# Lemonade Stand

> Lemonade Stand is a VC fund backing Software and Artificial Intelligence. See 43 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Tallinn, Estonia
- Total investments: 43
- Last investment: Apr 2025
- Lead investor: 9%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/lemonade-stand/
- Website: https://lemonadestand.ee/

Lemonade Stand is a VC fund that focuses on early stage B2B investments in Baltic and East European founders no matter the HQ location. Investing €25-300K in strong teams, technology or traction.

## Contacts

5 contacts available for Lemonade Stand. Shizune tracks 1 team members at Lemonade Stand. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/lemonade-stand-19b2?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $1M–$3M |
| Pre-Seed | $227k–$2.2M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 13 | 30% |
| Artificial Intelligence | 8 | 19% |
| FinTech | 6 | 14% |
| SaaS | 5 | 12% |
| Financial Services | 4 | 9% |

66 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 19 | 44% |
| Pre-Seed | 15 | 35% |
| Venture - Series Unknown | 4 | 9% |
| Angel | 2 | 5% |
| Funding Round | 2 | 5% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Estonia | 25 | 58% |
| Lithuania | 2 | 5% |
| India | 1 | 2% |
| Poland | 1 | 2% |
| Austria | 1 | 2% |

8 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Siim Teller | Managing Partner | 4 | https://shizune.co/investors/profile/siim-teller |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Esgrid | Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions. | $1M | Pre-Seed | Apr 16, 2025 |  |
| Soldera | Soldera is unifying energy certificate registries. We give corporate energy buyers, sustainability teams, procurement teams, utilities, and traders one infrastructure layer across fragmented registries so they can procure, manage, and cancel renewable energy certificates with far less manual work.The platform combines aggregated procurement fromthousands of utilities with cleaner registry execution and audit-ready, government-backed cancellation statements traceable to the generating machine. That makes renewable energy certificate management easier to run, easier to evidence, and easier to scale across markets. | $2.7M | Seed | Mar 25, 2025 |  |
| Ligence | We are Deep Tech startup company located in Lithuania. We are a team of medical doctors who also happen to know AI and thus we build exciting solutions for healthcare. Our latest project is the automation of heart ultrasound image analysis using Deep Learning algorithms. The product we call Ligence Heart is able to automatically recognise heartimage view and perform all the necessary measurements. Physicians can now skip doing those manual measurements themselves. | $3.2M | Seed | Nov 12, 2024 |  |
| Blackswan Space | Black Swan offers autonomous space robotics software solution | $962K | Pre-Seed | Apr 08, 2024 |  |
| Axiology | Axiology DLT offers an innovative infrastructure that simplifies the issuance, trading, and management of digital fixed-income instruments. We aim to reduce dependency on intermediaries, making capital raising processes faster and more cost-effective. ​Committed to collaboration, we see our role as part of a broader market ecosystem where everyonehas their place. Our infrastructure is designed to support sustainable growth, welcome partners, and drive collective progress. | $2.2M |  | Feb 08, 2024 |  |
| Axiology | Axiology DLT offers an innovative infrastructure that simplifies the issuance, trading, and management of digital fixed-income instruments. We aim to reduce dependency on intermediaries, making capital raising processes faster and more cost-effective. ​Committed to collaboration, we see our role as part of a broader market ecosystem where everyonehas their place. Our infrastructure is designed to support sustainable growth, welcome partners, and drive collective progress. | $2.2M | Seed | Feb 08, 2024 |  |
| KrattWorks | We are offering electronic warfare resilient drones without Chinese components which can be produced locally on any market. | $813.6K | Venture - Series Unknown | Feb 05, 2024 |  |
| Esgrid | Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions. | $543.2K | Pre-Seed | Jan 26, 2024 |  |
| Lendurai | Lendurai provides solutions to enable UAVs to operate without satellite navigation or remote control. |  | Pre-Seed | Jan 01, 2024 |  |
| Soldera | Soldera is unifying energy certificate registries. We give corporate energy buyers, sustainability teams, procurement teams, utilities, and traders one infrastructure layer across fragmented registries so they can procure, manage, and cancel renewable energy certificates with far less manual work.The platform combines aggregated procurement fromthousands of utilities with cleaner registry execution and audit-ready, government-backed cancellation statements traceable to the generating machine. That makes renewable energy certificate management easier to run, easier to evidence, and easier to scale across markets. |  | Venture - Series Unknown | Jan 01, 2024 |  |

10 of 43 investments shown.

## Co-investors
- [Startup Wise Guys](https://shizune.co/investors/profile/startup-wise-guys) — VC Fund, 7 deals together
- [Superangel](https://shizune.co/investors/profile/superangel) — VC Fund, 6 deals together
- [Change Ventures](https://shizune.co/investors/profile/change-ventures) — VC Fund, 4 deals together
- [Specialist VC](https://shizune.co/investors/profile/united-angels-vc) — VC Fund, 4 deals together
- [BSV Ventures](https://shizune.co/investors/profile/baltic-sandbox-ventures) — VC Fund, 3 deals together
- [CB Investment Management](https://shizune.co/investors/profile/cb-investment-management) — VC Fund, 3 deals together

## Similar investors

### Similar industry
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

### Similar country
- [Specialist VC](https://shizune.co/investors/profile/united-angels-vc) — VC Fund
- [Superangel](https://shizune.co/investors/profile/superangel) — VC Fund
- [Tera Ventures](https://shizune.co/investors/profile/tera-ventures) — VC Fund

## Featured in investor lists
- [All Investors in Estonia](https://shizune.co/investors/investors-estonia)
- [All VC Funds in Estonia](https://shizune.co/investors/vc-funds-estonia)
- [SaaS Investors in Estonia](https://shizune.co/investors/saas-investors-estonia)
- [Software Investors in Estonia](https://shizune.co/investors/software-investors-estonia)
- [Software VC Funds in Estonia](https://shizune.co/investors/software-vc-funds-estonia)
- [Financial Services Investors in Estonia](https://shizune.co/investors/financial-services-investors-estonia)

## FAQ

### What does Lemonade Stand invest in?

Lemonade Stand invests primarily in Software, Artificial Intelligence and FinTech startups, most often at Seed and Pre-Seed stage. Most of the 43 investments tracked by Shizune back companies in Estonia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Lemonade Stand's check size?

Lemonade Stand typically joins rounds of $1M–$3M at Seed and $227k–$2.2M at Pre-Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Lemonade Stand participates in.

### How do I contact Lemonade Stand?

Public channels for Lemonade Stand include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Lemonade Stand?

The team at Lemonade Stand includes Siim Teller (Managing Partner). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co