# Top 50 Startup Investors in Estonia in June 2026

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Specialist VC | 44 | Estonia, United Kingdom, Finland | Seed, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Tera Ventures | 35 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, E-Commerce, Artificial Intelligence |
| Superangel | 35 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, Information Technology |
| Lemonade Stand | 29 | Estonia, Lithuania, India | Seed, Pre-Seed | Software, Artificial Intelligence, FinTech |
| Prototron | 24 | Estonia, Finland, Germany | Pre-Seed, Grant, Seed | Software, Manufacturing, Internet of Things |
| Icebreaker.vc | 23 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Change Ventures | 23 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| Thorgate Ventures | 18 | Estonia, United Kingdom, Norway | Seed, Pre-Seed, Series A | Software, SaaS, FinTech |
| Ragnar Sass | 13 | Estonia, Ukraine, United States | Seed, Pre-Seed | Information Technology, Software, SaaS |
| Jaan Tallinn | 12 | United States, Estonia, United Kingdom | Seed, Series A | Software, Artificial Intelligence, Internet |
| Karma Ventures | 11 | Estonia, United States, Finland | Series A, Seed, Series B | Software, Artificial Intelligence, FinTech |
| Sten Tamkivi | 11 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, Artificial Intelligence, Manufacturing |
| Markus Villig | 11 | Estonia, United States, United Kingdom | Seed, Pre-Seed, Angel | Software, Information Technology, FinTech |
| Martin Villig | 11 | Estonia, Spain, South Africa | Seed, Angel, Pre-Seed | Software, FinTech, Education |
| Martin Tajur | 11 | Estonia, Poland, Ukraine | Pre-Seed, Seed, Angel | Software, SaaS, Recruiting |
| Spring Capital | 11 | Estonia, Finland, United States | Seed, Pre-Seed, Series A | Software, SaaS, E-Commerce |
| Alvar Lumberg | 10 | Estonia | Seed, Pre-Seed, Angel | Software, Information Technology, FinTech |
| Trind Ventures | 9 | Finland, Estonia, Spain | Seed, Series A | Software, Information Technology, SaaS |
| Martin Henk | 9 | Estonia, United States, United Kingdom | Pre-Seed, Seed, Angel | Software, SaaS, Information Technology |
| TMT Investments | 9 | United States, Estonia, United Kingdom | Seed, Series A | Software, SaaS, Social Media |
| Kristjan Vilosius | 9 | Estonia, United States, South Africa | Seed, Pre-Seed, Series A | Software, Information Technology, E-Commerce |
| Sunly | 8 | Estonia, France, Finland | Seed, Pre-Seed | Solar, CleanTech, Rental |
| Gorilla Capital | 8 | Finland, Sweden, Estonia | Pre-Seed, Seed, Series A | Software, SaaS, Information Technology |
| Ambient Sound Investments | 8 | Estonia, United States, United Kingdom | Seed, Series A | Internet, Software, E-Commerce |
| Taavi Kotka | 7 | Estonia | Pre-Seed, Seed, Angel | Electronics, Battery, FinTech |
| Timo Rein | 7 | Estonia, Finland, United Kingdom | Seed, Angel, Convertible Note | Software, Recruiting, Human Resources |
| Andrus Purde | 7 | Estonia, United Kingdom, Cyprus | Seed, Pre-Seed | Software, Apps, Internet |
| Triin Hertmann | 7 | Estonia | Seed, Pre-Seed | FinTech, Software, E-Commerce |
| Superhero Capital | 7 | Finland, Lithuania, Estonia | Seed, Pre-Seed | Software, Information Technology, Internet |
| EstBAN | 7 | Estonia, Lithuania, Latvia | Seed, Pre-Seed, Angel | Software, Information Technology, Manufacturing |
| Kaarel Kotkas | 7 | Estonia, United Kingdom | Seed, Series A, Angel | Software, Gaming, 3D Technology |
| Passion Capital | 7 | United Kingdom, United States, Germany | Seed, Series A, Series B | Software, FinTech, Financial Services |
| Taavet Hinrikus | 7 | United Kingdom, United States, Estonia | Seed, Series A, Series B | FinTech, Software, Financial Services |
| Ott Kaukver | 7 | Estonia, United States, United Kingdom | Series A, Seed, Pre-Seed | Software, Financial Services, SaaS |
| Kristjan Raude | 7 | Estonia, United States | Seed, Pre-Seed, Equity Crowdfunding | Software, Automotive, Internet of Things |
| BADideas.fund | 7 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Grant | Software, Information Technology, Artificial Intelligence |
| LIFT99 | 6 | Estonia, United Kingdom, El Salvador | Pre-Seed, Seed, Series A | Software, Information Technology, Legal |
| Enterprise Estonia | 6 | Estonia | Grant, Seed, Pre-Seed | Biotechnology, Software, Mobile Apps |
| Metaplanet | 6 | United States, United Kingdom, Estonia | Seed, Series A, Series B | Artificial Intelligence, Software, Health Care |
| Iron Wolf Capital | 6 | Lithuania, Estonia, United Kingdom | Seed, Series A, Pre-Seed | Software, Information Technology, SaaS |
| Verge HealthTech Fund | 6 | Estonia, Singapore, United Kingdom | Seed, Pre-Seed, Series A | Health Care, Medical Device, Medical |
| AU21 Capital | 5 | United States, Singapore, United Kingdom | Seed, Initial Coin Offering | Blockchain, Cryptocurrency, Gaming |
| Vestman Energia | 5 | Estonia | Pre-Seed, Seed | Water, Software, CleanTech |
| Tiny Supercomputer Investment Company | 5 | United Kingdom, Germany, United States | Seed, Pre-Seed, Series A | Software, Artificial Intelligence, Information Technology |
| Tiny VC | 5 | United Kingdom, Germany, United States | Seed, Pre-Seed, Series A | Software, Artificial Intelligence, Information Technology |
| Peep Vain | 5 | Estonia | Seed, Angel | Software, Genetics, Recruiting |
| Märt Kelder | 5 | Estonia, Pakistan, Bangladesh | Seed, Angel, Pre-Seed | Information Technology, Software, Transportation |
| Earlybird Venture Capital | 5 | Germany, United States, United Kingdom | Series A, Seed, Series B | Software, Information Technology, Artificial Intelligence |
| Ahti Heinla | 5 | Estonia, United States | Seed, Angel, Series A | Apps, Internet, Software |
| Contrarian Ventures | 5 | Lithuania, United Kingdom, France | Seed, Series A, Pre-Seed | Software, Renewable Energy, Energy |

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