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Top 50 Software Startup Investors in Estonia (July 2026)

The most active venture capital funds and angel investors investing in Estonia Software startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Software 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
25 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, E-Commerce, Artificial Intelligence $120k–$13M
Specialist VC
VC Fund
23 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$6.6M
Superangel
VC Fund
20 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $165k–$20M
Icebreaker.vc
VC Fund
16 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $106k–$25M
Lemonade Stand
VC Fund
15 Estonia, Lithuania, India Seed, Pre-Seed Software, Artificial Intelligence, FinTech $227k–$3M
Thorgate Ventures
VC Fund
13 Estonia, United Kingdom, Norway Seed, Pre-Seed, Series A Software, SaaS, FinTech $22k–$3.4M
Change Ventures
VC Fund
12 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$33M
Jaan Tallinn
Angel
12 United States, Estonia, United Kingdom Seed, Series A Software, Artificial Intelligence, Internet $531k–$124M
Spring Capital
VC Fund
10 Estonia, Finland, United States Seed, Pre-Seed, Series A Software, SaaS, E-Commerce $439k–$8.2M
Prototron
VC Fund
9 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Internet of Things $3k–$27k
Sten Tamkivi
Angel
8 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, Manufacturing $120k–$35M
TMT Investments
VC Fund
8 United States, Estonia, United Kingdom Seed, Series A Software, SaaS, Social Media $250k–$10M
Karma Ventures
VC Fund
8 Estonia, United States, Finland Series A, Seed, Series B Software, Artificial Intelligence, FinTech $549k–$30M
Martin Villig
Angel
8 Estonia, Spain, South Africa Seed, Angel, Pre-Seed Software, FinTech, Education $111k–$6M
Gorilla Capital
VC Fund
7 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, SaaS, Information Technology $149k–$5M
Martin Tajur
Angel
7 Estonia, Poland, Ukraine Pre-Seed, Seed, Angel Software, SaaS, Recruiting $137k–$2.7M
EstBAN
VC Fund
7 Estonia, Lithuania, Latvia Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $197k–$2.2M
Kristjan Raude
Angel
7 Estonia, United States Seed, Pre-Seed, Equity Crowdfunding Software, Automotive, Internet of Things $71k–$2.7M
Markus Villig
Angel
7 Estonia, United States, United Kingdom Seed, Pre-Seed, Angel Software, Information Technology, FinTech $230k–$3.5M
Trind Ventures
VC Fund
7 Finland, Estonia, Spain Seed, Series A, Venture - Series Unknown Software, Information Technology, SaaS $549k–$15M
Ragnar Sass
Angel
7 Estonia, Ukraine, United States Seed, Pre-Seed Information Technology, Software, SaaS $110k–$6M
BADideas.fund
VC Fund
7 Estonia, Latvia, Lithuania Seed, Pre-Seed, Grant Software, Information Technology, Artificial Intelligence $110k–$4.6M
Andrus Purde
Angel
6 Estonia, United Kingdom, Cyprus Seed, Pre-Seed Software, Apps, Internet $100k–$2.7M
Martin Henk
Angel
6 Estonia, United States, United Kingdom Pre-Seed, Seed, Angel Software, SaaS, Information Technology $300k–$5.5M
Timo Rein
Angel
6 Estonia, Finland, United Kingdom Seed, Angel, Convertible Note Software, Recruiting, Human Resources $280k–$1.2M
Kaarel Kotkas
Angel
5 Estonia, United Kingdom Seed, Series A, Angel Software, Gaming, 3D Technology $587k–$13M
LIFT99
VC Fund
5 Estonia, United Kingdom, El Salvador Pre-Seed, Seed, Series A Software, Information Technology, Legal $300k–$12M
Kristjan Vilosius
Angel
5 Estonia, United States, South Africa Seed, Pre-Seed, Series A Software, Information Technology, E-Commerce $410k–$12M
Earlybird Venture Capital
VC Fund
5 Germany, United States, United Kingdom Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.4M–$75M
TechOne VC
VC Fund
5 Turkey, United States, Estonia Seed, Pre-Seed Software, SaaS, Information Technology $30k–$2.8M
ZAKA VC
VC Fund
5 United States, Germany, United Kingdom Seed, Pre-Seed Artificial Intelligence, Software, Information Technology $250k–$6.6M
Zenith Family Office
VC Fund
4 Estonia, United States Pre-Seed SaaS, Commercial Real Estate, B2B $27k–$549k
The Spartan Group
VC Fund
4 United States, Singapore, United Kingdom Seed, Series A Blockchain, Cryptocurrency, Software $1.5M–$32M
Alvar Lumberg
Angel
4 Estonia Seed, Pre-Seed, Angel Software, Information Technology, FinTech $321k–$2.4M
Second Century Ventures
VC Fund
4 United States, Australia, Canada Seed, Series A Real Estate, Software, FinTech $500k–$15M
Token Ventures
VC Fund
4 Estonia, France, Austria Seed, Pre-Seed Blockchain, Cryptocurrency, FinTech $900k–$3.5M
Märt Kelder
Angel
4 Estonia, Pakistan, Bangladesh Seed, Angel, Pre-Seed Information Technology, Software, Transportation $100k–$2.2M
LD Capital
VC Fund
4 United States, Singapore, United Kingdom Seed, Initial Coin Offering Blockchain, Cryptocurrency, Gaming $1.2M–$10M
Mapleblock Capital
VC Fund
4 Singapore, United States, Estonia Seed, Series A Blockchain, Cryptocurrency, Gaming $1.7M–$20M
Contriber Ventures
VC Fund
4 Estonia, Finland, Germany Seed, Angel, Series A Software, Apps, SaaS $955k–$2.1M
Taavet Hinrikus
Angel
4 United Kingdom, United States, Estonia Seed, Series A, Series B FinTech, Software, Financial Services $1M–$50M
Peep Vain
Angel
4 Estonia Seed, Angel Software, Genetics, Recruiting
Mikko Silventola
Angel
4 Estonia, Finland, United States Pre-Seed, Seed, Angel E-Commerce, Software, Transportation $37k–$4.2M
Tiny Supercomputer Investment Company
VC Fund
4 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $809k–$170M
Ott Kaukver
Angel
4 Estonia, United States, United Kingdom Series A, Seed, Pre-Seed Software, Financial Services, SaaS $401k–$26M
Tiny VC
VC Fund
4 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $750k–$27M
Presto Ventures
VC Fund
4 Czech Republic, United States, United Kingdom Seed, Pre-Seed, Series A SaaS, Software, Information Technology $132k–$32M
Ahti Heinla
Angel
4 Estonia, United States Seed, Angel, Series A Apps, Internet, Software $90k–$2.3M
Passion Capital
VC Fund
4 United Kingdom, United States, Germany Seed, Series A, Series B Software, FinTech, Financial Services $573k–$85M
BSV Ventures
VC Fund
4 Lithuania, Estonia, Finland Pre-Seed, Seed, Grant Software, Biotechnology, Manufacturing $64k–$5.9M
Access all 412 investors in Estonia Software startups.

