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Top 50 Enterprise Startup Investors in Estonia (September 2026)

The most active venture capital funds and angel investors investing in Estonia Enterprise startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Enterprise startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Specialist VC
VC Fund
22 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$4.6M
Icebreaker.vc
VC Fund
18 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $110k–$25M
Tera Ventures
VC Fund
17 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, FinTech $120k–$14M
Change Ventures
VC Fund
13 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
Superangel
VC Fund
11 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $170k–$20M
Lemonade Stand
VC Fund
11 Estonia, Lithuania, India Seed, Pre-Seed, Venture - Series Unknown Software, Artificial Intelligence, SaaS $251k–$3M
Thorgate Ventures
VC Fund
10 Estonia, United Kingdom, Norway Seed, Pre-Seed, Series A Software, SaaS, FinTech $22k–$3.9M
Jaan Tallinn
Angel
9 United States, Estonia, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, Information Technology $540k–$124M
Markus Villig
Angel
9 Estonia, United States, United Kingdom Seed, Pre-Seed, Angel Software, Information Technology, FinTech $230k–$6M
Kristjan Vilosius
Angel
9 Estonia, United States, South Africa Seed, Pre-Seed, Series A Software, Information Technology, E-Commerce $410k–$12M
Sten Tamkivi
Angel
8 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Financial Services, Manufacturing $120k–$35M
Prototron
VC Fund
8 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Energy $4k–$59k
Ragnar Sass
Angel
7 Estonia, Ukraine, United States Seed, Pre-Seed, Angel Software, Information Technology, Marketplace $206k–$5.9M
Karma Ventures
VC Fund
6 Estonia, United States, Finland Series A, Seed, Series B Software, Artificial Intelligence, Information Technology $549k–$30M
Trind Ventures
VC Fund
6 Finland, Estonia, Spain Seed, Venture - Series Unknown, Series A Software, Information Technology, SaaS $590k–$15M
Gorilla Capital
VC Fund
6 Finland, Sweden, Estonia Pre-Seed, Seed, Venture - Series Unknown Software, Information Technology, SaaS $149k–$2.1M
Spring Capital
VC Fund
6 Estonia, Finland, United States Seed, Pre-Seed, Series A Software, SaaS, E-Commerce $426k–$9.1M
Earlybird Venture Capital
VC Fund
5 Germany, United States, United Kingdom Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.5M–$75M
EstBAN
VC Fund
5 Estonia, Latvia, Lithuania Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $95k–$1.5M
Passion Capital
VC Fund
5 United Kingdom, United States, Germany Seed, Series A, Series B Software, FinTech, Financial Services $573k–$85M
Martin Henk
Angel
5 Estonia, United States, United Kingdom Pre-Seed, Seed, Angel Software, SaaS, Marketplace $218k–$5.1M
Taavet Hinrikus
Angel
5 United Kingdom, United States, Estonia Seed, Series A, Series B FinTech, Software, Financial Services $1.4M–$58M
BADideas.fund
VC Fund
5 Estonia, Latvia, Lithuania Seed, Pre-Seed, Grant Software, Information Technology, Artificial Intelligence $110k–$3.6M
Kaarel Kotkas
Angel
5 Estonia, Hungary, United Kingdom Seed, Series A, Series B Software, Gaming, E-Commerce $545k–$94M
ZAKA VC
VC Fund
5 United States, Germany, United Kingdom Seed, Pre-Seed Artificial Intelligence, Software, Information Technology $250k–$7M
Martin Tajur
Angel
4 Estonia, Poland, Ukraine Pre-Seed, Seed, Angel Software, Artificial Intelligence, SaaS $136k–$2.7M
BootstrapLabs
VC Fund
4 United States, Estonia, Malaysia Seed, Series A, Pre-Seed Artificial Intelligence, Software, Machine Learning $300k–$20M
Airtree Ventures
VC Fund
4 Australia, United States, Singapore Seed, Series A, Series B Software, SaaS, Information Technology $894k–$54M
Alvar Lumberg
Angel
4 Estonia Seed, Pre-Seed, Angel Software, Information Technology, FinTech $321k–$2.4M
Ahti Heinla
Angel
4 Estonia, United States Seed, Angel, Series A Apps, Internet, Software $90k–$2.3M
LIFT99
VC Fund
4 Estonia, United Kingdom, El Salvador Pre-Seed, Seed, Series A Software, Information Technology, Legal $300k–$12M
TMT Investments
VC Fund
4 United States, United Kingdom, Estonia Seed, Series A, Series B Software, SaaS, Social Media $300k–$35M
Tomer Warschauer Nuni
Angel
4 United States, Israel, United Kingdom Seed, Angel, Pre-Seed Blockchain, Cryptocurrency, Artificial Intelligence $50k–$10M
Ambient Sound Investments
VC Fund
4 Estonia, United States, United Kingdom Seed, Series A, Series B Internet, Software, E-Commerce $200k–$6M
Geekchester
VC Fund
3 Estonia Angel Sports, Social Media $29k–$29k
Kuido Lepik
Angel
3 Estonia, Germany Seed, Pre-Seed Apps, Software, B2B $47k–$354k
Timo Rein
Angel
3 Estonia, Finland, United Kingdom Seed, Angel, Convertible Note Software, Recruiting, Human Resources $136k–$2M
Expansion Capital
VC Fund
3 Latvia, United States, Norway Seed, Venture - Series Unknown, Debt Financing Manufacturing, Software, Logistics $113k–$2.4M
Oliver Ahlberg
Angel
3 Estonia Seed, Angel Software, Information Technology, Artificial Intelligence $853k–$1M
Martin Villig
Angel
3 Estonia, Spain, South Africa Seed, Angel, Pre-Seed Software, FinTech, Education $116k–$6M
SpeedUp Venture Capital Group
VC Fund
3 Poland, Germany, Czech Republic Seed, Pre-Seed, Series A Software, Artificial Intelligence, SaaS $77k–$12M
LocalGlobe
VC Fund
3 United Kingdom, United States, France Seed, Series A, Pre-Seed Software, Artificial Intelligence, Information Technology $1M–$33M
Taavi Madiberk
Angel
3 Estonia Seed, Angel, Pre-Seed Software, Information Technology, Energy $636k–$1.1M
Contrarian Ventures
VC Fund
3 Lithuania, United Kingdom, France Seed, Series A, Pre-Seed Software, Renewable Energy, Energy $55k–$23M
Creandum
VC Fund
3 Sweden, Germany, United States Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.8M–$80M
Enterprise Estonia
VC Fund
3 Estonia Grant, Seed, Pre-Seed Biotechnology, Software, Mobile Apps $16k–$4.3M
Mike Oliinyk
Angel
3 Estonia Seed, Pre-Seed, Series A Robotics, Navigation, 3D Technology
Taavi Kotka
Angel
3 Estonia Pre-Seed, Seed, Angel Electronics, Battery, FinTech $337k–$4.4M
OpenOcean
VC Fund
3 Finland, United States, United Kingdom Series A, Series B, Seed Software, Information Technology, SaaS $2.3M–$30M
Angel Effect
VC Fund
3 Turkey, United States, United Kingdom Seed, Pre-Seed Software, E-Commerce, Mobile Apps $50k–$995k
Access all 790 investors in Estonia Enterprise startups.

