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Top 50 Impact VC (Venture Capital) Funds in Estonia in December 2024

Last updated: Dec 2024 A list of 50 VC (Venture Capital) funds that invest in Impact startups based in Estonia. We rank investors based on the number of investments they made in Impact companies from Estonia. We update this investor list every month.

Top 50 Impact VC (Venture Capital) Funds in Estonia in December 2024

Investor	Impact Estonia investments
Superangel	6
Lemonade Stand	5
Specialist VC	4
Vestman Energia	3
Spring Capital	3
Iron Wolf Capital	2
Contrarian Ventures	2
EstBAN	2
Funderbeam	2
Sunly	2
Trind Ventures	2
Norrsken VC	2
Change Ventures	2
Expansion Capital	2
Icebreaker.vc	2
Little Green Fund	2
Prototron	2
Future Ventures	2
Big Brain Holdings	2
Angel Effect	2
Thorgate Ventures	2
Hartmann Capital	2
The Spartan Group	2
CMT Digital	1
Master Ventures	1
Combiwood Grupp	1
Orange DAO	1
Ministry of Economic Affairs and Communications for Estonia	1
LD Capital	1
Honey Badger Capital OÜ	1
ZGI Capital	1
Enterprise Estonia	1
Helmes	1
Orange DAO	1
EdgeCap Partners	1
Koray Bahar	1
Jsquare	1
Tallinn University of Technology (TalTech)	1
Black Pearls VC	1
Block54	1
Gravity Team	1
Warmeston	1
Greenco Ventures	1
Eigenkapital	1
Commerce Ventures	1
BayWa r.e. Energy Ventures	1
Bangladesh Angels	1
Yolo Investments	1
LIFT99	1
TMT Investments	1

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Investor list

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

Investment focus

Software, Artificial Intelligence, Information Technology
Seed, Pre-Seed, Series A
Estonia, United States, Finland

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!
Pactum — Pactum autonomous negotiations help companies unlock hidden value. Our AI negotiates non-strategic supplier contracts on a massive scale.
Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.

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.

Investment focus

Software, SaaS, FinTech
Seed, Pre-Seed, Angel
Estonia, India, Poland

Portfolio highlights

Esgrid — Manage your value chain ESG data on autopilot, and save hundreds of working hours on legal analysis, ESG data collection and creating improvement guidelines. Become CSRD compliant with Esgrid.
Ligence — AI Automated Echocardiography - Artificial intelligence-powered automated heart ultrasound echo lab system.
Black Swan — Black Swan offers autonomous space robotics software solution

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

Investment focus

Information Technology, Software, Artificial Intelligence
Seed, Pre-Seed, Funding Round
Estonia, United Kingdom, United States

Portfolio highlights

Miros — Revolutionizing ecommerce with AI-powered visual search and semantic search. Seamless, tagless, and intuitive product discovery for all shoppers.
Sera — Sera's AI streamlines prospecting with tailored lists and enriched profiles, including accurate emails and metrics.
CyberUpgrade — Easily manage ICT compliance audits by tracking controls, handling ever increasing requirements, and sharing policies. Gain control over cyber security measures.

Our focus changes in the same pace with the surrounding world. If the main concern of the mankind is the food and energy supplies and polluted living environment, the current activities of the companies of Vestman Group thus also focus on these topics. Our vision is to be a sustainable forest manager on one of the Estonian largest private forestpossession. We lease out arable lands, give advice and help to find the best solution based on the partner’s needs. We are starting our journey in Eco-friendly Technology to strengthen our Circular economy way of doing things even further. We value the world we live in and the resources we use in our business.

Investment focus

Water, Software, CleanTech
Pre-Seed, Seed, Funding Round
Estonia

Portfolio highlights

KWOTA — Kwota offers digital validation and trading services for recycled material CO₂ emissions.
Spacedrip — Spacedrip develops automated water treatment and reuse systems that recycle wastewater back to pure usable water with minimal maintenance. Our systems provide off-grid water without the need for centralized sewage/water solutions.
RAIKU Packaging — 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.

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.

Investment focus

Software, E-Commerce, SaaS
Seed, Pre-Seed, Series A
Estonia, Finland, United States

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.

