As an emerging startup ecosystem, Estonia has made significant progress and is rapidly evolving as an agile startup launchpad. Rising 28 places to tenth place in the global emerging startup ecosystems, Estonia is leading the way in terms of company creation and investment per capita. As a result, Estonia has shown considerable development potential and is an attractive destination to companies and investors alike. In this article, we have compiled a comprehensive list of top VC Funds and Angel Investors in Estonia that can provide you with the capital and support to help you succeed!
Topics Covered:
Why Should You Raise Funds in Estonia
Venture Capitalist Funds in Estonia
Angel Investors in Estonia
Why Should You Raise Funds in Estonia?
1. High Investment Rate:
One of the primary elements leading to the increased growth and success of Estonia's startup ecosystem comes from the surge in early-stage investment rounds. Estonia now tops Europe in terms of investment per capita, with investment accounting for 3.6% of GDP. The availability of venture capital and angel investment has been critical in fueling the expansion of the country's startup ecosystem, which is currently worth more than $18 billion.
2. Proactive Government:
Estonia's government is highly proactive and committed to helping and ensuring that Estonian startups remain on the fast track to success. There are numerous initiatives that attest to this; for instance, the Startup Visa Program and e-Residency system which makes it significantly easier for any startup founders to securely launch, grow, and run their startup in Estonia from anywhere in the world. There is also Startup Estonia, a government initiative that provides various services and access to resources and capital to ensure startup growth, as well as Accelerate Estonia, a governmental innovation lab that enables public-private partnerships. Coupled with Estonia's virtually online government services available as long as there is an internet connection, startup founders can quickly and easily cut through bureaucracy and red tape and focus on the important matters of growing their business.
3. Empowering Entrepreneurial Environment
Known as the "New Nordic Silicon Valley," Estonia is home to a plethora of cutting-edge businesses. According to Atomico's report on the State of European Tech 2022, Estonia is the most entrepreneurial European country for tech companies. Estonia also boasts the highest number of startups per capita in Europe, with a track record of creating world-class unicorns. So far, 10 unicorns have been born in Estonia: Skype in 2005, Playtech in 2007, Wise in 2015, Bolt in 2018, Pipedrive in 2020, Zego, ID.me, and Gelato in 2021, and Veriff and Glia in 2022. This indicates Estonian startups' ability to attain high valuations and attract major funding. Furthermore, these startup success stories give back to the ecosystem. They either come back as investors, or mentors or simply have indirectly helped startups in Estonia to gain worldwide recognition. Everyone in the Estonian startup environment understands the difficulties that entrepreneurs encounter and has actively developed a community that is always working to pave the way for success.
Venture Capitalist Funds in Estonia
The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2018
Stage: Pre Seed, Seed
Focus: AI & Robotics, Mobility & Logistics, FinTech & SaaS
Notable Portfolio: Bolt, Snackable, Upsteam, Sonarworks, Montonio
Founded, operated, and financed by tech entrepreneurs, Superangel is a venture capital firm that will assist in accelerating your startup's growth. They invest in pre-seed and seed-stage startups with ticket amounts ranging between EUR 100,000 and EUR 500,000. Aside from investments, they'll also provide startups with access to their network and assistance in obtaining the necessary resources to succeed.
Year of Inception: 2016
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Formaloo, Aerones, Modash, Veriff, Interactio, Giraffe360
Change Ventures invests in and support ambitious Baltic entrepreneurs in Estonia, Latvia, and Lithuania, as well as the diaspora across the world. They provide initial investments of EUR 100,000 to 500,000, as well as hands-on assistance to achieve product-market fit. Their primary investment criteria are the team and if they have the tenacity to succeed.
Year of Inception: 2016
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Rentle, Montonio, Monese, Real Eyes, Cleveron
Headquartered in Tallinn, Tera Ventures is a venture capital firm that invests in pre-seed to seed stage digital firms in mainly Estonia, but also in Denmark, Sweden, Finland, Latvia, Lithuania, Poland, and the Czech Republic. Their mission is to find world-class startups solving important issues and help them become industry leaders by providing assistance in entering various markets, facilitating collaboration with international corporations, and helping in raising additional capital from top-tier VCs.
