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Top 50 Software Startup Investors in Estonia (May 2026)

The most active venture capital funds and angel investors investing in Estonia Software startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Estonia Software startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Superangel
VC Fund
18 Estonia, United States, Finland Seed, Pre-Seed, Series A Artificial Intelligence, Software, FinTech $161k–$6.9M
Tera Ventures
VC Fund
16 Estonia, United States, United Kingdom Seed, Series A, Pre-Seed Software, Artificial Intelligence, E-Commerce $120k–$10M
Specialist VC
VC Fund
16 Estonia, United Kingdom, United States Seed, Pre-Seed Information Technology, Software, FinTech $214k–$2.5M
Icebreaker.vc
VC Fund
14 Finland, Estonia, Sweden Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $54k–$16M
Jaan Tallinn
Angel
12 United States, Estonia, United Kingdom Seed, Series A Software, Artificial Intelligence, Internet $386k–$10M
Lemonade Stand
VC Fund
11 Estonia, India, Poland Seed, Pre-Seed, Angel Software, SaaS, FinTech $222k–$2.1M
Change Ventures
VC Fund
10 Estonia, Lithuania, United States Seed, Pre-Seed, Series A Software, Information Technology, Apps $107k–$3M
Spring Capital
VC Fund
9 Estonia, Finland, United Kingdom Seed, Pre-Seed, Series A Software, E-Commerce, SaaS $305k–$2.4M
Martin Villig
Angel
8 Estonia, Spain, South Africa Seed, Angel, Pre-Seed Software, Information Technology, Education $113k–$1.3M
Sten Tamkivi
Angel
8 Estonia, United States, United Kingdom Seed, Pre-Seed, Series A Software, Financial Services, Artificial Intelligence $386k–$1M
Thorgate Ventures
VC Fund
8 Estonia, United Kingdom, Norway Seed, Pre-Seed Software, SaaS, Information Technology $21k–$696k
Ragnar Sass
Angel
7 Estonia, United States, United Kingdom Pre-Seed, Seed Software, Information Technology, SaaS $107k–$6.5M
Karma Ventures
VC Fund
7 Estonia, Sweden, Finland Series A, Seed, Series B Software, Artificial Intelligence, Information Technology $536k–$30M
Martin Tajur
Angel
7 Estonia, Poland, Ukraine Pre-Seed, Seed, Angel Software, SaaS, Recruiting $482k–$500k
TMT Investments
VC Fund
7 United States, United Kingdom, Estonia Seed, Series A Software, SaaS, Social Media $200k–$10M
Kristjan Raude
Angel
7 Estonia, United States Seed, Pre-Seed, Equity Crowdfunding Consumer Electronics, Internet of Things, Software $70k–$2.7M
Martin Henk
Angel
6 Estonia, United States, United Kingdom Pre-Seed, Seed, Angel Software, SaaS, Information Technology $375k–$1.2M
Gorilla Capital
VC Fund
6 Finland, Estonia, Sweden Pre-Seed, Seed, Series A Software, Information Technology, SaaS $150k–$680k
Trind Ventures
VC Fund
6 Estonia, Finland, Latvia Seed, Series A Software, Information Technology, Analytics $214k–$6.9M
Andrus Purde
Angel
6 Estonia, United Kingdom, Cyprus Seed, Pre-Seed Software, Public Transportation, Internet $100k–$1.1M
Timo Rein
Angel
6 Estonia, Finland, United Kingdom Seed, Angel, Convertible Note Software, Artificial Intelligence, Human Resources
Kristjan Vilosius
Angel
5 Estonia, South Africa, United States Seed, Angel, Pre-Seed Software, Information Technology, E-Commerce $1M–$3M
Kaarel Kotkas
Angel
5 Estonia, United Kingdom Seed, Series A, Angel Gaming, Software, 3D Technology $573k–$2.7M
Ahti Heinla
Angel
4 Estonia, United States Seed, Angel, Series A Internet, Project Management, Software $90k–$2.3M
Taavet Hinrikus
Angel
4 United Kingdom, United States, Estonia Seed, Series A, Series B FinTech, Financial Services, Software $910k–$50M
Tiny VC
VC Fund
4 United Kingdom, Germany, United States Seed, Pre-Seed, Series A Software, SaaS, Artificial Intelligence $733k–$3.2M
Peep Vain
Angel
4 Estonia Seed, Angel Software, Genetics, Recruiting
LIFT99
VC Fund
4 Estonia, United Kingdom, El Salvador Pre-Seed, Seed, Series A Software, Information Technology, Legal $800k–$1.1M
Passion Capital
VC Fund
4 United Kingdom, United States, Estonia Seed, Series A, Series B Software, FinTech, Financial Services $369k–$26M
Märt Kelder
Angel
4 Estonia, Bangladesh, The Netherlands Seed, Angel, Pre-Seed Public Transportation, Software, Apps $100k–$321k
Earlybird Venture Capital
VC Fund
4 Germany, United States, United Kingdom Series A, Seed, Series B Software, Information Technology, Health Care $1.2M–$40M
Contriber Ventures
VC Fund
4 Estonia, Finland, Germany Seed, Angel, Series A Software, Apps, 3D Technology $964k–$2.1M
Zenith Family Office
VC Fund
4 Estonia, United States Pre-Seed Commercial Real Estate, SaaS, B2B
Mikko Silventola
Angel
4 Estonia, United States, Finland Seed, Pre-Seed, Angel E-Commerce, Transportation, Apps $38k–$2.7M
Metaplanet Holdings
VC Fund
4 United States, United Kingdom, Estonia Seed, Series A, Series B Artificial Intelligence, Software, Machine Learning $2.4M–$103M
Black Pearls VC
VC Fund
3 Poland, United States, United Kingdom Seed, Pre-Seed Software, Artificial Intelligence, FinTech $60k–$1.6M
Iron Wolf Capital
VC Fund
3 Lithuania, Estonia, United Kingdom Seed, Pre-Seed, Series A Software, Infrastructure, Manufacturing $120k–$6.9M
Taavi Kotka
Angel
3 Estonia Pre-Seed, Seed, Angel Electronics, Battery, FinTech
Union Square Ventures
VC Fund
3 United States, United Kingdom, Germany Series A, Series B, Series C Software, Financial Services, FinTech $3M–$62M
LD Capital
VC Fund
3 United States, Singapore, United Kingdom Seed, Initial Coin Offering Blockchain, Cryptocurrency, Gaming $1.2M–$16M
Ukrainian Startup Fund
VC Fund
3 Ukraine, United States, Estonia Pre-Seed, Seed, Grant Software, Information Technology, SaaS $25k–$50k
Marek Kiisa
Angel
3 Estonia, United States, Finland Seed, Series A, Pre-Seed Software, Information Technology, Artificial Intelligence $161k–$11M
Alvar Lumberg
Angel
3 Estonia Seed Software, FinTech, GreenTech
Veljo Toodo
Angel
3 Estonia Angel, Pre-Seed Apps, Fitness, Software
EstBAN
VC Fund
3 Estonia, Latvia, Lithuania Seed, Pre-Seed, Angel Software, Information Technology, EdTech $193k–$1.5M
hi VC
Angel
3 Turkey, Estonia, United States Seed, Pre-Seed Software, Artificial Intelligence, Information Technology
Andres Kull
Angel
3 Estonia Seed, Series A AgTech, Farming, Software $536k–$546k
Inventure
VC Fund
3 Finland, Sweden, Denmark Seed, Series A Software, Information Technology, Health Care $482k–$12M
Creandum
VC Fund
3 Sweden, Germany, United States Series A, Seed, Series B Software, Information Technology, Mobile $450k–$54M
Kuido Lepik
Angel
3 Estonia Seed, Pre-Seed Apps, GPS, Pet $40k–$340k
Access all 256 investors in Estonia Software startups.

