# Top 50 Software Startup Investors in Estonia in June 2026

## Tera Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 22
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, E-Commerce, Artificial Intelligence

Tera Ventures is an international investment firm based in Estonia.

## Specialist VC
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 22
- Stages: Seed, Pre-Seed
- Focus: Software, Information Technology, Artificial Intelligence

United Angels VC is an early stage venture capital fund based in Estonia.

## Superangel
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 19
- Stages: Seed, Pre-Seed, Series A
- Focus: Artificial Intelligence, Software, Information Technology

Early-stage investments from entrepreneurs to entrepreneurs. Our companies include Bolt, Veriff, Fortumo and many more. 10x@superangel.io

## Icebreaker.vc
- Type: VC Fund
- Location: Helsinki, Southern Finland, Finland
- Relevant deals: 16
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Information Technology, Artificial Intelligence

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.

## Lemonade Stand
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 15
- Stages: Seed, Pre-Seed
- Focus: Software, Artificial Intelligence, FinTech

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.

## Thorgate Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 13
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, FinTech

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

## Change Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 12
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, Apps

We are a seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world.

## Jaan Tallinn
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 12
- Stages: Seed, Series A
- Focus: Software, Artificial Intelligence, Internet

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

## Spring Capital
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 10
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, E-Commerce

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.

## Prototron
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 9
- Stages: Pre-Seed, Grant, Seed
- Focus: Software, Manufacturing, Internet of Things

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.

## Sten Tamkivi
- Type: Angel
- Location: San Francisco, California, United States
- Relevant deals: 8
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Artificial Intelligence, Manufacturing

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.

## Martin Villig
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 8
- Stages: Seed, Angel, Pre-Seed
- Focus: Software, FinTech, Education

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

## TMT Investments
- Type: VC Fund
- Location: St. Helier, NA - Jersey, Jersey
- Relevant deals: 8
- Stages: Seed, Series A
- Focus: Software, SaaS, Social Media

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.

## Kristjan Raude
- Type: Angel
- Relevant deals: 7
- Stages: Seed, Pre-Seed, Equity Crowdfunding
- Focus: Software, Automotive, Internet of Things

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.

## Markus Villig
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 7
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, Information Technology, FinTech

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

## Karma Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 7
- Stages: Series A, Seed, Series B
- Focus: Software, Artificial Intelligence, FinTech

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

## Ragnar Sass
- Type: Angel
- Relevant deals: 7
- Stages: Seed, Pre-Seed
- Focus: Information Technology, Software, SaaS

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.

## Martin Tajur
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 7
- Stages: Pre-Seed, Seed, Angel
- Focus: Software, SaaS, Recruiting

Martin Tajur is the co-founder of Pipedrive.

## Trind Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 6
- Stages: Seed, Series A
- Focus: Software, Information Technology, SaaS

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.

## Timo Rein
- Type: Angel
- Location: New York, New York, United States
- Relevant deals: 6
- Stages: Seed, Angel, Convertible Note
- Focus: Software, Recruiting, Human Resources

Timo Rein - Co-Founder @ Pipedrive

## Gorilla Capital
- Type: VC Fund
- Location: Helsinki, Southern Finland, Finland
- Relevant deals: 6
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, SaaS, Information Technology

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

## EstBAN
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 6
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, Information Technology, Manufacturing

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

## Martin Henk
- Type: Angel
- Location: San Francisco, California, United States
- Relevant deals: 6
- Stages: Pre-Seed, Seed, Angel
- Focus: Software, SaaS, Information Technology

Martin Henk is the Co-founder of Pipedrive.

## Andrus Purde
- Type: Angel
- Relevant deals: 6
- Stages: Seed, Pre-Seed
- Focus: Software, Apps, Internet

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

## Earlybird Venture Capital
- Type: VC Fund
- Location: Berlin, Berlin, Germany
- Relevant deals: 5
- Stages: Series A, Seed, Series B
- Focus: Software, Information Technology, Artificial Intelligence

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.

## LIFT99
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 5
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Information Technology, Legal

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.

## Kristjan Vilosius
- Type: Angel
- Relevant deals: 5
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, E-Commerce

Kristjan Vilosius - Co-Founder and CEO @ Katana

## BADideas.fund
- Type: VC Fund
- Relevant deals: 5
- Stages: Pre-Seed, Seed, Grant
- Focus: Software, Information Technology, Artificial Intelligence

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.

## Kaarel Kotkas
- Type: Angel
- Relevant deals: 5
- Stages: Seed, Series A, Angel
- Focus: Software, Gaming, 3D Technology

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

## Alvar Lumberg
- Type: Angel
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, Information Technology, FinTech

Alvar Lumberg

## The Spartan Group
- Type: VC Fund
- Location: Singapore, Central Region, Singapore
- Relevant deals: 4
- Stages: Seed, Series A
- Focus: Blockchain, Cryptocurrency, Software

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

## Contriber Ventures
- Type: VC Fund
- Location: Tartu, Tartumaa, Estonia
- Relevant deals: 4
- Stages: Seed, Angel, Series A
- Focus: Software, Apps, SaaS

.Cocoon | Hubs | Investments

## Taavet Hinrikus
- Type: Angel
- Location: London, England, United Kingdom
- Relevant deals: 4
- Stages: Seed, Series A, Series B
- Focus: FinTech, Software, Financial Services

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.