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

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Investor list

Tera Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 25 investments in Estonia Software startups

Tera Ventures is an international investment firm based in Estonia.

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Investment focus

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

Investor stats

  • Total investments: 68
  • Round size: Seed $531k–$4.2M; Pre-Seed $120k–$2.2M; Series A $1.6M–$13M
  • Lead/follow: 50% lead, 50% 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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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 23 investments in Estonia Software startups, 10 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: 69
  • Round size: Seed $587k–$6.6M; 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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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 20 investments in Estonia Software 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: 78
  • Round size: Seed $767k–$6.6M; Pre-Seed $165k–$2.2M; Series A $5.3M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $35M in 2022

Portfolio highlights

  • ROCSYS — Meet the world's first autonomous charging solution for electrical vehicles in public transportation, logistics, material handling, and passenger cars.
  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 16 investments in Estonia Software startups

Founded in 2016, Icebreaker has invested in over 50 fast-growing tech startups built by domain expert founders from companies like Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. In addition to the fund, Icebreaker also runs a community of more than 1000 founders and pre-founders with 5+ years of relevant industry experience and the will to start,build or join strong tech companies.With the initial ticket sizes of €150k - 800K Icebreaker provides enough funding for companies to get to a position of strength and avoid post-accelerator limbo without having to resort to disreputable sources of capital and unfriendly deal terms.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Finland, Sweden, Estonia

Investor stats

  • Total investments: 124
  • Round size: Seed $384k–$5.2M; Pre-Seed $106k–$1.3M; Series A $3.1M–$25M
  • Lead/follow: 53% lead, 47% follow
  • Last fund: May invest from a new fund soon — raised $22M in 2021

Portfolio highlights

  • Cytely — Transforms microscopy from image-driven to data-driven through AI-powered autonomous targeting that captures high-resolution data of critical cellular events, enabling researchers to solve complex biological problems in minutes instead of years.
  • Oplane — Oplane AB is a cybersecurity startup that develops an AI powered platform for automated threat modeling for software development teams.
  • ReOrbit — Looking for a way to keep your data flowing in space? ReOrbit has you covered with our line of autonomous and inter-networking satellites!
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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 15 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Artificial Intelligence, FinTech
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, Lithuania, India

Investor stats

  • Total investments: 43
  • Round size: Seed $1.1M–$3M; Pre-Seed $227k–$2.2M
  • Lead/follow: 9% lead, 91% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Ligence — AI Automated Echocardiography - Artificial intelligence-powered automated heart ultrasound echo lab system.
  • Soldera — Soldera enables renewable energy producers to earn additional income through an automatic guarantee of the origin trading system.
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Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 13 investments in Estonia Software startups

We invest both capital and our know-how into startups. Join us and let's change the world

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Investment focus

  • Industry: Software, SaaS, FinTech
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United Kingdom, Norway

Investor stats

  • Total investments: 23
  • Round size: Seed $22k–$713k; Pre-Seed $133k–$478k; Series A $2.1M–$3.4M
  • Lead/follow: 26% lead, 74% follow

Portfolio highlights

  • Coursy.io — Make employee development more effective with LMS powered by Learning Design
  • Waybiller — Bulk TMS solution for end-to-end management: Waybiller transforms your logistics operations, allowing you to handle bulk shipments with precision and speed. The Best E-waybill Software & Bulk TMS Solution
  • Bilance — Bilance is a personal finance management app that helps you to track, analyze and plan your finances.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 12 investments in Estonia Software 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: 64
  • Round size: Seed $500k–$4.5M; Pre-Seed $273k–$2.2M; Series A $1M–$33M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Eurora — Eurora develops an e-commerce suite of customs compliance tools.
  • FanSifter — FanSifter is a fan data management platform that leverages machine learning to help rights holders in music, entertainment, and sports increase tickets, music, merch, experiences, and sponsorships sales.
  • RecruitLab — Teamdash's built-in recruitment, applicant tracking, and marketing features give you the focus you need to achieve the impossible. Here's how.
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Jaan Tallinn
Angel · Tallinn, Harjumaa, Estonia · 12 investments in Estonia Software startups

Jaan Tallinn is the Co-Founder of the Centre for Study of Existential Risk and Future of Life Institute.

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Investment focus

  • Industry: Software, Artificial Intelligence, Internet
  • Stage:Seed, Series A
  • Geography: United States, Estonia, United Kingdom

Investor stats

  • Total investments: 64
  • Round size: Seed $531k–$15M; Series A $3.3M–$124M
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • ZaiNar — ZaiNar leverages patented digital signal processing techniques to locate radio devices in 3D with meter-level accuracy.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
  • Blueprint Bryan Johnson — On the surface, Blueprint may seem something about health, wellness and aging. It's really a system to make tomorrow better for you, me, the planet and our shared future with AI.
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Spring Capital
VC Fund · Tallinn, Harjumaa, Estonia · 10 investments in Estonia Software startups

Investments in exceptional teams in the Baltics & Nordics.Our two main focuses include: 1. Startups with a technological edge. Seed stage. Our check size is from €50K up to €200K. With a vast experience in startup building, we typically get hands-on with our advice and help the founders achieve operational excellence. 2. Innovators oftraditional sectors. SMEs with a proven track and strong market position. Clear plans to accelerate the growth. Our investment ticket can be from €300K to €700K to support these aspirations. If you think we have a match, reach out through invest@springcapital.ee.

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Investment focus

  • Industry: Software, SaaS, E-Commerce
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Finland, United States

Investor stats

  • Total investments: 24
  • Round size: Seed $439k–$2.4M; Pre-Seed $500k–$580k; Series A $7M–$8.2M
  • Lead/follow: 21% lead, 79% follow
  • Last fund: May invest from a new fund soon — raised $3.9M in 2018

Portfolio highlights

  • Uniify — Uniify is a no-code customer onboarding software that makes it fast, easy and secure for financial companies to onboard their customers. Save your business time and money, and build onboarding flows for your customers in minutes instead of months.
  • Crisp — Crisp connects data between retailers, distributors, and brands to power real-time insights across the supply chain.
  • Salesforge — Salesforge is an all-in-one sales execution super app that gives every sales team the highest probability to hit their target by tackling email deliverability and the need to personalize cold email outreach at scale.We do that by enabling real-time AI & machine learning to decision critical sales activities, enhance messaging and eliminatethe need for various sales point solutions, therefore driving superior conversion rates.
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Prototron
VC Fund · Tallinn, Harjumaa, Estonia · 9 investments in Estonia Software 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–$27k
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Neurosalience — Neurosalience develops a tool for the early detection of dementia from structural MRI scans.
  • 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.
Show all investments...

