Top 10 Medical Device Startup Investors in Estonia (July 2026)

We make early investments in global healthcare technology companies that address prevention, disease management and health system efficiency that are relevant to emerging AsiaWe believe that innovation can happen anywhere, from the streets of Dhaka to the labs of Oxford, however without the right support network, these solutions might notscale, or find the best world-changing application. This is where we can help.

Investment focus

Industry: Health Care, Medical Device, Medical
Stage:Seed, Pre-Seed, Series A
Geography: Estonia, Singapore, United Kingdom

Investor stats

Total investments: 28
Round size: Seed $500k–$4.7M; Pre-Seed $500k–$1M
Lead/follow: 54% lead, 46% follow
Last fund: May invest from a new fund soon — raised $17k in 2021

Portfolio highlights

Zoundream — The Future of Infant Care
Understanding Zoe — Understanding Zoe is a neuroaffirming application that turns every report and observation into an actionable step for a better connect.
Neuraworx Medical Technology — Neuraworx Medical Technology is a neurotechnology company developing first-in-class bioelectronic solutions for brain health.

Show all investments...

Martin Tajur is the co-founder of Pipedrive.

Investment focus

Industry: Software, SaaS, Recruiting
Stage:Pre-Seed, Seed, Angel
Geography: Estonia, Poland, Ukraine

Investor stats

Total investments: 16
Round size: Seed $800k–$2.7M; Angel $137k–$549k; Pre-Seed $478k–$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 — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.

Show all investments...

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.

Investment focus

Industry: Information Technology, Software, SaaS
Stage:Seed, Pre-Seed
Geography: Estonia, Ukraine, United States

Investor stats

Total investments: 33
Round size: Seed $677k–$6M; Pre-Seed $110k–$2.2M
Lead/follow: 12% lead, 88% follow

Portfolio highlights

Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.
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.
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.

Show all investments...

Some call you founders. We call you Superheroes. Seed stage VC investing in insight-driven startups in Finland and the Baltics. Tickets 100 K€ - 1000 K€.

Investment focus

Industry: Software, Information Technology, Internet
Stage:Seed, Pre-Seed, Series A
Geography: Finland, Lithuania, Estonia

Investor stats

Total investments: 94
Round size: Seed $212k–$3.1M; Pre-Seed $618k–$1.8M; Series A $3.4M–$8.2M
Lead/follow: 54% lead, 46% follow
Last fund: May invest from a new fund soon — raised $35M in 2020

Portfolio highlights

Zadaa — We are the world’s first marketplace to make selling and buying secondhand as simple as in an online store. We have revolutionised C2C logistics regarding pricing and marketplace integration between multiple logistic companies operating on different markets. Zadaa is live on German, Danish and Finnish markets.
Creagent — Find designers. Screened & shortlisted. Easy, fast and cost-effective - the smart way of sourcing with AI.
Pricen — Pricen is an AI-driven dynamic pricing platform for retail and e-commerce. Used in over 32 countries, Pricen helps retail and e-commerce businesses to maximize profitability with an AI-driven pricing solution that intelligently optimizes product prices at every stage, from launch to markdown. The platform integrates seamlessly with your ERP, PIMand major e-commerce ecosystems.AI-Driven Pricing Pricing Simulator Pricing Automation Pricing Management Platfom

Show all investments...

Bridging Silicon Valley to CEE

Investment focus

Industry: Software, Information Technology, SaaS
Stage:Seed, Pre-Seed
Geography: Poland, United States, Ukraine

Investor stats

Total investments: 74
Round size: Seed $439k–$4.4M; Pre-Seed $54k–$1.4M
Lead/follow: 53% lead, 47% follow
Last fund: Likely still investing — raised $25M in 2024

Portfolio highlights

Paypercut — Paypercut is a fintech startup that allows small and mid-scaled merchants to offer Buy Now, Pay Later at checkout via a single integration.
Primio — Primio is an AI-powered platform that generates production-ready native mobile apps from natural language prompts. It outputs real Flutter/Dart code that compiles to native iOS and Android with pixel-perfect rendering and up to 120fps performance. The platform covers the full lifecycle from idea to app store submission, including cloud builds,live preview, and iterative editing. Built for app studios and serious builders who need to ship native apps fast.
Quantum Flytrap — We create user interfaces for quantum computers - for software enginers to design, debug, unit-test and deploy quantum algorithms.

