Top 8 Venture Capital Firms in Estonia in 2024

The startup community has been growing in Estonia in recent years.

This has come along with an increase in the amount of money flowing from VCs into startups.

In this article, you can find a hand-picked list of venture capital firms in Estonia.

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8 Venture Capital Firms in Estonia

1) Metaplanet

Metaplanet is a seed and series A investor for AI, biotech, crypto, healthcare, and transportation companies based in Estonia.

Details of the VC firm:

• Country: Estonia
• City: Tallinn
• Started in: 2011
• Founders: Jaan Tallinn
• Industries: AI & ML, Biotech, Crypto & Blockchain, Healthcare, Robotics, Aerospace & Space, Transportation
• Stages: Seed, Series A, Early Stage
• Number of investments: 153
• Number of exits: 8
• 3 remarkable investments: Frontier Developments, Neurio Technology, Better Doctor

You can find their website here.

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2) Trind VC

Trind Ventures is a seed investor with expertise in scaling enterprise and consumer companies with consumer or community elements.

Details of the VC firm:

• Country: Estonia, Finland, Germany, Latvia
• City: Tallinn, Helsinki, Munich, Riga
• Started in: 1999
• Founders: Ivar Siimar, Taavi Lepmets
• Industries: Education, Entertainment, Productivity, Media, SaaS
• Stages: Early Stage, Seed, Pre-Seed
• Minimum check size: €400,000
• Maximum check size: €2,000,000
• Number of investments: 54
• Number of exits: 20
• Funds raised: €23,000,000
• 3 remarkable investments: Royalty Range, Sonarworks, Jobilla

You can find their website here.

You can send them an email at trind@trind.vc.

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3) Icebreaker

Icebreaker Ventures is an early-stage venture capital firm investing in Estonia, Finland and Sweden.

Details of the VC firm:

• Country: Estonia, Finland, Sweden
• City: Helsinki, Tallinn, Stockholm
• Started in: 2016
• Founders: Lasse Lehtinen
• Industries: Cybersecurity, IoT, Travel & Hospitality, Advertising, AI & ML, Big Data & Analytics, Proptech & Real Estate, AR & VR, Automation, Developer Tools, Media, Entertainment, Automative, Energy, Human Resources, Legal, SaaS, Hardware, E-Commerce, Education
• Stages: Pre-Seed, Early Stage
• Minimum check size: €150,000
• Maximum check size: €800,000
• Number of investments: 54
• Funds raised: €126,000,000
• 3 remarkable investments: HoxHunt, Logmore, Flowhaven

You can find their website here.

You can send them an email at info@icebreaker.vc.

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4) Specialist VC

Specialist VC primarily invests in founders from the Baltics in the pre-seed to series A stages.

Details of the VC firm:

• Country: Estonia
• City: Tallinn
• Started in: 2017
• Founders: Riivo Anton, Gerri Kodres
• Industries: Enterprise, SaaS, Fintech, Hardware, Deep Tech & Hard Science
• Stages: Pre-Seed, Seed, Series A
• Minimum check size: €250,000
• Maximum check size: €3,000,000
• Number of investments: 45
• Number of exits: 6
• Funds raised: €50,000,000
• 3 remarkable investments: GuestJoy, Nordigen, Funderful

You can find their website here.

You can send them an email at contact@specialist.vc.

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5) United Angels VC

Based in Estonia, United Angels VC is an investment fund providing capital to pre-seed to series A stage companies in B2B, SaaS, fintech and marketplaces sectors.

Details of the VC firm:

• Country: Estonia
• City: Tallinn
• Started in: 2017
• Founders: Riivo Anton, Gerri Kodres
• Industries: SaaS, Fintech, Marketplace
• Stages: Pre-Seed, Seed, Series A, Early Stage
• Minimum check size: €250,000
• Maximum check size: €3,000,000
• Number of investments: 41
• Number of exits: 5
• Funds raised: €50,000,000
• 3 remarkable investments: Veriff, Lift99, Bolt

You can find their website here.

You can send them an email at contact@unitedangels.vc.

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6) Tera Ventures

Tera Ventures is a seed-stage European venture capital based in Estonia that prefers to invest in fintech and automation.

Details of the VC firm:

• Country: Estonia, United Kingdom, Finland
• City: Tallinn, London, Helsinki
• Started in: 2016
• Founders: Andrus Oks, Stanislav Ivanov
• Industries: Fintech, Automation, AI & ML
• Stages: Pre-Seed, Seed
• Number of investments: 30
• Number of exits: 8
• Funds raised: €67,500,000
• 3 remarkable investments: GrabCAD, Modesat, VitalFields

You can find their website here.

You can send them an email at tera@tera.vc.

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7) Change Ventures

Change Ventures is a pre-seed and seed venture capital in Estonia investing in Baltic entrepreneurs.

Details of the VC firm:

• Country: Estonia
• City: Tallinn
• Started in: 2016
• Founders: Andris K. Berzins
• Industries: Internet & Mobile
• Stages: Pre-Seed, Seed, Series A
• Minimum check size: €400,000
• Maximum check size: €3,000,000
• Number of investments: 26
• Number of exits: 1
• Funds raised: €60,800,000
• 3 remarkable investments: Veriff, Planet42, Interactio

You can find their website here.

You can send them an email at info@changeventures.com.

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8) Karma VC

Karma Ventures is a seed and series A investor for deep tech companies in Europe.

Details of the VC firm:

• Country: Estonia
• City: Tallinn
• Started in: 2016
• Founders: Margus Uudam, Tommi Uhari, Kristijan Laanemaa
• Industries: Deep Tech & Hard Science
• Stages: Seed, Series A, Early Stage
• Maximum check size: €5,000,000
• Number of investments: 18
• Number of exits: 4
• Funds raised: €170,000,000
• 3 remarkable investments: Realeyes, Xolo, Minut

You can find their website here.

You can send them an email at good@karma.vc.

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