Access 48,091 investors

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

Browse database — It's Free!
Sten Tamkivi
Angel · San Francisco, California, United States · 8 investments in Estonia Software startups

Sten Tamkivi is the Chief Product Officer at Topia (formerly MOVE Guides). He was previously co-founder and CEO of Teleport (acquired by Topia), the place to scout for startup people. He co-founded the company as an EIR at Andreessen Horowitz.Sten has been a tech entrepreneur since 1996. After founding a few companies in Estonia, he joined Skypeas an early executive, ran the original R&D office, and held several global product leadership roles for 8+ years.He has an MS in Management from Stanford GSB.

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Investment focus

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

Investor stats

  • Total investments: 46
  • Round size: Seed $540k–$20M; Pre-Seed $120k–$2.2M; Series A $7.1M–$35M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • Katana — Katana gives thousands of manufacturers a live look at their business with visual, intuitive, and easy-to-use ERP software.
  • Entrepreneurs First — We turn exceptional individuals into funded founders. We back you first, then give you a bridge to Silicon Valley.
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TMT Investments
VC Fund · St. Helier, NA - Jersey, Jersey · 8 investments in Estonia Software startups

TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 65 companies to date. The Company’s objective is to generate an attractive rate of return for shareholders,predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com.

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Investment focus

  • Industry: Software, SaaS, Social Media
  • Stage:Seed, Series A
  • Geography: United States, Estonia, United Kingdom

Investor stats

  • Total investments: 107
  • Round size: Seed $250k–$4.1M; Series A $1.5M–$10M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — raised $60M in 2017

Portfolio highlights

  • Backblaze — Backblaze is a pioneer in robust, scalable low cost cloud backup and storage services. Personal online backup to enterprise scale data storage solutions.
  • Rhino — First-class armored rides
  • Global Work — Explore 500k+ verified remote, hybrid, and local jobs worldwide. Find your ideal role, compare opportunities, and apply on globalwork.ai!
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Karma Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 8 investments in Estonia Software startups

karma.vc is an early stage venture capital fund focusing on seed and early stage technology companies in Europe.

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Investment focus

  • Industry: Software, Artificial Intelligence, FinTech
  • Stage:Series A, Seed, Series B
  • Geography: Estonia, United States, Finland

Investor stats

  • Total investments: 50
  • Round size: Seed $549k–$4.4M; Series A $4.4M–$16M; Series B $2.8M–$30M
  • Lead/follow: 58% lead, 42% follow
  • Last fund: Likely still investing — raised $106M in 2021

Portfolio highlights

  • Wirepas — Wirepas offers a standards-based, ultra-reliable mesh connectivity for infrastructure-grade IoT. Proven in millions of devices worldwide.
  • Leil Storage — ON-PREMISES DISTRIBUTED FILE STORAGE WITH CLOUD-SCALE DENSITY+23% extra FREE capacity and density NOW +23% extra FREE capacity and density NOW +20% lower CO₂ emissions and power costs NOW up to +70% saved energy in the futureFirst distributed filesystem that supports the biggest HDDs on the planet, enabling enterprises with HM-SMR basedstorage.
  • Starship Technologies — The future of delivery - today!
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Martin Villig
Angel · Tallinn, Harjumaa, Estonia · 8 investments in Estonia Software startups

Martin is co-founder of Bolt.eu, Estonian Founders Society, Garage48.org, Good Deed Education Foundation and kood/Jõhvi coding school. Read more from http://martinvillig.com

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Investment focus

  • Industry: Software, FinTech, Education
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, Spain, South Africa

Investor stats

  • Total investments: 20
  • Round size: Seed $500k–$6M; Angel $111k–$637k; Pre-Seed $276k–$2.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Planet42 — Having your own car has never been easier. Planet42 is a vehicle rental company offering rent-to-buy car service for private clients.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
  • StudentFinance — Catapult your career with leading re-skilling and up-skilling bootcamps. Study now and pay us back once you land a job & start earning!
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Gorilla Capital
VC Fund · Helsinki, Southern Finland, Finland · 7 investments in Estonia Software startups

Gorilla Capital helps ambitious startups grow with smart funding and support. Discover how our team invests in early-stage companies.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Finland, Sweden, Estonia

Investor stats

  • Total investments: 66
  • Round size: Seed $274k–$1.3M; Pre-Seed $149k–$680k; Series A $2.6M–$5M
  • Lead/follow: 71% lead, 29% follow

Portfolio highlights

  • Munchi — Munchi allows restaurants to manage all orders, payments and loyalty in one platform with the power of AI.
  • Mobal — It is time to get your Business Profiles in shape. Meet your customers where they are and stand out where it matters most.
  • Nordic Information Control — Inventering och klassificering av information, automatiskt med Nordic Information Control Platform. Automatic Regulatory compliance.
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Martin Tajur
Angel · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Software startups

Martin Tajur is the co-founder of Pipedrive.

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Investment focus

  • Industry: Software, SaaS, Recruiting
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, Poland, Ukraine

Investor stats

  • Total investments: 16
  • Round size: Seed $800k–$2.7M; Angel $137k–$549k; Pre-Seed $478k–$2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • YuMuuv — YuMuuv is an employee wellness platform that uses science-based formulas to capture data and keeps track of physical activity & leaderboard.
  • Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Software 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 $212k–$1M; Pre-Seed $197k–$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 Technologies is a Finnish deep-tech energy that creates renewable supercapacitors using only nanocellulose, biocarbon, and water, eliminating the need for mining entirely.
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Kristjan Raude
Angel · 7 investments in Estonia Software startups

I am a serial entrepreneur and angel investor with 15+ years of international experience in sales & marketing, leading teams of 300+ with annual revenue of 10M+. Founder of 3 international companies and investor to 10+ startups. Member of the board at Estonian Business Angels Network.

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Investment focus

  • Industry: Software, Automotive, Internet of Things
  • Stage:Seed, Pre-Seed, Equity Crowdfunding
  • Geography: Estonia, United States

Investor stats

  • Total investments: 13
  • Round size: Seed $488k–$1.3M; Pre-Seed $71k–$549k; Equity Crowdfunding $168k–$2.7M
  • Lead/follow: 31% lead, 69% follow

Portfolio highlights

  • Askly — Add multilingual chat to any site in 2 minutes. Providing multilingual customer support is easy and affordable. Start a 30-day free trial today.
  • Snabb — Barking delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Barking App. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.Founded in 2015, we've grown from a Tallinn-based private parking App toan international platform that serves over 50,000 users in 10 markets on a monthly basis.We are constantly working towards connecting all vehicle service providers to our platform and thus enabling the ultimate convenience and simplicity to vehicle owners.
  • Promoty — Influencer marketing platform that helps you to find creators, manage influencer relationships, and save time on influencer marketing. Get started here!
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Markus Villig
Angel · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Software startups

Markus Villig is founder and CEO of Taxify. He attended University of Tartu.

