# Top 20 Manufacturing VC (Venture Capital) Funds in Estonia in May 2026

## Thorgate Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 3
- 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

## Change Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- 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.

## 42CAP
- Type: VC Fund
- Location: Munich, Bayern, Germany
- Relevant deals: 2
- Stages: Seed, Series A, Series B
- Focus: Software, SaaS, Artificial Intelligence

42CAP is a seed stage investment firm based in Munich, Germany.
They initially invest € 0.5 to 1.5m in seed-stage tech- and data-driven companies across Europe with global ambition.With eCircle they previously built one of Europe’s largest SaaS companies and sold the profitable business to Teradata (NYSE:TDC) in 2012.

## Ambient Sound Investments
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 2
- 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.

## Prototron
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Grant
- Focus: Art, Mobile, Printing

Prototron is a start-up fund that gives money to teams for turning their great ideas into the first working prototype. Founded in 2012 by Swedbank, Tallinn Technical University and Tallinn Science Park Tehnopol. We finance teams with high growth potential in areas of Greentech, Electronics, Mechatronics and ICT. We run 3-4 rounds of financingevery year. During last 5 years we've funded 58 startups with over 470'000€ in cash + coaching/incubation services. Our protfolio has generated >4,5 M€ revenue and raised >17'000'000€ capital. These results make Prototron the most productive pre-seed fund in Estonia. Do you want to be part of the success? We seek for:
*) New start-up teams who need money for building a prototype. Apply for funding: www.prototron.ee
*) Additional partners who want to be part of Estonia's next success stories.

## Tallinn University of Technology
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1

Tallinn University of Technology.

## Crosslight Partners
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed
- Focus: Biotechnology, B2B, Medical

Crosslight Partners is a growth equity firm. The firm invests in the environment, healthcare, impact, and technology sectors across Europe.

## Tera Ventures
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- 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.

## Vestman Energia
- Type: VC Fund
- Location: Viljandi, Viljandimaa, Estonia
- Relevant deals: 1
- 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.

## Superhero Capital
- Type: VC Fund
- Location: Helsinki, Southern Finland, Finland
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, Internet

Early-stage VC searching for the next Superheroes.

## Ministry of Economic Affairs and Communications for Estonia
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: CleanTech, GreenTech, Manufacturing

The Ministry of Economic Affairs and Communications intends to promote Estonian enterprises' efficiency and people's prosperity.It also encourages entrepreneurship to have a justifiable price for the efficient transport system, a developing information society, and environmentally friendly energy supply.It was headquartered inTallinn, Harjumaa.

## Bangladesh Angels
- Type: VC Fund
- Location: Dhaka, Dhaka, Bangladesh
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Angel
- Focus: Supply Chain Management, Fashion, SaaS

Bangladesh Angels operates as an angel investing platform. Its mission to nurture innovation and entrepreneurship in Bangladesh, connecting them to both local and global investors.
Bangladesh Angels was founded in 2018 and is headquartered in Dhaka, Bangladesh.

## Superangel
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- 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

## Kaamos
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: CleanTech, GreenTech, Manufacturing

Kaamos is an investment management firm that invests in the construction, real estate, energy sector, and wood industry.

## EstBAN
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- 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

## Specialist VC
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Seed, Pre-Seed
- Focus: Information Technology, Software, FinTech

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

## BADideas.fund
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed, Pre-Seed
- Focus: SaaS, FinTech, Software

We are comfortable being the first money in the round. 
Here is how we help founders, what we look for when investing and how to apply:

## Lemonade Stand
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- 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.

## Opus11 VC
- Type: VC Fund
- Location: Tallinn, Harjumaa, Estonia
- Relevant deals: 1
- Stages: Seed, Pre-Seed
- Focus: Battery, Electronics, Manufacturing

Opus11 VC is an Investment firm.

## Atomico
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 1
- Stages: Series A, Series B, Series C
- Focus: Software, Information Technology, Artificial Intelligence

Atomico invests in innovative technology companies around the world.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co