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Top 50 Software Startup Investors in Estonia (September 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, Artificial Intelligence, FinTech $120k–$14M
Superangel
VC Fund
24 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $170k–$20M
Specialist VC
VC Fund
24 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$4.6M
Lemonade Stand
VC Fund
18 Estonia, Lithuania, India Seed, Pre-Seed, Venture - Series Unknown Software, Artificial Intelligence, SaaS $251k–$3M
Icebreaker.vc
VC Fund
17 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $110k–$25M
Thorgate Ventures
VC Fund
15 Estonia, United Kingdom, Norway Seed, Pre-Seed, Series A Software, SaaS, FinTech $22k–$3.9M
Change Ventures
VC Fund
13 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$39M
Jaan Tallinn
Angel
13 United States, Estonia, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, Information Technology $531k–$124M
Spring Capital
VC Fund
12 Estonia, Finland, United States Seed, Pre-Seed, Series A Software, SaaS, E-Commerce $426k–$9.1M
Martin Tajur
Angel
11 Estonia, Poland, Ukraine Pre-Seed, Seed, Angel Software, Artificial Intelligence, SaaS $136k–$2.7M
Ragnar Sass
Angel
10 Estonia, Ukraine, United States Seed, Pre-Seed, Angel Software, Information Technology, Marketplace $206k–$5.9M
Karma Ventures
VC Fund
9 Estonia, United States, Finland Series A, Seed, Series B Software, Artificial Intelligence, Information Technology $549k–$30M
Sten Tamkivi
Angel
9 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Financial Services, Manufacturing $120k–$35M
Trind Ventures
VC Fund
9 Finland, Estonia, Spain Seed, Venture - Series Unknown, Series A Software, Information Technology, SaaS $590k–$15M
Prototron
VC Fund
9 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Energy $4k–$59k
Martin Villig
Angel
8 Estonia, Spain, South Africa Seed, Angel, Pre-Seed Software, FinTech, Education $116k–$6M
TMT Investments
VC Fund
8 United States, United Kingdom, Estonia Seed, Series A, Series B Software, SaaS, Social Media $300k–$35M
EstBAN
VC Fund
7 Estonia, Latvia, Lithuania Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $198k–$1.5M
Markus Villig
Angel
7 Estonia, United States, United Kingdom Seed, Pre-Seed, Angel Software, Information Technology, FinTech $230k–$3.5M
Gorilla Capital
VC Fund
7 Finland, Sweden, Estonia Pre-Seed, Seed, Venture - Series Unknown Software, Information Technology, SaaS $149k–$2.1M
Martin Henk
Angel
7 Estonia, United States, United Kingdom Pre-Seed, Seed, Angel Software, SaaS, Marketplace $218k–$5.1M
Timo Rein
Angel
7 Estonia, Finland, United Kingdom Seed, Angel, Convertible Note Software, Recruiting, Human Resources $136k–$2M
Kristjan Raude
Angel
7 Estonia, United States Equity Crowdfunding, Seed, Pre-Seed Software, Automotive, Internet of Things $73k–$2.7M
BADideas.fund
VC Fund
7 Estonia, Latvia, Lithuania Seed, Pre-Seed, Grant Software, Information Technology, Artificial Intelligence $110k–$3.6M
Andrus Purde
Angel
6 Estonia, United Kingdom, Cyprus Seed, Pre-Seed Software, SaaS, Internet $100k–$5.4M
LIFT99
VC Fund
6 Estonia, United Kingdom, El Salvador Pre-Seed, Seed, Series A Software, Information Technology, Legal $300k–$12M
Zenith Family Office
VC Fund
5 Estonia, United States Pre-Seed, Seed, Venture - Series Unknown SaaS, Commercial Real Estate, B2B $27k–$549k
Kaarel Kotkas
Angel
5 Estonia, Hungary, United Kingdom Seed, Series A, Series B Software, Gaming, E-Commerce $545k–$94M
ZAKA VC
VC Fund
5 United States, Germany, United Kingdom Seed, Pre-Seed Artificial Intelligence, Software, Information Technology $250k–$7M
Taavet Hinrikus
Angel
5 United Kingdom, United States, Estonia Seed, Series A, Series B FinTech, Software, Financial Services $1.4M–$58M
AU21 Capital
VC Fund
5 United States, Singapore, India Seed, Venture - Series Unknown Blockchain, Cryptocurrency, Gaming $1.1M–$8M
TechOne VC
VC Fund