We are here to make you succeed! Iron Wolf Capital is an international venture capital firm with an experienced team of professionals with global outlook and strong roots in the Baltics. and a mandate for helping entrepreneurs realise their ideas into successful businesses.

Investment focus

Software, Infrastructure, Manufacturing
Seed, Pre-Seed, Series A
Lithuania, Estonia, United Kingdom

Portfolio highlights

PIXEVIA — PIXEVIA - AI for retail. Our flagship product - fully autonomous stores, powered by AI, cameras, and sensors. You simply walk in, take what you want, and go.
Repsense — Reputation management software - Repsense is AI powered online reputation management service that helps you track your reputation.
Kingdom Technologies — Kingdom builds novel robotic lawn mowers for large terrains

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

Investment focus

Software, Renewable Energy, Energy
Seed, Series A, Pre-Seed
Lithuania, United Kingdom, France

Portfolio highlights

Beebop — Beebop is a software designed for power grid orchestration. Beebop's orchestration middleware enables utilities, grid operators, manufacturers, and VPP technology leaders to manage residential asset fleets, enhancing value delivery to end-customers.
altrove AI — Altrove - Sustainable Alternatives to Critical Materials
Decade Energy — Decade Energy is the energy infrastructure and optimization partner for transport operators and depot managers who want to electrify their fleets.

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

Investment focus

Software, Information Technology, Manufacturing
Seed, Pre-Seed, Angel
Estonia, Latvia, Lithuania

Portfolio highlights

Esgrid — Manage your value chain ESG data on autopilot, and save hundreds of working hours on legal analysis, ESG data collection and creating improvement guidelines. Become CSRD compliant with Esgrid.
RAIKU Packaging — 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.
DriveX Technologies — Boost your windshield damage assessment accuracy with an AI inspection tool that provides instant repairability decisions.

Funderbeam is a funding and trading platform that connects companies and investors to buy and sell equity stakes. The platform allows the founders to gain exposure, legal support, a funding manager, or an investor network. It also allows the investors to take control of their investments and trade anytime they want.The company was founded in 2013as a global data platform for startup companies.

Investment focus

Apps, FinTech, Software
Seed, Pre-Seed, Equity Crowdfunding
Estonia, United Kingdom

Portfolio highlights

Pynk — Pynk is the Multi-Award Winning London Fintech that rewards you for making predictions on assets like Gold, NASDAQ and Bitcoin. Free sign up, start today!
FleetFox — UpSteam is building the future of car care via disrupting both the user experience, and the business side of car the car care industry. With UpSteam you can get a car wash delivered to your doorstep. It works pretty much like ordering a food delivery from Bolt/Uber. While you’re having a business meeting, our operator cleans your carinside-and-out, right at your parking spot. Also, we’re helping our business users save time on fleet management via offering various car care services such as refueling trips, damage control, car relocating, etc.As of August 2021, we've serviced more than 40K cars in 3 countries. UpSteam is combining the key-strengths of its traditional competitors, as users get the comfort of a self-service wash, the quality of a stationary hand wash, at the price-point of an automatic car wash. UpSteam was founded in 2017 and is headquartered in Tallinn, Estonia.

Sunly, a renewable energy company, is active in the Baltics and surrounding markets. Sunly is developing renewable energy projects through Sunly Infra and manages a renewable energy and electrification portfolio of start-ups through Sunly Startup.Sunly Infra is developing a full range of renewable energy projects, employing the knowledge of anaccomplished team of experts to develop, construct and operate renewable energy power plants. In the Baltics, Sunly is exclusively developing and interested in solar power plants until 2020.

Investment focus

Solar, CleanTech, Rental
Seed, Pre-Seed, Funding Round
Estonia, France, Finland

Portfolio highlights

Themo — Themo's innovation is an algorithm that optimizes the price of exchange electricity and the consumption of electricity. Themo offers an easy and environmentally friendly way to save on electricity consumed by heating.
Vok Bikes — E-cargo bicycles perfect for last-mile deliveries and business use cases in the city. Vok Bikes develops and produces electric cargo bikes in Europe.
UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.