Year of Inception: 2017
Stage: Pre Seed, Seed, Series A
Focus: B2B, SaaS, Fintech, Platforms, Software-enabled Hardware, Deep Tech
Notable Portfolio: Bolt, NFTPort, Starship, Veriff
Specialist VC invests in early-stage tech startups in Estonia, Latvia, Lithuania, Finland and Ukraine. Their typical starting ticket size is EUR 250,000 up to EUR 3 million, however they would occasionally merely provide free advice for startups that apply to their VC. As part of their portfolio, they'll make sure that you have access to the right people and resources to propel your company forward.
Year of Inception: 2019
Stage: Pre Seed, Seed, Series A
Focus: Digital Marketing, MarTech, Affiliate Marketing, Traffic Products, Marketplaces Platforms, iGaming Apps, Other IT products
Notable Portfolio: Zeeks, Unilead, Setaff, GGG, Tips.Gg
NetSolid Investments is a venture capital firm that invests in digital marketing, information technology, and traffic initiatives to assist emerging startups in becoming leaders in their area and on a worldwide scale. They assist companies in identifying new income sources, improving operational efficiency, and attracting the best partners from across the world through financial injection and operational guidance.
Year of Inception: 2016
Stage: Pre Seed, Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Klaus, Dashbird, Cachet, Single.Earth, Wisby, Modash
Icebreaker.vc invests in startups in Finland, Estonia, and Sweden, with initial investments ranging from EUR150,000 to EUR800,000. They invest at the earliest stages, with a high concentration of investments at the pre-seed stage. They are always eager to support ambitious and diverse teams in building strong tech companies.
Year of Inception: 2011
Stage: Pre Seed, Seed, Series A, Series B, Series C
Focus: Sector Agnostic, AI, BioTech, Cryptocurrency, Healthcare, Transportation
Notable Portfolio: Apprente, Volumetric, BetterDoctor, DeepMind, Frontier
Metaplanet is an early-stage venture capital firm that invests in entrepreneurs who are shaping the future. They value "mission-driven founders" who are challenging the existing status quo and developing positively transformative deep technologies through an "academic mentality" research and evidence-based R&D.
Year of Inception: 2014
Stage: Pre Seed, Seed
Focus: Sector Agnostic, SaaS, Cleantech
Notable Portfolio: Cuploop, Grünfin, Reverse Resources, Notably, Patchstack
Honey Badger Capital invests in pre-seed and seed startups that make the world a better place. They invest between EUR50,000 and 150,000 and provide access to their large network and cumulative expertise. Though their primary concentration is on cleantech and SaaS firms in emerging countries, they also invest in other areas of business.
Year of Inception: 1999
Stage: Seed
Focus: Software, B2C, C2C, Consumerized B2B, Marketplaces, Platforms
Notable Portfolio: Fractory, Ready Player Me, Jobilla, eAgronom
Trind Ventures is a seed-stage venture fund that invests in startups with a consumer or community component. They assist in scaling B2B and B2C software solutions with community-driven or consumer-driven revenue models. They offer an initial ticket size of up to EUR 1 million, with potential follow-on capital of up to EUR 5 million per firm.
Year of Inception: 2008
Stage: Seed
Focus: Technology
Notable Portfolio: Ready Player Me, Fractory, Bolt, MeetFrank, Uniify
Spring Capital invests in technology-driven startups from the Nordics and Central and Eastern Europe that have already acquired first customer and market traction. In the seed stage, they typically invest between EUR 75,000 to EUR 200,000. As active investors, they frequently serve as supervisory board members or team advisors.
