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Top 50 VC Funds & Investors in Estonia (July 2026)

The most active venture capital funds investing in Estonia startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Specialist VC
VC Fund
46 Estonia, United Kingdom, Finland Seed, Pre-Seed Software, Information Technology, Artificial Intelligence $240k–$6.6M
Superangel
VC Fund
38 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $165k–$20M
Tera Ventures
VC Fund
38 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, E-Commerce, Artificial Intelligence $120k–$13M
Lemonade Stand
VC Fund
30 Estonia, Lithuania, India Seed, Pre-Seed Software, Artificial Intelligence, FinTech $227k–$3M
Prototron
VC Fund
24 Estonia, Finland, Germany Pre-Seed, Grant, Seed Software, Manufacturing, Internet of Things $3k–$27k
Change Ventures
VC Fund
23 Estonia, Latvia, Lithuania Seed, Pre-Seed, Series A Software, Information Technology, Apps $273k–$33M
Icebreaker.vc
VC Fund
23 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $106k–$25M
Thorgate Ventures
VC Fund
19 Estonia, United Kingdom, Norway Seed, Pre-Seed, Series A Software, SaaS, FinTech $22k–$3.4M
EstBAN
VC Fund
12 Estonia, Lithuania, Latvia Seed, Pre-Seed, Angel Software, CleanTech, Manufacturing $197k–$2.2M
Karma Ventures
VC Fund
11 Estonia, United States, Finland Series A, Seed, Series B Software, Artificial Intelligence, FinTech $549k–$30M
Spring Capital
VC Fund
11 Estonia, Finland, United States Seed, Pre-Seed, Series A Software, SaaS, E-Commerce $439k–$8.2M
Trind Ventures
VC Fund
10 Finland, Estonia, Spain Seed, Series A, Venture - Series Unknown Software, Information Technology, SaaS $549k–$15M
Ambient Sound Investments
VC Fund
9 Estonia, United States, United Kingdom Seed, Series A Internet, Software, E-Commerce $200k–$3.7M
TMT Investments
VC Fund
9 United States, Estonia, United Kingdom Seed, Series A Software, SaaS, Social Media $250k–$10M
Sunly
VC Fund
8 Estonia, France, Finland Seed, Pre-Seed, Series A Solar, CleanTech, Rental $329k–$4.3M
BADideas.fund
VC Fund
8 Estonia, Latvia, Lithuania Seed, Pre-Seed, Grant Software, Information Technology, Artificial Intelligence $110k–$4.6M
Passion Capital
VC Fund
8 United Kingdom, United States, Germany Seed, Series A, Series B Software, FinTech, Financial Services $573k–$85M
Gorilla Capital
VC Fund
8 Finland, Sweden, Estonia Pre-Seed, Seed, Series A Software, SaaS, Information Technology $149k–$5M
Superhero Capital
VC Fund
7 Finland, Lithuania, Estonia Seed, Pre-Seed, Series A Software, Information Technology, Internet $212k–$8.2M
Metaplanet
VC Fund
7 United States, United Kingdom, Estonia Seed, Series A, Series B Artificial Intelligence, Software, Health Care $2.6M–$62M
ZAKA VC
VC Fund
6 United States, Germany, United Kingdom Seed, Pre-Seed Artificial Intelligence, Software, Information Technology $250k–$6.6M
Iron Wolf Capital
VC Fund
6 Lithuania, Estonia, United Kingdom Seed, Series A, Pre-Seed Software, Information Technology, SaaS $120k–$7.1M
Enterprise Estonia
VC Fund
6 Estonia Grant, Seed, Pre-Seed Biotechnology, Software, Mobile Apps $16k–$4.3M
Verge HealthTech Fund
VC Fund
6 Estonia, Singapore, United Kingdom Seed, Pre-Seed, Series A Health Care, Medical Device, Medical $500k–$4.7M
LIFT99
VC Fund
6 Estonia, United Kingdom, El Salvador Pre-Seed, Seed, Series A Software, Information Technology, Legal $300k–$12M
BSV Ventures
VC Fund
5 Lithuania, Estonia, Finland Pre-Seed, Seed, Grant Software, Biotechnology, Manufacturing $64k–$2.3M
DEPO Ventures
VC Fund
5 Czech Republic, United States, Estonia Seed, Pre-Seed, Convertible Note Software, Artificial Intelligence, Information Technology $317k–$4.3M
Tiny VC
VC Fund
5 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $750k–$27M
Vestman Energia
VC Fund
5 Estonia Seed, Pre-Seed Water, Software, CleanTech $531k–$1.7M
AU21 Capital
VC Fund
5 United States, Singapore, United Kingdom Seed, Initial Coin Offering Blockchain, Cryptocurrency, Gaming $1.1M–$14M
ff Venture Capital
VC Fund
5 United States, Poland, Canada Seed, Series A Software, Artificial Intelligence, Information Technology $974k–$12M
Earlybird Venture Capital
VC Fund
5 Germany, United States, United Kingdom Series A, Seed, Series B Software, Information Technology, Artificial Intelligence $1.4M–$75M
2C Ventures
VC Fund
5 Estonia, Finland, Italy Pre-Seed, Seed Software, Renewable Energy, SaaS $1M–$4.2M
LD Capital
VC Fund
5 United States, Singapore, United Kingdom Seed, Initial Coin Offering Blockchain, Cryptocurrency, Gaming $1.2M–$10M
Little Green Fund
VC Fund
5 Estonia Pre-Seed, Seed Software, CleanTech, GreenTech $543k–$4.3M
The Spartan Group
VC Fund
5 United States, Singapore, United Kingdom Seed, Series A Blockchain, Cryptocurrency, Software $1.5M–$32M
TechOne VC
VC Fund
5 Turkey, United States, Estonia Seed, Pre-Seed Software, SaaS, Information Technology $30k–$2.8M
Contrarian Ventures
VC Fund
5 Lithuania, United Kingdom, France Seed, Series A, Pre-Seed Software, Renewable Energy, Energy $55k–$23M
Tiny Supercomputer Investment Company
VC Fund
5 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, Artificial Intelligence, Information Technology $809k–$170M
Expeditions
VC Fund
4 United Kingdom, United States, Estonia Seed, Series A, Pre-Seed Software, Information Technology, Artificial Intelligence $750k–$35M
Cryptomeria Capital
VC Fund
4 Estonia, Hong Kong, Canada Seed Blockchain, FinTech, Cryptocurrency $1M–$12M
Mapleblock Capital
VC Fund
4 Singapore, United States, Estonia Seed, Series A Blockchain, Cryptocurrency, Gaming $1.7M–$20M
Token Ventures
VC Fund
4 Estonia, France, Austria Seed, Pre-Seed Blockchain, Cryptocurrency, FinTech $900k–$3.5M
Contriber Ventures
VC Fund
4 Estonia, Finland, Germany Seed, Angel, Series A Software, Apps, SaaS $955k–$2.1M
Inventure
VC Fund
4 Finland, Sweden, United States Seed, Series A, Series B Software, Information Technology, Health Care $549k–$25M
Ukrainian Startup Fund
VC Fund
4 Ukraine, United States, Estonia Grant, Pre-Seed, Seed Software, Information Technology, SaaS $22k–$50k
Presto Ventures
VC Fund
4 Czech Republic, United States, United Kingdom Seed, Pre-Seed, Series A SaaS, Software, Information Technology $132k–$32M
BlackFin Capital Partners
VC Fund
4 France, Germany, Denmark Series A, Private Equity, Series B Financial Services, FinTech, Payments $4.1M–$108M
Zenith Family Office
VC Fund
4 Estonia, United States Pre-Seed SaaS, Commercial Real Estate, B2B $27k–$549k
Shima Capital
VC Fund
4 United States, Singapore, United Kingdom Seed, Pre-Seed Blockchain, Cryptocurrency, Gaming $1.2M–$12M
Access all 1033 VC funds in Estonia startups.