Trind Ventures is an early stage VC fund based in Tallinn, Estonia. Investing in start-ups across Europe, from seed rounds all the way to sustainability, with a focus on ICT. Trind Ventures partners are Joel Aasmäe, Ivar Siimar, Kimmo Irpola and Taavi Lepmets.

Investment focus

Software, Information Technology, Marketplace
Seed, Series A, Funding Round
Estonia, Finland, Sweden

Portfolio highlights

Webel — Webel is an on demand Home Services Marketplace (cleaning, nannies, tutors...) where clients can search, book, compare, pay and review these services. Thanks to a deep analysis of the current methods for hiring these services and the competition outlook, we have created a unique and revolutionary business model that will outperform the market.
Groover — Groover is the best way to promote your music to blogs, radios, record labels, & Spotify playlisters. Get listened to, receive coverage & guaranteed feedback!
Jobilla — Reach and activate your target group with a powerful recruitment solution. Increase the amount of applications and get 7X more qualified candidates.

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

Investment focus

Software, Health Care, Food and Beverage
Seed, Series A, Funding Round
Sweden, United Kingdom, Germany

Portfolio highlights

Aerleum — Aerleum transforms CO2 into clean fuels and chemicals. Discover our innovative technology and mission to decarbonize hard-to-abate industries for a sustainable future.
juna.ai — AI Agents to Run Your Factory
terralayr — At terralayr, we're not just offering storage and batteries; we're pioneering a new era of energy flexibility. In a world where renewable energy is on the rise, the need for flexibility in energy storage has never been more crucial. That's where we come in.

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

Investment focus

Software, Apps, Mobile Apps
Seed, Pre-Seed, Series A
Estonia, United States, Lithuania

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.
Certific — Certific is a platform that enables certified remote medical testing at scale.
Origin Robotics — Origin is a defense technology company that specializes in advanced autonomous systems. It was co-founded in 2022 by UAV industry serial entrepreneurs to address the growing security threats in Europe.

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.

Investment focus

Drones, Big Data, Software
Seed, Series A, Funding Round
Latvia, Estonia

Portfolio highlights

FIS.solutions — Loan Management System | Loan Servicing Software | Lending Software. Instalment loans, mortgages, car leasing & rentals, credit line, business loans, factoring
Hepta Airborne — Hepta provides automated power grid management and analysis using autonomous drones and powerful analytics software. Visit our website to find out more!

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.

Investment focus

Software, Information Technology, Artificial Intelligence
Pre-Seed, Seed, Series A
Finland, Sweden, Estonia

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.
Valpas — Valpas is the hygiene protocol that reassures your future guests and keeps your hotel clean from the most uncontrollable: bed bugs
Tab — Tab is the API-first company that enables smart receipts to arrive straight to your mobile bank app, all linked to your payment card. We help merchants deliver a seamless checkout experience and to unlock new avenues for post-sale engagement, banks to offer better user experiences & reducing customer support costs and consumers can wave goodbyeto lost receipts, tedious expense reporting processes and a more engaging banking experience.

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

Investment focus

CleanTech, GreenTech, Manufacturing
Pre-Seed
Estonia

Portfolio highlights

Esgrid — Manage your value chain ESG data on autopilot, and save hundreds of working hours on legal analysis, ESG data collection and creating improvement guidelines. Become CSRD compliant with Esgrid.
UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.
RAIKU Packaging — 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.

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.

Investment focus

Software, Manufacturing, Energy
Pre-Seed, Grant, Seed
Estonia, Germany, Taiwan

Portfolio highlights

10Lines — 10Lines is developing autonomous parking lot marking robots and technological solutions to significantly increase productivity in the industry of pavement marking. Our solutions are helping striping businesses do their work much more productively with a smaller environmental footprint.
KrattWorks — We build jamming-resistant and high performance drones for front line operators.
RAIKU Packaging — 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.

