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Top 30 Manufacturing VC (Venture Capital) Funds in Estonia in January 2026

Last updated: Jan 2026 A list of 30 VC (Venture Capital) funds that invest in Manufacturing startups based in Estonia. We rank investors based on the number of investments they made in Manufacturing companies from Estonia. We update this investor list every month.

Top 30 Manufacturing VC (Venture Capital) Funds in Estonia in January 2026

Investor	Manufacturing Estonia investments
Prototron	10
Thorgate Ventures	3
Ambient Sound Investments	2
42CAP	2
Change Ventures	2
Shellona	2
Amalfi Capital	1
EstBAN	1
Destiny Energy	1
Tallinn University of Technology (TalTech)	1
Atomico	1
Ministry of Economic Affairs and Communications for Estonia	1
Blossom Capital	1
Vestman Energia	1
SOSV	1
Bangladesh Angels	1
Opus11 VC	1
Kaamos	1
Syda Ventures	1
BSV Ventures	1
Little Green Fund	1
Specialist VC	1
Crosslight Partners	1
Enterprise Estonia	1
Leovegas	1
Tera Ventures	1
BADideas.fund	1
Estonian venture capital	1
Superangel	1
UP Invest	1

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Investor list

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, Internet of Things
Pre-Seed, Grant, Seed
Estonia, Finland, Germany

Portfolio highlights

Neurosalience — Neurosalience develops a tool for the early detection of dementia from structural MRI scans.
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.

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

Investment focus

Software, SaaS, FinTech
Seed, Pre-Seed, Series A
Estonia, United Kingdom, Norway

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 is a personal finance management app that helps you to track, analyze and plan your finances.

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.

Investment focus

Internet, Software, E-Commerce
Seed, Series A, Funding Round
Estonia, United States, United Kingdom

Portfolio highlights

Cgates — Cgates is largest independent pay TV and internet service provider. It provides digital and interactive television, fibre-optic broadband internet and fixed telephony to subscribers across the country. The company was founded in 1991 and has developed into a leading telecom operator via numerous acquisitions and organic growth. Investor consortiumled by Livonia Partners acquired a significant minority stake in September 2017 to support growth of the company and further network and technology upgrades.
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!
Ampler Bikes — High-quality and lightweight usb-c e-bikes that look like classic bicycles. Choose your Ampler e-bike online today and start your journey.

We are peers amongst entrepreneurs helping the brave to build game-changing companies, just like we have done ourselves.

Investment focus

Software, SaaS, Artificial Intelligence
Seed, Series A, Pre-Seed
Germany, France, Sweden

Portfolio highlights

Occtoo — Build digital experiences at record speed. Unify customer, content and context data from any source and combine it into a new experience. No more lengthy integration projects.
Flowlity — Flowlity revolutionizes planners' experience by streamlining tasks within planning tools and automating 95% of planning activities.
Superface — Superface helps you build reliable AI solutions that achieve human-level accuracy with high goal completion rate.

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

Investment focus

Software, Information Technology, Apps
Seed, Pre-Seed, Series A
Estonia, Latvia, Lithuania

Portfolio highlights

Eurora — Eurora develops an e-commerce suite of customs compliance tools.
FanSifter — FanSifter is a fan data management platform that leverages machine learning to help rights holders in music, entertainment, and sports increase tickets, music, merch, experiences, and sponsorships sales.
RecruitLab — Teamdash's built-in recruitment, applicant tracking, and marketing features give you the focus you need to achieve the impossible. Here's how.

Shellona offers a musical atmosphere inspired by trends from Ibiza & Mykonos.

Investment focus

Manufacturing
Seed
Estonia

Portfolio highlights

Frankenburg Technologies — Frankenburg Technologies aims to develop missile systems that are ten times more affordable, a hundred times faster to produce, and in quantities far exceeding current industry capabilities.

