# Top 50 Startup Investors in Estonia in May 2026

## Superangel
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 33
- Stages: Seed, Pre-Seed, Series A
- Focus: Artificial Intelligence, Software, FinTech

Early-stage investments from entrepreneurs to entrepreneurs. Our companies include Bolt, Veriff, Fortumo and many more. 10x@superangel.io

## Specialist VC
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 28
- Stages: Seed, Pre-Seed
- Focus: Information Technology, Software, FinTech

United Angels VC is an early stage venture capital fund based in Estonia.

## Tera Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 23
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Artificial Intelligence, E-Commerce

Tera Ventures is a venture capital firm based in Tallinn, Estonia and focused on exceptional founders from Baltics, Scandinavia and CEE, disrupting digital space globally. Tera builds presence and networks in the markets where our portfolio companies want to expand to - the UK, the US, and Asia. With presence in Estonia, Finland, and California,Tera Ventures is supported by a global advisory network and provides portfolio companies with access to expertise and hands-on support necessary to grow from pre-seed and seed stage to successful exit. While investing we do not take a controlling shareholding as they believe that the management of the company should be adequately motivated by its shareholding in the company.

## Lemonade Stand
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 22
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, SaaS, FinTech

Lemonade Stand is a VC fund that focuses on early stage B2B investments in Baltic and East European founders no matter the HQ location. Investing €25-300K in strong teams, technology or traction.

## Icebreaker.vc
- Type: VC Fund
- Location: Helsinki, Southern Finland, Finland
- Relevant deals: 20
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Information Technology, Artificial Intelligence

Founded in 2016, Icebreaker has invested in over 50 fast-growing tech startups built by domain expert founders from companies like Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. In addition to the fund, Icebreaker also runs a community of more than 1000 founders and pre-founders with 5+ years of relevant industry experience and the will to start,build or join strong tech companies.With the initial ticket sizes of €150k - 800K Icebreaker provides enough funding for companies to get to a position of strength and avoid post-accelerator limbo without having to resort to disreputable sources of capital and unfriendly deal terms.

## Change Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 19
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, Apps

We are a seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world.

## Ragnar Sass
- Type: Angel
- Relevant deals: 13
- Stages: Pre-Seed, Seed
- Focus: Software, Information Technology, SaaS

Ragnar Sass has strongest skill is to find the best people and keep them rocking in speed of 200 km/h. He has organized 20+ Hack-a-thons Garage48 in Eastern Europe + West & East-Africa. He advise other founders and share experience where it could help.

## Thorgate Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 12
- Stages: Seed, Pre-Seed
- Focus: Software, SaaS, Information Technology

We invest both capital and our know-how into startups. Join us and let's change the world

## Jaan Tallinn
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 12
- Stages: Seed, Series A
- Focus: Software, Artificial Intelligence, Internet

Jaan Tallinn is the Co-founder of Future of Life Institute.

## Martin Tajur
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 11
- Stages: Pre-Seed, Seed, Angel
- Focus: Software, SaaS, Recruiting

Martin Tajur is the co-founder of Pipedrive.

## Sten Tamkivi
- Type: Angel
- Location: San Francisco, California, United States
- Relevant deals: 11
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Financial Services, Artificial Intelligence

Sten Tamkivi is the Chief Product Officer at Topia (formerly MOVE Guides). He was previously co-founder and CEO of Teleport (acquired by Topia), the place to scout for startup people. He co-founded the company as an EIR at Andreessen Horowitz.Sten has been a tech entrepreneur since 1996. After founding a few companies in Estonia, he joined Skypeas an early executive, ran the original R&D office, and held several global product leadership roles for 8+ years.He has an MS in Management from Stanford GSB.

## Martin Villig
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 11
- Stages: Seed, Angel, Pre-Seed
- Focus: Software, Information Technology, Education

Martin is co-founder of Bolt.eu, Estonian Founders Society, Garage48.org, Good Deed Education Foundation and kood/Jõhvi coding school.
Read more from http://martinvillig.com

## Karma Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 10
- Stages: Series A, Seed, Series B
- Focus: Software, Artificial Intelligence, Information Technology

karma.vc is an early stage venture capital fund focusing on seed and early stage technology companies in Europe.

