# Margus Uudam

> Margus Uudam is a Series A investor at Karma Ventures backing FinTech and Banking. See 18 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [Karma Ventures](https://shizune.co/investors/profile/karma-ventures)
- Total investments: 18
- Last investment: Jul 2022
- Lead investor: 56%
- Last updated: Aug 2026
- LinkedIn: http://www.linkedin.com/in/margusuudam
- X (Twitter): https://twitter.com/margusuudam
- Website: https://x.com/margusuudam

Margus Uudam is a Series A investor at Karma Ventures focused on FinTech and Banking. Margus Uudam - Founding Partner @ Karma Ventures

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| FinTech | 4 | 22% |
| Banking | 3 | 17% |
| Software | 3 | 17% |
| Financial Services | 3 | 17% |
| Artificial Intelligence | 3 | 17% |

27 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 6 | 33% |
| Seed | 5 | 28% |
| Series B | 4 | 22% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Estonia | 4 | 22% |
| Poland | 1 | 6% |
| Iceland | 1 | 6% |
| United States | 1 | 6% |
| United Kingdom | 1 | 6% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Lucinity | Money laundering is the crime that fuels crime. Lucinity's mission is to Make Money Good® by combining the best of human and artificial intelligence. Lucinity uses Human AI to help banks fight financial crime more efficiently. By designing its AML platform around man and machine, Lucinity allows banks to increase their AML programs'productivity.Lucinity identifies suspicious activity through its proprietary behavior detection system. The approach is entirely risk-based and allows customers to control their risk exposure before efficiently reviewing AML alerts in the Lucinity Case Manager.The company was founded by industry veterans. The core team has experience from Tier-1 banks, international regulators, and leading legacy vendors. Lucinity takes great pride in being the enterprise-ready AML startup that brings the novelty and excitement of a startup and the professionalism and experience of an incumbent. | $17M | Series B | Jul 07, 2022 |  |
| Lucinity | Money laundering is the crime that fuels crime. Lucinity's mission is to Make Money Good® by combining the best of human and artificial intelligence. Lucinity uses Human AI to help banks fight financial crime more efficiently. By designing its AML platform around man and machine, Lucinity allows banks to increase their AML programs'productivity.Lucinity identifies suspicious activity through its proprietary behavior detection system. The approach is entirely risk-based and allows customers to control their risk exposure before efficiently reviewing AML alerts in the Lucinity Case Manager.The company was founded by industry veterans. The core team has experience from Tier-1 banks, international regulators, and leading legacy vendors. Lucinity takes great pride in being the enterprise-ready AML startup that brings the novelty and excitement of a startup and the professionalism and experience of an incumbent. | $17M | Series A | Jul 07, 2022 |  |
| Infermedica | Infermedica, a leading digital health company, tackles the problem of inappropriate use of medical services and misdiagnosis, providing insurance companies, hospitals, and health systems with a set of AI-powered preliminary diagnosis and triage solutions.“The broader goal is to improve customers’ performance, increase healthcare accessibility,and reduce costs. To date, our tools have been used by over 6 million users worldwide, and we are working with more than 50 companies, including Allianz Worldwide Partners, Microsoft, Global Excel, Médis, PZU Zdrowie, Sana Kliniken or Everyday Health,” says Piotr Orzechowski, Infermedica’s CEO.The company uses artificial intelligence and machine learning to assess symptoms and find patterns in data. Thanks to algorithms, Infermedica gets smarter over time. Additionally, the team of physicians verifies every piece of information that is added to the medical database to ensure that patients get safe and reliable recommendations. To date, physicians involved in the project have spent over 30,000 hours on reviews.Over the last year, Infermedica grew into a team of over 100 people, and its products were translated into 17 languages, making them available in countries such as China and the United Arab Emirates. The latest investment round of $10.25M will help to expand market presence in the United States and Europe, and accelerate the development of the technology. | $30M | Series B | Jan 26, 2022 |  |
| Tuum | Tuum is a cloud-native banking platform that is spearheading the next generation of digital innovation in the financial services industry. Built around a microservices architecture, the platform consists of flexible and independent modules covering all retail and business banking capabilities. The platform is API-based for quick and easyintegration and can run on all major cloud providers, as well as on private clouds. Founded by a team of banking and technology experts in 2019, Tuum combines technological excellence with in-depth banking knowledge and packages it into a sophisticated, cutting-edge platform. Tuum currently employs over 60 people with offices in Tallinn, Berlin and Malaga | $16.5M | Series A | Jan 26, 2022 |  |
| Modular Technologies OÜ | Tuum is a cloud-native banking platform that is spearheading the next generation of digital innovation in the financial services industry. Built around a microservices architecture, the platform consists of flexible and independent modules covering all retail and business banking capabilities. The platform is API-based for quick and easyintegration and can run on all major cloud providers, as well as on private clouds. Founded by a team of banking and technology experts in 2019, Tuum combines technological excellence with in-depth banking knowledge and packages it into a sophisticated, cutting-edge platform. Tuum currently employs over 60 people with offices in Tallinn, Berlin and Malaga. | $16.9M | Series A | Jan 26, 2022 |  |
| Xolo | Xolo is focusing on 40 million professionals globally who have chosen to run their business independently. Its aim is to reduce time spent on business administration to near zero by offering an incredibly simple online platform that merges company formation, banking, accounting, and other services. Xolo is the quickest and easiest way to launch andrun a one-person freelancing business in Europe. Xolo has customers from 140 countries through it's global product line and has localised solutions in Spain, Italy and the Netherlands. Xolo's typical customers are software developers, management consultants, designers, and other independent professionals. | $3.9M | Series A | Feb 15, 2021 |  |
| Tuum | Tuum is a cloud-native banking platform that is spearheading the next generation of digital innovation in the financial services industry. Built around a microservices architecture, the platform consists of flexible and independent modules covering all retail and business banking capabilities. The platform is API-based for quick and easyintegration and can run on all major cloud providers, as well as on private clouds. Founded by a team of banking and technology experts in 2019, Tuum combines technological excellence with in-depth banking knowledge and packages it into a sophisticated, cutting-edge platform. Tuum currently employs over 60 people with offices in Tallinn, Berlin and Malaga | $4.2M | Seed | Dec 09, 2020 |  |
| Modular Technologies OÜ | Tuum is a cloud-native banking platform that is spearheading the next generation of digital innovation in the financial services industry. Built around a microservices architecture, the platform consists of flexible and independent modules covering all retail and business banking capabilities. The platform is API-based for quick and easyintegration and can run on all major cloud providers, as well as on private clouds. Founded by a team of banking and technology experts in 2019, Tuum combines technological excellence with in-depth banking knowledge and packages it into a sophisticated, cutting-edge platform. Tuum currently employs over 60 people with offices in Tallinn, Berlin and Malaga. | $4.4M | Seed | Dec 09, 2020 |  |
| Infermedica | Infermedica, a leading digital health company, tackles the problem of inappropriate use of medical services and misdiagnosis, providing insurance companies, hospitals, and health systems with a set of AI-powered preliminary diagnosis and triage solutions.“The broader goal is to improve customers’ performance, increase healthcare accessibility,and reduce costs. To date, our tools have been used by over 6 million users worldwide, and we are working with more than 50 companies, including Allianz Worldwide Partners, Microsoft, Global Excel, Médis, PZU Zdrowie, Sana Kliniken or Everyday Health,” says Piotr Orzechowski, Infermedica’s CEO.The company uses artificial intelligence and machine learning to assess symptoms and find patterns in data. Thanks to algorithms, Infermedica gets smarter over time. Additionally, the team of physicians verifies every piece of information that is added to the medical database to ensure that patients get safe and reliable recommendations. To date, physicians involved in the project have spent over 30,000 hours on reviews.Over the last year, Infermedica grew into a team of over 100 people, and its products were translated into 17 languages, making them available in countries such as China and the United Arab Emirates. The latest investment round of $10.25M will help to expand market presence in the United States and Europe, and accelerate the development of the technology. | $10.3M | Series A | Aug 06, 2020 |  |
| Lucinity | Money laundering is the crime that fuels crime. Lucinity's mission is to Make Money Good® by combining the best of human and artificial intelligence. Lucinity uses Human AI to help banks fight financial crime more efficiently. By designing its AML platform around man and machine, Lucinity allows banks to increase their AML programs'productivity.Lucinity identifies suspicious activity through its proprietary behavior detection system. The approach is entirely risk-based and allows customers to control their risk exposure before efficiently reviewing AML alerts in the Lucinity Case Manager.The company was founded by industry veterans. The core team has experience from Tier-1 banks, international regulators, and leading legacy vendors. Lucinity takes great pride in being the enterprise-ready AML startup that brings the novelty and excitement of a startup and the professionalism and experience of an incumbent. | $6.1M | Series A | Jul 15, 2020 |  |