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

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Investor list

Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 22 investments in Estonia Enterprise startups, 7 in the past 12 months

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

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Investment focus

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

Investor stats

  • Total investments: 72
  • Round size: Seed $545k–$4.6M; Pre-Seed $240k–$2.3M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $57M in 2022

Portfolio highlights

  • Copla — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • CyberUpgrade — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 18 investments in Estonia Enterprise 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: 143
  • Round size: Seed $409k–$5.4M; Pre-Seed $110k–$1.3M; Series A $3.1M–$25M
  • Lead/follow: 56% lead, 44% follow
  • Last fund: May invest from a new fund soon — raised $24M in 2021

Portfolio highlights

  • Cytely — Cytely operationalizes biological measurement, turning microscopy into standardized, reproducible data so research teams can accelerate discovery.
  • Oplane — Connect your repo. See and fix your vulnerabilities in minutes. AI-powered threat modeling - no consultants, no weeks of docs.
  • Cota Robotics — Cota Robotics deploys general-purpose robots in retail stores through a Robot-as-a-Service model, integrating with existing environments without requiring changes to store layouts or infrastructure. The company automates shelf replenishment, inbound handling, and order picking using human-in-the-loop teleoperation, with autonomy increasing asdeployment data trains its models.
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Tera Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 17 investments in Estonia Enterprise startups

Tera Ventures is an international investment firm based in Estonia.

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Investment focus

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

Investor stats

  • Total investments: 71
  • Round size: Seed $587k–$3.8M; Pre-Seed $120k–$2.2M; Series A $1.6M–$14M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • BlackWall — Protect your web site from hacking, content theft, crawling, and cloning!
  • Cino — Cino automatically deducts everyone's share from their bank accounts. Create groups with whom you want to share bills, set your ratio split & stop fronting costs!
  • Flowstep — Flowstep is a copilot that helps you create better designs, 10x faster. Just type and get user flows, high-fidelity UI, JTBD and more.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 13 investments in Estonia Enterprise 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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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 11 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • OTee — OTee's Industrial Automation platform makes it possible to create and manage industrial-grade virtual control systems, based on open standards and architecture!
  • Spiral Hydrogen — All-in-one, bubble-free centrifugal electrolyzer with an embedded axial flux generator that sets a new standard in efficiency and simplicity.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 11 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Ligence — AI Automated Echocardiography - Artificial intelligence-powered automated heart ultrasound echo lab system.
  • Soldera — Soldera is unifying energy certificate registries. We give corporate energy buyers, sustainability teams, procurement teams, utilities, and traders one infrastructure layer across fragmented registries so they can procure, manage, and cancel renewable energy certificates with far less manual work.The platform combines aggregated procurement fromthousands of utilities with cleaner registry execution and audit-ready, government-backed cancellation statements traceable to the generating machine. That makes renewable energy certificate management easier to run, easier to evidence, and easier to scale across markets.
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Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 10 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Coursy.io — Make employee development more effective with LMS powered by Learning Design
  • Waybiller — Bulk TMS solution for end-to-end management: Waybiller transforms your logistics operations, allowing you to handle bulk shipments with precision and speed. The Best E-waybill Software & Bulk TMS Solution
  • Bilance — Bilance connects to 2,300+ European banks, syncs your transactions automatically and sorts them into budgets. On iOS and Android.
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Jaan Tallinn
Angel · Tallinn, Harjumaa, Estonia · 9 investments in Estonia Enterprise startups

Jaan Tallinn is the Co-Founder of the Centre for Study of Existential Risk and Future of Life Institute.