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Investment focus

  • Industry: Software, Information Technology, FinTech
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 28
  • Round size: Seed $1.1M–$3.5M; Pre-Seed $230k–$3.4M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Adam — Adam connects you with verified painters and decorators across whole Europe. Get an instant price estimate and book a painter for the next day already!
  • BirdyChat — BirdyChat is a Developer of a work chat application intended for work professionals.
  • ScamGuardian.AI — Providing Actionable Intelligence to Stop Scams
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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Software startups

Trind VC is a founder-first venture capital firm investing in early-stage consumer startups across Europe. We back ambitious teams, help them grow, and stay by their side through every stage of the journey.

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Finland, Estonia, Spain

Investor stats

  • Total investments: 44
  • Round size: Seed $549k–$4.9M; Series A $5.5M–$15M; Venture - Series Unknown $692k–$6.7M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: May invest from a new fund soon — raised $27M in 2018

Portfolio highlights

  • Webel — Webel is an on demand Home Services Marketplace (cleaning, nannies, tutors...) where clients can search, book, compare, pay and review these services. Thanks to a deep analysis of the current methods for hiring these services and the competition outlook, we have created a unique and revolutionary business model that will outperform the market.
  • GitHits — GitHits gives AI coding agents access to open-source code
  • Bahn Express — Bahn Express is a global car transportation company that supports independent contractors while offering quick and easy auto shipping throughout Europe.
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Ragnar Sass
Angel · 7 investments in Estonia Software startups

Ragnar Sass is the Co-Founder of Darkstar Camp. He previously worked at LIFT99 as a Founder and CEO. Ragnar Sass attended Estonian Business School.

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Investment focus

  • Industry: Information Technology, Software, SaaS
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, Ukraine, United States

Investor stats

  • Total investments: 33
  • Round size: Seed $677k–$6M; Pre-Seed $110k–$2.2M
  • Lead/follow: 12% lead, 88% follow

Portfolio highlights

  • Shen.AI — Discover how Shen AI turns your smartphone into a health companion - no wearables, just powerful, camera-based health insights.
  • Legal Nodes — Offload your legal tasks to a virtual legal department and get on with running your business. Get started with the Legal Nodes platform for free.
  • Ampler Bikes — Ampler is a light electric bike for everyone who seeks freedom and adventure in their daily routines and commutes. No heavy batteries, bulky screens or other clutter. We combine modern technology with a traditional bicycle design to make pedalling easier, lighter and faster. Our vision is to offer emotive zero-emission commuting for everyone.Since 2016, Ampler has grown from a small bicycle startup into a committed e-bike company with a large international team and showrooms in Berlin, Cologne, Amsterdam, Zurich and Tallinn. Our lightweight e-bike models Curt, Stout and Stellar have won multiple awards and are being used every day by over 10,000 happy riders all over Europe.Our team spirit, mission, values and production principles are still the same as on the early days of Ampler. All our bikes are designed with the highest attention to details and are hand-assembled in our factory in Tallinn, Estonia.
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BADideas.fund
VC Fund · 7 investments in Estonia Software startups, 10 in the past 12 months

BADideas.fund backs bold founders from the Baltics and CEE with fast, founder-friendly funding. Led by a community of unicorn builders, we support early-stage B2B and marketplace startups with global ambition.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Grant
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 38
  • Round size: Seed $540k–$4.6M; Pre-Seed $110k–$1.3M
  • Lead/follow: 16% lead, 84% follow

Portfolio highlights

  • Tapaya — Tapaya is a fintech infrastructure company that provides payment acceptance software designed to turn any device into a payment terminal.
  • Spotwise.ai
  • WhiteBridge AI — Whitebridge.ai will find everything about you online and provide you with a report. Check your online reputation or research people using AI. We help transform scattered online data into a coherent narrative of a your digital identity so that you can safeguard your reputation, understand prospects, prepare for pitches, hire wisely, and verify authenticity.
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Andrus Purde
Angel · 6 investments in Estonia Software startups

Experienced startup marketer. Co-founder and CEO of Outfunnel. Skype and Pipedrive alumni. Angel investor.

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Investment focus

  • Industry: Software, Apps, Internet
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Cyprus

Investor stats

  • Total investments: 11
  • Round size: Seed $100k–$2.7M; Pre-Seed $830k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Jatri — Jatri is a public transport journey planner, digital ticketing and mobility marketplace, driving productivity by helping drivers to offer reliable transport to the commuters through our state-of-the-art technology.
  • Klaus — Klaus is a conversation review tool that improves customer service quality by making internal feedback easy and systematic. It also integrates with your help desk, good for improving the quality of answers and on-boarding new agents. They also connect to your favorite help desk solution and saves time on fumbling around with spreadsheets and comingup with the review system.Klaus is based in Tallinn, Estonia.
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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Martin Henk
Angel · San Francisco, California, United States · 6 investments in Estonia Software startups

Martin Henk is the Co-founder of Pipedrive.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 20
  • Round size: Seed $371k–$5.5M; Pre-Seed $300k–$2.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Vendis.ai — Vendis is the conversation layer for sales. Voice- and chat-first, it treats conversations as data, transforming multi-channel exchanges into autonomous updates and actions. Vendis captures voice, chat, email, meeting transcripts, and calendar data. Unlike CRMs built for management, not sales, it understands sales intents, detects risks, automatesworkflows, enriches data, and recommends next steps—an AI sales companion that understands you. Conversation in, pipeline out. Zero forms. More Deals.
  • Baserow — Discover Baserow, the open-source no-code platform for building databases and applications. No code or technical skills needed. Start creating for free today!
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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Timo Rein
Angel · New York, New York, United States · 6 investments in Estonia Software startups

Timo Rein - Co-Founder @ Pipedrive

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Investment focus

  • Industry: Software, Recruiting, Human Resources
  • Stage:Seed, Angel, Convertible Note
  • Geography: Estonia, Finland, United Kingdom

Investor stats

  • Total investments: 10
  • Round size: Seed $280k–$1.2M
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • YuMuuv — YuMuuv is an employee wellness platform that uses science-based formulas to capture data and keeps track of physical activity & leaderboard.
  • Antegenes — Antegenes’ novel genetic tests assess a patient’s personal cancer risks, and include clinical recommendations for personalized cancer prevention. The tests are based on innovative polygenic risk score technology which helps to clarify a person’s genetic predispositions to cancer. It therefore allows for more accurate prevention and early detectionmeasures – crucial in the fight with cancer. The tests are currently being used to determine the genetic risk for four cancers: breast cancer, prostate cancer, colon cancer, and skin melanoma.
  • Bidrento — One powerful platform for your entire portfolio. The leading property and tenant management software. Scale your operations and maximize your profit with Bidrento. Try it already today!
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Kaarel Kotkas
Angel · 5 investments in Estonia Software startups

Kaarel Kotkas is a Co-Founder and CEO at Veriff.