Future Ventures is a financial services platform with a focus on disruptive technology companies such as commercial space exploration, deep learning, quantum computing, robotics, AI, blockchain, sustainable transportation, synthetic biology and clean meat.As venture capitalists, the founders of Future Ventures have led founding investments inseveral companies that had successful IPOs and others that were acquired for over $16 billion in aggregate. Some of our early VC investments include Memphis Meats, Mythic, Nervana, Planet, Rethink Robotics, Skype, SpaceX, Tesla and Zoox. Current board seats include SpaceX, Tesla, and D-Wave.

Investment focus

Software, Biotechnology, Life Science
Series A, Series B, Seed
United States, China, Canada

Portfolio highlights

Gameto — Gameto is a new breed of biotechnology company in female reproductive longevity
Xona Space Systems — Xona's Pulsar service is the first high-performance alternative to GPS designed to support the age of autonomy. Our constellation of smallsats will provide secure navigation and timing services with the resilience and accuracy needed to enable modern devices to operate safely in any conditions.
Vironexis Biotherapeutics — Vironexis will implement the cutting-edge technique of AAV-delivered T-cell immunotherapy.

Big Brain Holdings is Focused on Investing in Solana projects that have strong potential.

Investment focus

Blockchain, Cryptocurrency, Gaming
Seed, Pre-Seed, Funding Round
United States, Singapore, Canada

Portfolio highlights

Kiva AI — Kiva AI is a platform designed to supply high-quality and compliant data solutions at scale to create specialized AI applications in domains such as healthcare, finance, and law.
Nillion — The Secure Processing Layer of Web3
Flappy Bird — Flappy Bird Foundation is to uphold the Flappy Bird intellectual property and further the Flappy Bird heritage. The Foundation accurately restores our vintage and nostalgic gameplay while adding new features to give back to the worldwide fan base that started the craze.

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.

Investment focus

Software, E-Commerce, Mobile
Seed, Funding Round, Pre-Seed
Turkey, United States, United Kingdom

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

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

Investment focus

Software, SaaS, Information Technology
Seed, Pre-Seed, Funding Round
Estonia, United Kingdom, Norway

Portfolio highlights

Waybiller — Bulk TMS solution for end-to-end management: Waybiller transforms your logistics operations, allowing you to handle bulk shipments with precision and speed.
U24 Solutions — U24 Solutions is a software development studio specializing in the creation of immersive experiences through virtual reality. We make real-time, room-scale simulations, employing stunning realism and custom libraries of hyper-detailed 3D objects and environments optimized for the VR experience.
Hepta Airborne — Hepta provides automated power grid management and analysis using autonomous drones and powerful analytics software. Visit our website to find out more!

Hartmann Capital offers one of the world's first crypto hedge funds to provide accredited investors exposure to Bitcoin and other digital assets in the virtual currency space.

Investment focus

Virtual Reality, Software, Video Games
Seed, Pre-Seed, Series A
United States, Canada, Norway

Portfolio highlights

Sloyd — 3D modeling has never been easier. Select a generator, tweak it, done. Generate with realtime in the Sloyd Webapp or SDK.
Cookie3 — Cookie3 utilizes off- and on-chain analytics and an AI data layer to determine quality users who bring value on-chain and reward them for their contribution. It's a three-platform hub for businesses, creators, and users with a unique value offering for all.
Squido Studio — No More Rainbows is a first person VR platformer with unique locomotion inspired by classic titles such as Super Meat Boy and Super Mario. The studio behind No More Rainbows is Montreal based Squido Studio, a studio that focuses on core mechanics and gameplay before all else.

We advise, invest and build with the best entrepreneurs in Web3.

Investment focus

Blockchain, Cryptocurrency, Financial Services
Seed, Series A, Funding Round
United States, Singapore, United Kingdom

Portfolio highlights

OpenLayer — OpenLayer increases web3 with positive verifiable computation.
B² Network — B² Network is a Bitcoin Layer 2 network that utilizes ZK rollup and on-chain logical gate commitment verification mechanisms. It is a supplementary network that runs on top of the Bitcoin Network. It also introduces smart contracts to Bitcoin, which could open up new possibilities for DeFi, NFTs, and derivatives.
Alliance Games — Next level Web3 Gaming Infrastructure, Now Fully Decentralized

An exciting new iteration of our website is coming soon. CMT Digital is a blockchain and digital assets focused subsidiary of the CMT Group, a 24 year-old trading and investments firm. The CMT Group has operated as a valued partner to entrepreneurs, traders, and technologists