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Investment focus

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

Investor stats

  • Total investments: 67
  • Round size: Seed $540k–$15M; Pre-Seed $799k–$2.1M; Series A $3.3M–$124M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • ZaiNar — ZaiNar turns the wireless networks that already exist into a sensor, delivering centimeter-level 3D location indoors, outdoors, and underground.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
  • Blueprint Bryan Johnson — On the surface, Blueprint may seem something about health, wellness and aging. It's really a system to make tomorrow better for you, me, the planet and our shared future with AI.
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Markus Villig
Angel · Tallinn, Harjumaa, Estonia · 9 investments in Estonia Enterprise startups

Markus Villig is founder and CEO of Taxify. He attended University of Tartu.

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Investment focus

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

Investor stats

  • Total investments: 31
  • Round size: Seed $1M–$6M; Pre-Seed $230k–$3.4M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • BirdyChat — A modern work chat app for professionals. Start conversations with anyone using their work email. Collaborate and grow your network.
  • Nomos — Nomos is a full-stack power company built from first principles. Headless, decentralized, and AI-first, serving category leaders to power the world.
  • ScamGuardian.AI — ScamGuardian develops AI-powered victim simulations to capture actionable scam intelligence
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Kristjan Vilosius
Angel · 9 investments in Estonia Enterprise startups

Kristjan Vilosius - Co-Founder and CEO @ Katana

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United States, South Africa

Investor stats

  • Total investments: 13
  • Round size: Seed $1M–$3M; Pre-Seed $410k–$1.3M; Series A $5.2M–$12M
  • Lead/follow: 8% lead, 92% follow

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • Lutso — Empowering older adults to live independently, safely, and with dignity. Lutso is the smarter way to support aging at home.
  • Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
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Access 48,091 investors

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

Browse database — It's Free!
Sten Tamkivi
Angel · San Francisco, California, United States · 8 investments in Estonia Enterprise 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, Financial Services, Manufacturing
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 49
  • Round size: Seed $540k–$20M; Pre-Seed $120k–$2.5M; Series A $7.4M–$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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Prototron
VC Fund · Tallinn, Harjumaa, Estonia · 8 investments in Estonia Enterprise 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, Energy
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 55
  • Round size: Seed $4k–$13k; Grant $5k–$24k; Pre-Seed $6.2k–$59k
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Solaride — Solaride is a bunch of progressive pioneers of the future who are building Estonia's first solar car to face the ultimate challenge to prove how successfully students can create innovation.
  • 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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Ragnar Sass
Angel · 7 investments in Estonia Enterprise 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: Software, Information Technology, Marketplace
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Ukraine, United States

Investor stats

  • Total investments: 35
  • Round size: Seed $677k–$5.9M; Pre-Seed $206k–$2M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Alvin — Highly accurate, automated column-level lineage, powering your data workflows.
  • BeTRITON — 100% electric recreational vehicle - revolution in sustainable travel. BeTRITON (formerly known as Z-Triton) offers extraordinary experience and freedom to travel both over land and water.
  • Around — The largest network of workspaces on flexible terms. We are a savvy team from Latin America providing fast-growing companies with on-demand access to flexible office space. Everywhere.We believe work at its best is always creative and collaborative, expressed with freedom, autonomy, and purpose; and the space surrounding us should help us achieveit, anywhere & everywhere.We are shaping the future of work today by improving workspaces and the rules around them, and helping innovative teams find their ideal space to make their best work every day — our first step on a journey to change the way we work and think about work.Our best work. Anywhere. Everywhere. We are Around.
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Karma Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia Enterprise startups

karma.vc is an early stage venture capital fund focusing on seed and early stage technology companies in Europe.

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Investment focus

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

Investor stats

  • Total investments: 54
  • Round size: Seed $549k–$4.8M; Series A $3.9M–$17M; Series B $3.1M–$30M
  • Lead/follow: 59% lead, 41% follow
  • Last fund: Likely still investing — raised $113M in 2021

Portfolio highlights

  • Mindgard — Mindgard is the leading provider of AI Red Teaming solutions.
  • Leil Storage — ON-PREMISES DISTRIBUTED FILE STORAGE WITH CLOUD-SCALE DENSITY+23% extra FREE capacity and density NOW +23% extra FREE capacity and density NOW +20% lower CO₂ emissions and power costs NOW up to +70% saved energy in the futureFirst distributed filesystem that supports the biggest HDDs on the planet, enabling enterprises with HM-SMR basedstorage.
  • Starship Technologies — The future of delivery - today!
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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Ringy — Ringy is a marketplace for refurbished electronics.
  • Aampere — Aampere is a marketplace for the purchase and sale of used powered mobility. Their services include personal contact, wide delivery, condition checking upon collection, and washing and cleaning before delivery. They are neutral intermediaries between buyer and seller.
  • Bahn Express — Bahn Express is a global car transportation company that supports independent contractors while offering quick and easy auto shipping throughout Europe.
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Gorilla Capital
VC Fund · Helsinki, Southern Finland, Finland · 6 investments in Estonia Enterprise startups

Gorilla Capital helps ambitious startups grow with smart funding and support. Discover how our team invests in early-stage companies.