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822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

Superangel
VC Fund · Tallinn, Harjumaa, Estonia · 18 investments in Estonia Software startups

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

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Investment focus

  • Industry: Artificial Intelligence, Software, FinTech
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United States, Finland

Investor stats

  • Total investments: 61
  • Round size: Seed $536k–$3.5M; Pre-Seed $161k–$1M; Series A $5.4M–$6.9M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: Likely still investing — raised $33M in 2022

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • Koos — KOOS is a simple legal and technological solution for motivating and rewarding your community. Boost your growth by sharing success.
  • Doublepoint — Solving Next-Generation Interactions. Doublepoint provides future computing platforms more intuitive, robust and versatile interactions.
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Tera Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 16 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Artificial Intelligence, E-Commerce
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 49
  • Round size: Seed $536k–$2.7M; Pre-Seed $120k–$1M; Series A $1.2M–$10M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • Avokaado — We automate contracts to take over your manual work. All-in-one toolbox for everyone in an organization to automate, negotiate, sign, and manage contracts. Customer contracts, employment agreements, investor agreements, and others are all fully automated.
  • AI Clearing — Full digital field construction progress tracking. To decrease re-work cost. To mitigate litigation risk. 100% databased.
  • Miros — Elevate the experience with Wordless Search for ecommerce. Mirror your shoppers intent and surface the products they have in mind.
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Specialist VC
VC Fund · Tallinn, Harjumaa, Estonia · 16 investments in Estonia Software startups, 8 in the past 12 months

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

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Investment focus

  • Industry: Information Technology, Software, FinTech
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, United States

Investor stats

  • Total investments: 41
  • Round size: Seed $214k–$2.5M; Pre-Seed $321k–$2.1M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • VOOL — VOOL is a one-stop shop for uninterrupted EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
  • AskToSell — Companies grow revenue faster using AskToSell to automate sales for small deal sizes. Curious how? Get started with a 7-day free trial. Close Small Deals On Autopilot.
  • Vok Bikes — E-cargo bicycles perfect for last-mile deliveries and business use cases in the city. Vok Bikes develops and produces electric cargo bikes in Europe.
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Icebreaker.vc
VC Fund · Helsinki, Southern Finland, Finland · 14 investments in Estonia Software startups, 11 in the past 12 months

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.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Finland, Estonia, Sweden

Investor stats

  • Total investments: 98
  • Round size: Seed $375k–$5.2M; Pre-Seed $54k–$857k; Series A $2.7M–$16M
  • Lead/follow: 58% lead, 42% follow
  • Last fund: May invest from a new fund soon — raised $21M in 2021