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Investor list

Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 46 investments in Estonia startups, 10 in the past 12 months

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

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Finland

Investor stats

  • Total investments: 69
  • Round size: Seed $587k–$6.6M; Pre-Seed $240k–$2.2M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $55M in 2022

Portfolio highlights

  • Copla — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • CyberUpgrade — Simplify cybersecurity compliance with automated workflows, audits, and risk management. Our expert CISO team tailors solutions to your organization's needs.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 38 investments in Estonia startups

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

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Investment focus

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

Investor stats

  • Total investments: 78
  • Round size: Seed $767k–$6.6M; Pre-Seed $165k–$2.2M; Series A $5.3M–$20M
  • Lead/follow: 40% lead, 60% follow
  • Last fund: Likely still investing — raised $35M in 2022

Portfolio highlights

  • ROCSYS — Meet the world's first autonomous charging solution for electrical vehicles in public transportation, logistics, material handling, and passenger cars.
  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
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Tera Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 38 investments in Estonia startups

Tera Ventures is an international investment firm based in Estonia.

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Investment focus

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

Investor stats

  • Total investments: 68
  • Round size: Seed $531k–$4.2M; Pre-Seed $120k–$2.2M; Series A $1.6M–$13M
  • Lead/follow: 50% lead, 50% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • BlackWall — Protect your web site from hacking, content theft, crawling, and cloning!
  • Brainbase — Unified Licensing Management Software. Track and visualize brand performance, contracts, and royalties. Manage approvals, track deals, and spot contract violations.
  • Flowstep — Flowstep is a copilot that helps you create better designs, 10x faster. Just type and get user flows, high-fidelity UI, JTBD and more.
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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 30 investments in Estonia startups

Lemonade Stand is a VC fund that focuses on early stage B2B investments in Baltic and East European founders no matter the HQ location. Investing €25-300K in strong teams, technology or traction.

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • Ligence — AI Automated Echocardiography - Artificial intelligence-powered automated heart ultrasound echo lab system.
  • Soldera — Soldera enables renewable energy producers to earn additional income through an automatic guarantee of the origin trading system.
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Prototron
VC Fund · Tallinn, Harjumaa, Estonia · 24 investments in Estonia startups

Prototron is a start-up fund that gives money to teams for turning their great ideas into the first working prototype. Founded in 2012 by Swedbank, Tallinn Technical University and Tallinn Science Park Tehnopol. We finance teams with high growth potential in areas of Greentech, Electronics, Mechatronics and ICT. We run 3-4 rounds of financingevery year. During last 5 years we've funded 58 startups with over 470'000€ in cash + coaching/incubation services. Our protfolio has generated >4,5 M€ revenue and raised >17'000'000€ capital. These results make Prototron the most productive pre-seed fund in Estonia. Do you want to be part of the success? We seek for: *) New start-up teams who need money for building a prototype. Apply for funding: www.prototron.ee *) Additional partners who want to be part of Estonia's next success stories.