5 Turkey, United States, Estonia Seed, Pre-Seed Software, SaaS, Information Technology $30k–$2.4M
Earlybird Venture Capital
VC Fund
5 Germany, United States, United Kingdom Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.4M–$75M
Kristjan Vilosius
Angel
5 Estonia, United States, South Africa Seed, Pre-Seed, Series A Software, Information Technology, E-Commerce $410k–$12M
Ott Kaukver
Angel
5 Estonia, United States, United Kingdom Series A, Seed, Pre-Seed Software, SaaS, Financial Services $401k–$26M
Presto Ventures
VC Fund
5 Czech Republic, United States, United Kingdom Seed, Pre-Seed, Series A Software, SaaS, Artificial Intelligence $132k–$32M
Alvar Lumberg
Angel
4 Estonia Seed, Pre-Seed, Angel Software, Information Technology, FinTech $321k–$2.4M
Gateway Ventures
VC Fund
4 Germany, Austria, Italy Seed, Series A Software, Information Technology, SaaS $1.5M–$11M
BSV Ventures
VC Fund
4 Lithuania, Estonia, Finland Pre-Seed, Seed, Grant Software, Biotechnology, Manufacturing $64k–$5.9M
Token Ventures
VC Fund
4 Estonia, France, Austria Seed, Pre-Seed Blockchain, Cryptocurrency, FinTech $900k–$3.5M
Tiny VC
VC Fund
4 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $750k–$27M
Second Century Ventures
VC Fund
4 United States, Australia, Canada Seed, Series A Real Estate, Software, FinTech $500k–$15M
The Spartan Group
VC Fund
4 United States, Singapore, United Kingdom Seed, Series A, Venture - Series Unknown Blockchain, Cryptocurrency, Software $1.5M–$32M
Funderbeam
VC Fund
4 Estonia, Croatia, Denmark Seed, Equity Crowdfunding, Venture - Series Unknown FinTech, Software, CleanTech $192k–$2M
Inventure
VC Fund
4 Finland, Sweden, United States Seed, Series A, Series B Software, Information Technology, Health Care $549k–$25M
Superhero Capital
VC Fund
4 Finland, Lithuania, Estonia Seed, Pre-Seed, Venture - Series Unknown Software, Information Technology, Artificial Intelligence $114k–$7.3M
Tiny Supercomputer Investment Company
VC Fund
4 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $750k–$37M
Passion Capital
VC Fund
4 United Kingdom, United States, Germany Seed, Series A, Series B Software, FinTech, Financial Services $573k–$85M
Mapleblock Capital
VC Fund
4 United States, Singapore, Switzerland Seed, Venture - Series Unknown, Series A Blockchain, Cryptocurrency, Gaming $1.8M–$22M
ZBS CAPITAL
VC Fund
4 United States, Singapore, United Kingdom Seed, Venture - Series Unknown Blockchain, Cryptocurrency, Financial Services $1M–$6M
Access all 544 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, Artificial Intelligence, FinTech
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 71
  • Round size: Seed $587k–$3.8M; Pre-Seed $120k–$2.2M; Series A $1.6M–$14M
  • Lead/follow: 55% lead, 45% 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!
  • Cino — Cino automatically deducts everyone's share from their bank accounts. Create groups with whom you want to share bills, set your ratio split & stop fronting costs!
  • 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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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 24 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: 82
  • Round size: Seed $800k–$6.2M; Pre-Seed $170k–$1.6M; Series A $5.6M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $32M 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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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 24 investments in Estonia Software startups, 7 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: 72
  • Round size: Seed $545k–$4.6M; Pre-Seed $240k–$2.3M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $57M 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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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 18 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, SaaS
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Estonia, Lithuania, India

