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top venture capital funds in estonia
08 July 2021·13 min read

Ilya Mikhalchyk-Kananenka

Community Builder, Vestbee

Top VC Funds in Estonia To Finance Your Startup

*The list was updated in 2023.* 

After having discovered VC funds from Latvia and Slovakia, in yet another article from our VC series, we are about to cover Estonia - the hottest of the hot among CEE startup hubs, placing it on a sort of pedestal not only in terms of Europe, but worldwide. 

If you want to discover even more VC funds, check out our VC list - a complex database of the best early-stage venture capital funds investing in innovative startups across different verticals. Read More.

Estonia, as the mother country of Skype and home to one of the most digitally advanced societies in the world, is a place where you can register a company, open a bank account and fill up your taxes, all in a matter of minutes and without even having to lift yourself off of the couch. 

Accordingly, it comes as no surprise that this country has the biggest number of startups and to some accounts, even unicorns per capita in Europe. This local startup ecosystem is so rich and influential that the Twitter community had been calling it Estonian Mafia ever since this notion came up in one of SeedCamps’ contests where Dave McClure had spotted that 4 out of 20 contestants were… Estonian! 

Clearly, there’s a lot to explore, so without further ado, let's get started with our overview of Top Estonian VC’s to fund your business!

Superangel

Geography: Baltics
Preferred industries: Industry-Agnostic 
Investment ticket: €50-500k
Company stage: Seed and Early Stage

As an early investor in Bolt, Pipedrive and Veriff, the Superangel VC fund has an astounding track record in supporting growth and ideation of the first milestones that would drive startup’s development and help expand onto the foreign markets.

Not to make it sound like a mere rant about value add that you’re so accustomed to, it should be mentioned that the Superangel even has a year-long program along with a dedicated team of business coaches and professionals whose sole purpose is to advise on all aspects of your venture, starting with legal issues, and ending with marketing, sales and what not. 

Therefore, if having an emphasis on added value is your dealbreaker, Superangel is arguably going to be the best fit for you from our selection. 

Trind VC

Geography: Northern and Central Europe
Preferred industries: B2B SAAS, Marketplace startups + other industries with reasonable capex
Investment ticket: €0.1-0.5M
Company stage: Early stage

One of the oldest VC funds on our list, Trind Ventures, is focused on investing in financially sustainable businesses that don’t require constant continuation of funding rounds but instead, have a long-term view on how to build a sustainable model where they won’t need any funding at all.

It is worth emphasizing that Trind Ventures would not only continuously support startups throughout the early stage, but can as well lead the funding rounds in subsequent raising efforts, deploying up to €3M for this purpose.

Among the most notable investments of theirs you can find OK.ru – a Russian social network, arguably the most popular one before the appearance of Durov’s VK, as well as Jobbatical, Wolf 3D, NASDAQ, and countless more. 

Change Ventures

Geography: Baltic
Preferred industries: Industry-Agnostic
Investment ticket: €0.4-1.5M
Company stage: Seed rounds

Our next VC fund - Change Ventures is quite an interesting one due to its sole focus on Baltic startup founders with global ambitions, while the one and only determining criterion of their investment decision is the team, as well as its grit in persevering against all odds towards bringing their vision to life.

Change Venture’s founding partners, Rait and Yrjö, have long been prominent on the startup scene for being the prime movers of both the Angel Network and Venture capital association of Estonia. After that, they completed a perfect trinity with their last partner - Andris Berzins, a seasoned Latvian entrepreneur who’s a very notable figure in the local startup ecosystem as well. 

Among funds’ selected investments, you can find Interactio, INZMO, Qoorio, AERONES, and Planet 42.

Lemonade Stand

Geography: Baltics and Eastern Europe
Preferred industries: Industry-Agnostic
Investment ticket: €25-300k
Company stage: Early stage, including a pre-revenue and product phases

The youngest among our list, the Lemonade Stand VC had been established back in summer 2019 with no stated strategy nor thesis which, after the passage of time had quickly evolved into a milestone statement, that the fund would gladly invest in companies saving you either time or money, ideally both.

That’s why we’d rather suggest you go out there and approach the Lemonade stand’s team without hesitation and take a chance at presenting your startup pitch.

Lastly, it’s worth mentioning a few of its portfolio companies - Woola, Fyma, Digital Sputnik, and Cachet.

