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Top 10 Retail VC Funds & Investors in Estonia (August 2026)

The most active venture capital funds investing in Estonia Retail startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Retail startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Tera Ventures
VC Fund
2 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, E-Commerce $120k–$13M
Grupo Boticário Ventures
VC Fund
1 Estonia Seed SaaS, Beauty, Retail
LHV Group
VC Fund
1 Estonia, United Kingdom, United States Debt Financing, Series A, Series B FinTech, Financial Services, SaaS $1.1M–$237M
EstBAN
VC Fund
1 Estonia, Lithuania, Latvia Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $200k–$2.2M
LongeVC
VC Fund
1 United States, United Kingdom, Canada Seed, Series A, Venture - Series Unknown Health Care, Biotechnology, Therapeutics $1.3M–$94M
ZAKA VC
VC Fund
1 United States, Germany, United Kingdom Seed, Pre-Seed Artificial Intelligence, Software, Information Technology $250k–$7M
Everywhere Ventures
VC Fund
1 United States, United Kingdom, India Seed, Pre-Seed, Series A Software, Health Care, Artificial Intelligence $350k–$20M
Ulta Beauty
VC Fund
1 United States, Canada, Estonia Seed, Series A, Grant Beauty, Artificial Intelligence, SaaS $2.2M–$30M
United Partners
VC Fund
1 Estonia Seed Retail, Software
Superangel
VC Fund
1 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $165k–$20M
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Investor list

Tera Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 2 investments in Estonia Retail startups

Tera Ventures is an international investment firm based in Estonia.

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Investment focus

  • Industry: Software, Artificial Intelligence, E-Commerce
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 69
  • Round size: Seed $531k–$3.8M; Pre-Seed $120k–$2.2M; Series A $1.6M–$13M
  • Lead/follow: 51% lead, 49% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • BlackWall — Protect your web site from hacking, content theft, crawling, and cloning!
  • Brainbase — Unified Licensing Management Software. Track and visualize brand performance, contracts, and royalties. Manage approvals, track deals, and spot contract violations.
  • Flowstep — Flowstep is a copilot that helps you create better designs, 10x faster. Just type and get user flows, high-fidelity UI, JTBD and more.
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Grupo Boticário Ventures
VC Fund · 1 investments in Estonia Retail startups

Grupo Boticário Ventures is an corporate venture capital arm of Grupo Boticário.

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Investment focus

  • Industry: SaaS, Beauty, Retail
  • Stage:Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Haut.AI — Haut.AI is SaaS platform for skin care and skin health applicaitons
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LHV Group
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Retail startups

LHV Ventures is a domestic financial group company that provides banking, financial advisory, and securities brokerage services to private individuals, small and medium-sized companies, and institutional investors. The company's mission is to help create Estonian capital, develop the Estonian economy, and social sustainability.Founded in1999, LHV Ventures is headquartered in Tallinn, Estonia.

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Investment focus

  • Industry: FinTech, Financial Services, SaaS
  • Stage:Debt Financing, Series A, Series B
  • Geography: Estonia, United Kingdom, United States

Investor stats

  • Total investments: 9
  • Round size: Debt Financing $1.1M–$237M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Hepsor — Hepsor specializes in the development of residential and commercial real estate projects. With a focus on green thinking, innovation, and modern architecture, Hepsor aims to create sustainable and aesthetically pleasing environments. Since its establishment in 2011, the company has been recognized for implementing innovative engineering andtechnical solutions in its buildings, making them more sustainable and efficient. Hepsor's portfolio includes a variety of projects, from cozy homes to functional commercial spaces, all designed with the future in mind. The company is committed to enhancing the quality of living and working spaces while respecting the environment.
  • Bolt — The smartest way to move around in cities. Forget expensive taxi rides or slow public transport. Get a ride in minutes. Download the Bolt app for iOS and Android.
  • Apollo Group OÜ — Apollo Kohvikud operates cafes and quick-service dining concepts as part of the Apollo Group food and beverage portfolio. The company manages Blender juice bars, Ice Cafe outlets, and related concepts that provide smoothies, fresh juices, coffee drinks, and a range of light meals. Its menus include health-oriented beverages, wraps, sandwiches,paninis, salads, and desserts designed for quick consumption in high-traffic environments. Apollo Kohvikud serves customers in locations such as shopping centres, entertainment venues, and transit hubs, aligning its food offer with everyday leisure and retail activities. Through its brands, the company focuses on convenient, ready-to-eat options that complement cinema, bookstore, and other entertainment experiences within the wider group.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Retail 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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LongeVC
VC Fund · Lugano, Ticino, Switzerland · 1 investments in Estonia Retail startups

With more than 30 portfolio companies across AI, pet health, ageing medicine and more, LongeVC provides venture capital for the biotech and longevity sectors.

