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

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Thorgate Ventures | 3 | Estonia, United Kingdom, Norway | Seed, Pre-Seed | Software, SaaS, Information Technology |
| Change Ventures | 2 | Estonia, Lithuania, United States | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| 42CAP | 2 | Germany, France, Sweden | Seed, Series A, Series B | Software, SaaS, Artificial Intelligence |
| Ambient Sound Investments | 2 | Estonia, United States, United Kingdom | Seed, Series A | Internet, Software, E-Commerce |
| Prototron | 1 | Estonia | Grant | Art, Mobile, Printing |
| Tallinn University of Technology | 1 |  |  |  |
| Crosslight Partners | 1 | Sweden, Estonia | Seed | Biotechnology, B2B, Medical |
| Tera Ventures | 1 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, Artificial Intelligence, E-Commerce |
| Vestman Energia | 1 | Estonia | Seed, Pre-Seed | Water, Software, Logistics |
| Superhero Capital | 1 | Finland, Estonia, Lithuania | Seed, Pre-Seed, Series A | Software, Information Technology, Internet |
| Ministry of Economic Affairs and Communications for Estonia | 1 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| Bangladesh Angels | 1 | Bangladesh, India, Estonia | Seed, Pre-Seed, Angel | Supply Chain Management, Fashion, SaaS |
| Superangel | 1 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, FinTech |
| Kaamos | 1 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| EstBAN | 1 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Angel | Software, Information Technology, EdTech |
| Specialist VC | 1 | Estonia, United Kingdom, United States | Seed, Pre-Seed | Information Technology, Software, FinTech |
| BADideas.fund | 1 | Latvia, Estonia, Ukraine | Seed, Pre-Seed | SaaS, FinTech, Software |
| Lemonade Stand | 1 | Estonia, India, Poland | Seed, Pre-Seed, Angel | Software, SaaS, FinTech |
| Opus11 VC | 1 | Estonia | Seed, Pre-Seed | Battery, Electronics, Manufacturing |
| Atomico | 1 | United States, United Kingdom, Germany | Series A, Series B, Series C | Software, Information Technology, Artificial Intelligence |

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