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Top 15 Medical Startup Investors in Estonia (July 2026)

The most active venture capital funds and angel investors investing in Estonia Medical startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Medical startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Specialist VC
VC Fund
3 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$6.6M
Superangel
VC Fund
2 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $165k–$20M
Amalfi
VC Fund
2 Estonia Medical, Health Care
Prototron
VC Fund
2 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Internet of Things $3k–$27k
EstBAN
VC Fund
2 Estonia, Lithuania, Latvia Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $197k–$2.2M
Health Founders
VC Fund
1 Estonia Medical, Health Care
Krokodilli Kapital
VC Fund
1 Estonia Pre-Seed Medical, Hospital, Health Care
Crosslight Partners
VC Fund
1 Sweden, Estonia Seed Biotechnology, B2B, Medical
European Investment Bank
VC Fund
1 France, Germany, The Netherlands Debt Financing, Post-IPO Debt Biotechnology, Health Care, Energy $16M–$636M
Change Ventures
VC Fund
1 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$33M
Dag Nurm
Angel
1 Estonia Pre-Seed Medical, Health Care $143k–$389k
UT Ventures
VC Fund
1 Estonia Pre-Seed Medical, Health Care, Medical Device
Greiner Innoventures
VC Fund
1 Italy, Estonia Seed, Pre-Seed Medical, E-Commerce, Manufacturing
The Better Fund
VC Fund
1 Estonia Pre-Seed Medical
Erki Mölder
Angel
1 Estonia Seed, Angel Medical, Health Care
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Investor list

Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Medical startups, 10 in the past 12 months

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

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Finland

Investor stats

  • Total investments: 69
  • Round size: Seed $587k–$6.6M; Pre-Seed $240k–$2.2M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $55M in 2022

Portfolio highlights

  • Copla — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • CyberUpgrade — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Medical startups

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

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Investment focus

  • Industry: Artificial Intelligence, Software, Information Technology
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United States, Finland

Investor stats

  • Total investments: 78
  • Round size: Seed $767k–$6.6M; Pre-Seed $165k–$2.2M; Series A $5.3M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $35M in 2022

Portfolio highlights

  • ROCSYS — Meet the world's first autonomous charging solution for electrical vehicles in public transportation, logistics, material handling, and passenger cars.
  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
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Amalfi
VC Fund · 2 investments in Estonia Medical startups

Amalfi is an investment firm

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Investment focus

  • Industry: Medical, Health Care
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Core One Labs — Core One Labs produces cannabis for oral consumption. Core One Labs is a vertically integrated technology company in the cannabis industry which controls every aspect of the supply chain.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Prototron
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Medical startups

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.

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Investment focus

  • Industry: Software, Manufacturing, Internet of Things
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 55
  • Round size: Seed $4k–$13k; Grant $3k–$27k; Pre-Seed $6k–$27k
  • Lead/follow: 75% lead, 25% follow

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.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Medical startups

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

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Investment focus

  • Industry: Software, CleanTech, Manufacturing
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Lithuania, Latvia

Investor stats

  • Total investments: 22
  • Round size: Seed $215k–$2.2M; Angel $212k–$1M; Pre-Seed $197k–$1.2M
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • BrachyDOSE — BrachyDOSE - is a med-tech startup dedicated to solve radiation injuries that occur during the brachytherapy procedure. Our team consists of engineers and physicists experience in scientific research.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
  • Granarium Technologies — Granarium Technologies is a Finnish deep-tech energy that creates renewable supercapacitors using only nanocellulose, biocarbon, and water, eliminating the need for mining entirely.
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Health Founders
VC Fund · Lasnamäe, Harjumaa, Estonia · 1 investments in Estonia Medical startups

Health Founders is a leading health technology accelerator company.

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Investment focus

  • Industry: Medical, Health Care
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Krokodilli Kapital
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Medical startups

Krokodilli Kapital provides invest in ventures that develop technologies and services.