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Investment focus

  • Industry: Software, Manufacturing, Internet of Things
  • Stage:Pre-Seed, Grant, Seed
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 55
  • Round size: Seed $4k–$13k; Grant $3k–$27k; Pre-Seed $6k–$27k
  • Lead/follow: 75% lead, 25% follow

Portfolio highlights

  • Neurosalience — Neurosalience develops a tool for the early detection of dementia from structural MRI scans.
  • RAIKU — RAIKU is a cleantech startup that produces 100% natural packaging material that has also great looks and shock absorption - most importantly, it gives 15-20 times more volume to its raw material making it one of the most resource efficient material uses in the world with high margins. Both the production is and products are clean making no harm tonature. RAIKU has raised over 1.2mln€ in the pre-seed stage, built a team of over 10 people, its own IP and clients are already using its packaging material. This material will up-end the 1 trillion € packaging sector.
  • Jälle Technologies — Jälle Technologies create advanced recycling technologies that transform battery waste into high-value resources.
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 23 investments in Estonia startups

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

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Investment focus

  • Industry: Software, Information Technology, Apps
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 64
  • Round size: Seed $500k–$4.5M; Pre-Seed $273k–$2.2M; Series A $1M–$33M
  • Lead/follow: 55% lead, 45% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Eurora — Eurora develops an e-commerce suite of customs compliance tools.
  • FanSifter — FanSifter is a fan data management platform that leverages machine learning to help rights holders in music, entertainment, and sports increase tickets, music, merch, experiences, and sponsorships sales.
  • RecruitLab — Teamdash's built-in recruitment, applicant tracking, and marketing features give you the focus you need to achieve the impossible. Here's how.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 23 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Cytely — Transforms microscopy from image-driven to data-driven through AI-powered autonomous targeting that captures high-resolution data of critical cellular events, enabling researchers to solve complex biological problems in minutes instead of years.
  • Oplane — Oplane AB is a cybersecurity startup that develops an AI powered platform for automated threat modeling for software development teams.
  • ReOrbit — Looking for a way to keep your data flowing in space? ReOrbit has you covered with our line of autonomous and inter-networking satellites!
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Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 19 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Coursy.io — Make employee development more effective with LMS powered by Learning Design
  • Waybiller — Bulk TMS solution for end-to-end management: Waybiller transforms your logistics operations, allowing you to handle bulk shipments with precision and speed. The Best E-waybill Software & Bulk TMS Solution
  • Bilance — Bilance is a personal finance management app that helps you to track, analyze and plan your finances.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 12 investments in Estonia startups

More than just a business angel network Building synergy between startups and angel investors EstBAN is member led organisation committed to finding, funding and mentoring ambitious young companies from pitch through to a successful exit. About estban Latest news Created with Fabric.js 3.5.0 All news For investors Get access to quality pre-selected internationaldeal-flow, and be

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Investment focus

  • Industry: Software, CleanTech, Manufacturing
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Lithuania, Latvia

Investor stats

  • Total investments: 22
  • Round size: Seed $215k–$2.2M; Angel $212k–$1M; Pre-Seed $197k–$1.2M
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • BrachyDOSE — BrachyDOSE - is a med-tech startup dedicated to solve radiation injuries that occur during the brachytherapy procedure. Our team consists of engineers and physicists experience in scientific research.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
  • Granarium Technologies — Granarium Technologies is a Finnish deep-tech energy that creates renewable supercapacitors using only nanocellulose, biocarbon, and water, eliminating the need for mining entirely.
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Karma Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 11 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Wirepas — Wirepas offers a standards-based, ultra-reliable mesh connectivity for infrastructure-grade IoT. Proven in millions of devices worldwide.
  • Leil Storage — ON-PREMISES DISTRIBUTED FILE STORAGE WITH CLOUD-SCALE DENSITY+23% extra FREE capacity and density NOW +23% extra FREE capacity and density NOW +20% lower CO₂ emissions and power costs NOW up to +70% saved energy in the futureFirst distributed filesystem that supports the biggest HDDs on the planet, enabling enterprises with HM-SMR basedstorage.
  • Starship Technologies — The future of delivery - today!
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Access 48,091 investors

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

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Spring Capital
VC Fund · Tallinn, Harjumaa, Estonia · 11 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Uniify — Uniify is a no-code customer onboarding software that makes it fast, easy and secure for financial companies to onboard their customers. Save your business time and money, and build onboarding flows for your customers in minutes instead of months.
  • Crisp — Crisp connects data between retailers, distributors, and brands to power real-time insights across the supply chain.
  • Salesforge — Salesforge is an all-in-one sales execution super app that gives every sales team the highest probability to hit their target by tackling email deliverability and the need to personalize cold email outreach at scale.We do that by enabling real-time AI & machine learning to decision critical sales activities, enhance messaging and eliminatethe need for various sales point solutions, therefore driving superior conversion rates.
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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 10 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Webel — Webel is an on demand Home Services Marketplace (cleaning, nannies, tutors...) where clients can search, book, compare, pay and review these services. Thanks to a deep analysis of the current methods for hiring these services and the competition outlook, we have created a unique and revolutionary business model that will outperform the market.
  • GitHits — GitHits gives AI coding agents access to open-source code
  • Bahn Express — Bahn Express is a global car transportation company that supports independent contractors while offering quick and easy auto shipping throughout Europe.
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Ambient Sound Investments
VC Fund · Tallinn, Harjumaa, Estonia · 9 investments in Estonia startups

Ambient Sound Investments (ASI) was established in 2003 as an equal partnership by four founding engineers at Skype to hold a minority stake in Skype. At the end of 2005 ASI sold its Skype shares to eBay and now operates as a private investment vehicle.