Investor stats

  • Total investments: 43
  • Round size: Seed $1M–$3M; Pre-Seed $251k–$2.3M; Venture - Series Unknown $302k–$814k
  • 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 is unifying energy certificate registries. We give corporate energy buyers, sustainability teams, procurement teams, utilities, and traders one infrastructure layer across fragmented registries so they can procure, manage, and cancel renewable energy certificates with far less manual work.The platform combines aggregated procurement fromthousands of utilities with cleaner registry execution and audit-ready, government-backed cancellation statements traceable to the generating machine. That makes renewable energy certificate management easier to run, easier to evidence, and easier to scale across markets.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 17 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: 142
  • Round size: Seed $409k–$5.4M; Pre-Seed $110k–$1.2M; Series A $3.1M–$25M
  • Lead/follow: 56% lead, 44% follow
  • Last fund: May invest from a new fund soon — raised $24M in 2021

Portfolio highlights

  • Cytely — Cytely operationalizes biological measurement, turning microscopy into standardized, reproducible data so research teams can accelerate discovery.
  • Oplane — Connect your repo. See and fix your vulnerabilities in minutes. AI-powered threat modeling - no consultants, no weeks of docs.
  • 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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Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 15 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: 25
  • Round size: Seed $22k–$2.4M; Pre-Seed $23k–$664k; Series A $2.1M–$3.9M
  • Lead/follow: 32% lead, 68% 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 connects to 2,300+ European banks, syncs your transactions automatically and sorts them into budgets. On iOS and Android.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 13 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: 65
  • Round size: Seed $500k–$4.2M; Pre-Seed $273k–$2.2M; Series A $1M–$39M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • BirdyChat — A modern work chat app for professionals. Start conversations with anyone using their work email. Collaborate and grow your network.
  • Giraffe360 — Giraffe360 is game-changing subscription product for real estate companies to streamline professional quality photography and high accuracy floor plan creation.
  • Saltz — Premium ingredients for your menu with no hidden delivery fees or markups.
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Jaan Tallinn
Angel · Tallinn, Harjumaa, Estonia · 13 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, Information Technology
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, Estonia, United Kingdom

Investor stats

  • Total investments: 67
  • Round size: Seed $531k–$15M; Pre-Seed $799k–$2.1M; Series A $3.3M–$124M
  • Lead/follow: 4% lead, 96% 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 · 12 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: 26
  • Round size: Seed $426k–$2.5M; Pre-Seed $500k–$2.5M; Series A $7.4M–$9.1M
  • Lead/follow: 19% lead, 81% follow
  • Last fund: May invest from a new fund soon — raised $7.4M 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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Martin Tajur
Angel · Tallinn, Harjumaa, Estonia · 11 investments in Estonia Software startups

Martin Tajur is the co-founder of Pipedrive.

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Investment focus

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

Investor stats

  • Total investments: 17
  • Round size: Seed $800k–$2.7M; Angel $136k–$566k; Pre-Seed $401k–$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 — At SegmentStream we partner with growth leaders to drive more revenue from paid media through full-funnel attribution, incrementality measurement and automated cross-channel budget allocation powered by predictive AI.
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Access 48,091 investors

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

Browse database — It's Free!
Ragnar Sass
Angel · 10 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: Software, Information Technology, Marketplace
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Ukraine, United States

Investor stats

  • Total investments: 35
  • Round size: Seed $677k–$5.9M; Pre-Seed $206k–$2M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Alvin — Highly accurate, automated column-level lineage, powering your data workflows.
  • BeTRITON — 100% electric recreational vehicle - revolution in sustainable travel. BeTRITON (formerly known as Z-Triton) offers extraordinary experience and freedom to travel both over land and water.
  • Around — The largest network of workspaces on flexible terms. We are a savvy team from Latin America providing fast-growing companies with on-demand access to flexible office space. Everywhere.We believe work at its best is always creative and collaborative, expressed with freedom, autonomy, and purpose; and the space surrounding us should help us achieveit, anywhere & everywhere.We are shaping the future of work today by improving workspaces and the rules around them, and helping innovative teams find their ideal space to make their best work every day — our first step on a journey to change the way we work and think about work.Our best work. Anywhere. Everywhere. We are Around.
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Karma Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 9 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, Information Technology
  • Stage:Series A, Seed, Series B
  • Geography: Estonia, United States, Finland

Investor stats

  • Total investments: 54
  • Round size: Seed $549k–$4.8M; Series A $3.9M–$17M; Series B $3.1M–$30M
  • Lead/follow: 59% lead, 41% follow
  • Last fund: Likely still investing — raised $113M in 2021