United Angels VC

Geography: Global
Preferred industries: B2B, SAAS and marketplace segments
Investment ticket: €1.5M
Company stage: Pre-seed and up to A rounds
Fund Size: €16M (2017)

We didn’t know whether it would be a gross overstatement or a well-earned compliment, but the United Angels VC can be said to be a part of its own league in a way.

It is difficult not to overpraise their team, since the United Angels have their hands in almost every notable startup from the Baltics: Bold, Veriff, Starship, Monese, Lingvist – you name it. 
They have also taken part in founding Startup Wise Guys – the biggest accelerator in the broader CEE and Nordics region aspiring for worldwide domination.

Consequently, getting funding from United Angels VC can definitely be said to be a very good sign for your venture’s potential.

Karma VC

Geography: Europe & Baltics
Preferred industries: ICT startups having initial commercial traction
Investment ticket: Up to €3M
Company stage: Late seed and A rounds with potential follow-ons

Yet another VC from our list, Karma VC is a Tallinn-based fund created by the early employees of Estonia’s first unicorn – Skype, with probably one of the clearest focuses we have seen among the list. Therefore, the value proposition is quite simple - you bring the unique technology and grit for success, while the investor’s team would support you with filling-in the blanks and blindspots of your go-to-market strategy.

Among notable investments of theirs you can find: Realeyes, Sonarworks as well as MeetFrank.

Tera Ventures

Geography: Estonia, Denmark, Sweden, Finland, Latvia, Lithuania, Poland and Czech Republic
Preferred industries: HRtech, Fintech, Automation, AI/ML
Investment ticket: n/a
Company stage: Pre-Seed and Seed


Tera Ventures, based in Tallinn, Estonia, is a venture capital firm with a €45M fund dedicated to early-stage tech startups. Their reach extends across Europe, with a special focus on HRTech and a strong track record in fintech and automation. The team actively supports portfolio companies, facilitating entry into international markets like the US, the UK, and Japan, as well as connecting them with global corporations and top-tier VCs. They have a global advisory network to provide expertise and connections. Tera Ventures values founders' motivation and doesn't seek a controlling shareholding in their companies. They invest in startups aged 2-3 years. Notable portfolio companies include Jobbatical, Monese, Modesat, and Brainbase, showcasing Tera Ventures' impact extends far beyond its home market, contributing to the global tech ecosystem.

Check out the Q&A session with Andrus Oks, Founding Partner at Tera Ventures. Read More.

Spring Capital

Geography: Baltics, Nordics, CEE
Preferred industries: FinTech, E-commerce, Marketplace
Investment ticket: €75-200K
Company stage: Pre-Seed and Seed

Spring Capital is an Estonian venture capital firm with a mission to empower early-stage technology-driven startups in the Nordics and the CEE region. They operate two primary funds, Seed and Growth, catering to startups and high-growth SMEs, respectively. In the early-stage arena, Spring Capital invests in technology-driven startups that have already gained initial market traction. Their investments typically range from €75k to €200k in the seed stage, often as part of a larger funding round that provides startups with a comfortable 18+ months of financial runway. As active investors, they take on roles as supervisory board members or advisors to the startup teams. Spring Capital possesses 23 total investments, an average round size of $1M, and notable startups in portfolio such as Sweden Yayloh, Estonia FoodDocs, Estonia EyeVi Technologies. 

Specialist VC

Geography: Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus
Preferred industries: SaaS, fintech, platforms, software-enabled hardware, Web3, and deep tech
Investment ticket: €250k-3M
Company stage: Pre-Seed, Seed, Series A

Specialist VC is a venture capital fund that's making its mark by supporting visionary founders from the Baltics and beyond, including Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus. Founded in 2017 Specialist VC primarily targets pre-seed to Series A startups with ticket sizes ranging from €250k to €3M. The fund has a significant interest in various tech sectors, including B2B, SaaS, fintech, platforms, software-enabled hardware, Web3, and deep tech. The firm has invested in over 45 promising teams, including notable stories like Bolt, Veriff, Starship, COMODULE, Monese, and NFTPort. Specialist VC's limited partner (LP) base consists of accomplished individuals with deep tech industry knowledge. Many of them are founders or early employees of fast-growing tech companies, including Veriff, Wise, Bolt, Slack, Pipedrive, F-Secure, Kilo.Health, and Vinted. Specialist VC's Fund II, with a €50M focus on tech startups, is poised to continue driving innovation and growth in the tech ecosystem. 