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Investment focus

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

Investor stats

  • Total investments: 79
  • Round size: Seed $294k–$1.5M; Pre-Seed $149k–$680k; Venture - Series Unknown $1.1M–$2.1M
  • Lead/follow: 66% lead, 34% follow
  • Last fund: Likely actively investing — fresh fund, raised $49M in 2025

Portfolio highlights

  • Munchi — Munchi allows restaurants to manage all orders, payments and loyalty in one platform with the power of AI.
  • Amplifiles — Amplifiles is a PropTech startup that turns real estate listing photos into fully branded, high-quality videos in minute, no filming or editing required. Our video engine helps agents, photographers, and marketplaces boost engagement, generate more leads, and unlock new revenue streams.
  • Nordic Information Control — Inventering och klassificering av information, automatiskt med Nordic Information Control Platform. Automatic Regulatory compliance.
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Spring Capital
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Uniify — Uniify is a no-code customer onboarding software that makes it fast, easy and secure for financial companies to onboard their customers. Save your business time and money, and build onboarding flows for your customers in minutes instead of months.
  • Crisp — Crisp connects data between retailers, distributors, and brands to power real-time insights across the supply chain.
  • Salesforge — Salesforge is an all-in-one sales execution super app that gives every sales team the highest probability to hit their target by tackling email deliverability and the need to personalize cold email outreach at scale.We do that by enabling real-time AI & machine learning to decision critical sales activities, enhance messaging and eliminatethe need for various sales point solutions, therefore driving superior conversion rates.
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Earlybird Venture Capital
VC Fund · Berlin, Berlin, Germany · 5 investments in Estonia Enterprise startups

Founded in 1997, Earlybird is a pan-European VC investor backing tech-enabled companies and investing in their growth and development. Funds include Earlybird, Earlybird Health, Growth Opportunities.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series A, Seed, Series B
  • Geography: Germany, United States, United Kingdom

Investor stats

  • Total investments: 394
  • Round size: Seed $1.5M–$14M; Series A $4.4M–$35M; Series B $6M–$75M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: Likely actively investing — fresh fund, raised $422M in 2026

Portfolio highlights

  • Avrea — Avrea is the CI/CD platform built for the age of AI, helping teams ship software faster, more often, and with higher quality.
  • Hilo — Get stress-free readings round the clock with Hilo's clinically validated blood pressure monitor. Learn more
  • Neuracore — The robot skill creation engine: collect demonstrations, curate datasets, train imitation and reinforcement learning policies, and deploy them on real robots, all on one platform.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

  • Total investments: 25
  • Round size: Seed $215k–$1.5M; Angel $95k–$1M; Pre-Seed $198k–$1.2M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • BrachyDOSE — BrachyDOSE - is a med-tech startup dedicated to solve radiation injuries that occur during the brachytherapy procedure. Our team consists of engineers and physicists experience in scientific research.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
  • Granarium Technologies — Granarium - The worlds first 100% renewable power storage for grid stabilization
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Passion Capital
VC Fund · London, England, United Kingdom · 5 investments in Estonia Enterprise startups

Passion Capital is a partnership of entrepreneurs and operators who are applying our experiences to helping founders and early-stage teams build great digital media/technology companies. We are committed to fostering an ecosystem of technology, collaboration and executional excellence in Europe, and we believe that the criticaldifferentiator and key asset of a successful business is the passion and ability of its founders. We take pride in the calibre and success of all of our founders and teams including but nowhere near limited to GoCardless, Tray.io, Mendeley, Digital Shadows, Adzuna, Smarkets, Ravelin, Tide, Marshmallow, Butternut Box, PolyAI, Lendable and Monzo Bank

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Investment focus

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

Investor stats

  • Total investments: 186
  • Round size: Seed $573k–$6.5M; Series A $2.3M–$14M; Series B $5M–$85M
  • Lead/follow: 26% lead, 74% follow
  • Last fund: Likely actively investing — fresh fund, raised $52M in 2025

Portfolio highlights

  • geoSurge — Customers don't search. They ask.
  • Backbone — AI platform for food & beverage quality teams. Connects standards, audits, supplier data, and customer requirements into one live picture. Automates the admin. Routes the right intelligence to the right person. Faster decisions, fewer blind spots.
  • Opensignal — Opensignal is the leading global provider of independent insights into network experience and market performance.
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Martin Henk
Angel · San Francisco, California, United States · 5 investments in Estonia Enterprise 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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Taavet Hinrikus
Angel · London, England, United Kingdom · 5 investments in Estonia Enterprise startups

Taavet Hinrikus is based out of London, England and is the Partner of Plural Platform and Board Member of CoMind. Taavet previously worked at Wise as a Chairman and Co-founder. Taavet Hinrikus attended INSEAD.

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Investment focus

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

Investor stats

  • Total investments: 135
  • Round size: Seed $1.4M–$10M; Series A $6.4M–$45M; Series B $23M–$58M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Lassie — AI that runs the doctor's office.
  • Open Cosmos — Open Cosmos design, build and operate space missions, providing straightforward access to high quality satellite data and insights on a global scale.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
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BADideas.fund
VC Fund · 5 investments in Estonia Enterprise startups, 11 in the past 12 months

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

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Investment focus

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

Investor stats

  • Total investments: 43
  • Round size: Seed $939k–$3.6M; Pre-Seed $110k–$1.3M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • Tapaya — A modern, fast payment app that runs on any device you already own: phone, tablet or kiosk. Accept contactless payments in store with Tap to Pay, with nothing to buy and nothing to install on a counter.
  • ForActive — ForActive The Best App to Buy & Sell Memberships
  • Spotwise.ai — Spotwise hears every ad on TV, radio and podcasts, then puts AI agents on that data to do market research, reports, ad strategy and find new advertisers.
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Kaarel Kotkas
Angel · 5 investments in Estonia Enterprise startups

Kaarel Kotkas is based out of Tallinn, Estonia, and is the Founder and Chief Executive Officer of Veriff. Patrick previously worked at Sants as a CEO & Founder. Kaarel Kotkas has been awarded the EY Entrepreneur Of The Year in Estonia in 2020 and was recognized in the Forbes 30 Under 30 Europe and named one of the 25 most influential youngentrepreneurs in Northern Europe by Nordic Business Report.