## Spring Capital
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 10
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, E-Commerce, SaaS

Investments in exceptional teams in the Baltics & Nordics.Our two main focuses include: 1. Startups with a technological edge. Seed stage. Our check size is from €50K up to €200K. With a vast experience in startup building, we typically get hands-on with our advice and help the founders achieve operational excellence. 2. Innovators oftraditional sectors. SMEs with a proven track and strong market position. Clear plans to accelerate the growth. Our investment ticket can be from €300K to €700K to support these aspirations. If you think we have a match, reach out through invest@springcapital.ee.

## Martin Henk
- Type: Angel
- Location: San Francisco, California, United States
- Relevant deals: 9
- Stages: Pre-Seed, Seed, Angel
- Focus: Software, SaaS, Information Technology

Martin Henk is the Co-founder of Pipedrive.

## Ambient Sound Investments
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 8
- Stages: Seed, Series A
- Focus: Internet, Software, E-Commerce

Ambient Sound Investments (ASI) was established in 2003 as an equal partnership by four founding engineers at Skype to hold a minority stake in Skype. At the end of 2005 ASI sold its Skype shares to eBay and now operates as a private investment vehicle.

## TMT Investments
- Type: VC Fund
- Location: St. Helier, NA - Jersey, Jersey
- Relevant deals: 8
- Stages: Seed, Series A
- Focus: Software, SaaS, Social Media

TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 65 companies to date. The Company’s objective is to generate an attractive rate of return for shareholders,predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com.

## Passion Capital
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 7
- Stages: Seed, Series A, Series B
- Focus: Software, FinTech, Financial Services

Passion Capital is an early stage venture capital firm based in London.

## Kristjan Vilosius
- Type: Angel
- Relevant deals: 7
- Stages: Seed, Angel, Pre-Seed
- Focus: Software, Information Technology, E-Commerce

Kristjan Vilosius - Co-Founder and CEO @ Katana

## Gorilla Capital
- Type: VC Fund
- Relevant deals: 7
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Information Technology, SaaS

Gorilla Capital is a Finnish venture capital fund investing in early stage companies that apply technology to solve real business problems of today.

## Kaarel Kotkas
- Type: Angel
- Relevant deals: 7
- Stages: Seed, Series A, Angel
- Focus: Gaming, Software, 3D Technology

Kaarel Kotkas is a Co-Founder and CEO at Veriff.

## Kristjan Raude
- Type: Angel
- Relevant deals: 7
- Stages: Seed, Pre-Seed, Equity Crowdfunding
- Focus: Consumer Electronics, Internet of Things, Software

I am a serial entrepreneur and angel investor with 15+ years of international experience in sales & marketing, leading teams of 300+ with annual revenue of 10M+. Founder of 3 international companies and investor to 10+ startups. Member of the board at Estonian Business Angels Network.

## Trind Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 7
- Stages: Seed, Series A
- Focus: Software, Information Technology, Analytics

Trind Ventures is an early stage VC fund based in Tallinn, Estonia. Investing in start-ups across Europe, from seed rounds all the way to sustainability, with a focus on ICT. Trind Ventures partners are Joel Aasmäe, Ivar Siimar, Kimmo Irpola and Taavi Lepmets.

## Timo Rein
- Type: Angel
- Location: New York, New York, United States
- Relevant deals: 7
- Stages: Seed, Angel, Convertible Note
- Focus: Software, Artificial Intelligence, Human Resources

Timo Rein - Co-Founder @ Pipedrive

## Taavi Kotka
- Type: Angel
- Relevant deals: 7
- Stages: Pre-Seed, Seed, Angel
- Focus: Electronics, Battery, FinTech

Taavi Kotka, currently the Estonian Government CIO, has a strong background working in private sector. He started his career as a programmer, rapidly rising to be a Managing Director of the most successful software development company in the region – Nortal, former Webmedia. He is a founder of many innovative start-up companies likezeroturnaround.com, plumbr.eu etc. He has a Master of Science in Engineering from Tallinn University of Technology. Also, Taavi Kotka has many honors: he is the European CIO of the Year 2014 (by ICT Spring), he was the president of the Estonian Association of Information Technology and Telecommunications (ITL) and he was elected as an Entrepreneur of the year in 2011 (by Ernst&Young). Taavi is a board member in many ICT initiatives in Estonia and has been the brainpower behind many Estonian e-government innovative initiatives like e-residency, data embassy, no-legacy policy etc.

