# Thorgate Ventures

> Thorgate Ventures is a VC fund in Tallinn backing Software and SaaS. See 24 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Tallinn, Estonia
- Total investments: 24
- Last investment: Nov 2023
- Lead investor: 29%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company-beta/5048776/
- X (Twitter): https://twitter.com/thorgate
- Website: http://thorgateventures.com/
- Facebook: https://www.facebook.com/thorgate

Thorgate Ventures is a VC fund in Tallinn focused on Software and SaaS. Thorgate Ventures is the seed stage venture capital arm of Thorgate, doing up to four hands-on investments per year, mostly into scalable B2B solutions.Their mission is to use technology to make the world a better place. They are looking for teams that have a balance of team culture, passion, and rationality, and execution power. They believethat the right people together can build great businesses.

## Contacts

5 contacts available for Thorgate Ventures. Shizune tracks 1 team members at Thorgate Ventures. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/thorgate-ventures?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $22k–$2.4M |
| Pre-Seed | $135k–$664k |
| Series A | $2.1M–$3.9M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 8 | 33% |
| SaaS | 4 | 17% |
| FinTech | 2 | 8% |
| Construction | 2 | 8% |
| Manufacturing | 2 | 8% |

34 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 10 | 42% |
| Pre-Seed | 7 | 29% |
| Series A | 2 | 8% |
| Funding Round | 1 | 4% |
| Equity Crowdfunding | 1 | 4% |

6 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Estonia | 13 | 54% |
| United Kingdom | 2 | 8% |
| Norway | 1 | 4% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Janar Merilo | Co-founder | 0 | https://shizune.co/investors/profile/janar-merilo |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Bilance | Bilance is a fintech app that is connected to all your banks and other finance platforms. The app gives an overview of all your finances. Tracks your upcoming payments and gives you actionable data insights on what to do better. All that without you having to spend time inputting your transactions. | $320.9K | Pre-Seed | Nov 10, 2023 |  |
| Bilance | Bilance is a fintech app that is connected to all your banks and other finance platforms. The app gives an overview of all your finances. Tracks your upcoming payments and gives you actionable data insights on what to do better. All that without you having to spend time inputting your transactions. |  | Seed | Dec 05, 2022 |  |
| Bilance | Bilance is a fintech app that is connected to all your banks and other finance platforms. The app gives an overview of all your finances. Tracks your upcoming payments and gives you actionable data insights on what to do better. All that without you having to spend time inputting your transactions. |  | Pre-Seed | Dec 05, 2022 |  |
| Coursy.io | Coursy provides a powerful cloud-based solution for onboarding, employee development, health, and safety guidance. Medium and large companies use Coursy LMS to: 1. Get rid of Excel to manage the training process and save time. 2. Turn physical instructor-led training effortlessly into e-learning and reduce costs. 3. Bring learning management to asingle place and get a complete overview. |  | Seed | Jun 22, 2022 |  |
| Waybiller | Waybiller is a developed software tool that allows companies to transform from paper waybills to e-waybills (waybills are documents prepared by the carrier of a shipment of goods that contain details of the shipment, route, and charges). | $597.8K | Seed | Apr 13, 2021 |  |
| 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 |  |
| U24 Solutions | U24 Solutions is a software development studio specializing in the creation of immersive experiences through virtual reality. We make real-time, room-scale simulations, employing stunning realism and custom libraries of hyper-detailed 3D objects and environments optimized for the VR experience. | $1.1M |  | Feb 05, 2021 |  |
| U24 Solutions | U24 Solutions is a software development studio specializing in the creation of immersive experiences through virtual reality. We make real-time, room-scale simulations, employing stunning realism and custom libraries of hyper-detailed 3D objects and environments optimized for the VR experience. | $1.2M | Seed | Feb 05, 2021 |  |
| Hepta Insights | Hepta Airborne brings accurate airborne inspection to power grid operators while saving time, costs, and the environment. They have built 6-hour flight time drones that work in synergy with our autonomous data processing platforms and sensors. They work with satellites, helicopters, sensors, and software. It's not about drones, it's aboutbig data and collecting and analysing the data as efficiently as possible. | $2.1M | Series A | Feb 02, 2021 |  |
| Hepta Insights | Hepta Airborne brings accurate airborne inspection to power grid operators while saving time, costs, and the environment. They have built 6-hour flight time drones that work in synergy with our autonomous data processing platforms and sensors. They work with satellites, helicopters, sensors, and software. It's not about drones, it's aboutbig data and collecting and analysing the data as efficiently as possible. | $2.4M | Seed | Feb 02, 2021 |  |

10 of 24 investments shown.

## Co-investors
- [Contrarian Ventures](https://shizune.co/investors/profile/contrarian-ventures) — VC Fund, 3 deals together
- [Expansion Capital](https://shizune.co/investors/profile/expansion-capital) — VC Fund, 3 deals together
- [Lemonade Stand](https://shizune.co/investors/profile/lemonade-stand-19b2) — VC Fund, 3 deals together
- [SpeedUp Venture Capital Group](https://shizune.co/investors/profile/speedup-venture-capital-group) — VC Fund, 3 deals together
- [EIT InnoEnergy](https://shizune.co/investors/profile/kic-innoenergy) — VC Fund, 2 deals together
- [MSD Service](https://shizune.co/investors/profile/msd-service) — VC Fund, 2 deals together

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## FAQ

### What does Thorgate Ventures invest in?

Thorgate Ventures invests primarily in Software, SaaS and FinTech startups, most often at Seed and Pre-Seed stage. Most of the 24 investments tracked by Shizune back companies in Estonia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Thorgate Ventures's check size?

Thorgate Ventures typically joins rounds of $22k–$2.4M at Seed, $135k–$664k at Pre-Seed and $2.1M–$3.9M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Thorgate Ventures participates in.

### How do I contact Thorgate Ventures?

Public channels for Thorgate Ventures include LinkedIn, X (Twitter) 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 Thorgate Ventures?

The team at Thorgate Ventures includes Janar Merilo (Co-founder). 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.

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