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Investment focus

  • Industry: Software, Gaming, E-Commerce
  • Stage:Seed, Series A, Series B
  • Geography: Estonia, Hungary, United Kingdom

Investor stats

  • Total investments: 11
  • Round size: Seed $545k–$2.8M; Series A $13M–$13M; Series B $23M–$94M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • 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.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
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ZAKA VC
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 5 investments in Estonia Enterprise startups

ZAKA Startups is a private pre-seed and seed venture capital company. It is focused on early-stage software driven investments across the whole EU with primary focus on CEE, DACH and Baltics. ZAKA operates primarily from Prague and Bratislava with scouts in Berlin and Baltic region.

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Investment focus

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

Investor stats

  • Total investments: 112
  • Round size: Seed $520k–$7M; Pre-Seed $250k–$1M
  • Lead/follow: 13% lead, 87% follow
  • Last fund: Likely still investing — raised $16M in 2024

Portfolio highlights

  • Yenmo — Unlock instant funds with India's best loan against mutual funds starting from 9.89% interest rate. Quick online approval, zero hidden charges, and no foreclosure fees.
  • Olio Labs — Olio Labs utilizes AI for combo therapeutics, optimizing and minimizing side effects through automated discovery of protein interactions.
  • Creasallis — The creative antibody solutions company
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Martin Tajur
Angel · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Enterprise 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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BootstrapLabs
VC Fund · San Francisco, California, United States · 4 investments in Estonia Enterprise startups

BootstrapLabs is a leading early-stage Venture Capital firm based in San Francisco focused on Applied AI - that was founded by entrepreneurs for entrepreneurs. The firm understands firsthand the needs and challenges of building a startup, and invests early in potentially disruptive Applied AI technology startups with global potential. And isuncovering the future by investing in Applied AI. Key sectors of interest include Transportation, Logistic, Energy, FinTech, Future of Work (FoW), Security, Internet of Things (IoT), HealthTech, and others.

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Investment focus

  • Industry: Artificial Intelligence, Software, Machine Learning
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, Estonia, Malaysia

Investor stats

  • Total investments: 137
  • Round size: Seed $300k–$4.5M; Pre-Seed $2M–$2.6M; Series A $5M–$20M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: May invest from a new fund soon — last raise in 2018

Portfolio highlights

  • Pryon — Pryon is an artificial intelligence company focused on enterprise knowledge management. Its natural language processing platform transforms unstructured data into experiences that increase productivity with unmatched accuracy and speed. Pryon’s automated machine learning engines deliver rapid time to value by enriching existing content. Thisno-code approach prevents operational disruption and allows organizations to quickly maximize the business value trapped within their information assets. Pryon was founded by Igor Jablokov, whose previous company defined the state of the art for AI assistants and was acquired by Amazon to form the basis for Alexa.
  • Looq AI — Looq AI is an enterprise software company that offers 3D survey and mapping services using artificial intelligence.
  • Hayden AI — Hayden AI’s mission is to develop cutting-edge artificial intelligence and machine learning technologies that enable the automated enforcement of bus lanes and stops—accelerating public transit, improving street safety, and advancing a more sustainable urban future.
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Airtree Ventures
VC Fund · Paddington, Western Australia, Australia · 4 investments in Estonia Enterprise startups, 19 in the past 12 months

AirTree is a venture capital firm investing in Australian and New Zealand technology founders from seed stage or earlier.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Seed, Series A, Series B
  • Geography: Australia, United States, Singapore

Investor stats

  • Total investments: 223
  • Round size: Seed $894k–$10M; Series A $3.4M–$35M; Series B $4.7M–$54M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: Likely still investing — raised $320M in 2022

Portfolio highlights

  • Gridsight — Gridsight helps electrical utilities transition to a decentralised grid by creating 90%-accurate, AI-powered load flow models. These models enable utilities to safely and efficiently support more residential solar, batteries and electric vehicles. Based on CEO Brendan Banfield's PhD research, Gridsight was founded in 2020 to accelerate the transition to renewables.
  • Alloy — Alloy enables robotics teams to organise, explore, and evaluate various sorts of multimodal robot data in one platform using natural language, without the need for labels.
  • Constantinople — Constantinople manages all infrastructure and operational aspects of your bank: from Customer experience, Banking products to Features, Risks, and Operations.
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Alvar Lumberg
Angel · 4 investments in Estonia Enterprise 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 $545k–$2.4M; Pre-Seed $321k–$2.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Supersimple — Supersimple helps SaaS companies use customer behavior data to drive decisions in product & sales.
  • ScamGuardian.AI — ScamGuardian develops AI-powered victim simulations to capture actionable scam intelligence
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Ahti Heinla
Angel · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Enterprise startups

Ahti is the CEO, CTO and co-founder in Starship Technologies, a startup that intends to disrupt last-mile delivery by introducing self-driving local delivery robots. He is also a co-owner in Ambient Sound Investments, a private investment vehicle launched by Estonian Skype co-founders.Ahti conducts technical reviews of all ASI's potentialinvestments. His experience and knowledge as a system architect is invaluable in assessing and managing ASI's portfolio companies.Ahti picked up programming at the early age of ten, his fascination with all things technical resulting in him being the lead technical architect at Skype. Ahti has also worked on artificial intelligence, 3D graphics engines, signal processing, and building mobile phones.Out of the office, Ahti dons his running gear to enjoy orienteering and adventure racing events, where navigation is his strong-point.