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Investment focus

  • Industry: Software, Gaming, 3D Technology
  • Stage:Seed, Series A, Angel
  • Geography: Estonia, United Kingdom

Investor stats

  • Total investments: 8
  • Round size: Seed $587k–$2.7M; Series A $13M–$13M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • Yera — Improve quality of support, sales, on-time delivery, time tracking and more. The only fully automated all-in-one engagement & reward system for teams. Results in just 30 days (or less).
  • Yera — Visualize agent performance. Gamify work and plant real trees. High-growth companies use Yera to empower their agents, improve KPIs, and reduce their carbon footprint. Agents can deliver their best work, feel motivated, and help save the planet.
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LIFT99
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia Software startups

LIFT99 is a coworking hub and network of startup founders in Tallinn, Estonia, and Kyiv, Ukraine. In 2018, we launched our Skillsharing Platform for founders around the world.

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Investment focus

  • Industry: Software, Information Technology, Legal
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Estonia, United Kingdom, El Salvador

Investor stats

  • Total investments: 10
  • Round size: Seed $800k–$1.1M; Pre-Seed $300k–$1.5M; Series A $7.7M–$12M
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
  • AXDRAFT — Automate contracts with AXDRAFT.
  • Legal Nodes — Offload your legal tasks to a virtual legal department and get on with running your business. Get started with the Legal Nodes platform for free.
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Kristjan Vilosius
Angel · 5 investments in Estonia Software startups

Kristjan Vilosius - Co-Founder and CEO @ Katana

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United States, South Africa

Investor stats

  • Total investments: 13
  • Round size: Seed $1M–$3M; Pre-Seed $410k–$1.3M; Series A $5.2M–$12M
  • Lead/follow: 8% lead, 92% follow

Portfolio highlights

  • Eurora — Eurora develops an e-commerce suite of customs compliance tools.
  • Outvio — Online retailers of all sizes, from startups to large eCommerce champions, use Outvio to automate fulfillment and returns, optimise customer support, strengthen brand presence and facilitate marketing in the post-checkout phase.
  • Supliful — Supliful develops an online platform for users to create their own food supplement brand. It provides a catalogue of products, order form templates, online store fronts, shipping, and delivery services. Supliful has fulfilment facilities in Riga, Latvia and Denver, CO. Supliful is founded by a team of serial entrepreneurs who have successfullybuilt and exited an ecommerce company grafomap.com. You can read about it more at Business Insider - https://www.businessinsider.com/
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Earlybird Venture Capital
VC Fund · Berlin, Berlin, Germany · 5 investments in Estonia Software startups

Founded in 1997, Earlybird is a pan-European VC investor backing tech-enabled companies and investing in their growth and development. Funds include Earlybird, Earlybird Health, Growth Opportunities.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series A, Seed, Series B
  • Geography: Germany, United States, United Kingdom

Investor stats

  • Total investments: 347
  • Round size: Seed $1.4M–$14M; Series A $4.4M–$35M; Series B $6M–$75M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — raised $190M in 2024

Portfolio highlights

  • Curio — Be one of the first to access Rio, the leading AI for fact-checked news. Free for early users.
  • Certivity — Certivity offers software to model digital regulatory twins of their products. This will ensure that current regulatory requirements are integrated in the right place in the engineering process. Product compliance will be smarter, safer, more transparent, more efficient, and significantly cheaper.
  • Brightpick — Brightpick offers AI robots for warehouses to easily automate every step of their order fulfillment. The innovative Brightpick robots enable warehouses of any size to fully automate order picking, consolidation and dispatch, as well as stock replenishment. Brightpick Autopicker, the company’s award-winning flagship robot, is the only mobile robotin the world that robotically picks and consolidates orders directly in warehouse aisles. The Brightpick solution takes just weeks to deploy and allows companies to reduce their fulfillment labor to a minimum. Headquartered near Cincinnati, OH, Brightpick has more than 200 employees and hundreds of AI robots deployed across the US and Europe.
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TechOne VC
VC Fund · Istanbul, Istanbul, Turkey · 5 investments in Estonia Software startups

TechOne VC is a venture capital firm. It invests in innovative tech startups founded by visionary entrepreneurs solving global problems, to deliver superior returns for our investors.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Turkey, United States, Estonia

Investor stats

  • Total investments: 59
  • Round size: Seed $300k–$2.8M; Pre-Seed $30k–$605k
  • Lead/follow: 24% lead, 76% follow
  • Last fund: May invest from a new fund soon — raised $4.4M in 2020

Portfolio highlights

  • Co-one — Co-one empowers businesses to unlock the full potential of Generative AI. We provide data-driven solutions for LLM development, including evaluation and dataset generation.
  • Getmobil — Getmobill offers services in refurbished devices and their sale and resale.
  • Atlas Space
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ZAKA VC
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 5 investments in Estonia Software 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: 103
  • Round size: Seed $509k–$6.6M; Pre-Seed $250k–$1.8M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Yenmo — Unlock instant funds with India's best loan against mutual funds starting from 10.29% 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 — Creasallis specializes in biotechnology, focusing on the development of innovative antibody engineering solutions. The company's flagship technology, CreaTap, enhances the penetration of antibody-based drugs into tumors, potentially increasing their efficacy. Creasallis leverages its expertise in structural and molecular biology to create moreeffective therapeutic solutions. The company has also been recognized in startup competitions, winning awards such as 50 EVOLVE Pipettes and accessories to support its research efforts.
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Zenith Family Office
VC Fund · 4 investments in Estonia Software startups

Independent wealth management company devoted to handling the investments and personal needs of wealthy individuals

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Investment focus

  • Industry: SaaS, Commercial Real Estate, B2B
  • Stage:Pre-Seed
  • Geography: Estonia, United States

Investor stats

  • Total investments: 5
  • Round size: Pre-Seed $27k–$549k
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Remato — Remato is all-in-one & mobile-first platform to seamlessly manage projects, people and assets. Budget estimating & task planning, field communications & work tracking, real-time overview & automated reports.
  • Moderan — Moderan is an online software for commercial real estate lease lifecycle management and asset reporting. So easy, any team can start using it in a day. Get your lease and property information organised. Save time with automated reports and make sure no deadline is missed.
  • VideoCV.io — Spend less time reading stacks of resumes, and more time on finding the best fit for your company. VideoCV helps you increase your hiring productivity by streamlining your talent management processes.
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The Spartan Group
VC Fund · Singapore, Central Region, Singapore · 4 investments in Estonia Software startups