Investment focus

Blockchain, Cryptocurrency, Financial Services
Seed, Series A, Funding Round
United States, Singapore, United Kingdom

Portfolio highlights

CAT Labs — CATLABS.IO - Building Digital Asset Recovery and Cybersecurity Tools to Enable Public and Private Sector Customers to Fight Crypto-Enabled Crime
Axal — Axal is a smart web3 systems by just stating your intent.
Hypernative — Detect attacks in progress & prevent loses in real time by proactively monitoring on and off chain data sources and help mitigate security, governance and financial risks with early warnings & actionable insights.

Master Ventures is a blockchain focused venture studio. We combine visionary ideas, exceptional talent, and investment capital to invest and build the next generation of revolutionary blockchain businesses and products.

Investment focus

Blockchain, Gaming, Information Technology
Seed, Funding Round, Initial Coin Offering
United States, Singapore, Hong Kong

Portfolio highlights

Arcade2earn — Arcade2earn is the GameFi platform that gives its community the opportunity to earn access to the ecosystem.
HitBox Games — HitBox Games was founded by industry veterans to provide dev teams around the world with a transparent and ethical publishing option.
Aether Games — Aether Games are the creative talent behind both of the widely expected NFT-based game titles: Gates of Ethernity and Cards of Ethernity. In addition, the studio's creative efforts are up to be represented by the CGI mini-series "Aether" and many more.

Explore Combiwood Group, an Estonian network of woodworking companies. We provide sustainable timber products, from raw materials to finished goods, for global markets.

Investment focus

Forestry, GreenTech, Environmental Consulting
Seed
Estonia

Portfolio highlights

Ecobase — EUROPE'S LARGEST AFFORESTATION AND REFORESTATION PROJECT DEVELOPER

Orange DAO

Investment focus

Cryptocurrency, Blockchain, Software
Seed, Pre-Seed, Series A
United States, Estonia, Philippines

Portfolio highlights

ZKX — ZKX is a permissionless protocol for derivatives built on StarkNet.
Cookie3 — Cookie3 is the data engine aggregating, processing, and interpreting all existing NFTs and tokens to understand Web3 users.
ILUMA — ILUMA is building the autonomous solution to onboard, manage, engage and support the next 1M DAO communities in web3.

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

Investment focus

CleanTech, GreenTech, Manufacturing
Pre-Seed
Estonia

Portfolio highlights

RAIKU Packaging — 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.

LD Capital is one of Asia's earliest organizations focusing on value investing in blockchain field. Owing to industrial resource advantages and professional investment research teams, LD Capital has successively discovered and invested in projects such as Qtum, Vechain and Eos which all achieved over 100 times return.Their teams spread overChina, the United States, Europe, Singapore, Japan, and South Korea, and have accumulated rich experience in areas of traditional internet, Fintech, and advanced blockchain technology. They are committed to the globalization of blockchain and quality investment in the entire industry.LD Capital focuses on blockchain innovation projects within finance, games, content publishing, Internet of Things and other circuits, and we have been propelling broad layout of blockchain technology and infrastructure construction to facilitate the comprehensive development of the global blockchain ecosystem.

Investment focus

Blockchain, Cryptocurrency, Gaming
Seed, Funding Round, Initial Coin Offering
United States, Singapore, United Kingdom

Portfolio highlights

GAM3S.GG — Your home of web3 gaming offering game discovery, reviews, guides, news & quests for a full experience.
Ola — Ola is a ZKVM-based, High-performance, Privacy-focused layer2 platform.
Earn Network — Onboarding millions to make billions in DeFi economy

We invest between 50k€ – 150k€ to start-ups along with access to our extensive network and know-how. We work together with an extended group of Pipedrive Angels who have the option to also join the investments we make which can bring the total amount invested up.

Investment focus

FinTech, GreenTech, Health Care
Seed
Estonia

Portfolio highlights

Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.

