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Top 15 Medical VC Funds & Investors in Estonia (August 2026)

The most active venture capital funds 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–$4.6M
EstBAN
VC Fund
2 Estonia, Lithuania, Latvia Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $200k–$2.2M
Superangel
VC Fund
2 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $165k–$20M
ZAKA VC
VC Fund
2 United States, Germany, United Kingdom Seed, Pre-Seed Artificial Intelligence, Software, Information Technology $250k–$7M
Prototron
VC Fund
2 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Internet of Things $3k–$59k
Amalfi
VC Fund
2 Estonia Medical, Health Care
Crosslight Partners
VC Fund
1 Sweden, Estonia Seed, Venture - Series Unknown Biotechnology, Medical, Life Science
UT Ventures
VC Fund
1 Estonia Pre-Seed Medical, Health Care, Medical Device
European Investment Bank
VC Fund
1 France, Germany, The Netherlands Debt Financing, Post-IPO Debt Biotechnology, Health Care, Energy $16M–$726M
2C Ventures
VC Fund
1 Estonia, Finland, Italy Pre-Seed, Seed Software, Renewable Energy, SaaS $1M–$4.2M
Krokodilli Kapital
VC Fund
1 Estonia Pre-Seed, Seed Web3, FinTech, Medical $395k–$740k
Greiner Innoventures
VC Fund
1 Italy, Estonia Seed, Pre-Seed Medical, E-Commerce, Manufacturing
Health Founders
VC Fund
1 Estonia Medical, Health Care
Change Ventures
VC Fund
1 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
The Better Fund
VC Fund
1 Estonia Pre-Seed Medical
Access all 30 VC funds in Estonia Medical startups.

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

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Investor list

Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Medical startups, 8 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: 71
  • Round size: Seed $545k–$4.6M; 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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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 $232k–$1M; Pre-Seed $200k–$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 - The worlds first 100% renewable power storage for grid stabilization
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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: 81
  • Round size: Seed $767k–$6.2M; Pre-Seed $165k–$1.6M; Series A $5.3M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $35M in 2022

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!
  • Spiral Hydrogen — All-in-one, bubble-free centrifugal electrolyzer with an embedded axial flux generator that sets a new standard in efficiency and simplicity.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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ZAKA VC
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 2 investments in Estonia Medical startups

ZAKA Startups is a private pre-seed and seed venture capital company. It is focused on early-stage software driven investments across the whole EU with primary focus on CEE, DACH and Baltics. ZAKA operates primarily from Prague and Bratislava with scouts in Berlin and Baltic region.

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Investment focus

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

Investor stats

  • Total investments: 110
  • Round size: Seed $520k–$7M; Pre-Seed $250k–$1M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • Yenmo — Unlock instant funds with India's best loan against mutual funds starting from 9.89% interest rate. Quick online approval, zero hidden charges, and no foreclosure fees.
  • Olio Labs — Olio Labs utilizes AI for combo therapeutics, optimizing and minimizing side effects through automated discovery of protein interactions.
  • Creasallis — The creative antibody solutions company
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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–$59k
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Parcelsea — Parcelsea is a technology firm that provides e-commerce users and last-mile delivery service providers with an open network platform. The goal is to create a smart mailbox that is user-friendly and secure for everyone.
  • 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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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 is a biotech company focused on bringing psychedelic medicine to market through novel delivery systems and psychedelic assisted psychotherapy.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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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, Medical, Life Science
  • Stage:Seed, Venture - Series Unknown
  • 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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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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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: 520
  • Round size: Post-IPO Debt $18M–$726M; Debt Financing $16M–$352M
  • Lead/follow: 83% lead, 17% 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.
  • IPT PowerTech — IPT PowerTech coverage, coupled with our extensive expertise in supply chain management, field implementation, and power systems, has made us one of the most capable companies in handling the most complicated and versatile projects in the MEA region and its neighboring countries.
  • 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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2C Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Medical startups

2C Ventures is an early-stage venture capital firm investing in European cleantech startups driving the energy transition and circular economy. Backing visionary founders tackling climate challenges.

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Investment focus

  • Industry: Software, Renewable Energy, SaaS
  • Stage:Pre-Seed, Seed
  • Geography: Estonia, Finland, Italy

Investor stats

  • Total investments: 11
  • Round size: Seed $1.2M–$4.2M; Pre-Seed $1M–$2.3M
  • Lead/follow: 73% lead, 27% follow

Portfolio highlights

  • GaltTec — GaltTec focuses on developing and marketing microtubular solid oxide fuel cells. GaltTec specializes in drones, off-grid equipment, IoT, portable devices, and space equipment. GaltTec was founded in 2022 and was headquartered in Tartu, Estonia.
  • Bisly — Bisly is an Estonian startup developing intelligent building solutions.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
Show all investments...

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

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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: Web3, FinTech, Medical
  • Stage:Pre-Seed, Seed
  • Geography: Estonia

Investor stats

  • Total investments: 4
  • Round size: Pre-Seed $395k–$740k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Gridio — The #1 OFFICIAL smart charging app for your EV!
  • Salu Health — Salu is the best alternative to a family doctor.
  • Run Property — All the agent's tasks from client relations to contracts, listings to transactions in one tool.
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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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Health Founders
VC Fund · Lasnamäe, Harjumaa, Estonia · 1 investments in Estonia Medical startups

The AI-first health tech accelerator helping early-stage founders address unmet clinical needs. Applications close August 24, 2026.

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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.
Show all investments...

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: 65
  • Round size: Seed $500k–$4.2M; Pre-Seed $273k–$2.2M; Series A $1M–$39M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • BirdyChat — A modern work chat app for professionals. Start conversations with anyone using their work email. Collaborate and grow your network.
  • Giraffe360 — Giraffe360 is game-changing subscription product for real estate companies to streamline professional quality photography and high accuracy floor plan creation.
  • Saltz — Premium ingredients for your menu with no hidden delivery fees or markups.
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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.
Show all investments...

Medical VC funding in Estonia at a glance

Stats across 23 deals from 30 investors.

30
investors
in Estonia Medical startups
23
deals
in Estonia Medical startups
$803k
median round
in Estonia Medical startups
57%
lead investors
lead at least one round
35%
Grant
most common funding stage

Access all 30 VC funds in Estonia Medical startups.

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