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Investment focus

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

Investor stats

  • Total investments: 31
  • Round size: Seed $200k–$3.7M; Series A $527k–$3.7M
  • Lead/follow: 23% lead, 77% follow

Portfolio highlights

  • Pomelo Fashion — Shop the latest fashion at POMELO fashion. Designed and manufactured in house for quality and style. Dresses, tops, knits, jackets, denim, accessories and more!
  • KappaZeta — KappaZeta provides services for interpreting radar satellite data to assist farmers in increasing profitability and improving the quality of agricultural products.
  • Ampler Bikes — Ampler is a light electric bike for everyone who seeks freedom and adventure in their daily routines and commutes. No heavy batteries, bulky screens or other clutter. We combine modern technology with a traditional bicycle design to make pedalling easier, lighter and faster. Our vision is to offer emotive zero-emission commuting for everyone.Since 2016, Ampler has grown from a small bicycle startup into a committed e-bike company with a large international team and showrooms in Berlin, Cologne, Amsterdam, Zurich and Tallinn. Our lightweight e-bike models Curt, Stout and Stellar have won multiple awards and are being used every day by over 10,000 happy riders all over Europe.Our team spirit, mission, values and production principles are still the same as on the early days of Ampler. All our bikes are designed with the highest attention to details and are hand-assembled in our factory in Tallinn, Estonia.
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TMT Investments
VC Fund · St. Helier, NA - Jersey, Jersey · 9 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

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

Sunly, a renewable energy company, is active in the Baltics and surrounding markets. Sunly is developing renewable energy projects through Sunly Infra and manages a renewable energy and electrification portfolio of start-ups through Sunly Startup.

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Investment focus

  • Industry: Solar, CleanTech, Rental
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, France, Finland

Investor stats

  • Total investments: 10
  • Round size: Seed $549k–$4.3M; Pre-Seed $329k–$549k
  • Lead/follow: 50% lead, 50% follow

Portfolio highlights

  • Themo — Themo's innovation is an algorithm that optimizes the price of exchange electricity and the consumption of electricity. Themo offers an easy and environmentally friendly way to save on electricity consumed by heating.
  • Vok Bikes — We build heavy-duty cargo bikes and rent them out to on-demand delivery companies and their couriers — no surprises, no extra fees. Currently active in Tallinn and Vilnius and expanding to London and Berlin Q4 2021.
  • UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.
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BADideas.fund
VC Fund · 8 investments in Estonia startups, 10 in the past 12 months

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Tapaya — Tapaya is a fintech infrastructure company that provides payment acceptance software designed to turn any device into a payment terminal.
  • Spotwise.ai
  • WhiteBridge AI — Whitebridge.ai will find everything about you online and provide you with a report. Check your online reputation or research people using AI. We help transform scattered online data into a coherent narrative of a your digital identity so that you can safeguard your reputation, understand prospects, prepare for pitches, hire wisely, and verify authenticity.
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Passion Capital
VC Fund · London, England, United Kingdom · 8 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Paypercut — Paypercut is a fintech startup that allows small and mid-scaled merchants to offer Buy Now, Pay Later at checkout via a single integration.
  • Secondmind — Helping automotive engineers design better cars, faster.
  • Opensignal — Opensignal is the leading global provider of independent insights into network experience and market performance.
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Gorilla Capital
VC Fund · Helsinki, Southern Finland, Finland · 8 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

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

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, Internet
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Finland, Lithuania, Estonia

Investor stats

  • Total investments: 94
  • Round size: Seed $212k–$3.1M; Pre-Seed $618k–$1.8M; Series A $3.4M–$8.2M
  • Lead/follow: 54% lead, 46% follow
  • Last fund: May invest from a new fund soon — raised $35M in 2020

Portfolio highlights

  • Zadaa — We are the world’s first marketplace to make selling and buying secondhand as simple as in an online store. We have revolutionised C2C logistics regarding pricing and marketplace integration between multiple logistic companies operating on different markets. Zadaa is live on German, Danish and Finnish markets.
  • Creagent — Find designers. Screened & shortlisted. Easy, fast and cost-effective - the smart way of sourcing with AI.
  • Pricen — Pricen is an AI-driven dynamic pricing platform for retail and e-commerce. Used in over 32 countries, Pricen helps retail and e-commerce businesses to maximize profitability with an AI-driven pricing solution that intelligently optimizes product prices at every stage, from launch to markdown. The platform integrates seamlessly with your ERP, PIMand major e-commerce ecosystems.AI-Driven Pricing Pricing Simulator Pricing Automation Pricing Management Platfom
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Metaplanet
VC Fund · Tallinn, Harjumaa, Estonia · 7 investments in Estonia startups

an early-stage investment firm making long-term bets on contrarians and leveraging the knowledge and network across sectors. We back mission-driven founders working on positively disruptive deep technologies.

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Investment focus

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

Investor stats

  • Total investments: 105
  • Round size: Seed $2.6M–$13M; Series A $5.9M–$43M; Series B $23M–$62M
  • Lead/follow: 13% lead, 87% follow

Portfolio highlights

  • Kopra Bio — Cancer immunotherapy that turns cancer cells into biofactories minting their own destruction.
  • Zama — Secure data privacy of your application with the Zama Concrete framework and its fully homomorphic encryption library
  • Inherent — Inherent aims to establish the blueprint for AI-native science while investigating the boundaries of scientific inquiry.
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ZAKA VC
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 6 investments in Estonia startups

ZAKA Startups is a private pre-seed and seed venture capital company. It is focused on early-stage software driven investments across the whole EU with primary focus on CEE, DACH and Baltics. ZAKA operates primarily from Prague and Bratislava with scouts in Berlin and Baltic region.