Portfolio highlights

  • Aibidia — Discover the Aibidia TXM Platform and our digital transfer pricing applications, eliminating billions of euros in tax inefficiencies and risks.
  • Fixably — Fixably is the repair management solution to seamlessly connect all users, from the end customer to the technician, and all repair systems within your service business.
  • IPRally — Improve your invalidity, patentability and FTO searches. Easy-to-use patent search web application, powered by unique AI knowledge graph technology.
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Jaan Tallinn
Angel · Tallinn, Harjumaa, Estonia · 12 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Artificial Intelligence, Internet
  • Stage:Seed, Series A
  • Geography: United States, Estonia, United Kingdom

Investor stats

  • Total investments: 59
  • Round size: Seed $386k–$2.5M; Series A $3.3M–$10M
  • Lead/follow: 5% lead, 95% follow

Portfolio highlights

  • Aerones — Robotic wind turbine service company offering maintenance, inspection and repairs worldwide. Reduce downtime and improve the efficiency of your wind park
  • Anthropic — An AI safety and research company that's working to build reliable, interpretable, and steerable AI systems.
  • TENYX — Tenyx is developing the next generation of voice-based intelligent systems based on proprietary neuroscience-inspired AI technology
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Lemonade Stand
VC Fund · Tallinn, Harjumaa, Estonia · 11 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, SaaS, FinTech
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, India, Poland

Investor stats

  • Total investments: 26
  • Round size: Seed $375k–$2.1M; Angel $482k–$643k; Pre-Seed $222k–$2.1M
  • Lead/follow: 15% lead, 85% follow

Portfolio highlights

  • Wowflow — Wowflow is a mobile-first collaboration and workflow for facility maintenance teams.
  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
  • Value.Space — Space based risk assessments & monitoring
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Change Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 10 investments in Estonia Software startups, 7 in the past 12 months

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

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Investment focus

  • Industry: Software, Information Technology, Apps
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Lithuania, United States

Investor stats

  • Total investments: 46
  • Round size: Seed $321k–$3M; Pre-Seed $107k–$2.1M
  • Lead/follow: 59% lead, 41% follow
  • Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

  • Algori — Improving FMCG growth with the fastest and most granular insights from 45,000 shoppers in Spain
  • Aerones — Robotic wind turbine service company offering maintenance, inspection and repairs worldwide. Reduce downtime and improve the efficiency of your wind park
  • Trace.Space — Engineers develop complex products 10x faster with Trace.Space. Requirements management for the next generation
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Spring Capital
VC Fund · Tallinn, Harjumaa, Estonia · 9 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, E-Commerce, SaaS
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, Finland, United Kingdom

Investor stats

  • Total investments: 22
  • Round size: Seed $305k–$2.4M; Pre-Seed $536k–$586k
  • Lead/follow: 23% lead, 77% follow
  • Last fund: May invest from a new fund soon — raised $3.5M in 2018

Portfolio highlights

  • Uniify — Uniify is a no-code customer onboarding software that makes it fast, easy and secure for financial companies to onboard their customers. Save your business time and money, and build onboarding flows for your customers in minutes instead of months.
  • FoodDocs — Globally trusted Food Safety Management System to get and stay compliant. #1 Food Safety software for production, food service, and retail.
  • EyeVi Technologies — EyeVi is a provider of road network intelligence with AI-powered on-demand mapping technologies.
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Martin Villig
Angel · Tallinn, Harjumaa, Estonia · 8 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Information Technology, Education
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, Spain, South Africa

Investor stats

  • Total investments: 20
  • Round size: Seed $500k–$1.3M; Angel $113k–$643k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Planet42 — Having your own car has never been easier. Planet42 is a vehicle rental company offering rent-to-buy car service for private clients.
  • Mentornaut — Mentornaut is a new online tutoring platform is aiming to increase inclusion in personalized education and counts Super angel, United Angels VC, and a list of EdTech advocates like Bolt co-founder Martin Villig, and Clanbeat co-founder Kadri Tuisk among its investors.
  • StudentFinance — Catapult your career with leading re-skilling and up-skilling bootcamps. Study now and pay us back once you land a job & start earning!
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Sten Tamkivi
Angel · San Francisco, California, United States · 8 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Financial Services, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 33
  • Round size: Seed $386k–$1M
  • Lead/follow: 18% lead, 82% follow

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • Katana — Katana gives thousands of manufacturers a live look at their business with visual, intuitive, and easy-to-use ERP software.
  • Entrepreneur First — We are the best place for the world's most ambitious talent to come together and build game-changing technology startups from scratch.
Show all investments...

Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

Browse database — It's Free!
Thorgate Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 8 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Norway

Investor stats

  • Total investments: 16
  • Round size: Seed $21k–$696k; Pre-Seed $134k–$482k
  • Lead/follow: 25% lead, 75% follow

Portfolio highlights

  • Waybiller — Waybiller is an e-waybill software that helps you create and store your digital waybills and track your vehicles carrying freight.
  • U24 Solutions — U24 Solutions is a software development studio specializing in the creation of immersive experiences through virtual reality. We make real-time, room-scale simulations, employing stunning realism and custom libraries of hyper-detailed 3D objects and environments optimized for the VR experience.
  • Hepta Airborne — Hepta provides automated power grid management and analysis using autonomous drones and powerful analytics software. Visit our website to find out more!
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Ragnar Sass
Angel · 7 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Pre-Seed, Seed
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 30
  • Round size: Seed $800k–$6.5M; Pre-Seed $107k–$500k
  • Lead/follow: 3% lead, 97% follow