Show all investments...

Atlantic Labs supports and invests in mission-driven founders working on transformative technology ventures. <br><br>We partner with founders early, providing the capital, tools and network necessary to growing their companies and accompanying them on their entrepreneurial journey. We are currently active in areas including Digital Health, Future of Work, Machine Learning, Decentralized Networks, Mobility and Industrial Applications.

Investment focus

Industry: Software, Health Care, Information Technology
Stage:Seed, Pre-Seed, Series A
Geography: Germany, Switzerland, United States

Investor stats

Total investments: 212
Round size: Seed $1.3M–$9.3M; Pre-Seed $878k–$5.3M; Series A $5.3M–$30M
Lead/follow: 42% lead, 58% follow
Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

Vyoma GmbH — Vyoma ensures satellite safety and real-time mapping of space objects with cameras on satellites paired with automation services.
bonify — Bonify, a Berlin based FinTech-Start-up, enables customers to benefit from their credit scoring and financial data. The company gives customers free and easy access to their credit score and let them upload additional relevant data. Then, it offers tools and personalized recommendations to help optimize the customer’s financial situation.Foundedin 2015 by key executives of McKinsey and Zalando, bonify has received significant funding from internationally leading VCs and successful entrepreneurs.
Again — SecondCircle makes carbon negative chemicals for a cleaner future. We are the first carbon negative chemical manufacturer that can scale to meet global demand. The best thing about it: we use carbon dioxide as a feedstock.

Show all investments...

In January, I started another company, Vital Software, with Dr. Justin Schrager of Emory University. Vital makes software for hospital emergency rooms. This includes a mobile patient check-in for patients, and the fastest, most usable electronic medical records you've seen for doctors and nurses. We use extensive machine learning and naturallanguage processing to determine patient severity and anticipated actions. Our longer term goal is to cut ER wait times in half, as they are often 4-5 hours long. You might not know it, but there are 140M ER visits in the US alone each year.Medical / sales are in the US, while development is all in Auckland New Zealand. My long-time partner Rebecca, an architect, is a Kiwi and I am now a resident of New Zealand as well.

Investment focus

Industry: Software, SaaS, Health Care
Stage:Seed, Pre-Seed, Series A
Geography: United States, Estonia, New Zealand

Investor stats

Total investments: 13
Round size: Seed $150k–$6.1M; Pre-Seed $500k–$1M; Series A $2M–$4M
Lead/follow: 8% lead, 92% follow

Portfolio highlights

Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.
Vital — Intuitive, user friendly, smart hospital software that leverages AI for an optimized patient and clinician experience.
Carbon Health — Carbon Health Provides Smart, hassle-free Primary & Urgent Care. Book same day Adult & Pediatric appointments instantly.

Show all investments...

Estonian entrepreneur Kadri Ugand is a Co-Founder of Tallinn-based game accelerator GameFounders. Kadri expands the mentor network, partnership deals and connects the startups to suitable mentors.

Investment focus

Industry: mHealth, Health Care, Medical Device
Stage:Seed
Geography: Estonia

Investor stats

Total investments: 1
Lead/follow: 0% lead, 100% follow

Portfolio highlights

Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.

Show all investments...

We offer a range of more than 500 products, and ever since 1919 we have been delivering what our claim promises: health and wellness. Our product ranges will ensure you feel great all-round! From medical products specialized in prevention and diagnosis, to weight and diagnosis products, as well as therapy devices an

Investor stats

Total investments: 1
Lead/follow: no public data

Portfolio highlights

Healthy Networks — Healthy Networks flagship product, LungPass, is a smart stethoscope for lungs. It distinguishes serious and mild respiratory conditions by analysing lung sounds & symptoms. Easy to use, precise and affordable, LungPass is poised to become a go-to solution for people to own their respiratory health and for healthcare providers to expand theirservice coverage.

Show all investments...