## Taavet Hinrikus
- Type: Angel
- Location: London, England, United Kingdom
- Relevant deals: 7
- Stages: Seed, Series A, Series B
- Focus: FinTech, Financial Services, Software

Taavet Hinrikus is co-founder and CEO of TransferWise. Prior to starting TransferWise, Taavet was Skype’s director of strategy until 2008, starting as its first-ever employee. One of the World Economic Forum's Tech Pioneers, Taavet is an adviser to Prime Minister of Estonia on the digital agenda. He’s also a mentor and angel investor; hisinvestments include Tweetdeck, Mendeley, OMGPOP, Property Partner, Sunrise, Improbable and Mapillary.

## Andrus Purde
- Type: Angel
- Relevant deals: 6
- Stages: Seed, Pre-Seed
- Focus: Software, Public Transportation, Internet

Experienced startup marketer. Co-founder and CEO of Outfunnel. Skype and Pipedrive alumni. Angel investor.

## Metaplanet Holdings
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 6
- Stages: Seed, Series A, Series B
- Focus: Artificial Intelligence, Software, Machine Learning

an early-stage investment firm making long-term bets on contrarians and leveraging the knowledge and network across sectors. We back mission-driven founders working on positively disruptive deep technologies.

## Triin Hertmann
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 6
- Stages: Seed, Pre-Seed
- Focus: FinTech, Software, E-Commerce

Triin Hertmann is founder of Grünfin, a sustainable investment platform, angel investor (mostly in Estonia and Nordics region). She is a former COO at TransferWise and early employee of Skype.

## Alvar Lumberg
- Type: Angel
- Relevant deals: 5
- Stages: Seed
- Focus: Software, FinTech, GreenTech

Alvar Lumberg - CTO, co-founder @ Grünfin

## Peep Vain
- Type: Angel
- Relevant deals: 5
- Stages: Seed, Angel
- Focus: Software, Genetics, Recruiting

Peep Vain is the Private Investor at Vain and Partners. He attended Bentley University.

## LIFT99
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 5
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Information Technology, Legal

LIFT99 is a coworking hub and network of startup founders in Tallinn, Estonia, and Kyiv, Ukraine. In 2018, we launched our Skillsharing Platform for founders around the world.

## Iron Wolf Capital
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 5
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Infrastructure, Manufacturing

We are here to make you succeed! Iron Wolf Capital is an international venture capital firm with an experienced team of professionals with global outlook and strong roots in the Baltics. and a mandate for helping entrepreneurs realise their ideas into successful businesses. 

## Ahti Heinla
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 5
- Stages: Seed, Angel, Series A
- Focus: Internet, Project Management, Software

Ahti is the CEO, CTO and co-founder in Starship Technologies, a startup that intends to disrupt last-mile delivery by introducing self-driving local delivery robots. He is also a co-owner in Ambient Sound Investments, a private investment vehicle launched by Estonian Skype co-founders.Ahti conducts technical reviews of all ASI's potentialinvestments. His experience and knowledge as a system architect is invaluable in assessing and managing ASI's portfolio companies.Ahti picked up programming at the early age of ten, his fascination with all things technical resulting in him being the lead technical architect at Skype. Ahti has also worked on artificial intelligence, 3D graphics engines, signal processing, and building mobile phones.Out of the office, Ahti dons his running gear to enjoy orienteering and adventure racing events, where navigation is his strong-point.

## Mikko Silventola
- Type: Angel
- Relevant deals: 5
- Stages: Seed, Pre-Seed, Angel
- Focus: E-Commerce, Transportation, Apps

Mikko is an active investor, with over 50 investments globally. Besides Europe, he is also active in Southeast Asia, Middle East, and Lat Am. He is the first investor of Bolt (Estonia), an investor of Rappi (Colombia), and of Hugo (El Salvador). He has founded 3 international media companies which in total have generated over €35M in sales overjust a few years. He has helped companies with internationalization, fundraising and M&As in Asia, Europe and the Middle East.

## Sunly
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 5
- Stages: Pre-Seed, Seed
- Focus: Solar, CleanTech, Hardware

Sunly creates wind & solar parks by engaging local communities. Also, Sunly boosts cleantech startups via capital, know-how and networks.

## Taavi Tamkivi
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 4
- Stages: Seed, Angel, Pre-Seed
- Focus: Financial Services, Software, AgTech

Taavi Tamkivi was Helping in Banks & FinTechs fight FinCrime. also a Founder & CEO at Salv .

