# Top 20 B2B Startup Investors in Estonia in May 2026

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Zenith Family Office | 2 | Estonia, United States | Pre-Seed | Commercial Real Estate, SaaS, B2B |
| hi VC | 2 | Turkey, Estonia, United States | Seed, Pre-Seed | Software, Artificial Intelligence, Information Technology |
| Boğaziçi Ventures | 2 | Turkey, United Arab Emirates, Sweden | Seed, Pre-Seed | Software, Artificial Intelligence, Video Games |
| Marek Kiisa | 1 | Estonia, United States, Finland | Seed, Series A, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Correlation Ventures | 1 | United States, Canada, Estonia | Seed, Series A, Series B | Software, Health Care, Information Technology |
| Maria Sundlof | 1 | Denmark, Estonia | Angel, Pre-Seed | Software, B2B, SaaS |
| Sten Tamkivi | 1 | Estonia, United States, United Kingdom | Seed, Pre-Seed, Series A | Software, Financial Services, Artificial Intelligence |
| Initialized Capital | 1 | United States, Canada, United Kingdom | Seed, Series A, Series B | Software, SaaS, Health Care |
| Mobi | 1 | Estonia | Seed | B2B, Software, Information Technology |
| Bain Capital | 1 | United States, China, India | Private Equity, Series B | Software, Financial Services, Health Care |
| Sberbank | 1 | Russian Federation, United States, The Netherlands | Seed, Corporate Round | Internet, Information Technology, E-Commerce |
| Gorilla Capital | 1 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, SaaS |
| Practica Capital | 1 | Lithuania, United Kingdom, United States | Seed, Series A | Information Technology, Software, B2B |
| Pulsar Venture Capital | 1 | Russian Federation, United States, Ireland | Seed, Pre-Seed | Software, Internet, Information Technology |
| Jaan Tallinn | 1 | United States, Estonia, United Kingdom | Seed, Series A | Software, Artificial Intelligence, Internet |
| European regional development fund (ERDF) | 1 | United Kingdom, Germany, France | Grant, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Lux Capital | 1 | United States, Canada, United Kingdom | Series A, Seed, Series B | Software, Health Care, Biotechnology |
| Icebreaker.vc | 1 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Yolo Investments | 1 | Estonia, United States, Canada | Seed, Series A | Information Technology, Cryptocurrency, Internet |
| Matt Arnold | 1 | Estonia | Seed | B2B, Software, Information Technology |

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