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Investment focus

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

Investor stats

  • Total investments: 103
  • Round size: Seed $509k–$6.6M; Pre-Seed $250k–$1.8M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Yenmo — Unlock instant funds with India's best loan against mutual funds starting from 10.29% interest rate. Quick online approval, zero hidden charges, and no foreclosure fees.
  • Olio Labs — Olio Labs utilizes AI for combo therapeutics, optimizing and minimizing side effects through automated discovery of protein interactions.
  • Creasallis — Creasallis specializes in biotechnology, focusing on the development of innovative antibody engineering solutions. The company's flagship technology, CreaTap, enhances the penetration of antibody-based drugs into tumors, potentially increasing their efficacy. Creasallis leverages its expertise in structural and molecular biology to create moreeffective therapeutic solutions. The company has also been recognized in startup competitions, winning awards such as 50 EVOLVE Pipettes and accessories to support its research efforts.
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Iron Wolf Capital
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 6 investments in Estonia startups

We are here to make you succeed! Iron Wolf Capital is an international venture capital firm with an experienced team of professionals with global outlook and strong roots in the Baltics. and a mandate for helping entrepreneurs realise their ideas into successful businesses.

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Lithuania, Estonia, United Kingdom

Investor stats

  • Total investments: 43
  • Round size: Seed $450k–$2.6M; Pre-Seed $120k–$965k; Series A $3.2M–$7.1M
  • Lead/follow: 58% lead, 42% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Speiz — Speiz is a platform that enables revenue generation and sales for companies through the renting of warehousing space.
  • Vegvisir — Vegvisir offers a 360-degree situational awareness system using XR tech for manned vehicles in defense and security sectors.
  • Solfeg.io — Have trouble with your students in music lessons? Are they not engaged in your curriculum? Solfeg.io app will help you solve this problem. Our app for music teachers can increase students engagement by up to 90%. Learn how and try out our software for FREE here!
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Enterprise Estonia
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia startups

Enterprise Estonia (EAS), established in 2000, promotes business and regional development in Estonia. Enterprise Estonia is one of the largest institutions within the national support system for entrepreneurship, providing financial assistance, advisory, cooperation opportunities and training for entrepreneurs, research establishments, public andthird sector.

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Investment focus

  • Industry: Biotechnology, Software, Mobile Apps
  • Stage:Grant, Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 29
  • Round size: Seed $800k–$1.1M; Grant $16k–$2.1M; Pre-Seed $1.2M–$4.3M
  • Lead/follow: 55% lead, 45% follow

Portfolio highlights

  • ÄIO — Innovative food technologies to replace palm oil, coconut oil and animal fats with sustainable and healthier alternatives.
  • Lifeyear — Digital-first heart care. At scale.
  • Rollo Robotics — Rollo Robotics develops autonomous monowheel security robots using gyroscopic stabilisation technology.
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Verge HealthTech Fund
VC Fund · Singapore, Central Region, Singapore · 6 investments in Estonia startups

We make early investments in global healthcare technology companies that address prevention, disease management and health system efficiency that are relevant to emerging Asia​We believe that innovation can happen anywhere, from the streets of Dhaka to the labs of Oxford, however without the right support network, these solutions might notscale, or find the best world-changing application. This is where we can help.

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Investment focus

  • Industry: Health Care, Medical Device, Medical
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Singapore, United Kingdom

Investor stats

  • Total investments: 28
  • Round size: Seed $500k–$4.7M; Pre-Seed $500k–$1M
  • Lead/follow: 54% lead, 46% follow
  • Last fund: May invest from a new fund soon — raised $17k in 2021

Portfolio highlights

  • Zoundream — The Future of Infant Care
  • Understanding Zoe — Understanding Zoe is a neuroaffirming application that turns every report and observation into an actionable step for a better connect.
  • Neuraworx Medical Technology — Neuraworx Medical Technology is a neurotechnology company developing first-in-class bioelectronic solutions for brain health.
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LIFT99
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia 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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BSV Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 5 investments in Estonia 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: 31
  • Round size: Seed $207k–$2.3M; Grant $64k–$134k; Pre-Seed $328k–$1.4M
  • Lead/follow: 42% lead, 58% 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.
  • Intu Diagnostics — Intu Diagnostics develops rapid and instrument-free solutions for infectious disease diagnostics, aiming for affordability and global accessibility. The company is committed to implementing a sustainable and socially responsible business model to contribute to better global health through its technology. The product portfolio includes solutionslike PCR-TO-GO, designed to bring doctor's office-level diagnostics to the patient's door.
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DEPO Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 5 investments in Estonia startups

DEPO Ventures is an angel network and VC (Grouport and DEPO Angels Fund II), which connects world of startups and investors.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed, Convertible Note
  • Geography: Czech Republic, United States, Estonia

Investor stats

  • Total investments: 62
  • Round size: Seed $564k–$4.3M; Pre-Seed $317k–$1.9M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Tapaya — Tapaya is a fintech infrastructure company that provides payment acceptance software designed to turn any device into a payment terminal.
  • PARTORY — PARTORY offers complete manufacturing solutions in engineering. PARTORY utilising AI and machine learning to streamline the procurement process for low-cost metal parts
  • WanderWallet
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Tiny VC
VC Fund · Berlin, Berlin, Germany · 5 investments in Estonia 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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Vestman Energia
VC Fund · Viljandi, Viljandimaa, Estonia · 5 investments in Estonia startups

Our focus changes in the same pace with the surrounding world. If the main concern of the mankind is the food and energy supplies and polluted living environment, the current activities of the companies of Vestman Group thus also focus on these topics. Our vision is to be a sustainable forest manager on one of the Estonian largest private forestpossession. We lease out arable lands, give advice and help to find the best solution based on the partner’s needs. We are starting our journey in Eco-friendly Technology to strengthen our Circular economy way of doing things even further. We value the world we live in and the resources we use in our business.