Portfolio highlights

  • Mindgard — Mindgard is the leading provider of AI Red Teaming solutions.
  • 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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Sten Tamkivi
Angel · San Francisco, California, United States · 9 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, Financial Services, Manufacturing
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 49
  • Round size: Seed $540k–$20M; Pre-Seed $120k–$2.5M; Series A $7.4M–$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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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 9 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, Venture - Series Unknown, Series A
  • Geography: Finland, Estonia, Spain

Investor stats

  • Total investments: 53
  • Round size: Seed $590k–$4.9M; Series A $5.9M–$15M; Venture - Series Unknown $692k–$6.7M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: Likely still investing — raised $53M in 2022

Portfolio highlights

  • Ringy — Ringy is a marketplace for refurbished electronics.
  • Aampere — Aampere is a marketplace for the purchase and sale of used powered mobility. Their services include personal contact, wide delivery, condition checking upon collection, and washing and cleaning before delivery. They are neutral intermediaries between buyer and seller.
  • 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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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, Energy
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 55
  • Round size: Seed $4k–$13k; Grant $5k–$24k; Pre-Seed $6k–$59k
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Solaride — Solaride is a bunch of progressive pioneers of the future who are building Estonia's first solar car to face the ultimate challenge to prove how successfully students can create innovation.
  • 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.
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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 $116k–$662k; Pre-Seed $303k–$2.5M
  • 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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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, Series B
  • Geography: United States, United Kingdom, Estonia

Investor stats

  • Total investments: 117
  • Round size: Seed $300k–$5M; Series A $1.5M–$11M; Series B $1.7M–$35M
  • Lead/follow: 32% lead, 68% 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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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, Latvia, Lithuania

Investor stats

  • Total investments: 24
  • Round size: Seed $215k–$1.5M; Angel $232k–$1M; Pre-Seed $198k–$1.2M
  • Lead/follow: 42% lead, 58% 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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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: 30
  • Round size: Seed $1M–$3.5M; Pre-Seed $230k–$3.4M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • BirdyChat — A modern work chat app for professionals. Start conversations with anyone using their work email. Collaborate and grow your network.
  • ScamGuardian.AI — ScamGuardian develops AI-powered victim simulations to capture actionable scam intelligence
  • Rivan Industries — Rivan Industries designs and builds modular, vertically integrated, synthetic fuel plants.
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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, Information Technology, SaaS
  • Stage:Pre-Seed, Seed, Venture - Series Unknown
  • Geography: Finland, Sweden, Estonia

Investor stats

  • Total investments: 78
  • Round size: Seed $301k–$1.5M; Pre-Seed $149k–$680k; Venture - Series Unknown $1.1M–$2.1M
  • Lead/follow: 67% lead, 33% follow
  • Last fund: Likely actively investing — fresh fund, raised $49M in 2025

Portfolio highlights

  • Munchi — Munchi allows restaurants to manage all orders, payments and loyalty in one platform with the power of AI.
  • Amplifiles — Amplifiles is a PropTech startup that turns real estate listing photos into fully branded, high-quality videos in minute, no filming or editing required. Our video engine helps agents, photographers, and marketplaces boost engagement, generate more leads, and unlock new revenue streams.
  • Nordic Information Control — Inventering och klassificering av information, automatiskt med Nordic Information Control Platform. Automatic Regulatory compliance.
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Martin Henk
Angel · San Francisco, California, United States · 7 investments in Estonia Software startups

Martin Henk is the Co-founder of Pipedrive.

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Investment focus

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

Investor stats

  • Total investments: 20
  • Round size: Seed $413k–$5.1M; Pre-Seed $218k–$2.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Vendis.ai — A CRM that actually understands you. Your intelligent AI sales companion. Conversation in, pipeline out. Zero forms.
  • 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!
  • Breyta — Gather all your qualitative data and our AI assistant transcribes, analyses and delivers you accurate product insights and patterns at scale in seconds.
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Timo Rein
Angel · New York, New York, United States · 7 investments in Estonia Software startups

Timo Rein is based out of New York, New York, and is the Co-Founder of Pipedrive. Timo Rein attended the University of Tartu.