We advise, invest and build with the best entrepreneurs in Web3.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Software
  • Stage:Seed, Series A
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 214
  • Round size: Seed $1.5M–$10M; Series A $5.1M–$32M
  • Lead/follow: 18% lead, 82% follow
  • Last fund: May invest from a new fund soon — raised $30M in 2021

Portfolio highlights

  • Solana — Solana is the high performance network powering internet capital markets, payments, and crypto applications. Fast. Decentralized. Scalable. Energy efficient. Solana can power thousands of transactions per second.
  • Perion — Win Crypto Questing in AAA Games.
  • Saturn — Saturn is the first financial application built on digital credit.
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Alvar Lumberg
Angel · 4 investments in Estonia Software startups

Alvar Lumberg

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Investment focus

  • Industry: Software, Information Technology, FinTech
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 12
  • Round size: Seed $587k–$2.4M; Pre-Seed $321k–$2.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is an online selling and shopping platform for new and preloved fashion. Buy preloved clothing safely or open your own shop and sell. Find unique second hand clothes, earn extra money and help save the Planet.
  • 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.
  • ScamGuardian.AI — Providing Actionable Intelligence to Stop Scams
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Second Century Ventures
VC Fund · Chicago, Illinois, United States · 4 investments in Estonia Software startups

We invest in ideas and ambitious teams looking to scale across the real estate, financial, insurance and home tech verticals.

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Investment focus

  • Industry: Real Estate, Software, FinTech
  • Stage:Seed, Series A
  • Geography: United States, Australia, Canada

Investor stats

  • Total investments: 258
  • Round size: Seed $500k–$4.4M; Series A $1.3M–$15M
  • Lead/follow: 24% lead, 76% follow

Portfolio highlights

  • Valcre — 178 characters Valcre is the essential solution for commercial real estate appraisers. Offering complete job management, comps database and report writing tools, Valcre makes appraising easier.
  • OasisX
  • Stake — Renters earn Cash back for rent. Building operators outperform the market. That's the Stake win-win. Find out how we're building the financial tools for the next generation of rentals.
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Token Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 4 investments in Estonia Software startups

We see a bright future of blockchain-based technologies.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, FinTech
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, France, Austria

Investor stats

  • Total investments: 9
  • Round size: Seed $900k–$3.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Swipelux — Increase your revenue and improve compliance with one toolkit.
  • Blockmate — Connect millions of crypto users to your app with a single API
  • Teneo Protocol — Teneo Protocol is a decentralized physical infrastructure network (DePIN) initiative.
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Märt Kelder
Angel · Berlin, Berlin, Germany · 4 investments in Estonia Software startups

founder at Voog.

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Investment focus

  • Industry: Information Technology, Software, Transportation
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, Pakistan, Bangladesh

Investor stats

  • Total investments: 10
  • Round size: Seed $100k–$318k; Angel $100k–$500k; Pre-Seed $2M–$2.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • BusCaro — Comfort, Reliability Consistency. Your one-stop solution for hassle-free commute. Commute Made Easier About BusCaro Innovative approach towards mobility for organizations across Pakistan. BusCaro is a tech-based startup providing solutions aimed at simplifying commute. Paired with a reliable technology stack, and the mission to drive a positive change in the mobility sector, BusCaro is a seamless
  • Supersimple — Supersimple helps SaaS companies use customer behavior data to drive decisions in product & sales.
  • ScamGuardian.AI — Providing Actionable Intelligence to Stop Scams
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LD Capital
VC Fund · Shanghai, Shanghai, China · 4 investments in Estonia Software startups

LD Capital is one of Asia's earliest organizations focusing on value investing in blockchain field. Owing to industrial resource advantages and professional investment research teams, LD Capital has successively discovered and invested in projects such as Qtum, Vechain and Eos which all achieved over 100 times return.Their teams spread overChina, the United States, Europe, Singapore, Japan, and South Korea, and have accumulated rich experience in areas of traditional internet, Fintech, and advanced blockchain technology. They are committed to the globalization of blockchain and quality investment in the entire industry.LD Capital focuses on blockchain innovation projects within finance, games, content publishing, Internet of Things and other circuits, and we have been propelling broad layout of blockchain technology and infrastructure construction to facilitate the comprehensive development of the global blockchain ecosystem.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Initial Coin Offering
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 164
  • Round size: Seed $1.4M–$10M; Initial Coin Offering $1.2M–$9.5M
  • Lead/follow: 9% lead, 91% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • Joystream — Joystream is a block chain-based, decentralized video platform.
  • OMNIA Protocol — OMNIA Protocol offers a secure and private infrastructure for accessing blockchain technology. It provides high availability RPC endpoints for Ethereum, ensuring users can connect to the blockchain without being traced or monitored. The company focuses on delivering a compliant environment for handling personal data, including blockchain addressesand transactional information. OMNIA Protocol aims to democratize access to blockchain infrastructure, challenging the current concentration of this access among a few corporations. It supports various blockchains, including Bitcoin, Binance, Avalanche, Polygon, Arbitrum, and Optimism, through its platform, offering secure Arbitrum RPC Nodes features.
  • Konnex World — Konnex is building the decentralized coordination, verification, and payment layer for autonomous robots. Powered by Large Behavioral Models and Proof-of-Physical-Work, it connects machines into a single global network where robots can understand, collaborate, and transact.
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Mapleblock Capital
VC Fund · Delhi, Delhi, India · 4 investments in Estonia Software startups

Mapleblock Capital is an investment firm that exclusively consults and invests in crypto-assets and blockchain companies. It was founded in 2017 and is headquartered in Delhi, India.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Series A
  • Geography: Singapore, United States, Estonia