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Investment focus

  • Industry: Apps, Internet, Software
  • Stage:Seed, Angel, Series A
  • Geography: Estonia, United States

Investor stats

  • Total investments: 7
  • Round size: Seed $90k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Fleep — Fleep is a web, Android, iOS, Mac and Windows app that wants to bridge the gap between ‘reply all’-style group email and enterprise messaging/IM services.Founded by ex-Skypers, Fleep is a messaging service that fills the gap between email and various IM/texting services. They take email’s ability to contact anyone and marry it withreal-time messaging.They are based in Estonia, with offices in Tallinn and Tartu. Their services are hosted on Amazon EC2 in Dublin, Ireland.
  • LIFT99 — LIFT99 is a coworking hub and network of startup founders in Tallinn, Estonia, and Kyiv, Ukraine. In 2018, we launched our Skillsharing Platform for founders around the world.
  • Swap.com — Swap is an online consignment and thrift store shop high-quality secondhand clothes. Shop the best brands at up to 90% off.
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822 industries, 177 countries. Updated daily. Emails and phones included.

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LIFT99
VC Fund · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
  • AXDRAFT — Automate contracts with AXDRAFT.
  • Legal Nodes — Offload your legal tasks to a virtual legal department and get on with running your business. Get started with the Legal Nodes platform for free.
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TMT Investments
VC Fund · St. Helier, NA - Jersey, Jersey · 4 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Backblaze — Backblaze is a pioneer in robust, scalable low cost cloud backup and storage services. Personal online backup to enterprise scale data storage solutions.
  • Rhino — First-class armored rides
  • Global Work — Explore 500k+ verified remote, hybrid, and local jobs worldwide. Find your ideal role, compare opportunities, and apply on globalwork.ai!
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Tomer Warschauer Nuni
Angel · Herzliya, Tel Aviv, Israel · 4 investments in Estonia Enterprise startups

Tomer Warschauer Nuni is a distinguished figure in the digital marketing and blockchain sectors, boasting over two decades of experience. Known for his innovative approach to GameFi and DeFi, Tomer has carved out a niche as a forward-thinking leader in the Web3 revolution. His career is highlighted by successful exits and strategic investments thatunderscore his knack for harnessing the power of emerging technologies. Currently leads the investment arm of ChainGPT Labs. CMO at Kima Finance. Writer for Cointelegraph and Forbes. Played a key role in incubating ChainGPT.As a strategic advisor, Tomer applies his vast experience and visionary insight to propel his portfolio companies forward. He specializes in bridging the gap between complex blockchain innovations and market needs, crafting strategies that resonate with diverse audiences. Tomer's 25 years of digital marketing experience and his passion for blockchain technologies make him an invaluable asset to any project he advises.With two successful exists and dozens of successful project token listings, his contributions extend beyond business achievements; Tomer is also a respected voice in the industry, sharing his expertise through articles and thought leadership in Forbes and Cointelegraph.As an angel investor and strategic advisor, he leverages his vast network and expertise to support and drive growth for his portfolio companies and foster an environment of ecosystem collaborations, business innovations, and partnership excellence.Various well-known industry names are among his portfolio companies, in which he also serves as a strategic advisor, such as ChainGPT, GT Protocol, Cookie3, Kima Network, Bubblemaps, Glyph, Omnia Protocol, Eesee, Legends, Shieldeum, Cluster Protocol, Oddin, Zyfi, Octavia, Ironblocks, Aspis Finance, Bondex, Pink Moon Studios, Uncaged Studios, Aether Games, Engines of Fury, Galaxy Games, Ethernity, Terminal, and many others.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Artificial Intelligence
  • Stage:Seed, Angel, Pre-Seed
  • Geography: United States, Israel, United Kingdom

Investor stats

  • Total investments: 37
  • Round size: Seed $200k–$10M; Angel $131k–$1M; Pre-Seed $50k–$100k
  • Lead/follow: 3% lead, 97% follow

Portfolio highlights

  • Nicegram — Nicegram is a fast, secure and nice messaging app that perfectly includes all Telegram features and offers additional ones which are ideally made for all modern people and businesses.
  • Hana Network — Hana Network is a software development company that develops and manages cryptocurrency and blockchain transactions.
  • Cluster Protocol — Cluster Protocol is the co-ordination layer for AI agents, a carnot engine fueling the AI economy making sure the AI developers are monetized for their AI models and users get an unified seamless experience to build that next AI app/ agent within a virtual disposable environment facilitating the creation of modular, self-evolving AI agents.
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Ambient Sound Investments
VC Fund · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Enterprise 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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Geekchester
VC Fund · 3 investments in Estonia Enterprise startups

Product Engineering Outsource company and Investments

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Investment focus

  • Industry: Sports, Social Media
  • Stage:Angel
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Round size: Angel $29k–$29k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Athlon Chat — Mobile platform that democratises the arena experience, allowing people to compete globally in a wide range of sports
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Kuido Lepik
Angel · 3 investments in Estonia Enterprise 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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Timo Rein
Angel · New York, New York, United States · 3 investments in Estonia Enterprise startups

Timo Rein is based out of New York, New York, and is the Co-Founder of Pipedrive. Timo Rein attended the University of Tartu.