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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 $300k–$2M; Angel $136k–$359k
  • 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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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:Equity Crowdfunding, Seed, Pre-Seed
  • Geography: Estonia, United States

Investor stats

  • Total investments: 14
  • Round size: Seed $491k–$1.3M; Pre-Seed $73k–$584k; Equity Crowdfunding $171k–$2.7M
  • Lead/follow: 29% lead, 71% 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 — Snabb delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Snabb 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 to aninternational 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. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.
  • 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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BADideas.fund
VC Fund · 7 investments in Estonia Software startups, 11 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: 43
  • Round size: Seed $939k–$3.6M; Pre-Seed $110k–$1.3M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • Tapaya — A modern, fast payment app that runs on any device you already own: phone, tablet or kiosk. Accept contactless payments in store with Tap to Pay, with nothing to buy and nothing to install on a counter.
  • ForActive — ForActive The Best App to Buy & Sell Memberships
  • Spotwise.ai — Spotwise hears every ad on TV, radio and podcasts, then puts AI agents on that data to do market research, reports, ad strategy and find new advertisers.
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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, SaaS, Internet
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Cyprus

Investor stats

  • Total investments: 11
  • Round size: Seed $100k–$5.4M; Pre-Seed $292k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Avrio — Capture and share data analysis, user research, and learnings directly in context, with your team.
  • SegmentStream — At SegmentStream we partner with growth leaders to drive more revenue from paid media through full-funnel attribution, incrementality measurement and automated cross-channel budget allocation powered by predictive AI.
  • Jälle Technologies — Jälle Technologies create advanced recycling technologies that transform battery waste into high-value resources.
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LIFT99
VC Fund · Tallinn, Harjumaa, Estonia · 6 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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Zenith Family Office
VC Fund · 5 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, Seed, Venture - Series Unknown
  • Geography: Estonia, United States

Investor stats

  • Total investments: 6
  • Round size: Pre-Seed $27k–$549k
  • Lead/follow: 33% lead, 67% 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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Kaarel Kotkas
Angel · 5 investments in Estonia Software startups

Kaarel Kotkas is based out of Tallinn, Estonia, and is the Founder and Chief Executive Officer of Veriff. Patrick previously worked at Sants as a CEO & Founder. Kaarel Kotkas has been awarded the EY Entrepreneur Of The Year in Estonia in 2020 and was recognized in the Forbes 30 Under 30 Europe and named one of the 25 most influential youngentrepreneurs in Northern Europe by Nordic Business Report.

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Investment focus

  • Industry: Software, Gaming, E-Commerce
  • Stage:Seed, Series A, Series B
  • Geography: Estonia, Hungary, United Kingdom

Investor stats

  • Total investments: 11
  • Round size: Seed $545k–$2.8M; Series A $13M–$13M; Series B $23M–$94M
  • 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.
  • 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.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
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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: 112
  • Round size: Seed $520k–$7M; Pre-Seed $250k–$1M
  • Lead/follow: 13% lead, 87% follow
  • Last fund: Likely still investing — raised $16M in 2024

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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Taavet Hinrikus
Angel · London, England, United Kingdom · 5 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: 135
  • Round size: Seed $1.4M–$10M; Series A $6.4M–$45M; Series B $23M–$58M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Lassie — AI that runs the doctor's office.
  • Open Cosmos — Open Cosmos design, build and operate space missions, providing straightforward access to high quality satellite data and insights on a global scale.
  • Lightyear — Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees.
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822 industries, 177 countries. Updated daily. Emails and phones included.

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AU21 Capital
VC Fund · San Francisco, California, United States · 5 investments in Estonia Software startups

A fund dedicated to backing the most brilliant minds in the blockchain space

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Venture - Series Unknown
  • Geography: United States, Singapore, India

Investor stats

  • Total investments: 217
  • Round size: Seed $1.1M–$5.8M; Venture - Series Unknown $1.3M–$8M
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • A-World — Welcome to Animal World, a battle game based on #BNBCHAIN's super metaverse card tower defense. By setting up a hero tower to destroy monsters.
  • NeuronX — The First AI-Driven Lending Protocol on @dfinity
  • Vue Protocol — Community-First Layer for AI Memecoins. @solana @pumpdotfun @ton_blockchain Dvo1Fb7FxtUxsLbcQaizftfUT9HtL9P6swaQAScZDeQQ
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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: 72
  • Round size: Seed $115k–$2.4M; Pre-Seed $30k–$605k
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — raised $29M 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 — Getmobil operates a smart device platform for buying and selling secondhand cellphones, laptops, and tablets. The company's platform repairs defective devices as quickly as possible offers a wide selection of device accessories, buys used electronic devices in good condition from consumers, determines the problems by passing them throughextensive tests, repairs them with an expert technical team, and resells them, allowing consumers to get a new or refurbished product at an affordable, reliable, and competitive price.
  • Spiky.AI — Spiky.ai delivers real-time coaching, CRM sync, and multilingual AI insights to boost sales performance and streamline meetings.
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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: 387
  • Round size: Seed $1.4M–$14M; Series A $4.4M–$35M; Series B $6M–$75M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: Likely actively investing — fresh fund, raised $422M in 2026