## Peep Vain
- Type: Angel
- Relevant deals: 4
- Stages: Seed, Angel
- Focus: Software, Genetics, Recruiting

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

## Zenith Family Office
- Type: VC Fund
- Relevant deals: 4
- Stages: Pre-Seed
- Focus: SaaS, Commercial Real Estate, B2B

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

## Mikko Silventola
- Type: Angel
- Relevant deals: 4
- Stages: Pre-Seed, Seed, Angel
- Focus: E-Commerce, Software, Transportation

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.

## Tiny Supercomputer Investment Company
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Artificial Intelligence, Information Technology

Backing great companies when they're tiny

## Token Ventures
- Type: VC Fund
- Location: Prague, Hlavni mesto Praha, Czech Republic
- Relevant deals: 4
- Stages: Seed, Pre-Seed
- Focus: Blockchain, Cryptocurrency, FinTech

We see a bright future of blockchain-based technologies.

## Ott Kaukver
- Type: Angel
- Location: Menlo Park, California, United States
- Relevant deals: 4
- Stages: Series A, Seed, Pre-Seed
- Focus: Software, Financial Services, SaaS

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

## Tiny VC
- Type: VC Fund
- Location: Berlin, Berlin, Germany
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Artificial Intelligence, Information Technology

Backing great companies when they're tiny

## Presto Ventures
- Type: VC Fund
- Location: Prague, Hlavni mesto Praha, Czech Republic
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Series A
- Focus: SaaS, Software, Information Technology

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

## Ahti Heinla
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 4
- Stages: Seed, Angel, Series A
- Focus: Apps, Internet, Software

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.

## Passion Capital
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 4
- Stages: Seed, Series A, Series B
- Focus: Software, FinTech, Financial Services

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

## TechOne VC
- Type: VC Fund
- Location: Istanbul, Istanbul, Turkey
- Relevant deals: 4
- Stages: Seed, Pre-Seed
- Focus: Software, SaaS, Information Technology

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.

## Märt Kelder
- Type: Angel
- Location: Berlin, Berlin, Germany
- Relevant deals: 4
- Stages: Seed, Angel, Pre-Seed
- Focus: Information Technology, Software, Transportation

founder at Voog.

## LD Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 4
- Stages: Seed, Initial Coin Offering
- Focus: Blockchain, Cryptocurrency, Gaming

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.

## Mapleblock Capital
- Type: VC Fund
- Location: Delhi, Delhi, India
- Relevant deals: 4
- Stages: Seed, Series A
- Focus: Blockchain, Gaming, Cryptocurrency

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.

## Taavi Madiberk
- Type: Angel
- Location: Dresden, Sachsen, Germany
- Relevant deals: 3
- Stages: Seed, Angel, Pre-Seed
- Focus: Software, Information Technology, SaaS

Taavi Madiberk is the Co-Founder and Chief Executive Officer at Skeleton Technologies. His business development, sales and marketing and company management skills have been instrumental in setting-up and driving growth. He has been the driving force for excellent customer traction, (the company counts as customers European Space Agency and severalTier 1 automotives), business strategy (leveraging the advantage in materials technology to energy storage cells and modules), product development and fundraising from venture capital, private equity and public sources in German, Estonian and EU level. Taavi Madiberk brings knowledge from the IT, locomotive and NGO sectors from his experience prior to Skeleton Technologies. Among other Board positions he has served as the youngest ever Chairman of the Supervisory Board in Estonian Railways Ltd (AS Eesti Raudtee) from 2012-2014 the national railway. He also served as a Member of the Supervisory Board of RKAS in 2014, an Estonian state-owned real estate company with over 400 M EUR of assets.

## Taavi Kotka
- Type: Angel
- Relevant deals: 3
- Stages: Pre-Seed, Seed, Angel
- Focus: Electronics, Battery, FinTech

Taavi Kotka, currently the Estonian Government CIO, has a strong background working in private sector. He started his career as a programmer, rapidly rising to be a Managing Director of the most successful software development company in the region – Nortal, former Webmedia. He is a founder of many innovative start-up companies likezeroturnaround.com, plumbr.eu etc. He has a Master of Science in Engineering from Tallinn University of Technology. Also, Taavi Kotka has many honors: he is the European CIO of the Year 2014 (by ICT Spring), he was the president of the Estonian Association of Information Technology and Telecommunications (ITL) and he was elected as an Entrepreneur of the year in 2011 (by Ernst&Young). Taavi is a board member in many ICT initiatives in Estonia and has been the brainpower behind many Estonian e-government innovative initiatives like e-residency, data embassy, no-legacy policy etc.

## Veljo Toodo
- Type: Angel
- Relevant deals: 3
- Stages: Angel, Pre-Seed
- Focus: Apps, Fitness, Software

Veljo Toodo

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