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Investment focus

  • Industry: Medical, Hospital, Health Care
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Salu Health — Salu is the best alternative to a family doctor.
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Crosslight Partners
VC Fund · 1 investments in Estonia Medical startups

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

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Investment focus

  • Industry: Biotechnology, B2B, Medical
  • Stage:Seed
  • Geography: Sweden, Estonia

Investor stats

  • Total investments: 2
  • Lead/follow: 50% lead, 50% follow

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.
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European Investment Bank
VC Fund · Luxembourg, Luxembourg, Luxembourg · 1 investments in Estonia Medical startups

The European Investment Bank (EIB) offers lending, borrowing, and treasury services primarily within the European Union. It provides project loans for public and private sectors, loans to banks and intermediaries, structured finance products, guarantees, and securitization instruments for debts. Additionally, EIB offers equity and fund investmentproducts, including infrastructure and environmental funds, as well as venture capital funds. EIB also supports microfinance and risk-sharing finance for research and innovation, and provides technical expertise for sustainable energy projects. Its services include infrastructure advisory, urban development support, guarantees for transport infrastructure, and funding for public-private partnerships and small- to medium-sized enterprises. The bank serves various sectors, including transportation, energy, health, education, and agriculture.

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Investment focus

  • Industry: Biotechnology, Health Care, Energy
  • Stage:Debt Financing, Post-IPO Debt
  • Geography: France, Germany, The Netherlands

Investor stats

  • Total investments: 479
  • Round size: Post-IPO Debt $18M–$636M; Debt Financing $16M–$384M
  • Lead/follow: 82% lead, 18% follow

Portfolio highlights

  • Ukrposhta — Ukrposhta sends and receives shipments from all over the world, as well as orders mail products sent to the most distant corners.
  • Metso Outotec
  • Santander Brasil — Banco Santander in Brazil, its largest division in Latin America and one of the world's most important, accounting for 50%.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Medical startups

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

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Investment focus

  • Industry: Software, Information Technology, Apps
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 64
  • Round size: Seed $500k–$4.5M; Pre-Seed $273k–$2.2M; Series A $1M–$33M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

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.
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822 industries, 177 countries. Updated daily. Emails and phones included.

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Dag Nurm
Angel · 1 investments in Estonia Medical startups

Dag Nurm

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Investment focus

  • Industry: Medical, Health Care
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 2
  • Round size: Pre-Seed $143k–$389k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Migrevention — First fully digital headache clinic in the world
  • CARÁ Health — Suun combines a midwife-powered app with studios in Tallinn and Berlin to ease pregnancy and postpartum symptoms, build strength and support you every day.
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UT Ventures
VC Fund · London, England, United Kingdom · 1 investments in Estonia Medical startups

UT Ventures is an investment firm.

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Investment focus

  • Industry: Medical, Health Care, Medical Device
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Better Medicine — Utilising AI to transform cancer diagnostics and radiology workflows for improved efficiency and patient outcomes.
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Greiner Innoventures
VC Fund · Vienna, Wien, Austria · 1 investments in Estonia Medical startups

Als Corporate Business Angel der Greiner Group arbeitet Greiner Innoventures mit Start-ups zusammen, um deren Ideen weiterzuentwickeln.

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Investment focus

  • Industry: Medical, E-Commerce, Manufacturing
  • Stage:Seed, Pre-Seed
  • Geography: Italy, Estonia

Investor stats

  • Total investments: 2
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Movo — Movo is a circular packaging solution made for e-commerce folks. They offer reusable packaging solutions and circular economy systems to eliminate single-use packaging.
  • Muun Health — Muun Health's mission is filling the gap in women’s hormonal well-being by developing the first microneedle-based wearable device for real-time hormone monitoring.
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The Better Fund
VC Fund · 1 investments in Estonia Medical startups

The Better Fund investing in the startups

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Investment focus

  • Industry: Medical
  • Stage:Pre-Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Muun Health — Muun Health's mission is filling the gap in women’s hormonal well-being by developing the first microneedle-based wearable device for real-time hormone monitoring.
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Erki Mölder
Angel · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Medical startups

Erki Mölder

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Investment focus

  • Industry: Medical, Health Care
  • Stage:Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Capster
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
Show all investments...

Medical Investor funding in Estonia at a glance

Stats across 22 deals from 31 investors.

31
investors
in Estonia Medical startups
22
deals
in Estonia Medical startups
$519k
median round
in Estonia Medical startups
65%
lead investors
lead at least one round
36%
Pre-Seed
most common funding stage
87/13
VC / Angel
share of investor count

Access all 31 investors in Estonia Medical startups.

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