International Technology Investment Fund

Investment focus

Beauty, Health Care, Location Based Services
Seed, Funding Round, Series A
Estonia, Finland, Ireland

Portfolio highlights

VOOL — VOOL is a one-stop shop for EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
Wirepas — Wireless mesh connectivity for industrial IoT. Proven, ultra-reliable and scalable. Lowest total cost of ownership. The best mesh for IoT.
X-BOLT Orthapaedics — X-Bolt Trauma Solutions for osteoporotic bone fixation. FDA 510(k) approved. Clinical studies include the WHITE One (n=100) and WHITE Four (n=1,140) randomized control trials.

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 — Esgrid is the smartest supplier discovery platform in food and beverage. Say goodbye to Googling and GPT, say hello to millions of verified products with enriched contacts. It's all for free, like search should be.
Cuploop — Using RFID technology, our Smart Kiosk offers efficiency & security. Going circular has never been so easy.
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.

Destiny Energy is a renewable energy Solutions platform.

Investment focus

Drones, Manufacturing
Pre-Seed
Estonia

Portfolio highlights

SKYCORP Technologies — Discover Skycorp's sustainable, hydrogen-powered drones designed for first response, agriculture, energy, and infrastructure applications.

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 — 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.

Atomico invests in innovative technology companies around the world.

Investment focus

Software, Information Technology, Artificial Intelligence
Series A, Series B, Series C
United Kingdom, United States, Germany

Portfolio highlights

Cortea — Cortea leverages artificial intelligence to revolutionize the auditing process by enhancing speed, accuracy, and transparency. Cortea transforms audits from traditional, labor-intensive processes into faster, more reliable, and more transparent operations.
PhysicsX — PhysicsX is a developer of AI and simulation engineering technologies to reinvent the design and operation of machines and products.
Neko Health — Neko Health is a Swedish health-tech business. Its ambition is to build a healthcare system that can help people stay healthy by focusing on prevention and early detection. Neko has created a new medical scanning technology concept that allows for comprehensive and non-invasive health data collection that is both convenient and economical for thegeneral people.

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 — 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.

Blossom Capital is a Series A venture capital firm that invests in European founders building global businesses.

Investment focus

Software, SaaS, Artificial Intelligence
Series A, Seed, Series B
United Kingdom, France, Germany

Portfolio highlights

TheyDo — Customer journey management: organize your business around the customer journey. Manage insights, journeys, opportunities and solutions in one place. Try now!
Vespa.ai — Vespa is the AI Search Platform for fast, accurate and large scale RAG, personalization, and recommendation.
AutogenAI — Cutting-edge AI technology to streamline proposal writing and help businesses win more bids.

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 — 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.

SOSV is a global, deep tech venture capital firm that operates the HAX and IndieBio startup development programs focused on human and planetary health. SOSV invests $500,000 in startups at their inception as they onboard either HAX or IndieBio for a 4-6 month period designed to accelerate the raise of their next institutional round. SOSV joins thelater rounds of HAX and IndieBio graduates. HAX, based in a 35,000 sq ft facility in Newark, NJ, is equipped with machine tools, 3D printers, chemical, electrical and mechanical engineering labs, as well as on-staff engineering and design experts. SOSV's IndieBio has locations in NYC and San Francisco, both of which offer extensive services and facilities to founders including on-site BSL-2 labs, well equipped lab benches and hoods, and advanced lab equipment, such as chromatography equipment.

Investment focus

Biotechnology, Health Care, Software
Seed, Convertible Note, Pre-Seed
United States, India, United Kingdom

Portfolio highlights

MixRift — MIXRIFT - game developers specialized in Mixed Reality
unspun — From 3D scan to perfect fitting custom jeans. unspun makes each pair of jeans unique to your actual body and design. On a mission to reduce global carbon emissions by 1%. As seen in Fast Company's World Changing Ideas, Time's Best Inventions, and PopSci's Best of What's New. Welcome to the future of apparel.
Mesa Quantum — Unlock the potential of chip-scale quantum sensing for enhanced Position, Navigation, And Timing capabilities. Explore Mesa Quantum's practical solutions.