10 of 18 investments shown.

## Co-investors
- [BlackFin Capital Partners](https://shizune.co/investors/profile/blackfin-capital-partners) — VC Fund, 5 deals together
- [byFounders](https://shizune.co/investors/profile/byfounders) — VC Fund, 4 deals together
- [Crowberry Capital](https://shizune.co/investors/profile/crowberry-capital) — VC Fund, 4 deals together
- [Heal Capital](https://shizune.co/investors/profile/heal-capital) — VC Fund, 3 deals together
- [Inovo.vc](https://shizune.co/investors/profile/inovo-vc) — VC Fund, 3 deals together
- [Molten Ventures](https://shizune.co/investors/profile/draper-esprit) — VC Fund, 2 deals together

## About Karma Ventures

VC Fund · Tallinn, Estonia

Karma Ventures (karma.vc) is an early-stage venture capital firm, specialised in late seed and A round investments in Europe’s most promising deep tech startups. They back companies with strong ideas delivered with unique technology, customer traction and global ambition. karma.vc accompanies entrepreneurs in figuring out the path to growth in allaspects - commercial, strategic and technical.

5 contacts available at Karma Ventures.

| Name | Title | Profile |
| --- | --- | --- |
| Margus Uudam | Founding Partner | https://shizune.co/investors/profile/margus-uudam |
| Tommi Uhari | Founding Partner | https://shizune.co/investors/profile/tommi-uhari |
| Arthen Sirola-Hashemi | Investment Manager | https://shizune.co/investors/profile/arthen-sirola-hashemi |
| Kristjan Laanemaa | Founding Partner | https://shizune.co/investors/profile/kristjan-laanemaa |
| Linda Võeras | Investment Manager | https://shizune.co/investors/profile/linda-v%C3%B5eras |

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- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund

## FAQ

### What does Margus Uudam invest in?

Margus Uudam invests primarily in FinTech, Banking and Software startups, most often at Series A and Seed stage. Most of the 18 investments tracked by Shizune back companies in Estonia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Margus Uudam last invest?

The most recent investment recorded for Margus Uudam closed in Jul 2022. Shizune tracks 18 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### 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.

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