Investor stats

  • Total investments: 47
  • Round size: Seed $1.7M–$15M; Series A $3.2M–$20M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • Rena Labs — Rena was creating the execution environment (TEE) abstraction Layer, designed to streamline deployment and execution workflows. This innovation aimed to enable a broad spectrum of verifiable AI use cases by providing a secure and efficient framework. Rena’s approach bridged the gap between advanced AI applications and the need for trusted, seamlessexecution, offering a foundation for reliability and scalability in AI-driven solutions.
  • Kindred — Kindred Labs is building the default interface for human–AI interaction — always-on, trusted companions that unify productivity, commerce, and emotional connection into a single relationship. As the only AI company officially trusted by 25+ iconic IPs, including Sanrio, Warner Bros., LINE Friends, and Pudgy Penguins, Kindred Labs sits on a uniquecultural and distribution moat powered by billions of existing fans worldwide.Kindred’s growth has been consistently explosive: the company has attracted millions of registered users within weeks of opening access, climbed into the Top 10 on DappRadar with hundreds of thousands of on-chain daily and monthly active users and millions of on-chain transactions in a single month, and driven an NFT free-mint that organically reached above a 1.3 ETH floor, alongside outsized gains in brand mindshare and category visibility (including a #1 gainer ranking on Kaito).Backers and partners include SEI Foundation, Protocol Labs, 0G Foundation, Techstars, Orange DAO, Sky Mavis, CoinMarketCap Labs, Nvidia Inception, ElevenLabs, and others. Kindred Labs is founded by Max Giammario, whose M.A./Ph.D.-level research focuses on human–AI interaction, and is built by a team of experts from companies such as Apple and Disney.
  • Cluster Protocol — Cluster Protocol is the co-ordination layer for AI agents, a carnot engine fueling the AI economy making sure the AI developers are monetized for their AI models and users get an unified seamless experience to build that next AI app/ agent within a virtual disposable environment facilitating the creation of modular, self-evolving AI agents.
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Contriber Ventures
VC Fund · Tartu, Tartumaa, Estonia · 4 investments in Estonia Software startups

.Cocoon | Hubs | Investments

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Investment focus

  • Industry: Software, Apps, SaaS
  • Stage:Seed, Angel, Series A
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 7
  • Round size: Seed $955k–$2.1M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • Speakly — SPEAKLY is a powerful language learning tool
  • Timbeter — Digital supply chain management for timber. Our Timber Resource Planning ensures that the forestry industry & governments increase sustainability, efficiency and transparency
  • Ready Player Me — The Ready Player Me platform leverages AI, ML , and a suite of developer-first tools to empower developers to integrate avatars into their games and apps to launch faster, improve user adoption, and grow revenue through asset monetization.
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Taavet Hinrikus
Angel · London, England, United Kingdom · 4 investments in Estonia Software startups

Taavet Hinrikus is based out of London, England and is the Partner of Plural Platform and Board Member of CoMind. Taavet previously worked at Wise as a Chairman and Co-founder. Taavet Hinrikus attended INSEAD.

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Investment focus

  • Industry: FinTech, Software, Financial Services
  • Stage:Seed, Series A, Series B
  • Geography: United Kingdom, United States, Estonia

Investor stats

  • Total investments: 127
  • Round size: Seed $1M–$7.9M; Series A $7M–$47M; Series B $23M–$50M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Feather — Feather gives you insurance advice for expats in Germany. Our digital insurance agent will help you get the right insurance policies for your need.
  • Habito — We're the Treating Customers Fairly Champion of 2023 as voted for in the British Bank Awards. We're here to make mortgages easier - no paperwork, no stress and no fees.
  • Entrepreneurs First — We turn exceptional individuals into funded founders. We back you first, then give you a bridge to Silicon Valley.
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Peep Vain
Angel · 4 investments in Estonia Software startups

Peep Vain is the Private Investor at Vain and Partners. He attended Bentley University.

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Investment focus

  • Industry: Software, Genetics, Recruiting
  • Stage:Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Antegenes — Antegenes’ novel genetic tests assess a patient’s personal cancer risks, and include clinical recommendations for personalized cancer prevention. The tests are based on innovative polygenic risk score technology which helps to clarify a person’s genetic predispositions to cancer. It therefore allows for more accurate prevention and early detectionmeasures – crucial in the fight with cancer. The tests are currently being used to determine the genetic risk for four cancers: breast cancer, prostate cancer, colon cancer, and skin melanoma.
  • Bisly — Bisly Scalable Building Automation reduces the overhead for building professionals and makes energy saving easy and affordable.
  • Bidrento — One powerful platform for your entire portfolio. The leading property and tenant management software. Scale your operations and maximize your profit with Bidrento. Try it already today!
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Mikko Silventola
Angel · 4 investments in Estonia Software startups

Mikko is an active investor, with over 50 investments globally. Besides Europe, he is also active in Southeast Asia, Middle East, and Lat Am. He is the first investor of Bolt (Estonia), an investor of Rappi (Colombia), and of Hugo (El Salvador). He has founded 3 international media companies which in total have generated over €35M in sales overjust a few years. He has helped companies with internationalization, fundraising and M&As in Asia, Europe and the Middle East.

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Investment focus

  • Industry: E-Commerce, Software, Transportation
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, Finland, United States

Investor stats

  • Total investments: 18
  • Round size: Seed $191k–$4.2M; Angel $37k–$111k; Pre-Seed $230k–$2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Bought — A fully automated secondhand marketplace unleashing the 95% of hidden secondhand supply with AI.
  • Droppe — Order work equipment directly from manufacturers. Support small businesses and source more responsibly from local and European manufacturers. Order from several suppliers at the same time with one shopping cart. Test samples for free and order products for your workplaces without extra hassle. Find nitrile gloves, protective clothing, work gloves, work accessories, disposable gloves, disinfectants, sanitizers and other supplies in one place.
  • WIP - Work in Peace — The covid-19 outbreak has nailed us to computers. People are tired of virtual meetings. The reason why we meet in person is changing from routine braking to necessity. This will lead to a growing demand for simple and affordable rooms for daily meetings in various locations. The process of finding and booking an offsite meeting room for a dailymeeting is time-consuming and complex. The premium character of meeting rooms, in terms of large selection, features, and price, that dominate the market requires lengthier consideration and coordination. Our 5-year vision - Your city is your office and a meeting room A platform that helps future companies work & meet more efficiently, using technology and data. Your city is your office - The mySpotit app will open every door you need for working.
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Tiny Supercomputer Investment Company
VC Fund · San Francisco, California, United States · 4 investments in Estonia Software startups

Backing great companies when they're tiny

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Investment focus

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

Investor stats

  • Total investments: 181
  • Round size: Seed $1.2M–$7.3M; Pre-Seed $809k–$3.5M; Series A $7M–$170M
  • Lead/follow: 2% lead, 98% follow

Portfolio highlights

  • YuLife — Meet YuLife - the all-in-one platform for group insurance, employee benefits, wellbeing, engagement, and global rewards your people love and actually use.
  • LabGenius — Finding the next generation of drugs with machine learning, synthetic biology and laboratory automation
  • Flow Engineering — Requirements management, made collaborative
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Ott Kaukver
Angel · Menlo Park, California, United States · 4 investments in Estonia Software startups

Ott Kaukver is Chief Technology Officer at Checkout.com. Attended Estonian Business School.