Portfolio highlights

  • Alvin — Highly accurate, automated column-level lineage, powering your data workflows.
  • BeTRITON — 100% electric recreational vehicle - revolution in sustainable travel. BeTRITON (formerly known as Z-Triton) offers extraordinary experience and freedom to travel both over land and water.
  • Around — The largest network of workspaces on flexible terms. We are a savvy team from Latin America providing fast-growing companies with on-demand access to flexible office space. Everywhere.We believe work at its best is always creative and collaborative, expressed with freedom, autonomy, and purpose; and the space surrounding us should help us achieveit, anywhere & everywhere.We are shaping the future of work today by improving workspaces and the rules around them, and helping innovative teams find their ideal space to make their best work every day — our first step on a journey to change the way we work and think about work.Our best work. Anywhere. Everywhere. We are Around.
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Karma Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Series A, Seed, Series B
  • Geography: Estonia, Sweden, Finland

Investor stats

  • Total investments: 36
  • Round size: Seed $536k–$4.3M; Series A $4.8M–$16M; Series B $3.2M–$30M
  • Lead/follow: 58% lead, 42% follow
  • Last fund: Likely still investing — fund raised in 2021

Portfolio highlights

  • Commsignia — Commsignia specializes in the research and development, manufacturing and distribution of cooperative intelligent transportation systems. Its product line includes a V2X Communication Software Stack and Commsignia’s own security stack implementation, Hybrid V2X/ADAS Safety Applications, a V2X Simulator, On-Board Units (OBU) and Roadside Units(RSU).The company was founded in 2012 and is headquartered in Santa Clara, California.
  • DRUID — DRUID is an AI platform that allows companies to automate processes by designing and deploying UiPath RPA integrated chatbot virtual assistants.
  • Jobbatical — Jobbatical takes care of the entire relocation process for you. Just sit back and relax.
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Martin Tajur
Angel · Tallinn, Harjumaa, Estonia · 7 investments in Estonia Software startups

Martin Tajur is the co-founder of Pipedrive.

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Investment focus

  • Industry: Software, SaaS, Recruiting
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, Poland, Ukraine

Investor stats

  • Total investments: 16
  • Round size: Pre-Seed $482k–$500k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • YuMuuv — YuMuuv is an employee wellness platform that uses science-based formulas to capture data and keeps track of physical activity & leaderboard.
  • MX Labs — Allow your user to comprehensively monitor their vital signs. Check wellbeing, prevent misdiagnosis, and motivate lifestyle changes thanks to Shen.AI.
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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TMT Investments
VC Fund · St. Helier, NA - Jersey, Jersey · 7 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, SaaS, Social Media
  • Stage:Seed, Series A
  • Geography: United States, United Kingdom, Estonia

Investor stats

  • Total investments: 99
  • Round size: Seed $200k–$5M; Series A $1M–$10M
  • Lead/follow: 30% lead, 70% follow
  • Last fund: May invest from a new fund soon — raised $60M in 2017

Portfolio highlights

  • Feel — We make the cleanest, potent supplements in the world. Delivered straight to your door. Designed by nutritionists for energy, sleep, stress and hair, skin & nails.
  • Whizz — My Device is a subscription-based rental service provider for devices like electric scooters, bicycles, home sports equipment, etc.
  • Mobilo Card — Share your contact details with a tap. The best digital business card for teams. This is a real business card, no app. The best and cheapest digital business card.
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Kristjan Raude
Angel · 7 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Consumer Electronics, Internet of Things, Software
  • Stage:Seed, Pre-Seed, Equity Crowdfunding
  • Geography: Estonia, United States

Investor stats

  • Total investments: 13
  • Round size: Seed $477k–$1.3M; Pre-Seed $70k–$536k; Equity Crowdfunding $164k–$2.7M
  • Lead/follow: 31% lead, 69% follow

Portfolio highlights

  • Askly — Add multilingual chat to any site in 2 minutes. Providing multilingual customer support is easy and affordable. Start a 30-day free trial today.
  • Snabb — Barking delights vehicle owners by enabling services such as parking, washing, charging, and fuelling from one user-friendly and convenient interface- the Barking App. Browse, book, navigate, start, pay, review and manage your vehicle services from one easy-to-use App.Founded in 2015, we've grown from a Tallinn-based private parking App toan international platform that serves over 50,000 users in 10 markets on a monthly basis.We are constantly working towards connecting all vehicle service providers to our platform and thus enabling the ultimate convenience and simplicity to vehicle owners.
  • Promoty — Influencer marketing platform that helps you to find creators, manage influencer relationships, and save time on influencer marketing. Get started here!
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Martin Henk
Angel · San Francisco, California, United States · 6 investments in Estonia Software startups

Martin Henk is the Co-founder of Pipedrive.