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Investment focus

  • Industry: Health Care, Biotechnology, Therapeutics
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: United States, United Kingdom, Canada

Investor stats

  • Total investments: 21
  • Round size: Seed $1.3M–$12M; Series A $17M–$94M
  • Lead/follow: 24% lead, 76% follow

Portfolio highlights

  • Trogenix — Trogenix operates as a therapeutics company, that treats aggressive cancers.
  • Constructive Bio — Constructive is a ground-breaking method for creating wholly artificial genomes and rewriting the genetic code of living things.
  • Valink Therapeutics — Valink is developing a series of novel therapeutics that are more effective at attacking tumours, while sparing healthy tissue.
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ZAKA VC
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 1 investments in Estonia Retail 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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Everywhere Ventures
VC Fund · New York, New York, United States · 1 investments in Estonia Retail startups

Everywhere Ventures is a first-of-its-kind early-stage venture fund created ​by founders for founders​ to support the next generation of entrepreneurs.Everywhere Ventures is a community-powered venture investing platform that integrates the capital, expertise, and mentoring of experienced founders and operators across ten micro funds. TheFund's $70M+ under management comes almost exclusively from the over 500 founders and operators who are its limited partners. Everywhere Ventures operates from the belief that those who have actually built successful companies are best suited to advise and support early-stage startups. Everywhere Ventures invests in pre-seed deals globally usually in the first financing round the company raises. Emphasis is placed on purpose-driven teams across money, health and work verticals.

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Investment focus

  • Industry: Software, Health Care, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United States, United Kingdom, India

Investor stats

  • Total investments: 216
  • Round size: Seed $1M–$5.8M; Pre-Seed $350k–$2.4M; Series A $4M–$20M
  • Lead/follow: 2% lead, 98% follow
  • Last fund: May invest from a new fund soon — last raise in 2020

Portfolio highlights

  • VOW — Meet Quick, a purpose-built Webflow template to promote SaaS and software apps without writing code. Its pre-built content will help you get your website up and running in no time at all.
  • Fusepay — AI-native Operating + Financial OS for trade businesses.
  • Outfox Health — AI copilots answer benefits questions instantly. Lower costs without changing carriers. Launch in under 30 days.
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Ulta Beauty
VC Fund · Bolingbrook, Illinois, United States · 1 investments in Estonia Retail startups

ULTA Beauty is the beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin, hair care products and salon services. Since opening its first store 25 years ago, ULTA Beauty has grown to become the top national retailer providing All Things Beauty, All in One Place™. The Company offers more than 20,000products from over 500 well-established and emerging beauty brands across all categories and price points, including ULTA Beauty's own private label. ULTA Beauty also offers a full-service salon in every store featuring hair, skin and brow services. ULTA Beauty is recognized for its commitment to personalized service, fun and inviting stores and its industry-leading Ultamate Rewards loyalty program.

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Investment focus

  • Industry: Beauty, Artificial Intelligence, SaaS
  • Stage:Seed, Series A, Grant
  • Geography: United States, Canada, Estonia

Investor stats

  • Total investments: 7
  • Round size: Seed $2.2M–$6M; Grant $2.4M–$2.4M; Series A $6.2M–$30M
  • Lead/follow: 29% lead, 71% follow

Portfolio highlights

  • Haut.AI — Haut.AI is SaaS platform for skin care and skin health applicaitons
  • LUUM — LUUM Lash is revolutionizing the beauty industry with the world's first robotic lash extensions. The power of machine learning, AI and robotics combine to help lash artists improve efficiency, precision and overall results.
  • Big Brothers Big Sisters of America — Big Brothers Big Sisters of America leads 230+ agencies, one located in all 50 states, as they empower youth to reach their full potential. #BiggerTogether
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United Partners
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Retail startups

United Partners Group is an investment company, active since 2003, offering to its corporate clients financial advisory, investment and asset management services.

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Investment focus

  • Industry: Retail, Software
  • Stage:Seed
  • Geography: Estonia

Investor stats

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

Portfolio highlights

  • Cloutex — Cloutex is a data logistics company that allows businesses to synchronize, move and manage their data quickly and easily. Their Google Chrome extension - Cloutex for Chrome enables users to move LinkedIn data available on public profiles into a Customer Relationship Management (CRM) platform.
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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 1 investments in Estonia Retail 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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Retail VC funding in Estonia at a glance

Stats across 10 deals from 15 investors.

15
investors
in Estonia Retail startups
10
deals
in Estonia Retail startups
$590k
median round
in Estonia Retail startups
33%
lead investors
lead at least one round
50%
Seed
most common funding stage

Access all 15 VC funds in Estonia Retail startups.

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