# Top 50 Enterprise Startup Investors in Estonia in June 2026

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Icebreaker.vc | 17 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Specialist VC | 17 | Estonia, United Kingdom, Finland | Seed, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Tera Ventures | 14 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, E-Commerce, Artificial Intelligence |
| Change Ventures | 13 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| Kristjan Vilosius | 9 | Estonia, United States, South Africa | Seed, Pre-Seed, Series A | Software, Information Technology, E-Commerce |
| Lemonade Stand | 9 | Estonia, Lithuania, India | Seed, Pre-Seed | Software, Artificial Intelligence, FinTech |
| Markus Villig | 8 | Estonia, United States, United Kingdom | Seed, Pre-Seed, Angel | Software, Information Technology, FinTech |
| Prototron | 8 | Estonia, Finland, Germany | Pre-Seed, Grant, Seed | Software, Manufacturing, Internet of Things |
| Jaan Tallinn | 8 | United States, Estonia, United Kingdom | Seed, Series A | Software, Artificial Intelligence, Internet |
| Ragnar Sass | 7 | Estonia, United States, Ukraine | Seed, Pre-Seed | Information Technology, Software, SaaS |
| Thorgate Ventures | 7 | Estonia, United Kingdom, Norway | Seed, Pre-Seed, Series A | Software, SaaS, FinTech |
| Sten Tamkivi | 6 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, Artificial Intelligence, Manufacturing |
| Superangel | 6 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, Information Technology |
| Taavet Hinrikus | 5 | United Kingdom, United States, Estonia | Seed, Series A, Series B | FinTech, Software, Financial Services |
| BADideas.fund | 5 | Estonia, Latvia, Lithuania | Pre-Seed, Seed, Grant | Software, Information Technology, Artificial Intelligence |
| Earlybird Venture Capital | 5 | Germany, United States, United Kingdom | Series A, Seed, Series B | Software, Information Technology, Artificial Intelligence |
| Gorilla Capital | 5 | Finland, Sweden, Estonia | Pre-Seed, Seed, Series A | Software, SaaS, Information Technology |
| Karma Ventures | 4 | Estonia, United States, Finland | Series A, Seed, Series B | Software, Artificial Intelligence, FinTech |
| Martin Henk | 4 | Estonia, United States, United Kingdom | Pre-Seed, Seed, Angel | Software, SaaS, Information Technology |
| Spring Capital | 4 | Estonia, Finland, United States | Seed, Pre-Seed, Series A | Software, SaaS, E-Commerce |
| LIFT99 | 4 | Estonia, United Kingdom, El Salvador | Pre-Seed, Seed, Series A | Software, Information Technology, Legal |
| Ahti Heinla | 4 | Estonia, United States | Seed, Angel, Series A | Apps, Internet, Software |
| TMT Investments | 4 | United States, Estonia, United Kingdom | Seed, Series A | Software, SaaS, Social Media |
| Kaarel Kotkas | 4 | Estonia, United Kingdom | Seed, Series A, Angel | Software, Gaming, 3D Technology |
| Martin Tajur | 3 | Estonia, Poland, Ukraine | Pre-Seed, Seed, Angel | Software, SaaS, Recruiting |
| The Spartan Group | 3 | United States, Singapore, United Kingdom | Seed, Series A | Blockchain, Cryptocurrency, Software |
| Expansion Capital | 3 | Latvia, United States, Norway | Seed, Debt Financing | Manufacturing, Logistics, Transportation |
| hi VC | 3 | Turkey, Estonia, United States | Seed, Pre-Seed | Software, Artificial Intelligence, Information Technology |
| Contrarian Ventures | 3 | Lithuania, United Kingdom, France | Seed, Series A, Pre-Seed | Software, Renewable Energy, Energy |
| Oliver Ahlberg | 3 | Estonia | Seed, Angel | Software, Information Technology, Artificial Intelligence |
| Trind Ventures | 3 | Finland, Estonia, Spain | Seed, Series A | Software, Information Technology, SaaS |
| Union Square Ventures | 3 | United States, United Kingdom, Canada | Series A, Series B, Seed | Software, Financial Services, FinTech |
| LD Capital | 3 | United States, Singapore, United Kingdom | Seed, Initial Coin Offering | Blockchain, Cryptocurrency, Gaming |
| ZAKA VC | 3 | United States, Germany, United Kingdom | Seed, Pre-Seed | Artificial Intelligence, Software, Information Technology |
| Kristjan Raude | 3 | Estonia, United States | Seed, Pre-Seed, Equity Crowdfunding | Software, Automotive, Internet of Things |
| Martin Villig | 3 | Estonia, Spain, South Africa | Seed, Angel, Pre-Seed | Software, FinTech, Education |
| OpenOcean | 3 | Finland, United States, United Kingdom | Series A, Series B, Seed | Software, Information Technology, SaaS |
| Creandum | 3 | Sweden, Germany, United States | Series A, Seed, Series B | Software, Information Technology, Artificial Intelligence |
| Ambient Sound Investments | 3 | Estonia, United States, United Kingdom | Seed, Series A | Internet, Software, E-Commerce |
| Enterprise Estonia | 3 | Estonia | Grant, Seed, Pre-Seed | Biotechnology, Software, Mobile Apps |
| Engin Gürsöz | 2 | Estonia | Seed, Pre-Seed | Software, Crowdsourcing, Computer Vision |
| Airtree Ventures | 2 | Australia, United States, Singapore | Series A, Seed, Series B | Software, SaaS, Information Technology |
| Peter Sandberg | 2 | Denmark, Kenya, Estonia | Angel, Pre-Seed, Secondary Market | Internet, Artificial Intelligence, FinTech |
| Christopher Sier | 2 | Estonia | Seed, Pre-Seed | Education, Recruiting, Professional Services |
| InfoCert | 2 | Estonia, Germany | Pre-Seed, Corporate Round | Cyber Security, SaaS, Software |
| Joakim Karske | 2 | Estonia | Seed, Pre-Seed | Education, Recruiting, Professional Services |
| Hummingbird Ventures | 2 | United States, Turkey, United Kingdom | Series A, Seed, Series B | Software, Financial Services, Biotechnology |
| TRANGELS | 2 | Turkey, United States, Estonia | Seed, Pre-Seed, Angel | Software, Information Technology, Biotechnology |
| Yiğit Barış Şemin | 2 | Estonia | Seed, Pre-Seed | Software, Crowdsourcing, Computer Vision |
| Peep Vain | 2 | Estonia | Seed, Angel | Software, Genetics, Recruiting |