# Top 50 Enterprise Startup Investors in Estonia in October 2023

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Icebreaker.vc | 16 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Change Ventures | 11 | Estonia, Lithuania, United States | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| Specialist VC | 9 | Estonia, United Kingdom, United States | Seed, Pre-Seed | Information Technology, Software, FinTech |
| Lemonade Stand | 8 | Estonia, India, Poland | Seed, Pre-Seed, Angel | Software, SaaS, FinTech |
| Jaan Tallinn | 8 | United States, Estonia, United Kingdom | Seed, Series A | Software, Artificial Intelligence, Internet |
| Tera Ventures | 8 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, Artificial Intelligence, E-Commerce |
| Ragnar Sass | 7 | Estonia, United States, United Kingdom | Pre-Seed, Seed | Software, Information Technology, SaaS |
| Kristjan Vilosius | 7 | Estonia, South Africa, United States | Seed, Angel, Pre-Seed | Software, Information Technology, E-Commerce |
| Sten Tamkivi | 6 | Estonia, United States, United Kingdom | Seed, Pre-Seed, Series A | Software, Financial Services, Artificial Intelligence |
| Taavet Hinrikus | 5 | United Kingdom, United States, Estonia | Seed, Series A, Series B | FinTech, Financial Services, Software |
| Superangel | 5 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, FinTech |
| Gorilla Capital | 5 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, SaaS |
| TMT Investments | 4 | United States, United Kingdom, Estonia | Seed, Series A | Software, SaaS, Social Media |
| Kaarel Kotkas | 4 | Estonia, United Kingdom | Seed, Series A, Angel | Gaming, Software, 3D Technology |
| Earlybird Venture Capital | 4 | Germany, United States, United Kingdom | Series A, Seed, Series B | Software, Information Technology, Health Care |
| Ahti Heinla | 4 | Estonia, United States | Seed, Angel, Series A | Internet, Project Management, Software |
| Karma Ventures | 4 | Estonia, Sweden, Finland | Series A, Seed, Series B | Software, Artificial Intelligence, Information Technology |
| Martin Henk | 4 | Estonia, United States, United Kingdom | Pre-Seed, Seed, Angel | Software, SaaS, Information Technology |
| Thorgate Ventures | 4 | Estonia, United Kingdom, Norway | Seed, Pre-Seed | Software, SaaS, Information Technology |
| Martin Villig | 3 | Estonia, Spain, South Africa | Seed, Angel, Pre-Seed | Software, Information Technology, Education |
| Union Square Ventures | 3 | United States, United Kingdom, Germany | Series A, Series B, Series C | Software, Financial Services, FinTech |
| Spring Capital | 3 | Estonia, Finland, United Kingdom | Seed, Pre-Seed, Series A | Software, E-Commerce, SaaS |
| Martin Tajur | 3 | Estonia, Poland, Ukraine | Pre-Seed, Seed, Angel | Software, SaaS, Recruiting |
| Ambient Sound Investments | 3 | Estonia, United States, United Kingdom | Seed, Series A | Internet, Software, E-Commerce |
| LIFT99 | 3 | Estonia, United Kingdom, El Salvador | Pre-Seed, Seed, Series A | Software, Information Technology, Legal |
| Creandum | 3 | Sweden, Germany, United States | Series A, Seed, Series B | Software, Information Technology, Mobile |
| Kristjan Raude | 3 | Estonia, United States | Seed, Pre-Seed, Equity Crowdfunding | Consumer Electronics, Internet of Things, Software |
| hi VC | 3 | Turkey, Estonia, United States | Seed, Pre-Seed | Software, Artificial Intelligence, Information Technology |
| Timo Rein | 3 | Estonia, Finland, United Kingdom | Seed, Angel, Convertible Note | Software, Recruiting, Human Resources |
| Markus Villig | 3 | Estonia, Poland, Ukraine | Seed, Angel | E-Commerce, FinTech, Financial Services |
| LocalGlobe | 2 | United Kingdom, United States, France | Seed, Series A | Software, Financial Services, E-Commerce |
| Global Founders Capital | 2 | United States, Germany, United Kingdom | Seed, Series A, Pre-Seed | Financial Services, Software, FinTech |
| Engin Gürsöz | 2 | Estonia | Seed, Pre-Seed | Software, Crowdsourcing, Computer Vision |
| Indrek Prants | 2 | Estonia | Seed, Series A | Education, Recruiting, Professional Services |
| Aydın Mizrahi | 2 | Turkey, Estonia | Seed, Pre-Seed | Software, InsurTech, Logistics |
| EstBAN | 2 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Angel | Software, Information Technology, EdTech |
| Zenith Family Office | 2 | Estonia, United States | Pre-Seed | Commercial Real Estate, SaaS, B2B |
| Emre Kozlu | 2 | Turkey, Estonia | Seed, Pre-Seed | Software, Artificial Intelligence, InsurTech |
| Alvar Lumberg | 2 | Estonia | Seed | Software, FinTech, GreenTech |
| Parallax Ventures | 2 | Brazil, Estonia, United States | Seed, Series A, Series B | FinTech, Financial Services, Bitcoin |
| InfoCert | 2 | Estonia, Germany | Pre-Seed, Corporate Round | Cyber Security, SaaS, Software |
| Boğaziçi Ventures | 2 | Turkey, United Arab Emirates, Sweden | Seed, Pre-Seed | Software, Artificial Intelligence, Video Games |
| Yiğit Barış Şemin | 2 | Estonia | Seed, Pre-Seed | Software, Crowdsourcing, Computer Vision |
| Batuhan Gültakan | 2 | Estonia | Seed, Pre-Seed | Software, Crowdsourcing, Computer Vision |
| Priit Kasesalu | 2 | Estonia | Seed | iOS, Apps, Email |
| Hummingbird Ventures | 2 | United States, Turkey, United Kingdom | Series A, Seed, Series B | Software, E-Commerce, Financial Services |
| Andres Kull | 2 | Estonia | Seed, Series A | AgTech, Farming, Software |
| Joakim Karske | 2 | Estonia | Seed, Pre-Seed | Education, Recruiting, Professional Services |
| TRANGELS | 2 | Turkey, United States, Estonia | Seed, Pre-Seed, Angel | Biotechnology, Energy, Manufacturing |
| Kuido Lepik | 2 | Estonia | Seed, Pre-Seed | Apps, GPS, Pet |

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