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

Investment focus

Manufacturing, Machinery Manufacturing, Consulting
Funding Round, Seed, Debt Financing
Latvia, Estonia

Portfolio highlights

eAgronom — eAgronom helps farmers generate additional revenue streams, improve soil quality, and access better financing.
KOOL Latvija — "KOOL Latvija" is a new concept gas station created in Latvia, which at the same time is also a convenient fast shopping place.
Bioreactors.net — Biotechnical center is an innovative company and we provide solutions for industrial biotechnology processes, bioreactor manufacturing and industrial automation. We manufacture bioreactors for laboratory, pilot and industrial scale.

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.

Investment focus

Mobile Apps, CleanTech, Manufacturing
Grant, Seed, Pre-Seed
Estonia

Portfolio highlights

ÄIO — Innovative food technologies to replace palm oil, coconut oil and animal fats with sustainable and healthier alternatives.
MYCEEN — We grow carbon-negative materials combining mushroom mycelium and industrial byproducts.
Vok Bikes — E-cargo bicycles perfect for last-mile deliveries and business use cases in the city. Vok Bikes develops and produces electric cargo bikes in Europe.

We build software to build your businessHelmes is an international software house headquartered in Tallinn, with clients across all of Europe. The long-term success of Helmes is built on lasting partnerships that bring about tangible business gains for our clients.Helmes is best known for building business critical software solutions and itsrange of services are used around the world by corporations such as 2Park Technologies, Telia, Solera Inc, Kühne+Nagel, DNB, OECD and International Energy Agency.Helmes has also developed many government provided e-services, for instance the elections info system and the e-prescription[3] system, the latter being the recipient of various quality and innovation awards.Helmes was established in 1991 and to date the company employs a workforce of over 250 people. The founder and current CEO is Jaan Pillesaar, who is also CEO of the Estonia Service Industry Association.

Investment focus

Power Grid, Building Material, Natural Resources
Series A
Estonia

Portfolio highlights

Roofit.solar — Our award-winning integrated solar roof combines Nordic design with premium materials and highly efficient solar technology.

A new tool that blends your everyday work apps into one. It's the all-in-one workspace for you and your team

Investment focus

Cryptocurrency, Blockchain, Software
Pre-Seed, Seed, Private Equity
United States, Singapore, Spain

Portfolio highlights

Kiki World — KIKI World is at the heart of this evolution, a virtual-led beauty brand at the intersection of gamified commerce.
Lumino — Lumino is an AI infrastructure startup whose mission is to enable the power of AI for every human.
Nest Wallet — Nest Wallet is a wallet created exclusively for traders, and all wallets are linked across mobile and extension.

EdgeCap Partners focuses on private and venture capital investments.

Investment focus

Power Grid, Building Material, Natural Resources
Series A
Estonia

Portfolio highlights

Roofit.solar — Our award-winning integrated solar roof combines Nordic design with premium materials and highly efficient solar technology.

Investor

Investment focus

Marketing, E-Commerce, Peer to Peer
Seed
Estonia

Portfolio highlights

Glocalzone — Glocalzone is a platform that connects shoppers who want to buy products from abroad and travelers who want to make a profit.

Jsquare is a crypto investment and advisory company, aiming to be the top-tier investment institution in the blockchain industry.

Investment focus

Blockchain, Cryptocurrency, FinTech
Seed, Series A, Funding Round
Estonia, United States, Canada

Portfolio highlights

Shardeum — Shardeum is an EVM-based, linearly scalable smart contract platform that maintains low gas fees while providing true decentralization and solid security
Earn Network — Discover a decentralized platform that unlocks the world of DeFi earnings through easy, automated, and audited blockchain processes. Empower your earning potential with just a few clicks
Root Protocol — Root is building an operating system with the composition of an intent-centric aggregator of digital identity, virtual accounts, social graphs, and more to enable unified access to Web3.

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

Investment focus

CleanTech, GreenTech, Manufacturing
Pre-Seed
Estonia

Portfolio highlights

RAIKU Packaging — 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.

Black Pearls VC is a venture capital firm focusing on Life Quality Technologies. We look for the best entrepreneurs in Poland and the Baltic Sea Region.