Portfolio highlights

  • Avrea — Avrea is the CI/CD platform built for the age of AI, helping teams ship software faster, more often, and with higher quality.
  • Hilo — Get stress-free readings round the clock with Hilo's clinically validated blood pressure monitor. Learn more
  • ColibrITD — ColibriTD leader of Simulation solutions using Quantum computing
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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

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • Lutso — Empowering older adults to live independently, safely, and with dignity. Lutso is the smarter way to support aging at home.
  • Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
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Ott Kaukver
Angel · Menlo Park, California, United States · 5 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, SaaS, Financial Services
  • Stage:Series A, Seed, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 31
  • Round size: Seed $2M–$4.8M; Pre-Seed $401k–$2.2M; Series A $8.5M–$26M
  • Lead/follow: 6% lead, 94% 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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Presto Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 5 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: Software, SaaS, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Czech Republic, United States, United Kingdom

Investor stats

  • Total investments: 115
  • Round size: Seed $646k–$3M; Pre-Seed $132k–$1.7M; Series A $1M–$32M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — raised $160M in 2024

Portfolio highlights

  • Occam Industries — Modernising automation for modern conflict environments. Sole European supplier to the Ukrainian front line.
  • SatVu — SatVu captures high resolution thermal data from space for a safer and more sustainable Earth.
  • The New Era® of Shopping — The New Era® of Shopping helps merchants make their catalogues discoverable and shoppable inside AI assistants. Key features of the platform include two-way catalog syncing with PIMs/ERPs, SKU-level intelligence to measure AI visibility and ranking of products inside LLM responses, user prompts analysis for trends and volume insights, andautomated content optimization to improve how products rank in conversational answers. The product is already integrated with all major eCommerce platforms like Shopify, WooCommerce, Magento, BigCommerce, Wix, etc, as well as main AI discovery platforms: ChatGPT, Gemini, Claude, Google AI Mode, and Perplexity.
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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 $545k–$2.4M; Pre-Seed $321k–$2.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Supersimple — Supersimple helps SaaS companies use customer behavior data to drive decisions in product & sales.
  • ScamGuardian.AI — ScamGuardian develops AI-powered victim simulations to capture actionable scam intelligence
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Gateway Ventures
VC Fund · Vienna, Wien, Austria · 4 investments in Estonia Software startups

Gateway Ventures is Austria's biggest network of startup investors with currently over 4000 investors. We foster the Austrian and European startup eco-system by connecting investors and startups. Our startup portfolio covers FinTech, CleanTech, HeathTech, IT & Software, Big Data & Social Impact. We have financed >40 startups withseed fundings over € 30M+Gateway Ventures was founded in December 2015. Over 1000 investors and 200 partners are currently participating in the network, including European incubators, accelerators and VCs.https://www.gateway.ventures

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Series A
  • Geography: Germany, Austria, Italy