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Investment focus

  • Industry: Software, Recruiting, Human Resources
  • Stage:Seed, Angel, Convertible Note
  • Geography: Estonia, Finland, United Kingdom

Investor stats

  • Total investments: 10
  • Round size: Seed $300k–$2M; Angel $136k–$359k
  • Lead/follow: 30% lead, 70% 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.
  • Antegenes — Antegenes’ novel genetic tests assess a patient’s personal cancer risks, and include clinical recommendations for personalized cancer prevention. The tests are based on innovative polygenic risk score technology which helps to clarify a person’s genetic predispositions to cancer. It therefore allows for more accurate prevention and early detectionmeasures – crucial in the fight with cancer. The tests are currently being used to determine the genetic risk for four cancers: breast cancer, prostate cancer, colon cancer, and skin melanoma.
  • Bidrento — One powerful platform for your entire portfolio. The leading property and tenant management software. Scale your operations and maximize your profit with Bidrento. Try it already today!
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Expansion Capital
VC Fund · Riga, Riga, Latvia · 3 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

  • Total investments: 42
  • Round size: Seed $132k–$2.4M; Debt Financing $113k–$242k; Venture - Series Unknown $225k–$1.6M
  • Lead/follow: 79% lead, 21% follow

Portfolio highlights

  • Flirtu — Flirtu is an app for dating on Telegram that helps users find their perfect match.
  • FIS.solutions — Loan Management System | Loan Servicing Software | Lending Software. Instalment loans, mortgages, car leasing & rentals, credit line, business loans, factoring
  • Willow Wealth — Willow Wealth is an alternative investment platform focused on generating income streams for investors. Get exclusive access to private market investments.
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Oliver Ahlberg
Angel · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Enterprise startups

Oliver Ahlberg is based out of Tallinn, Harjumaa, and is the Chairman of the Supervisory Board of Skeleton Technologies. Oliver previously worked at Vigvam as a CEO and co-founder. Oliver Ahlberg attended the University of Tartu.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Round size: Seed $853k–$1M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • OCCO — B2B commerce platform for design professionals, advancing their workflow through AI and Machine Learning.
  • ProcurementFlow — Reduce time to market for new products! Simple procurement teamwork software for keeping the communication and procurement process in the flow. Requisition management, eSourcing, SRM.
  • DriveX Technologies — Decrease your average claim size with AI vehicle inspection tool for CASCO pre-checks and windshield claims.
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Martin Villig
Angel · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Planet42 — Having your own car has never been easier. Planet42 is a vehicle rental company offering rent-to-buy car service for private clients.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
  • StudentFinance — Catapult your career with leading re-skilling and up-skilling bootcamps. Study now and pay us back once you land a job & start earning!
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SpeedUp Venture Capital Group
VC Fund · Poznan, Wielkopolskie, Poland · 3 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

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

Seeding ambitious founders at places like @citymapper, @improbableio,@teamkano, @moo, @songkick,@seedcamp, @transferwise and @zoopla since 1999. Who's next?

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Investment focus

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

Investor stats

  • Total investments: 434
  • Round size: Seed $1.5M–$12M; Pre-Seed $1M–$5.1M; Series A $4.2M–$33M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $500M in 2022

Portfolio highlights

  • nPlan — AI that forecasts project outcomes, creates scenarios of the future and helps mitigate risk across single projects and portfolios. Trained on over 750,000 past programmes.
  • Stream — Stream is a financial services firm that allows employees to stream their earned wages into their accounts through an instant app. The app allows them to have complete control over when they get paid. It also effectively ends the need for employee advances, loans, and employee stress suffered from short-term, unplanned financial obligations. Thecompany aims to play a key role in reducing the poverty premium and preventing employees from entering cycles of debt caused by overdraft fees, high-interest credit, or payday loans.
  • Resolutiion — Resolutiion provides AI-powered software for managing commercial conflict, delivery risk, and business relationship performance. The platform supports organizations with dispute detection, workflow automation, contract monitoring, issue resolution, and operational risk management across customers, suppliers, workforce teams, and commercialpartnerships. Its system uses AI-driven analysis to identify relationship friction, monitor delivery performance, and support structured resolution processes. Resolutiion also provides commercial intelligence tools, reporting, and collaboration features for enterprise delivery and governance management.
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Taavi Madiberk
Angel · Dresden, Sachsen, Germany · 3 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • LynxPower — Cleantech platform offering wireless metering and AI-driven energy management to track, analyze, and optimize energy use in real time.
  • MarkeDroid — Turn sites into intelligent power plants The world's most adaptable AI-powered Energy Orchestration Platform. Google Play App Store Our customers participate
  • DriveX Technologies — Decrease your average claim size with AI vehicle inspection tool for CASCO pre-checks and windshield claims.
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Contrarian Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 3 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Inion software — EMS, Power Plant Control and Cybersecurity solutions for solar, wind and battery storage projects.Discover our performance-boosting monitoring systems. It
  • Decade Energy — Decade Energy is the energy infrastructure and optimization partner for transport operators and depot managers who want to electrify their fleets.
  • Delfos Energy — Why did it Fail? Avoid unexpected failures across your assetsReduce the risk of unexpected failuresmoreOptimize Maintenance Windowsmoreretain and scale up operational knowledgemoreplatform real time monitoring, analysis and predictions for renewable energy and oil&gas assetsVIEW OUR APPLICATIONS customer and partnerssee what our customers say about our solutions TestimonialsYour failure prediction alarm, helped us avoid an
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Creandum
VC Fund · Stockholm, Stockholms Lan, Sweden · 3 investments in Estonia Enterprise startups, 21 in the past 12 months

We support early-stage founders in building global, category-defining companies. From Seed to IPO and beyond.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series A, Seed, Series B
  • Geography: Sweden, Germany, United States

Investor stats

  • Total investments: 321
  • Round size: Seed $1.8M–$17M; Series A $5.5M–$35M; Series B $10M–$80M
  • Lead/follow: 37% lead, 63% follow
  • Last fund: Likely still investing — raised $545M in 2024