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

Adeffi — Adeffi is a tech-enabled ad marketplace revolutionizing OOH and DOOH advertising with innovative, data-driven solutions and gig economy integration. Since 2019, we’ve leveraged technology to transform the physical world into dynamic ad opportunities, helping brands connect with target audiences through impactful outdoor strategies. Profitable andsurpassing $1M in annual revenue in 2024, Adeffi is reshaping the future of advertising in Bangladesh and expanding to cities in India, Nepal, Thailand and Vietnam.
Airwrk — Post jobs with AI-optimized JDs, auto-screen with AI assessments, alert 10K+ vetted tech talent, shortlist from ranked applicants, & schedule 1-click interviews.
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.

Opus11 VC is an Investment firm.

Investment focus

Battery, Electronics, Manufacturing
Seed, Pre-Seed
Estonia

Portfolio highlights

VOOL — VOOL is a one-stop shop for EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
Mifundo — Mifundo ensures trust between banks and individuals by providing secure, verified financial histories across borders.
Dragonfly Technology Limited — Software moves fast, and businesses are losing out. They’re using outdated tools, while watching competitors make strides with AI-first tech. But the fact is, the way teams discover and choose software has been broken for years. Dragonfly is a platform designed to simplify the process of software discovery with clarity, objectivity, and speed.With Dragonfly's proprietary AI-driven technology, businesses can make smarter, faster decisions by connecting their existing tech stack to a dynamic, curated dataset of the world’s most performant tools, to instantly provides contextual, personalised recommendations tailored to your unique challenges, goals, and stage of growth.Dragonfly is built to eliminate the confusion and bias from software selection. No more spreadsheets, vendor hype, or guesswork. With Dragonfly, your team can stay aligned, cut waste, and fast-track research. Whether you're scaling fast or looking for an AI-driven tool to enhance productivity, Dragonfly has you covered today and tomorrow.

Kaamos is an investment management firm that invests in the construction, real estate, energy sector, and wood industry.

Investment focus

Manufacturing, Battery, CleanTech
Pre-Seed, Funding Round
Estonia

Portfolio highlights

VOOL — VOOL is a one-stop shop for EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
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.

Syda Ventures focuses on investing in pre-seed and seed stage startups.

Investment focus

Drones, Manufacturing
Pre-Seed
Estonia

Portfolio highlights

SKYCORP Technologies — Discover Skycorp's sustainable, hydrogen-powered drones designed for first response, agriculture, energy, and infrastructure applications.

Baltic Sandbox Ventures is an early-stage VC dedicated to developing the Deep Tech and Life Science ecosystem in the Baltic region. Our focus is on early-stage individuals and teams that are engaged in research and development and are seeking to address complex technical challenges with significant potential for commercial applications.

Investment focus

Software, Drones, Infrastructure
Pre-Seed, Funding Round, Convertible Note
Lithuania, Estonia, Luxembourg

Portfolio highlights

SafePAS — Discover portable lab-grade analyzers that offer precision wherever you need it. With cutting-edge technology, we deliver lab-grade precision and cost-effective solutions for drug detection and soil analysis.
Solid IO — Solid IO is transforming precision oncology with organ-on-chip technology, delivering real-time, patient-specific insights to improve cancer treatment decisions.
Freya Cultivation Systems — Discover Freya Cultivation Systems' innovative Aeroframe irrigation system that doubles greenhouse productivity and enhances profitability.

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 — Esgrid is the smartest supplier discovery platform in food and beverage. Say goodbye to Googling and GPT, say hello to millions of verified products with enriched contacts. It's all for free, like search should be.
UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.
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.

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, Finland

Portfolio highlights

Sera — Sera's AI streamlines prospecting with tailored lists and enriched profiles, including accurate emails and metrics.
Vocal Image — Join 4M+ Vocal Image users to improve your communication skills in just minutes. Discover your voice type, boost confidence & speak better. Try now.
Better Medicine — Utilising AI to transform cancer diagnostics and radiology workflows for improved efficiency and patient outcomes.

Crosslight Partners is a growth equity firm. The firm invests in the environment, healthcare, impact, and technology sectors across Europe.