Investor stats

  • Total investments: 27
  • Round size: Seed $1.5M–$4.5M; Series A $3.4M–$11M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Cloov — Cloov helps fashion brands integrate rental, resale, and repair services seamlessly. Our white-label platforms, powered by an embedded website builder, connect directly to our software for automatic order management, dispatch, and payment processing.
  • hypt — hypt is a Swiss based SaaS marketing solution that empowers companies to digitalize word-of-mouth. By using our word-of-mouth manager companies are able to activate 40% of their customers to send out a personal recommendation to their peers increasing sales through word-of-mouth by 4 times. Our solution empowers our ICP customers in the finance andinsurance segments to strategically use and optimize the most authentic and cost effective advertising channel – word-of-mouth – and makes it an accessible asset of every marketing mix.
  • SOMAREALITY — SOMAREALITY provides eye tracking solutions for diverse industries. Improve healthcare, automotive, research & aviation with real-time cognitive insights.
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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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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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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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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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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, Venture - Series Unknown
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 234
  • Round size: Seed $1.5M–$10M; Series A $5.1M–$32M; Venture - Series Unknown $4M–$30M
  • Lead/follow: 19% lead, 81% 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.
  • Saturn — Onchain Structured Digital Credit | Disciples of @Saylor | Incubated by @YZiLabs | Backed by @AD_VenturesX @SoraVentures @TheSpartanGroup
  • THEA-AI — AI that amplifies human performance
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Funderbeam
VC Fund · London, England, United Kingdom · 4 investments in Estonia Software startups

Funderbeam is a funding and trading platform that connects companies and investors to buy and sell equity stakes. The platform allows the founders to gain exposure, legal support, a funding manager, or an investor network. It also allows the investors to take control of their investments and trade anytime they want.The company was founded in 2013as a global data platform for startup companies.

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Investment focus

  • Industry: FinTech, Software, CleanTech
  • Stage:Seed, Equity Crowdfunding, Venture - Series Unknown
  • Geography: Estonia, Croatia, Denmark

Investor stats

  • Total investments: 15
  • Round size: Seed $444k–$2M; Equity Crowdfunding $192k–$1.1M
  • Lead/follow: 33% lead, 67% follow

Portfolio highlights

  • Earthbound — MIRET sustainable, natural sneakers - made from 7 amazing plant materials and eco-certified New Zealand wool. Crafted for all the reasons.
  • Snabb — Snabb delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Snabb 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 to aninternational 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. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.
  • Botsync — Botsync builds autonomous mobile robots to automate and digitize movement of goods from point to point for the logistics and manufacturing industry. Our robots can carry payloads from 500 kg to 1 tonne and are designed to operate in dynamic environments. Botsync's AMRs can be implemented at new facilities in minimal time with very minimalchanges to the existing infrastructure. With our technology, we hope to pioneer and push for larger scale adoptions of robotic automation in Asia's logistics and manufacturing industry.
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Inventure
VC Fund · Helsinki, Southern Finland, Finland · 4 investments in Estonia Software startups

Since 2005, Inventure has backed over 90 companies including Wolt, Swappie, Jobbatical, aiMotive, and more.

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Seed, Series A, Series B
  • Geography: Finland, Sweden, United States

Investor stats

  • Total investments: 178
  • Round size: Seed $549k–$6M; Series A $1.3M–$17M; Series B $1.3M–$25M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — raised $140M in 2022

Portfolio highlights

  • Lassie — Lassie is the first proactive and preventive pet insurance company that wants to help pet owners take better care of their pets
  • Capalo AI — We maximize the value of your energy storage systems. Now and in the future.
  • Algorithmiq — Algorithmiq utilizes its expertise in quantum information, complex systems, and computational physics to develop algorithms to develop new and effective drugs, solve problems in life sciences, and discover new materials.
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Superhero Capital
VC Fund · Helsinki, Southern Finland, Finland · 4 investments in Estonia Software startups, 14 in the past 12 months

Some call you founders. We call you Superheroes. Seed stage VC investing in insight-driven startups in Finland and the Baltics. Tickets 100 K€ - 1000 K€.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Finland, Lithuania, Estonia

Investor stats

  • Total investments: 102
  • Round size: Seed $228k–$2.6M; Pre-Seed $114k–$1.8M; Venture - Series Unknown $1.6M–$7.3M
  • Lead/follow: 56% lead, 44% follow
  • Last fund: Likely actively investing — fresh fund, raised $41M in 2025