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Investment focus

  • Industry: Software, SaaS, Information Technology
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia, United States, United Kingdom

Investor stats

  • Total investments: 19
  • Round size: Seed $375k–$1.2M; Pre-Seed $482k–$1.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Baserow — Self hosted open source no-code database and Airtable alternative. Baserow gives you the powers of a developer without leaving your browser.
  • Breyta — Unify your customer and user data to get actionable insights throughout your customer lifecycle.
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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Gorilla Capital
VC Fund · 6 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Finland, Estonia, Sweden

Investor stats

  • Total investments: 43
  • Round size: Seed $268k–$536k; Pre-Seed $150k–$680k
  • Lead/follow: 70% lead, 30% follow
  • Last fund: May invest from a new fund soon — raised $16M in 2017

Portfolio highlights

  • Xiphera — Xiphera is a Finnish company designing hardware-based security solutions using standardised cryptographic algorithms.
  • Jungle AI — Jungle uses artificial intelligence to predict component failure, and poor performance in an advanced asset management software.
  • Upsy Company — Discover Upsy, the AI-powered online shopping assistant designed to transform your webshop into a sales powerhouse. Boost your conversion rates, improve customer service, and amplify your online sales with Upsy's innovative features today
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Trind Ventures
VC Fund · Tallinn, Harjumaa, Estonia · 6 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Information Technology, Analytics
  • Stage:Seed, Series A
  • Geography: Estonia, Finland, Latvia

Investor stats

  • Total investments: 20
  • Round size: Seed $214k–$4.8M; Series A $5.4M–$6.9M
  • Lead/follow: 29% lead, 71% follow
  • Last fund: May invest from a new fund soon — last raise in 2018

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • eAgronom — eAgronom helps farmers generate additional revenue streams, improve soil quality, and access better financing.
  • My Telescope — My Telescope is the Share of Search analytics tool marketers use to track campaigns and build data-driven branding strategies.
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Andrus Purde
Angel · 6 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Public Transportation, Internet
  • Stage:Seed, Pre-Seed
  • Geography: Estonia, United Kingdom, Cyprus

Investor stats

  • Total investments: 10
  • Round size: Seed $100k–$1.1M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Avrio — Capture and share data analysis, user research, and learnings directly in context, with your team.
  • Klaus — Hypergrowth companies use Klaus to run an effective customer service QA process, coach agents, and boost retention.
  • SegmentStream — SegmentStream is a data intelligence platform which helps collect and unify from different data sources into own data warehouse for advanced analytics and attribution. Our solution is trusted by leading brands such as Benetton, Nespresso, New Balance, myToys, Eventim Group, and others.
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Timo Rein
Angel · New York, New York, United States · 6 investments in Estonia Software startups

Timo Rein - Co-Founder @ Pipedrive

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Investment focus

  • Industry: Software, Artificial Intelligence, Human Resources
  • Stage:Seed, Angel, Convertible Note
  • Geography: Estonia, Finland, United Kingdom

Investor stats

  • Total investments: 10
  • Lead/follow: 30% lead, 70% follow

Portfolio highlights

  • YuMuuv — YuMuuv is an employee wellness platform that uses science-based formulas to capture data and keeps track of physical activity & leaderboard.
  • Antegenes — What is your cancer risk? Let Antegenes have a look at your genetics. Use existing DNA data or have Antegens take a new sample.
  • Bidrento — With Bidrento you can easily manage PRS, Built-to-rent, Student Housing, Co-Living, Mini-Storages, Commercial real estate in one single software. Save your time and grow your business with Bidrento. Try it already today!
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Kristjan Vilosius
Angel · 5 investments in Estonia Software startups

Kristjan Vilosius - Co-Founder and CEO @ Katana

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, South Africa, United States

Investor stats

  • Total investments: 9
  • Round size: Seed $1M–$3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • Klaus — Hypergrowth companies use Klaus to run an effective customer service QA process, coach agents, and boost retention.
  • Modash.io — High performing marketing teams use Modash to find, analyze and monitor influencers at scale all over the world. Join them today.
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Kaarel Kotkas
Angel · 5 investments in Estonia Software startups

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

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Investment focus

  • Industry: Gaming, Software, 3D Technology
  • Stage:Seed, Series A, Angel
  • Geography: Estonia, United Kingdom

Investor stats

  • Total investments: 8
  • Round size: Seed $573k–$2.7M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • Yera — Improve quality of support, sales, on-time delivery, time tracking and more. The only fully automated all-in-one engagement & reward system for teams. Results in just 30 days (or less).
  • Yera — Visualize agent performance. Gamify work and plant real trees. High-growth companies use Yera to empower their agents, improve KPIs, and reduce their carbon footprint. Agents can deliver their best work, feel motivated, and help save the planet.
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Ahti Heinla
Angel · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Internet, Project Management, Software
  • Stage:Seed, Angel, Series A
  • Geography: Estonia, United States

Investor stats

  • Total investments: 7
  • Round size: Seed $90k–$2.3M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Fleep — Fleep is a web, Android, iOS, Mac and Windows app that wants to bridge the gap between ‘reply all’-style group email and enterprise messaging/IM services.Founded by ex-Skypers, Fleep is a messaging service that fills the gap between email and various IM/texting services. They take email’s ability to contact anyone and marry it withreal-time messaging.They are based in Estonia, with offices in Tallinn and Tartu. Their services are hosted on Amazon EC2 in Dublin, Ireland.
  • LIFT99 — 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.
  • Swap.com — Swap is an online consignment and thrift store shop high-quality secondhand clothes. Shop the best brands at up to 90% off.
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Taavet Hinrikus
Angel · London, England, United Kingdom · 4 investments in Estonia Software startups

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.