## Tiny VC
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, Artificial Intelligence

Backing great companies when they're tiny

## Verge HealthTech Fund
- Type: VC Fund
- Location: Singapore, Central Region, Singapore
- Relevant deals: 4
- Stages: Seed, Pre-Seed
- Focus: Health Care, Medical Device, Medical

We make early investments in global healthcare technology companies that address prevention, disease management and health system efficiency that are relevant to emerging Asia​They believe that innovation can happen anywhere, from the streets of Dhaka to the labs of Oxford, however without the right support network, these solutions might notscale, or find the best world-changing application. This is where they can help.

## Vestman Energia
- Type: VC Fund
- Location: Viljandi, Viljandimaa, Estonia
- Relevant deals: 4
- Stages: Seed, Pre-Seed
- Focus: Water, Software, Logistics

Our focus changes in the same pace with the surrounding world. If the main concern of the mankind is the food and energy supplies and polluted living environment, the current activities of the companies of Vestman Group thus also focus on these topics. Our vision is to be a sustainable forest manager on one of the Estonian largest private forestpossession. We lease out arable lands, give advice and help to find the best solution based on the partner’s needs. We are starting our journey in Eco-friendly Technology to strengthen our Circular economy way of doing things even further. We value the world we live in and the resources we use in our business.

## Ott Kaukver
- Type: Angel
- Location: Menlo Park, California, United States
- Relevant deals: 4
- Stages: Series A, Seed, Pre-Seed
- Focus: Software, Financial Services, SaaS

Ott Kaukver is Chief Technology Officer at Checkout.com. Attended Estonian Business School.

## Markus Villig
- Type: Angel
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 4
- Stages: Seed, Angel
- Focus: E-Commerce, FinTech, Financial Services

Markus Villig is founder and CEO of Taxify. He attended University of Tartu.

## Contrarian Ventures
- Type: VC Fund
- Location: Vilnius, Vilniaus Apskritis, Lithuania
- Relevant deals: 4
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Information Technology, Energy

We are a hands-on, community-focused and founders vetted early-stage sustainable energy transition focused VC in Europe & Israel

## Cryptomeria Capital
- Type: VC Fund
- Location: Singapore, Central Region, Singapore
- Relevant deals: 4
- Stages: Seed
- Focus: Blockchain, FinTech, Cryptocurrency

We help you to enter the Chinese crypto market. We invest in blockchain projects.

## ff Venture Capital
- Type: VC Fund
- Location: New York, New York, United States
- Relevant deals: 4
- Stages: Seed, Series A
- Focus: Software, Information Technology, Artificial Intelligence

ff Venture Capital (ffVC) is a technology venture capital firm investing in some of the strongest growth areas to date, including cybersecurity, artificial intelligence, machine learning, drones, enterprise cloud software, and crowdfunding. The firm identifies and invests in technology and technology-enabled companies at its inception acrossgeographies and emerging industries. With three partners and an acceleration team of 20+ investment and operations professionals, ffVC actively participates with founders to develop products, target markets, and accelerate growth. Since 2008, ffVC has invested in over 100 companies and has helped to create companies with an aggregate market value exceeding $6 billion.

## AU21 Capital
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 4
- Stages: Seed, Initial Coin Offering
- Focus: Blockchain, Cryptocurrency, Financial Services

A fund dedicated to backing the most brilliant minds in the blockchain space

## EstBAN
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 4
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, Information Technology, EdTech

More than just a business angel network Building synergy between startups and angel investors EstBAN is member led organisation committed to finding, funding and mentoring ambitious young companies from pitch through to a successful exit. About estban Latest news Created with Fabric.js 3.5.0 All news For investors Get access to quality pre-selected internationaldeal-flow, and be

## Shima Capital
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 4
- Stages: Seed, Pre-Seed
- Focus: Blockchain, Cryptocurrency, Gaming

Shima Capital is an investment fund that focuses on supporting cutting-edge blockchain startups. The firm is headquartered in San Francisco, California, United States.

## Inventure
- Type: VC Fund
- Location: Helsinki, Southern Finland, Finland
- Relevant deals: 4
- Stages: Seed, Series A
- Focus: Software, Information Technology, Health Care

Since 2005, Inventure has backed over 90 companies including Wolt, Swappie, Jobbatical, aiMotive, and more.

## Contriber Ventures
- Type: VC Fund
- Location: Tartu, Tartumaa, Estonia
- Relevant deals: 4
- Stages: Seed, Angel, Series A
- Focus: Software, Apps, 3D Technology

.Cocoon | Hubs | Investments

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