Portfolio highlights

  • Sigvi — Sigvi is a managed car rental marketplace that turns thousands of fragmented small fleet operators into one AI managed rental network. The platform aggregates vehicle supply from independent rental companies and private owners, handles all operations — from booking and keyless pickup to maintenance, insurance, and fines — and delivers a fullydigital rental experience to travellers and businesses across Europe.Based in Vilnius, Lithuania, Sigvi operates an asset-light model where car owners list vehicles for a minimum of one year while Sigvi manages the entire customer lifecycle. Guests book through the platform and access cars 24/7 via keyless phone unlock at Sigvi-managed parking lots, eliminating the counter queues and trust issues that plague traditional rental.The company serves both B2C travellers (tourists, long-term renters, car replacement) and B2B clients (corporate fleets, insurance replacement vehicles, OTA partners). Sigvi is live in Lithuania and Poland, targeting the ~35% of the €72B European car rental market still served by independent operators with no technology infrastructure.
  • Guideless — Guideless turns any browser workflow into a polished, AI-narrated video guide in minutes. No screen recording, no tedious editing. Just turn on our Chrome extension, click through your process as you normally would, and instantly get a share-ready guide.Use cases: Product walkthroughs, customer onboarding, employee training, and supportdocumentation.Key features: - AI-written narration and natural voiceover. - Smart zooms and highlights for clarity. - Built-in captions for accessibility. - Always consistent and on-brand. - Shareable URLs, embed codes, and export to MP4How it works: - Add the Chrome extension. - Capture your workflow. - Share your guide.Privacy built-in: Your guides and data are never used to train AI models and are securely encrypted.Check https://guideless.ai/gallery and get inspired with curated guides showcasing workflows, product demos, and tutorials across every use case.
  • SeeTrue Technologies — Ultra-low-power eye tracking from SeeTrue delivers accurate gaze data for AR/VR, microscope & camera eyepieces and wearables, powered by custom sensors.
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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: 196
  • Round size: Seed $1.2M–$8M; Pre-Seed $750k–$3.5M; Series A $7M–$37M
  • Lead/follow: 1% lead, 99% follow

Portfolio highlights

  • AUDIOGEN — Generate your sounds with AI. Create an infinite world of sounds - sound effects, samples, and music, instantly. Get Started Free.
  • Xylo — Xylo offers higher quality processes with full officer oversight, reducing planning uncertainty and boosting UK housing delivery.
  • Build — The AI-native operating partner for the built world. Build pairs agentic AI with CRE domain experts to accelerate commercial real estate development from concept to completion.
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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: 183
  • Round size: Seed $573k–$6.5M; Series A $2.3M–$14M; Series B $5.9M–$85M
  • Lead/follow: 26% lead, 74% follow
  • Last fund: Likely actively investing — fresh fund, raised $52M in 2025

Portfolio highlights

  • geoSurge — Customers don't search. They ask.
  • 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.
  • Opensignal — Opensignal is the leading global provider of independent insights into network experience and market performance.
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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, Venture - Series Unknown, Series A
  • Geography: United States, Singapore, Switzerland

Investor stats

  • Total investments: 67
  • Round size: Seed $1.8M–$15M; Series A $3.2M–$20M; Venture - Series Unknown $5M–$22M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • Vangrid — Vangrid operates as a decentralized physical infrastructure network.
  • Dow Protocol — An E-Commerce Financing RWA Platform on @BNBCHAIN, facilitating assets trusted by the world's largest banks. Lead invested by @mhventures @Maple_block
  • Fortune Protocol — Fortune Protocol brings the age- old tradition of fortune cookies to the modern prediction market.
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ZBS CAPITAL
VC Fund · Kyiv, Kyyiv, Ukraine · 4 investments in Estonia Software startups

ZBS Capital - distinguished crypto venture fund, backed by major media resources including CryptoDiffer.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Financial Services
  • Stage:Seed, Venture - Series Unknown
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 161
  • Round size: Seed $1M–$6M; Venture - Series Unknown $2M–$6M
  • Lead/follow: 1% lead, 99% follow
  • Last fund: May invest from a new fund soon — raised $500k in 2017

Portfolio highlights

  • Yellow — Yellow is a financial services provider of software, analytics, and investments in blockchain startups.
  • KIP Protocol — KIP Protocol is a decentralised AI framework unlocking digital property rights of Knowledge Assets in the AI-powered future.
  • Alliance Games — Build Beyond Limits. Multiplayer for the Next, Decentralized Era.
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Software Investor funding in Estonia at a glance

Stats across 422 deals from 544 investors.

544
investors
in Estonia Software startups
422
deals
in Estonia Software startups
$354k
median round
in Estonia Software startups
33%
lead investors
lead at least one round
34%
Seed
most common funding stage
71/29
VC / Angel
share of investor count

Access all 544 investors in Estonia Software startups.

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