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Investment focus

  • Industry: Water, Software, CleanTech
  • Stage:Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $531k–$1.7M; Pre-Seed $1.2M–$1.6M
  • Lead/follow: 40% lead, 60% follow

Portfolio highlights

  • KWOTA — Kwota offers digital validation and trading services for recycled material CO₂ emissions.
  • Spacedrip — Spacedrip develops automated water treatment and reuse systems that recycle wastewater back to pure usable water with minimal maintenance. Our systems provide off-grid water without the need for centralized sewage/water solutions.
  • 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.
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AU21 Capital
VC Fund · San Francisco, California, United States · 5 investments in Estonia 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, Initial Coin Offering
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 175
  • Round size: Seed $1.1M–$5.8M; Initial Coin Offering $1.2M–$14M
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • PERL.eco — The Planetary Ecosystem Registration Ledger will be a dedicated blockchain for real-world ecological assets through tokenizing carbon credits and biodiversity, NFTs and decentralised (DeFi) rewards.
  • Meter.io — Meter.io is a base layer hybrid consensus protocol built to address the volatility, scaling and interoperability problems in the existing cryptocurrencies.
  • Injective — Explore Injective: the high-performance blockchain powering decentralized finance, governance, and next-gen Web3 apps with unmatched speed and scale.
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ff Venture Capital
VC Fund · New York, New York, United States · 5 investments in Estonia startups, 6 in the past 12 months

ff Venture Capital (ffVC) is a technology venture capital firm investing in some of the strongest growth areas to date, including cybersecurity, artificial intelligence, machine learning, drones, enterprise cloud software, and crowdfunding. The firm identifies and invests in technology and technology-enabled companies at its inception acrossgeographies and emerging industries. With three partners and an acceleration team of 20+ investment and operations professionals, ffVC actively participates with founders to develop products, target markets, and accelerate growth. Since 2008, ffVC has invested in over 100 companies and has helped to create companies with an aggregate market value exceeding $6 billion.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Series A
  • Geography: United States, Poland, Canada

Investor stats

  • Total investments: 299
  • Round size: Seed $974k–$4.3M; Series A $1.5M–$12M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: Likely still investing — raised $66M in 2023

Portfolio highlights

  • Nomagic — Nomagic provides robotic systems to automate repetitive pick-and-place tasks in warehouses with efficiency, flexibility and reliability.
  • FlyFocus — FlyFocus specializes in the design and production of unmanned aerial vehicles for the civilian, military, and law enforcement markets. It provides product development and custom engineering services. They also offer mechanical CAD design, electronics, software, simulations, and aerodynamics optimization.
  • Waldo — Waldo is an AI-powered strategy engine for agencies & brands. Get audience insights, industry trends, and competitive intelligence in one powerful platform.
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Earlybird Venture Capital
VC Fund · Berlin, Berlin, Germany · 5 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Curio — Be one of the first to access Rio, the leading AI for fact-checked news. Free for early users.
  • Certivity — Certivity offers software to model digital regulatory twins of their products. This will ensure that current regulatory requirements are integrated in the right place in the engineering process. Product compliance will be smarter, safer, more transparent, more efficient, and significantly cheaper.
  • Brightpick — Brightpick offers AI robots for warehouses to easily automate every step of their order fulfillment. The innovative Brightpick robots enable warehouses of any size to fully automate order picking, consolidation and dispatch, as well as stock replenishment. Brightpick Autopicker, the company’s award-winning flagship robot, is the only mobile robotin the world that robotically picks and consolidates orders directly in warehouse aisles. The Brightpick solution takes just weeks to deploy and allows companies to reduce their fulfillment labor to a minimum. Headquartered near Cincinnati, OH, Brightpick has more than 200 employees and hundreds of AI robots deployed across the US and Europe.
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2C Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia startups

2C Ventures is an early-stage venture capital firm investing in European cleantech startups driving the energy transition and circular economy. Backing visionary founders tackling climate challenges.

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Investment focus

  • Industry: Software, Renewable Energy, SaaS
  • Stage:Pre-Seed, Seed
  • Geography: Estonia, Finland, Italy

Investor stats

  • Total investments: 11
  • Round size: Seed $1.2M–$4.2M; Pre-Seed $1M–$2.3M
  • Lead/follow: 73% lead, 27% follow

Portfolio highlights

  • GaltTec — GaltTec focuses on developing and marketing microtubular solid oxide fuel cells. GaltTec specializes in drones, off-grid equipment, IoT, portable devices, and space equipment. GaltTec was founded in 2022 and was headquartered in Tartu, Estonia.
  • Bisly — Bisly Scalable Building Automation reduces the overhead for building professionals and makes energy saving easy and affordable.
  • Nanordica Medical — Nanordica Medical develops novel nanoparticle-based antibacterial wound care products.
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LD Capital
VC Fund · Shanghai, Shanghai, China · 5 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Joystream — Joystream is a block chain-based, decentralized video platform.
  • OMNIA Protocol — OMNIA Protocol offers a secure and private infrastructure for accessing blockchain technology. It provides high availability RPC endpoints for Ethereum, ensuring users can connect to the blockchain without being traced or monitored. The company focuses on delivering a compliant environment for handling personal data, including blockchain addressesand transactional information. OMNIA Protocol aims to democratize access to blockchain infrastructure, challenging the current concentration of this access among a few corporations. It supports various blockchains, including Bitcoin, Binance, Avalanche, Polygon, Arbitrum, and Optimism, through its platform, offering secure Arbitrum RPC Nodes features.
  • Konnex World — Konnex is building the decentralized coordination, verification, and payment layer for autonomous robots. Powered by Large Behavioral Models and Proof-of-Physical-Work, it connects machines into a single global network where robots can understand, collaborate, and transact.
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Little Green Fund
VC Fund · Tallinn, Harjumaa, Estonia · 5 investments in Estonia startups

Little Green Fund invests in companies that are good for the Earth, with teams that can get big things done.