Investment focus

Biotechnology, B2B, Medical
Seed, Funding Round
Sweden, Estonia

Portfolio highlights

Gelatex Technologies — Gelatex is a Techstars-backed materials technology company that invented the fastest technology for producing bio-based nanofibers on a large scale. It is a platform technology that enables faster and up to 100 cheaper nanofiber production for applications like 3D scaffolds for tissue engineering, cultured meat, bio-based filters, eco-friendlyleather-like textile, energy storage, wound care, and many more. The technology is patent-pending and the machinery fully functional. The company was founded in 2016 and until COVID-19 pandemic developed eco-friendly leather-like textile from gelatin nanofibers, using this nanofiber production technology as part of the process. COVID-19 was a trigger to understand the wider potential of the technology which then led to pivot.The company is based in Estonia and holding incorporated in UK (2019).
Sigrid Therapeutics — Sigrid Therapeutics is developing an ingested medical device for lowering blood sugar in prediabetics.

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

Biotechnology, Software, Mobile Apps
Grant, Seed, Pre-Seed
Estonia

Portfolio highlights

MYCEEN — MYCEEN is a carbon-negative materials combining mushroom mycelium and industrial byproducts.
Lifeyear — Digital-first heart care. At scale.
Jälle Technologies — Jälle Technologies create advanced recycling technologies that transform battery waste into high-value resources.

LeoVegas is the premier GameTech company and is at the forefront of using state-of-the-art technology for mobile gaming. We are the King of Casino.

Investment focus

Gaming, SaaS, Gambling
Seed, Pre-Seed, Funding Round
Sweden, Estonia, United Kingdom

Portfolio highlights

humbl.ai — humbl.ai offers a modular suite of tools that use Automation and AI to empower iGaming and E-commerce clients in the areas of paid media, affiliation, SEO, and compliance.
Like a Boss Games — Like a Boss is a mobile games studio consisting of an awesome team with decades of experience from the worlds most successful gaming companies. The company is on a clear mission to entertain millions of sports fans with innovative social games for smart phones & tablets.
BeyondPlay — Home to the best multiplayer real money gaming experience, we are on a mission to redefine how people play.

Tera Ventures is an international investment firm based in Estonia.

Investment focus

Software, E-Commerce, Artificial Intelligence
Seed, Series A, Pre-Seed
Estonia, United States, United Kingdom

Portfolio highlights

Supersimple — Supersimple helps SaaS companies use customer behavior data to drive decisions in product & sales.
TWICE COMMERCE ® — Turn sustainability into revenue with Twice Commerce, the all-in-one resale and rental platform. Create your store for free!
CARÁ Health — CARÁ Health is creating a hybrid health and well-being platform for women throughout any stage of maternity to make them feel empowered and make informed choices. We do this by combining all verticals a woman needs (and does not yet knows she needs) during the maternity period, including education, products, podcasts, masterclasses, and servicerecommendations.

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.

Investment focus

Software, Information Technology, FinTech
Pre-Seed, Seed
Estonia, Latvia, Ukraine

Portfolio highlights

Qminder — Set up Qminder queue management software in minutes. Real-time reports on customer service & employee performance. Cloud-based. Wireless. Free Support.
THEO — Power-Up Any AI Assistant in 3 minutes by transforming your startup's strategy, product, and market info into an expert-designed AI-ready knowledge format, making AI truly understand your unique business nuances.
Desktop Commander — Desktop Commander is a powerful MCP tool that helps developers manage files, set up servers, and deploy applications with ease.

Estonian venture capital provides support to entrepreneurs, fund managers, institutional investors.

Investment focus

Energy, CleanTech, Automotive
Series A
Estonia

Portfolio highlights

Skeleton Technologies — Skeleton Technologies is the global leader in ultracapacitor & supercapacitor energy storage and helps companies in automotive, transportation, grid, and industry to save energy.

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

Investment focus

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

Portfolio highlights

Project Q — Empower Our Sovereign Futures
Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
Labrys Technologies — Visualise & Coordinate Your People. Securely. Anywhere. In Real-Time.

UP Invest company focusing on investments in health care, media, consumer brands real estate and cleantech venture capital.

Investment focus

Energy, CleanTech, Automotive
Series A
Estonia

Portfolio highlights

Skeleton Technologies — Skeleton Technologies is the global leader in ultracapacitor & supercapacitor energy storage and helps companies in automotive, transportation, grid, and industry to save energy.

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