# Top 50 Enterprise VC (Venture Capital) Funds 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 |
| Tera Ventures | 8 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, Artificial Intelligence, E-Commerce |
| 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 |
| Karma Ventures | 4 | Estonia, Sweden, Finland | Series A, Seed, Series B | Software, Artificial Intelligence, Information Technology |
| Thorgate Ventures | 4 | Estonia, United Kingdom, Norway | Seed, Pre-Seed | Software, SaaS, Information Technology |
| TMT Investments | 4 | United States, United Kingdom, Estonia | Seed, Series A | Software, SaaS, Social Media |
| Earlybird Venture Capital | 4 | Germany, United States, United Kingdom | Series A, Seed, Series B | Software, Information Technology, Health Care |
| Union Square Ventures | 3 | United States, United Kingdom, Germany | Series A, Series B, Series C | Software, Financial Services, FinTech |
| 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 |
| Spring Capital | 3 | Estonia, Finland, United Kingdom | Seed, Pre-Seed, Series A | Software, E-Commerce, SaaS |
| Creandum | 3 | Sweden, Germany, United States | Series A, Seed, Series B | Software, Information Technology, Mobile |
| Mistletoe | 2 | Japan, United States, India | Seed, Series A | Information Technology, Software, Education |
| Global Founders Capital | 2 | United States, Germany, United Kingdom | Seed, Series A, Pre-Seed | Financial Services, Software, FinTech |
| ZAKA VC | 2 | Germany, United Kingdom, Austria | Seed, Pre-Seed | Software, Artificial Intelligence, Machine Learning |
| Boğaziçi Ventures | 2 | Turkey, United Arab Emirates, Sweden | Seed, Pre-Seed | Software, Artificial Intelligence, Video Games |
| InfoCert | 2 | Estonia, Germany | Pre-Seed, Corporate Round | Cyber Security, SaaS, Software |
| Curiosity VC | 2 | Finland, The Netherlands, Denmark | Seed, Pre-Seed, Series A | Software, Artificial Intelligence, Information Technology |
| Enterprise Estonia | 2 | Estonia | Grant, Seed, Pre-Seed | Mobile Apps, CleanTech, Manufacturing |
| Contrarian Ventures | 2 | Lithuania, United Kingdom, Estonia | Seed, Series A, Pre-Seed | Software, Information Technology, Energy |
| LocalGlobe | 2 | United Kingdom, United States, France | Seed, Series A | Software, Financial Services, E-Commerce |
| SquareOne Venture Capital | 2 | Germany, United States, Sweden | Seed, Series A, Series B | Software, SaaS, Machine Learning |
| SquareOne | 2 | Germany, United States, Poland | Seed, Series A | Software, SaaS, E-Commerce |
| TRANGELS | 2 | Turkey, United States, Estonia | Seed, Pre-Seed, Angel | Biotechnology, Energy, Manufacturing |
| Expansion Capital | 2 | Latvia, Estonia | Seed, Series A | Drones, Big Data, Software |
| Passion Capital | 2 | United Kingdom, United States, Estonia | Seed, Series A, Series B | Software, FinTech, Financial Services |
| AirTree Ventures | 2 | Australia, United States, New Zealand | Series A, Seed, Series B | Software, Information Technology, SaaS |
| Angel Effect | 2 | Turkey, United States, United Kingdom | Seed, Pre-Seed | Software, E-Commerce, Mobile |
| Mosaic Ventures | 2 | United Kingdom, United States, Germany | Series A, Series B | Software, FinTech, Information Technology |
| Black Pearls VC | 2 | Poland, United States, United Kingdom | Seed, Pre-Seed | Software, Artificial Intelligence, FinTech |
| Tiny VC | 2 | United Kingdom, Germany, United States | Seed, Pre-Seed, Series A | Software, SaaS, Artificial Intelligence |
| BADideas.fund | 2 | Latvia, Estonia, Ukraine | Seed, Pre-Seed | SaaS, FinTech, Software |
| Zenith Family Office | 2 | Estonia, United States | Pre-Seed | Commercial Real Estate, SaaS, B2B |
| Parallax Ventures | 2 | Brazil, Estonia, United States | Seed, Series A, Series B | FinTech, Financial Services, Bitcoin |
| BootstrapLabs | 2 | United States, Estonia, Malaysia | Seed, Series A, Pre-Seed | Artificial Intelligence, Machine Learning, Software |
| Hummingbird Ventures | 2 | United States, Turkey, United Kingdom | Series A, Seed, Series B | Software, E-Commerce, Financial Services |
| EstBAN | 2 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Angel | Software, Information Technology, EdTech |
| Trind Ventures | 2 | Estonia, Finland, Latvia | Seed, Series A | Software, Information Technology, Analytics |
| Naxicap Partners | 1 | France, Belgium, United States | Private Equity, Series A | Manufacturing, Software, Retail |
| Play Ventures | 1 | United States, Finland, United Kingdom | Seed, Pre-Seed | Gaming, Video Games, Blockchain |
| Crypto3 Capital | 1 | Estonia, India, Singapore | Seed, Corporate Round | Blockchain, Financial Services, Cryptocurrency |
| Jsquare | 1 | Estonia, United States, Canada | Seed, Series A, Pre-Seed | Blockchain, Cryptocurrency, FinTech |
| Jdac | 1 | Estonia | Seed | FinTech, Internet, Payments |
| The Spartan Group | 1 | United States, Singapore, United Kingdom | Seed, Series A | Blockchain, Cryptocurrency, Financial Services |
| Block54 | 1 | Estonia | Seed | Analytics, Blockchain, Ad Targeting |
| Orange DAO | 1 | United States, Estonia, Philippines | Seed, Pre-Seed, Series A | Cryptocurrency, Blockchain, Software |

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