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Investment focus

  • Industry: Software, CleanTech, GreenTech
  • Stage:Pre-Seed, Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $2.6M–$4.3M; Pre-Seed $543k–$1.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Esgrid — Esgrid provides value-chain sustainability management solutions to medium-sized businesses and financial institutions.
  • UP Catalyst — UP Catalyst produces sustainable carbon nanomaterials and graphite for the green energy storage industry.
  • 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.
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The Spartan Group
VC Fund · Singapore, Central Region, Singapore · 5 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Solana — Solana is the high performance network powering internet capital markets, payments, and crypto applications. Fast. Decentralized. Scalable. Energy efficient. Solana can power thousands of transactions per second.
  • Perion — Win Crypto Questing in AAA Games.
  • Saturn — Saturn is the first financial application built on digital credit.
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TechOne VC
VC Fund · Istanbul, Istanbul, Turkey · 5 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Co-one — Co-one empowers businesses to unlock the full potential of Generative AI. We provide data-driven solutions for LLM development, including evaluation and dataset generation.
  • Getmobil — Getmobill offers services in refurbished devices and their sale and resale.
  • Atlas Space
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Contrarian Ventures
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 5 investments in Estonia startups

We are a hands-on, community-focused and founders vetted early-stage sustainable energy transition focused VC in Europe & Israel

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Investment focus

  • Industry: Software, Renewable Energy, Energy
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Lithuania, United Kingdom, France

Investor stats

  • Total investments: 55
  • Round size: Seed $274k–$8M; Pre-Seed $55k–$4M; Series A $1.7M–$23M
  • Lead/follow: 38% lead, 62% follow

Portfolio highlights

  • Fusebox Energy — Fusebox is a bridge between consumers and energy markets to save on energy costs and reduce CO2.
  • Inion software — Renewable energy infrastructure provider (PV plant management, PV park SCADA racks, battery and EV charging integration and control)
  • Thrust — Intelligent UAV Systems for Aerial Diagnostics Services
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Tiny Supercomputer Investment Company
VC Fund · San Francisco, California, United States · 5 investments in Estonia 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: 182
  • Round size: Seed $1.2M–$8M; Pre-Seed $809k–$3.5M; Series A $7M–$170M
  • Lead/follow: 2% lead, 98% follow

Portfolio highlights

  • YuLife — Meet YuLife - the all-in-one platform for group insurance, employee benefits, wellbeing, engagement, and global rewards your people love and actually use.
  • AUDIOGEN — Generate your sounds with AI. Create an infinite world of sounds - sound effects, samples, and music, instantly. Get Started Free.
  • LabGenius — Finding the next generation of drugs with machine learning, synthetic biology and laboratory automation
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Expeditions
VC Fund · Warsaw, Mazowieckie, Poland · 4 investments in Estonia startups, 9 in the past 12 months

Expeditions invests in dual-use companies across deep tech sectors including cybersecurity, defence & intelligence, autonomy, AI, quantum, privacy, communications solutions and space.

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Investment focus

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

Investor stats

  • Total investments: 43
  • Round size: Seed $850k–$18M; Pre-Seed $750k–$10M; Series A $6.7M–$35M
  • Lead/follow: 30% lead, 70% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • EGIDE — EGIDE develops advanced systems designed for rapid, cost-efficient drone interception. enables reliable neutralization of aerial threats across critical infrastructure and defense environments. Our technology delivers missile-grade effectiveness at a fraction of the cost, addressing the evolving challenges of modern airspace security.
  • Twin Prime — Twin Prime is a frontier AI research lab building advanced intelligence systems to strengthen democratic nations and safeguard global societies.The company focuses on developing cutting-edge AI models that enhance national security, strategic defense, and resilient decision-making in an increasingly complex world by combining innovation, security,and responsible deployment.
  • Orqa — Orqa d.o.o. was founded in 2018...
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Cryptomeria Capital
VC Fund · Singapore, Central Region, Singapore · 4 investments in Estonia startups

We help you to enter the Chinese crypto market. We invest in blockchain projects.

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Investment focus

  • Industry: Blockchain, FinTech, Cryptocurrency
  • Stage:Seed
  • Geography: Estonia, Hong Kong, Canada

Investor stats

  • Total investments: 23
  • Round size: Seed $1M–$12M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • HolmesAI — HolmesAI is a decentralised AI agent that offers persona customisation, tool integration, and task-specific agent deployment services.
  • SYNTRA — Syntra is an AI-driven trading infrastructure company focused on disciplined execution, real-time risk management, and transparent market operations in digital asset markets. The company builds systems that monitor market structure, volatility, liquidity, and correlation dynamics, enabling automated decision-making with strict risk controls.Syntra’s infrastructure is designed to prioritize execution quality, capital preservation, and operational transparency over short-term performance optimization.Syntra operates a live execution environment where all system actions are observable in real time, providing an open view into how the trading system behaves across different market conditions. The platform is infrastructure-first, emphasizing robustness, scalability, and controlled growth rather than aggressive user acquisition. The company is currently focused on expanding its execution stack, data pipelines, and risk management framework to support broader market coverage and institutional-grade reliability.
  • Zoo Finance — Zoo Finance is a pioneering DeFi protocol focused on unlocking liquidity from locked assets, empowering users to access capital more efficiently while maximizing the utility of their on-chain holdings.
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Mapleblock Capital
VC Fund · Delhi, Delhi, India · 4 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