Investment focus

Software, Artificial Intelligence, FinTech
Seed, Pre-Seed, Funding Round
Poland, United States, United Kingdom

Portfolio highlights

Traxlo — We are at the technology and retail industries intersection. Our longtime experience in the industry taught us that only the right innovation has the potential to make a positive impact. Thus we aim to make our solutions as seamless as possible to be able to add only benefits to every worker who uses our apps and to every retail store manager whohas lots on her plate, day in, day out.
Tapline — Tapline turns your SaaS recurring revenues into fast, transparent and non dilutive growth capital.
HeavyFinance — A borderless lending marketplace, where farmers meet investors

A web3 investment fund. Created by deep believers that magic happens when human ingenuity meets power of software. We invest in ambitious projects looking to make history.

Investment focus

Analytics, Blockchain, Ad Targeting
Seed
Estonia

Portfolio highlights

Cookie3 — Cookie3 utilizes off- and on-chain analytics and an AI data layer to determine quality users who bring value on-chain and reward them for their contribution. It's a three-platform hub for businesses, creators, and users with a unique value offering for all.

Trading since 2017, we are a top crypto market maker and liquidity provider to over 1,200 crypto-asset pairs across 25+ exchanges.

Investment focus

Analytics, Blockchain, Ad Targeting
Seed
Estonia

Portfolio highlights

Cookie3 — Cookie3 utilizes off- and on-chain analytics and an AI data layer to determine quality users who bring value on-chain and reward them for their contribution. It's a three-platform hub for businesses, creators, and users with a unique value offering for all.

We value process in our work. Details and experience combined with innovative technology and effectiveness make us your long term partner.

Investment focus

Natural Resources, Environmental Consulting
Seed
Estonia

Portfolio highlights

One mtn — 1MTN is bridging Africa and carbon markets to combat climate change through carbon removal projects and planting bamboo. Purchase carbon credits or learn about our partnership-oriented funding model for landowners. #actnow #carbonremoval #plantingbamboo

Greenco Ventures is an investment firm.

Investment focus

Renewable Energy, Environmental Engineering
Pre-Seed
Estonia

Portfolio highlights

KWOTA — Kwota offers digital validation and trading services for recycled material CO₂ emissions.

Eigenkapital is an investment firm.

Investment focus

Water, Recycling, Water Purification
Funding Round
Estonia

Portfolio highlights

Spacedrip — Spacedrip develops automated water treatment and reuse systems that recycle wastewater back to pure usable water with minimal maintenance. Our systems provide off-grid water without the need for centralized sewage/water solutions.

At Commerce Ventures, they are building a new and different type of venture capital firm. Their investors are a unique and strategic blend of leading entrepreneurs, senior executives, and corporates from their focus sectors (mobile, retail/e-commerce, payments, fin-tech, insurance). In addition to providing capital, they are committed tohelping their portfolio companies succeed in scaling their commerce-related innovations.

Investment focus

FinTech, Software, Financial Services
Series A, Seed, Series B
United States, India, United Kingdom

Portfolio highlights

Flueid — Flueid Software Corporation is on a mission to fundamentally change how the traditional real estate transaction closing process works. With broad strategic, design, technology and operational experience within these industries, our goal is not to eliminate critical functions within the process, but to re-think them and make them smarter, whichultimately increases productivity and reduces redundancy and cost. Working with major title insurance, real estate and mortgage lending partners, Flueid develops key solutions that streamline real estate transaction workflow, automate the delivery of risk-eliminating information during closing, and optimize business processes throughout the entire process.
Class 8 — Class 8 is a transportation service company that uses OEM power to unleash carrier excellence and simplify the logistics business.
Cardless — Cardless is a credit card company. They help brands launch custom cobrand credit card products. They handle the program creation, card underwriting, lending, issuance, and top-notch customer service, while brands focus on delivering rewards truly valuable to their superfan cardholders.Cardless was founded in February 2019 by Michael Spelfogel andScott Kazmierowicz (ex-Stanford CS / Data Science, ex-Lyft, ex-Visa, ex-Goldman) and is backed by top VCs including Accomplice, Greycroft, Clocktower Ventures, as well as founders of Plastiq, SeatGeek, Flatiron Health, and FiveStars

BayWa r.e. Energy Ventures is a Munich based venture capital firm looking for early stage investment opportunities in the energy market all over Europe and Israel.They focus on scalable business models in the areas of digital energy solutions, storage and e-mobility. They believe the key to success is ensuring great chemistry and collaborationbetween the founders, management team and investors.As the venture capital unit of the BayWa r.e. Holding, they combine corporate stability and a deep understanding of the energy market with the entrepreneurial experience and mindset within their dedicated team.