Year of Inception: 2014
Stage: Seed
Focus: Technology
Notable Portfolio: Waybiller, Xolo, Remato, Patchstack, Hepta
Thorgate Ventures is the corporate venture arm of Thorgate, a digital product studio with offices in London, Oslo, and Tallinn. Thorgate Ventures make up to four hands-on investments every year, with the majority in seed-stage B2B solutions. They will invest up to $50,000 and provide personal coaching for founders and expert assistance with your digital product.
Year of Inception: 2019
Stage: Seed
Focus: Technology, B2B
Notable Portfolio: BioMatter, Deepflare, Planet42, Wowflow, SensusQ
Lemonade Stand invests in early-stage technology startups in the Baltic and East European regions, with an emphasis on B2B companies. They invest from EUR 25,000 to EUR 300,000 and are eager to invest in the pre-revenue, pre-product phase, or join a bigger round at the seed stage.
Year of Inception: 2016
Stage: Seed, Series A
Focus: DeepTech, Software
Notable Portfolio: Plumbr, MeetFrank, Sonarworks, Xolo, Druid
Karma Ventures is an early-stage venture capital firm that invests in Europe's most promising deep-tech software firms. They invest in startups that are developing innovative and novel ICT technologies, have early commercial traction, and possesses a global ambition. Karma Ventures will invest up to EUR 5 million in the first round, with potential follow-on investments in subsequent stages.
Year of Inception: 2017
Stage: Seed, Series A
Focus: Gaming, Fintech
Notable Portfolio: Bombay, iGaming Next, Dabble, Simwin
Yolo Investments invest in exceptional founders with brilliant ideas who are committed to inventing and upsetting the status quo across the tech industry. They are primarily interested in seed and series A investment opportunities in gaming and fintech. To date, Yolo Investments has 29 investments in gaming and 16 investments in fintech and banking.
Year of Inception: 2014
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Varo, Veriff, Remato, Carta, PayQin, Bolt, AngelList
Siena is a venture capital firm that invests in early-stage startups in Estonia and California. They also run a secondary Fund, that focuses on late-stage firms that already have a solid business model and are developing rapidly.
Year of Inception: 2022
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Indicio, CorralData, Leadsales, Rook, PrimeClass
Cross Ocean Ventures is an early-stage venture capital firm for global-minded innovators. Targeting primarily Benelux, the Nordics, the Baltics, Switzerland, and US companies with European roots, they invest in and assists European and international entrepreneurs in entering the US market.
Year of Inception: 2019
Stage: Series A, Series B
Focus: Deep Tech
Notable Portfolio:
Though not based in Estonia, Nordic Ninja is a venture capital firm that invests in Nordic-Baltic startups. Founded by a group of entrepreneurs and operators who are working to reduce the world's carbon footprint, they invest in deep tech firms that are building the world we want to live in.
Year of Inception: 2012
Stage: Series A, Series B, Series C
Focus: Technology, B2B
Notable Portfolio: Bolt, Comodule, Estateguru, Katana, Fractory
Startup Wise Guys is the most renowned venture capital firm/accelerator that invests in startups across Europe. With beginnings that may be traced back to Estonia since 2012, they are one of the most experienced accelerator funds in the area. Leveraging their carefully chosen experience, abilities, and capital, they accelerate hundreds of early-stage firms toward rapid development.
Angel Investors in Estonia
Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Founded in 2012, the Estonian Business Angels Network (EstBAN), is one of the most active business angel networks in the area.EstBAN is a non-profit, member-led organization dedicated to identifying, supporting, and coaching creative fledgling entrepreneurs from pitch to exit. They look for investment opportunities in Estonia and neighboring countries, providing seed-stage investments for businesses that require funding ranging from EUR 20,000 to EUR 500,000.
Closing Thoughts on VCs and Angel Investors in Estonia
Estonia is rapidly becoming home to some of the world's most innovative companies. Estonia's ascent in the global startup environment reflects the country's dedication to promoting innovation and assisting entrepreneurs. The country has more than demonstrated its ability to compete on a global basis when it comes to building a strong startup ecosystem.
Find VCs and Angel Investors in Europe:
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