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Investment focus

  • Industry: FinTech, Financial Services, Software
  • Stage:Seed, Series A, Series B
  • Geography: United Kingdom, United States, Estonia

Investor stats

  • Total investments: 109
  • Round size: Seed $910k–$7.5M; Series A $5M–$31M; Series B $50M–$50M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Meatable — Meatable is a food production company that produces real and guilt-free meat. With one cell, they are revolutionizing the meat industry's impact on climate change and animal welfare. At the same time they increase food security, without compromising the culinary experience of eating tasty, real meat. They aim to satisfy the world'sappetite for meat without harming people, animals, and the planet.It was founded in 2018 and is headquartered in Delft, South Holland, The Netherlands.
  • Open Cosmos — Driven by the vision of making space accessible to anyone, Open Cosmos provides simple and affordable space missions.Open Cosmos went from design to delivery of qb01, their first nanosatellite, in only four months, followed by a launch and deployment in LEO early April 2017. They are currently working with innovative payload developers towardsin-orbit demonstration and constellation deployment to enable services ranging from remote sensing to maritime domain awareness and machine-to-machine communications.
  • Unearthly Materials — Unearthly Materials is a transformative materials company focused on delivering practical room-temperature superconductors and powering the century of superconductivity.
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Tiny VC
VC Fund · San Francisco, California, United States · 4 investments in Estonia Software startups, 20 in the past 12 months

Backing great companies when they're tiny

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Investment focus

  • Industry: Software, SaaS, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United Kingdom, Germany, United States

Investor stats

  • Total investments: 90
  • Round size: Seed $1M–$3.2M; Pre-Seed $733k–$1.8M
  • Lead/follow: 1% lead, 99% follow

Portfolio highlights

  • PartyKit — PartyKit is an open source deployment platform for AI agents.
  • Metergrid — Metergrid is a developer of SaaS products for specific problems in decentralized energy systems. They offer a market-leading automated cloud solution for the profitable realization, management, and billing of tenant power projects and charging infrastructure.
  • Opna — Opna is a financing platform for climate projects that remove carbon and protect natural ecosystems. Opna offers data, proprietary risk assessments, and efficient capital structures, helping companies to translate net-zero committed capital from financial institutions, and corporates into direct financing across a project's lifecycle.
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Peep Vain
Angel · 4 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Genetics, Recruiting
  • Stage:Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Antegenes — What is your cancer risk? Let Antegenes have a look at your genetics. Use existing DNA data or have Antegens take a new sample.
  • Bisly — Bisly is the only truly scalable intelligent building solution, built around the mission of making saving evergy simple and affordable to all.
  • Bidrento — With Bidrento you can easily manage PRS, Built-to-rent, Student Housing, Co-Living, Mini-Storages, Commercial real estate in one single software. Save your time and grow your business with Bidrento. Try it already today!
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LIFT99
VC Fund · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Information Technology, Legal
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Estonia, United Kingdom, El Salvador

Investor stats

  • Total investments: 9
  • Round size: Seed $800k–$1.1M
  • Lead/follow: 22% lead, 78% follow

Portfolio highlights

  • Patchstack — Protect websites from plugin vulnerabilities with Patchstack. Be first to receive protection from new security vulnerabilities.
  • AXDRAFT — AXDRAFT offers on-demand automation of legal processes for enterprise customers, helping them to draft legal documents 10 times faster and avoid mistake. The biggest advantage of AXDRAFT is the ability to roll-out tailored automation for the customer in one week at no cost to the customer. AXDRAFT works with companies, like Carlsberg, BritishAmerican Tobacco, OLX and many other international brands.
  • Legal Nodes — Offload your legal tasks to a virtual legal department and get on with running your business. Get started with the Legal Nodes platform for free.
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Passion Capital
VC Fund · London, England, United Kingdom · 4 investments in Estonia Software startups, 10 in the past 12 months

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

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Investment focus

  • Industry: Software, FinTech, Financial Services
  • Stage:Seed, Series A, Series B
  • Geography: United Kingdom, United States, Estonia

Investor stats

  • Total investments: 148
  • Round size: Seed $369k–$2.5M; Series A $1.6M–$12M; Series B $4.9M–$26M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • Atoa — Accept in-store payments using any UK Bank App. Merchants save up-to 70% versus cards and get paid faster. Sign-up in three minutes.
  • BoomFi — All-in-one solution to send, accept and convert crypto payments. Fast multi-chain crypto and fiat settlement. Get started today.
  • Fertifa — Fertifa is an innovative employer benefit solution making fertility care more accessible and affordable.The company works with employers to offer a valuable employee benefit which bridges the gap between an employer and their employees when dealing with the sensitivity and privacy of employees’ reproductive issues. It also offers guidance andadvice, next-generation fertility treatment, and access to a range of holistic services for the best chance of success. The company was founded in 2019 and based in London, United Kingdom.
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Märt Kelder
Angel · Berlin, Berlin, Germany · 4 investments in Estonia Software startups

founder at Voog.