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Investment focus

  • Industry: Software, Financial Services, SaaS
  • Stage:Series A, Seed, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 30
  • Round size: Seed $2M–$5.4M; Pre-Seed $401k–$2.2M; Series A $8.5M–$26M
  • Lead/follow: 7% lead, 93% follow

Portfolio highlights

  • Arcjet — Arcjet helps developers protect their apps in just a few lines of code. Implement rate limiting, bot protection, email validation, and defense against common attacks.
  • Qovery — Qovery is a DevOps automation tool that lets developers deploy and scale applications on their cloud by simplifying and automating infrastructure so tech teams can focus on what matters most: building great products.
  • Handhold — Handhold is an AI platform that creates multimodal agents to automate the sales and onboarding process for inbound leads.
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Tiny VC
VC Fund · Berlin, Berlin, Germany · 4 investments in Estonia Software startups

Backing great companies when they're tiny

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Investment focus

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

Investor stats

  • Total investments: 129
  • Round size: Seed $1.4M–$6.4M; Pre-Seed $750k–$3.2M; Series A $9.8M–$27M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Genie — Genie is a provider of a Shopify inventory management solution for fast-growing merchants.
  • Serve First — Serve First is an AI customer experience platform that turns real-time feedback into insights, helping drive smarter business decisions.
  • Massive Dynamic — Specialized AI to orchestrate complex cross-channel advertising
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Presto Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 4 investments in Estonia Software startups

We're a Prague-based VC firm investing in fast growing tech companies and empowering talented startup founders from Central and Eastern Europe.

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Investment focus

  • Industry: SaaS, Software, Information Technology
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Czech Republic, United States, United Kingdom

Investor stats

  • Total investments: 98
  • Round size: Seed $646k–$3.3M; Pre-Seed $132k–$1.7M; Series A $3.8M–$32M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — raised $159M in 2024

Portfolio highlights

  • PARTORY — PARTORY offers complete manufacturing solutions in engineering. PARTORY utilising AI and machine learning to streamline the procurement process for low-cost metal parts
  • OnSinch
  • Adam — Adam connects you with verified painters and decorators across whole Europe. Get an instant price estimate and book a painter for the next day already!
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Ahti Heinla
Angel · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Software startups

Ahti is the CEO, CTO and co-founder in Starship Technologies, a startup that intends to disrupt last-mile delivery by introducing self-driving local delivery robots. He is also a co-owner in Ambient Sound Investments, a private investment vehicle launched by Estonian Skype co-founders.Ahti conducts technical reviews of all ASI's potentialinvestments. His experience and knowledge as a system architect is invaluable in assessing and managing ASI's portfolio companies.Ahti picked up programming at the early age of ten, his fascination with all things technical resulting in him being the lead technical architect at Skype. Ahti has also worked on artificial intelligence, 3D graphics engines, signal processing, and building mobile phones.Out of the office, Ahti dons his running gear to enjoy orienteering and adventure racing events, where navigation is his strong-point.

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Investment focus

  • Industry: Apps, Internet, Software
  • Stage:Seed, Angel, Series A
  • Geography: Estonia, United States

Investor stats

  • Total investments: 7
  • Round size: Seed $90k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Fleep — Fleep is a web, Android, iOS, Mac and Windows app that wants to bridge the gap between ‘reply all’-style group email and enterprise messaging/IM services.Founded by ex-Skypers, Fleep is a messaging service that fills the gap between email and various IM/texting services. They take email’s ability to contact anyone and marry it withreal-time messaging.They are based in Estonia, with offices in Tallinn and Tartu. Their services are hosted on Amazon EC2 in Dublin, Ireland.
  • LIFT99 — LIFT99 is a coworking hub and network of startup founders in Tallinn, Estonia, and Kyiv, Ukraine. In 2018, we launched our Skillsharing Platform for founders around the world.
  • Swap.com — Swap is an online consignment and thrift store shop high-quality secondhand clothes. Shop the best brands at up to 90% off.
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Passion Capital
VC Fund · London, England, United Kingdom · 4 investments in Estonia Software startups

Passion Capital is a partnership of entrepreneurs and operators who are applying our experiences to helping founders and early-stage teams build great digital media/technology companies. We are committed to fostering an ecosystem of technology, collaboration and executional excellence in Europe, and we believe that the criticaldifferentiator and key asset of a successful business is the passion and ability of its founders. We take pride in the calibre and success of all of our founders and teams including but nowhere near limited to GoCardless, Tray.io, Mendeley, Digital Shadows, Adzuna, Smarkets, Ravelin, Tide, Marshmallow, Butternut Box, PolyAI, Lendable and Monzo Bank

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Investment focus

  • Industry: Software, FinTech, Financial Services
  • Stage:Seed, Series A, Series B
  • Geography: United Kingdom, United States, Germany

Investor stats

  • Total investments: 175
  • Round size: Seed $573k–$6.5M; Series A $2.3M–$14M; Series B $6.3M–$85M
  • Lead/follow: 25% lead, 75% follow
  • Last fund: Likely actively investing — fund raised in 2025

Portfolio highlights

  • Paypercut — Paypercut is a fintech startup that allows small and mid-scaled merchants to offer Buy Now, Pay Later at checkout via a single integration.
  • Secondmind — Helping automotive engineers design better cars, faster.
  • Opensignal — Opensignal is the leading global provider of independent insights into network experience and market performance.
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BSV Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 4 investments in Estonia Software startups

Baltic Sandbox Ventures is an early-stage VC dedicated to developing the Deep Tech and Life Science ecosystem in the Baltic region. Our focus is on early-stage individuals and teams that are engaged in research and development and are seeking to address complex technical challenges with significant potential for commercial applications.

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Investment focus

  • Industry: Software, Biotechnology, Manufacturing
  • Stage:Pre-Seed, Seed, Grant
  • Geography: Lithuania, Estonia, Finland

Investor stats

  • Total investments: 30
  • Round size: Seed $207k–$5.9M; Grant $64k–$134k; Pre-Seed $328k–$1.4M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: Likely still investing — raised $18M in 2022

Portfolio highlights

  • FirstQFM — FirstQFM offers patent-pending AI foundation models for quantum computing.
  • Emulsi Biotech — Emulsi Biotech is a biotechnology company that develops lipid technology to deliver biologic drugs orally.
  • Granarium Technologies — Granarium Technologies is a Finnish deep-tech energy that creates renewable supercapacitors using only nanocellulose, biocarbon, and water, eliminating the need for mining entirely.
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Software Investor funding in Estonia at a glance

Stats across 303 deals from 412 investors.

412
investors
in Estonia Software startups
303
deals
in Estonia Software startups
$531k
median round
in Estonia Software startups
36%
lead investors
lead at least one round
35%
Seed
most common funding stage
71/29
VC / Angel
share of investor count

Access all 412 investors in Estonia Software startups.

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