | Seed, Pre-Seed, Series A | Software, SaaS, Artificial Intelligence |
| Funderbeam | 2 | Estonia, United Kingdom | Seed, Pre-Seed, Equity Crowdfunding | Apps, FinTech, Software |
| EstBAN | 2 | Estonia, Lithuania, Latvia | Seed, Pre-Seed, Angel | Software, Information Technology, Manufacturing |
| Eneco Ventures | 2 | The Netherlands, Germany, Belgium | Seed, Series A | Energy, Renewable Energy, Software |
| Eigenkapital | 2 | Estonia |  | Water, Recycling, Water Purification |
| Ragnar Sass | 2 | Estonia, Ukraine, United States | Seed, Pre-Seed | Information Technology, Software, SaaS |
| Iron Wolf Capital | 2 | Lithuania, Estonia, United Kingdom | Seed, Series A, Pre-Seed | Software, Information Technology, SaaS |
| Trind Ventures | 2 | Finland, Estonia, Spain | Seed, Series A | Software, Information Technology, SaaS |
| Future Ventures | 2 | United States, China, Canada | Series A, Seed, Series B | Biotechnology, Software, Medical |
| Taavi Veskimägi | 2 | Estonia |  | Water, Battery, Recycling |
| Little Green Fund | 2 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| Martin Villig | 2 | Estonia, Spain, South Africa | Seed, Angel, Pre-Seed | Software, FinTech, Education |
| Greenco Ventures | 2 | Estonia | Pre-Seed | Software, Sustainability, Renewable Energy |
| Icebreaker.vc | 2 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Andrus Purde | 2 | Estonia, United Kingdom, Cyprus | Seed, Pre-Seed | Software, Apps, Internet |
| Alvar Lumberg | 2 | Estonia | Seed, Pre-Seed, Angel | Software, Information Technology, FinTech |
| Estonian venture capital | 2 | Estonia | Pre-Seed, Series A | Energy, Software, CleanTech |
| Norrsken VC | 2 | Sweden, United Kingdom, Germany | Seed, Series A | Software, Health Care, Food and Beverage |
| Markku Jääskelainen | 2 | Estonia | Seed, Series A | Drones, Big Data, Software |
| Madis Müür | 2 | Estonia, United States | Seed, Equity Crowdfunding, Pre-Seed | Apps, Cycling, Security |
| Andrius Slimas | 1 | Spain, Estonia, Australia | Seed | Information Technology, Cooking, Jewelry |
| Tallinn University of Technology (TalTech) | 1 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| Amalfi Capital | 1 | Estonia, Finland, Ireland | Seed, Series A | Beauty, Health Care, Location Based Services |
| Sie Ventures | 1 | United Kingdom, Spain, Estonia | Seed, Pre-Seed, Series B | CRM, SaaS, Mobile |
| Bangladesh Angels | 1 | Bangladesh, India, Estonia | Seed, Pre-Seed, Angel | Supply Chain Management, Fashion, SaaS |
| Justin Jenk | 1 | Estonia | Seed | Battery, Electronics, Manufacturing |
| Swedbank | 1 | Sweden, Latvia, Finland | Post-IPO Debt, Debt Financing | Banking, Real Estate, FinTech |
| PKO BP | 1 | Poland, Lithuania | Seed, Series A, Debt Financing | Software, SaaS, Gaming |
| European regional development fund (ERDF) | 1 | United Kingdom, Germany, France | Grant, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Cats.vc | 1 | Italy, Spain, Sweden | Seed, Pre-Seed, Series A | E-Commerce, Grocery, Software |
| Alejandro Jimenez | 1 | Estonia | Angel | Waste Management, Packaging Services |
| Ministry of Economic Affairs and Communications for Estonia | 1 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| Sarona Ventures | 1 | Israel, United States, United Kingdom | Seed, Pre-Seed, Series A | Software, Information Technology, Machine Learning |
| Baltic Sandbox Ventures | 1 | Lithuania, Estonia, Luxembourg | Pre-Seed, Convertible Note | Software, Drones, Infrastructure |
| ZGI Capital | 1 | Latvia, Estonia | Seed, Debt Financing | Manufacturing, Machinery Manufacturing, Consulting |

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