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Investment focus

  • Industry: Public Transportation, Software, Apps
  • Stage:Seed, Angel, Pre-Seed
  • Geography: Estonia, Bangladesh, The Netherlands

Investor stats

  • Total investments: 6
  • Round size: Seed $100k–$321k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Jatri — Jatri is a public transport journey planner, digital ticketing and mobility marketplace, driving productivity by helping drivers to offer reliable transport to the commuters through our state-of-the-art technology.
  • FoodDocs — Globally trusted Food Safety Management System to get and stay compliant. #1 Food Safety software for production, food service, and retail.
  • Detail — Record and edit engaging video faster with the simplicity of a camera app combined with the power of a video editor.
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822 industries, 177 countries. Updated daily. Emails and phones included.

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Earlybird Venture Capital
VC Fund · Berlin, Berlin, Germany · 4 investments in Estonia Software startups, 23 in the past 12 months

Founded in 1997, Earlybird invests in all development and growth phases of technology companies. Among the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources but also strategic support plus access to an international network and capital markets. With EUR 2 billion under management,eight IPOs and 30 trade sales, Earlybird is one of the most established and active venture capital firms in Europe.

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Series A, Seed, Series B
  • Geography: Germany, United States, United Kingdom

Investor stats

  • Total investments: 247
  • Round size: Seed $1.2M–$14M; Series A $2M–$26M; Series B $4.8M–$40M
  • Lead/follow: 47% lead, 53% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • Binalyze — Binalyze enhances all your digital forensics and incident response processes at max speed.
  • ColibrITD — Quantum Computing Software Algorithm
  • Re-Fresh Global — Re-Fresh Global brings sustainability innovation into the manufacturing industry. Our patented biotechnology transforms textile waste into recycled raw materials: nanocellulose, ethanol, and sanitized textile pulp.
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Contriber Ventures
VC Fund · Tartu, Tartumaa, Estonia · 4 investments in Estonia Software startups

.Cocoon | Hubs | Investments

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Investment focus

  • Industry: Software, Apps, 3D Technology
  • Stage:Seed, Angel, Series A
  • Geography: Estonia, Finland, Germany

Investor stats

  • Total investments: 7
  • Round size: Seed $964k–$2.1M
  • Lead/follow: 14% lead, 86% follow

Portfolio highlights

  • Speakly — SPEAKLY is a powerful language learning tool
  • Timbeter — The most accurate and easy-to-use mobile platform with built-in cloud storage, online inventory & reporting for easy adoption. Using image recognition and machine learning technology, Timbeter is creating the world's largest database of photometrically scanned timber logs.
  • Ready Player Me — The Ready Player Me platform leverages AI, ML , and a suite of developer-first tools to empower developers to integrate avatars into their games and apps to launch faster, improve user adoption, and grow revenue through asset monetization.
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Zenith Family Office
VC Fund · 4 investments in Estonia Software startups

Independent wealth management company devoted to handling the investments and personal needs of wealthy individuals

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Investment focus

  • Industry: Commercial Real Estate, SaaS, B2B
  • Stage:Pre-Seed
  • Geography: Estonia, United States

Investor stats

  • Total investments: 5
  • Lead/follow: no public data

Portfolio highlights

  • Remato — Remato is a simple constuction timesheets app to track hours, check attendance and collect job photos. Do more with less.
  • Moderan — Moderan is an online software for commercial real estate lease lifecycle management and asset reporting. So easy, any team can start using it in a day. Get your lease and property information organised. Save time with automated reports and make sure no deadline is missed.
  • VideoCV.io — Spend less time reading stacks of resumes, and more time on finding the best fit for your company. VideoCV helps you increase your hiring productivity by streamlining your talent management processes.
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Mikko Silventola
Angel · 4 investments in Estonia Software startups

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.

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Investment focus

  • Industry: E-Commerce, Transportation, Apps
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, United States, Finland

Investor stats

  • Total investments: 15
  • Round size: Seed $193k–$2.7M; Angel $38k–$113k; Pre-Seed $338k–$1.5M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Cargofy — Cargofy it's a mobile assistant, kind of a "Siri" but for truck drivers. We help truckers access to high paying loads through our app, and receive discounts on fuel, maintenance, and truck parts.
  • Awesomic — Get matched with the best-fit designer on a fixed budget with no stress. Place a design task and see the first results on the next business day. Start today!
  • Montonio — 10x lower fees and the most customer-friendly financing solution.
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Metaplanet Holdings
VC Fund · Tallinn, Harjumaa, Estonia · 4 investments in Estonia Software startups, 12 in the past 12 months

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.

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Investment focus

  • Industry: Artificial Intelligence, Software, Machine Learning
  • Stage:Seed, Series A, Series B
  • Geography: United States, United Kingdom, Estonia

Investor stats

  • Total investments: 73
  • Round size: Seed $2.4M–$13M; Series A $4.8M–$100M; Series B $19M–$103M
  • Lead/follow: 18% lead, 82% follow

Portfolio highlights

  • Fhenix — End-to-End Encrypted Web3 Fhenix is the first blockchain powered by fully homomorphic encryption to bring Computation Over Encrypted Data to EVM smart contracts Join us Learn more A new, encrypted web is waiting for you Truly functional markets require end-to-end encryption. Fhenix rises to the challenge by unlocking unprecedented encryption capabilities in the public blockchain
  • SiPhox Health — SiPhox offers a handheld testing device with RNA/DNA and protein testing for point-of-care and At-Home solutions. The company's kit is made by multiplexing RNA, antibody, and antigen tests on a single silicon photonic chip which is amplified by plasmon resonance and silicon photonic resonator readout, enabling users to undertake tests fordisease safely and in a disposable point-of-care and at-home manner.SiPhox was founded in 2020 and is based in Cambridge, Massachusetts, USA.
  • Cognaize — Cognaize, an Intelligent Document Processing company, automates unstructured data with hybrid intelligence. Our data-centric AI platform facilitates meaningful cooperation of AI and humans.
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Black Pearls VC
VC Fund · Gdansk, Pomorskie, Poland · 3 investments in Estonia Software startups

Black Pearls VC is a venture capital firm focusing on Life Quality Technologies. We look for the best entrepreneurs in Poland and the Baltic Sea Region.