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

.Cocoon | Hubs | Investments

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Investment focus

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

Investor stats

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

Portfolio highlights

  • Speakly — SPEAKLY is a powerful language learning tool
  • Timbeter — Digital supply chain management for timber. Our Timber Resource Planning ensures that the forestry industry & governments increase sustainability, efficiency and transparency
  • Ready Player Me — The Ready Player Me platform leverages AI, ML , and a suite of developer-first tools to empower developers to integrate avatars into their games and apps to launch faster, improve user adoption, and grow revenue through asset monetization.
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Inventure
VC Fund · Helsinki, Southern Finland, Finland · 4 investments in Estonia 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: 172
  • Round size: Seed $549k–$5.9M; Series A $1.3M–$17M; Series B $1.3M–$25M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: Likely still investing — raised $169M in 2022

Portfolio highlights

  • Finch — Optimize building design with AI and graph technology. Get immediate feedback on performance, detect errors and find optimal solutions.
  • ONEiO — ONEiO is a cloud-native integration service provider connecting people, processes, and tools – enabling seamless collaboration without traditional integration hassle. Provided as a turn-key solution, as self-service, or something in between. You choose.
  • Valuebeat — Grow your culture. Backed by data. Platypus is the HR and recruitment tool that measures cultural drivers of people across the organization to help you qualify decisions on hiring and managing your culture.
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Ukrainian Startup Fund
VC Fund · Kyiv, Kyyiv, Ukraine · 4 investments in Estonia startups

USF originally set up to promote the development of the local startup ecosystem and today is the largest local angel investor with already 130 funded startups and the most extensive startups database and stakeholders (over 3,000 applications).

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Investment focus

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

Investor stats

  • Total investments: 126
  • Round size: Seed $50k–$50k; Grant $22k–$50k; Pre-Seed $25k–$50k
  • Lead/follow: 80% lead, 20% follow

Portfolio highlights

  • Deputy
  • Dots Platform — Dots Platform - is the all-in-one ordering and delivery SaaS for hyperlocal commerce
  • PeopleForce — PeopleForce is one of the BEST and fastest growing online HR Software service provider, we consist​ of highly qualified and experienced members with dedicated team. we love the fact that our solution and software is making HR service more convenient and easy for our customer. Our Product Include Applicant Tracking Software: Our service help youfind the right person more faster and easier Staff Onboarding: Every phase of onboarding process with a new employer is important. By using our onboarding software you will increase employee retention and save more money and stress. Leave tracking: Leave tracking will help you to easily record leave for holidays, vacations, half-day etc.Electronic signatures: Tool to sign your documentHR Reporting: This prove report on all employee on annual salary and current employment status with date range.Performance management: Measure the effective and efficient manner to employee process that enhances your employee’s performance through aligned goals and development. employee directory: Employer master database, thus providing all the information about employee. Custom workflows: Design a custom workflow to fit your organization needs. At PeopleForce , we understand the difficulties in getting the best hands. We also understand the necessity to use good and reliable software and service. We're here to help all of our customers and their unique needs. PeopleForce we “OFFER THE BEST”
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Presto Ventures
VC Fund · Prague, Hlavni mesto Praha, Czech Republic · 4 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

  • PARTORY — PARTORY offers complete manufacturing solutions in engineering. PARTORY utilising AI and machine learning to streamline the procurement process for low-cost metal parts
  • OnSinch
  • Adam — Adam connects you with verified painters and decorators across whole Europe. Get an instant price estimate and book a painter for the next day already!
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BlackFin Capital Partners
VC Fund · Paris, Ile-de-France, France · 4 investments in Estonia startups

BlackFin Capital Partners is the leading pan-European Financial Services PE Platform. The team consists of +35 experienced professionals from several nationalities.

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Investment focus

  • Industry: Financial Services, FinTech, Payments
  • Stage:Series A, Private Equity, Series B
  • Geography: France, Germany, Denmark

Investor stats

  • Total investments: 72
  • Round size: Series A $4.1M–$19M; Series B $10M–$108M
  • Lead/follow: 54% lead, 46% follow
  • Last fund: Likely still investing — raised $410M in 2022

Portfolio highlights

  • Friss — Industry's first Trust Automation platform for P&C Insurers. Our solutions help P&C insurance carriers automate trust throughout the policy lifecycle.
  • ETFbook — ETFbook provides an information and analytic platform focused on exchange-traded funds (ETFs). It offers data, analytics, and insights to help users make informed decisions about fund selection, trading possibilities, and expense ratios. The platform is designed to broaden the effective use of ETFs by providing comprehensive tools and dashboardsfor analysis.
  • Wealthcome — Wealthcome has created a technological ecosystem for all players involved in wealth management, private management, and personal finance management. Our objective is straightforward: to make all phases of asset monitoring, analysis, and optimization accessible, simple, enjoyable, and exact.
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Zenith Family Office
VC Fund · 4 investments in Estonia startups

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

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Investment focus

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

Investor stats

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

Portfolio highlights

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

Shima Capital is an investment fund that focuses on supporting blockchain startups. The firm is headquartered in San Francisco, California, United States.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Pre-Seed
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 260
  • Round size: Seed $1.7M–$12M; Pre-Seed $1.2M–$4.1M
  • Lead/follow: 22% lead, 78% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • Kapkap — Kapkap is a web3 platform that uses AI for attention based value distribution in gaming.
  • BullPerks — BullPerks is a community of like-minded individuals who want to leverage their power and invest together in the best projects on equal terms with VCs.
  • Faith Tribe — Faith Tribe is a open- source fashion design platform that focuses on NFT minting, P2P transactions.
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VC funding in Estonia at a glance

Stats across 1k deals from 1k investors.

1k
investors
in Estonia startups
1k
deals
in Estonia startups
$955k
median round
in Estonia startups
40%
lead investors
lead at least one round
33%
Seed
most common funding stage

Access all 1033 VC funds in Estonia startups.

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