Investment focus

SaaS, Energy, Renewable Energy
Series B, Seed, Series A
Germany, Israel, Sweden

Portfolio highlights

Pexapark — Pexapark provides software and advisory services for post-subsidy renewable energy sales and risk management.We make PPA transactions happen. -- Our advisory team has supported more than 60 PPA transactions, with a volume of over 10 GW. We manage transactions, support negotiations, source offtakers and advise M&A. We empower you to masterrenewable energy risks. -- We distil 20+ years of energy trading knowledge into user-friendly software tools that build capabilities and give you mastery over renewable energy risks.We connect and educate renewables professionals. -- With our community platform “LinkedIn for renewable energy professionals” we connect key players in the renewable energy market to accelerate the transition to a sustainable, renewable energy future.For more information please visit www.pexapark.com, or get in touch with us at togetherbetter@pexapark.com.
Roofit.solar — Our award-winning integrated solar roof combines Nordic design with premium materials and highly efficient solar technology.
Circadian Technologies GmbH — Circadian Technologies accelerates the energy transition in frontier markets with a SaaS business model, empowering solar developers & energy service companies to reduce operating costs and grow revenue with a data driven platform and proprietary IoT hardware.Circadian transforms the entire value chain of its customers by uniquely providingan end-to-end solution to better design, finance, operate and maintain decentralized renewable energy systems for commercial & industrial sites.

Bangladesh Angels operates as an angel investing platform. Its mission to nurture innovation and entrepreneurship in Bangladesh, connecting them to both local and global investors. Bangladesh Angels was founded in 2018 and is headquartered in Dhaka, Bangladesh.

Investment focus

Supply Chain Management, Fashion, SaaS
Seed, Pre-Seed, Angel
Bangladesh, India, Estonia

Portfolio highlights

Airwrk — AI recruiting sidekick for founders: post permanent or contractual jobs with AI assessments, interview offshore/nearshore remote developers in 24 hours.
Shuttle — Shuttle is a mass-transit startup based in Bangladesh that provides safe transportation at an affordable fare by moving more people with fewer vehicles and caters to both B2B and B2C customers.
Reverse Resources — The smartest way to deal with leftovers from fashion production

Yolo Investments is focusing on late seed & series A stage investments in igaming, fintech and crypto.

Investment focus

Information Technology, Sports, Cryptocurrency
Seed, Series A, Funding Round
Estonia, United States, Australia

Portfolio highlights

IDA — IDA is the leading provider of digital asset solutions, allowing trust, transparency, and speed in payments and commerce. By leveraging blockchain technology, IDA opens up a more connected and inclusive global economy.
Fanton — The first P2E Fantasy Football game with Telegram integration
Basketball Forever — Basketball Forever.

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.

Investment focus

Software, Information Technology, Legal
Pre-Seed, Seed, Series A
Estonia, United Kingdom, El Salvador

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 — AXDRAFT offers on-demand automation of legal processes for enterprise customers, helping them to draft legal documents 10 times faster and avoid mistake. The biggest advantage of AXDRAFT is the ability to roll-out tailored automation for the customer in one week at no cost to the customer. AXDRAFT works with companies, like Carlsberg, BritishAmerican Tobacco, OLX and many other international brands.
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.

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.

Investment focus

Software, SaaS, Social Media
Seed, Series A, Funding Round
United States, United Kingdom, Estonia

Portfolio highlights

Enty — One subscription for Invoicing, Contracts, and Finances
Whizz — My Device is a subscription-based rental service provider for devices like electric scooters, bicycles, home sports equipment, etc.
Mobilo Card — Share your contact details with a tap. The best digital business card for teams. This is a real business card, no app. The best and cheapest digital business card.

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