Metaplanet Holdings

Geography: Global
Preferred industries: LifeScience, Healthcare, AI, Crypto, BioTech
Investment ticket: n/a
Company stage: Pre-Seed, Seed,  Series A

Metaplanet Holdings, founded in 2011 is an evergreen venture capital firm dedicated to investing in early-stage deep technologies with a positive impact on humanity's future. They've built a portfolio of over 150 startups by focusing on founders with an "academic mentality" and a track record of execution. Besides Metaplanet Holdings, startups receive funding from notable investors like Morpheus Ventures, Matrix Partners, and Founders Fund.  In later funding rounds, Metaplanet-backed companies often attract investments from established firms like Samsung NEXT, Khosla Ventures, and Wipro Ventures. Typically, startups in their portfolio are around 4-5 years old when they receive investments. Selected investments of theirs include companies such as Lingvist, The Boring Company, Deep Mind, and Sentinel.

Lemonade Stand

Geography: Baltic and CEE
Preferred industries: B2B, SaaS, AI
Investment ticket: €25-300K
Company stage: Pre-Seed and Seed

Lemonade Stand, founded in 2019, is a VC focused on early-stage B2B investments across the Baltic and East European region. Lemonade Stand invests between €25k to €300k in startups led by ambitious, experienced, and diverse teams. They're open to backing founders in the pre-revenue, pre-product phase or joining larger rounds at the seed stage. The fund, started with €5M, has quickly invested in seven Estonian startups in just 6 months. An ideal startup for Lemonade Stand has a focused team with 2-3 founders, clear roles, and a balance of technical and sales skills. 

Thorgate Ventures

Geography: Baltic, Nordic and CEE
Preferred industries: B2B, SaaS
Investment ticket: up to €50K
Company stage: Pre-Seed and Seed

Thorgate Ventures, established in 2016 is a seed-stage venture capital arm that's deeply involved in supporting scalable B2B solutions. Their investments can go up to €50k, and they provide personal mentorship for founders. Beyond financial support, they have a team of skilled developers and designers ready to assist with digital product development.Thorgate Ventures typically participates in rounds with 2 participants and often co-invests with organizations like CyLon, Startup Wise Guys, and Seedcamp. Notable portfolio companies include Xolo, and they've made strides in sectors like Fitness and Energy. The fund primarily operates in Estonia and is typically involved in less than 2 investment rounds annually. 

Alesco Ventures

Geography: Estonia, Asia 
Preferred industries: FinTech, Construction
Investment ticket: €50K - 1M
Company stage: Pre-Seed and Seed

Alesco Ventures is a Tallinn-based VC with Japanese roots, founded and managed by a team of accomplished Japanese entrepreneurs . Alesco Ventures primarily focuses on seed and early-stage startups, although they also invest in established companies at later stages. For seed investments, they actively seek partnerships with successful serial entrepreneurs working on groundbreaking ideas within their key focus areas and geographies. Alesco Ventures specializes in funding companies whose technologies align with the strategic interests of their global corporate partners, especially in the finance and construction sectors. Alesco Ventures' corporate network includes a prominent financial institution in Central Asia, leading Japanese construction companies, and several international conglomerates. Their strategic partnerships provide startups with the resources and opportunities needed to thrive in a competitive global landscape.

Yolo Investment

Geography: Global
Preferred industries: FinTech, GameTech, Web3
Investment ticket: €50K - 1M
Company stage: Seed and Series A

Yolo Investments focuses on seed and A-stage investment opportunities in gaming, fintech, and web3 . Founded in 2017, with €150-200M, currently supports 29 gaming-related investments and with €100-150M, backs 16 fintech and banking investments. With a presence in Estonia, Yolo Investments is at the forefront of nurturing innovation and supporting tech startups in the gaming, fintech, and web3 sectors. Their investment philosophy revolves around empowering bright minds with groundbreaking ideas, propelling them towards success in the ever-evolving tech landscape.

Apart from Estonian VC funds, you should also consider Estonian Business Angels as a funding source. EstBAN always was and still is the biggest and most active angel network in the Baltics, having much more capital invested and members active than those of Lithuania and Latvia combined. EstBAN’s typical ticket size ranges from €20k to €500k which they would invest in any industry besides gambling and real estate.

*If you have any insights about the article or know a VC fund that should’ve been included, drop me a line!

Want to discover more Venture Capital firms from other countries? Check out the list below. Top VC funds from:

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