Portfolio highlights

  • Rillet — Rillet automates majority of month-end close and offers powerful GAAP and SaaS reporting. The software has built-in revenue recognition, invoicing, and AI-powered accounting.
  • Jack & Jill AI — Jack helps candidates find the perfect job and Jill helps companies find the perfect candidate.
  • OLIX — OLIX designs and manufactures optical processors that use light-based circuits to accelerate artificial intelligence workloads. The company develops Optical Tensor Processing Units that execute matrix and tensor operations for training and running inference on large-scale machine learning models. Its hardware aims to increase performance and reducepower consumption relative to conventional electronic accelerators by processing data in the optical domain. Flux Computing focuses on infrastructure for generative AI and advanced neural networks, targeting data centers and organizations that require intensive model computation. The product stack centers on custom optical chips integrated with supporting electronics, control software, and tools that link into existing AI frameworks. Sales and partnerships primarily address customers building large AI clusters, research environments, and emerging applications that benefit from high-throughput, low-energy computation.
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Enterprise Estonia
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Enterprise startups

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

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Investment focus

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

Investor stats

  • Total investments: 29
  • Round size: Seed $800k–$1.1M; Grant $16k–$2.1M; Pre-Seed $1.2M–$4.3M
  • Lead/follow: 55% lead, 45% follow

Portfolio highlights

  • ÄIO — Innovative food technologies to replace palm oil, coconut oil and animal fats with sustainable and healthier alternatives.
  • Lifeyear — Digital-first heart care. At scale.
  • Rollo Robotics — Rollo Robotics develops autonomous monowheel security robots using gyroscopic stabilisation technology.
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Mike Oliinyk
Angel · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Enterprise startups

Mike Oliinyk is a VP of Product at Montonio

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Investment focus

  • Industry: Robotics, Navigation, 3D Technology
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • C2Grid — C2Grid delivers AI-powered 3D situational awareness by transforming video into interactive, multi-layered intelligence. Its technology enhances tactical and operational visibility, accelerates decision-making, and improves mission outcomes. Designed for both military and civilian use, C2Grid’s solutions save time, boost efficiency, and ultimatelyprotect lives.
  • 10Lines — Explore cutting-edge pavement marking robots for faster, autonomous striping and significant CO2 reduction. Contact us now!
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Taavi Kotka
Angel · 3 investments in Estonia Enterprise startups

Taavi Kotka is based out of Tallinn, Harjumaa and is the CEO & Co-Founder of KOOS.io. Taavi previously worked at European Commission as a Special Advisor to Vice President Andrus Ansip. Taavi Kotka attended the Tallinna Tehnikaülikool / Tallinn University of Technology.

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Investment focus

  • Industry: Electronics, Battery, FinTech
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 7
  • Round size: Seed $1.9M–$4.4M; Pre-Seed $337k–$1.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • VOOL — VOOL is a one-stop shop for EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
  • Introwise — Introwise makes it easy for everyday experts to offer coaching and advice online.
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OpenOcean
VC Fund · Helsinki, Southern Finland, Finland · 3 investments in Estonia Enterprise startups

OpenOcean is an early-stage venture capital firm investing in B2B software across Europe with offices in London & Helsinki.

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Series A, Series B, Seed
  • Geography: Finland, United States, United Kingdom

Investor stats

  • Total investments: 97
  • Round size: Seed $2.8M–$11M; Series A $2.3M–$22M; Series B $7.3M–$30M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • Booksy — Booksy - book appointments online. Find & book beauty services like hairdressing, manicure, spa or massage. Check prices & reviews!
  • Outlyer — Outlyer is a self-service infrastructure monitoring platform made for DevOps and microservices. We monitor your full stack—from servers and cloud providers to databases, containers and custom metrics. We give you dashboards, analytics and alerts that are easy to set up and customize for both developer and operations teams.Outlyer is monitoring,done differently.
  • Sitegeist —
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Angel Effect
VC Fund · Kurucesme, Istanbul, Turkey · 3 investments in Estonia Enterprise startups

We are a team of successful entrepreneurs, corporate leaders and people who know the impact of creating value together. Together, we invest in high-impact, early-stage companies led by amazing teams with global mindset all over the world.

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Investment focus

  • Industry: Software, E-Commerce, Mobile Apps
  • Stage:Seed, Pre-Seed
  • Geography: Turkey, United States, United Kingdom

Investor stats

  • Total investments: 37
  • Round size: Seed $50k–$755k; Pre-Seed $102k–$995k
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • ULive — ULive is a digital fitness platform. With ULive, users can develop physically, mentally and spiritually. Indoor Cycling using UBikes, Yoga, Pilates, Stretch, Dance and bUUt (functional body training) classes, which they can attend live every day and whenever they want, using mobile application.
  • & New Me — Explore the best aesthetic treatments in Turkey with New Me. Book a consultation, read reviews, and find the right doctor for your beauty journey.
  • Njoykidz — njoyKidz was founded in 2021 with the simple idea of creating ad-free and safe game platforms for the kids while they learn. We develop game
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Enterprise Investor funding in Estonia at a glance

Stats across 620 deals from 790 investors.

790
investors
in Estonia Enterprise startups
620
deals
in Estonia Enterprise startups
$500k
median round
in Estonia Enterprise startups
33%
lead investors
lead at least one round
33%
Seed
most common funding stage
73/27
VC / Angel
share of investor count

Access all 790 investors in Estonia Enterprise startups.

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