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Investment focus

  • Industry: Software, Artificial Intelligence, FinTech
  • Stage:Seed, Pre-Seed
  • Geography: Poland, United States, United Kingdom

Investor stats

  • Total investments: 50
  • Round size: Seed $161k–$1.6M; Pre-Seed $60k–$1M
  • Lead/follow: 71% lead, 29% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • Traxlo — We are at the technology and retail industries intersection. Our longtime experience in the industry taught us that only the right innovation has the potential to make a positive impact. Thus we aim to make our solutions as seamless as possible to be able to add only benefits to every worker who uses our apps and to every retail store manager whohas lots on her plate, day in, day out.
  • Tapline — Tapline turns your SaaS recurring revenues into fast, transparent and non dilutive growth capital.
  • HeavyFinance — A borderless lending marketplace, where farmers meet investors
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Iron Wolf Capital
VC Fund · Vilnius, Vilniaus Apskritis, Lithuania · 3 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Software, Infrastructure, Manufacturing
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Lithuania, Estonia, United Kingdom

Investor stats

  • Total investments: 28
  • Round size: Seed $321k–$1.9M; Pre-Seed $120k–$943k; Series A $4.6M–$6.9M
  • Lead/follow: 61% lead, 39% follow

Portfolio highlights

  • Speiz — Speiz is a platform that enables revenue generation and sales for companies through the renting of warehousing space.
  • Traxlo — We are at the technology and retail industries intersection. Our longtime experience in the industry taught us that only the right innovation has the potential to make a positive impact. Thus we aim to make our solutions as seamless as possible to be able to add only benefits to every worker who uses our apps and to every retail store manager whohas lots on her plate, day in, day out.
  • Repsense — Repsense is a data company that mimics user journeys and predicts reactions to content found in search results pages. any of the clients can use the Repsense Index to quickly assess their reputation and compare it to competitors across different geographies and user intents.
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Taavi Kotka
Angel · 3 investments in Estonia Software startups

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.

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Investment focus

  • Industry: Electronics, Battery, FinTech
  • Stage:Pre-Seed, Seed, Angel
  • Geography: Estonia

Investor stats

  • Total investments: 7
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Salv — Smart AML solutions. Detect and mitigate money laundering risks through advanced transaction monitoring, sanction screening, and KYC risk scoring.
  • VOOL — VOOL is a one-stop shop for uninterrupted EV Charging. Experience chargers that are reliable, save money, and look damn good. Made in Estonia.
  • Introwise — Introwise makes it easy for everyday experts to offer coaching and advice online.
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Union Square Ventures
VC Fund · New York, New York, United States · 3 investments in Estonia Software startups, 18 in the past 12 months

Union Square Ventures is a venture capital firm based in New York City.

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Investment focus

  • Industry: Software, Financial Services, FinTech
  • Stage:Series A, Series B, Series C
  • Geography: United States, United Kingdom, Germany

Investor stats

  • Total investments: 323
  • Round size: Series A $3M–$13M; Series B $5M–$35M; Series C $6M–$62M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • PayJoy — Looking for a phone or a cash loan? PayJoy gives you credit with few requirements and in minutes. No late fees charged.
  • Teamshares — One hundred percent close rate on LOIs. Committed capital with no financing contingency. Teamshares is the buyer of choice for your business listing. Request a buyer profile to learn more about us.
  • Lydian — Lydian aims to accelerate the decarbonization of the chemical industry by electrifying the chemical production process. Founded in 2021 by Branko Zugic, Lydian is headquartered in
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LD Capital
VC Fund · Shanghai, Shanghai, China · 3 investments in Estonia Software startups, 6 in the past 12 months

LD Capital is one of Asia's earliest organizations focusing on value investing in blockchain field. Owing to industrial resource advantages and professional investment research teams, LD Capital has successively discovered and invested in projects such as Qtum, Vechain and Eos which all achieved over 100 times return.Their teams spread overChina, the United States, Europe, Singapore, Japan, and South Korea, and have accumulated rich experience in areas of traditional internet, Fintech, and advanced blockchain technology. They are committed to the globalization of blockchain and quality investment in the entire industry.LD Capital focuses on blockchain innovation projects within finance, games, content publishing, Internet of Things and other circuits, and we have been propelling broad layout of blockchain technology and infrastructure construction to facilitate the comprehensive development of the global blockchain ecosystem.

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Investment focus

  • Industry: Blockchain, Cryptocurrency, Gaming
  • Stage:Seed, Initial Coin Offering
  • Geography: United States, Singapore, United Kingdom

Investor stats

  • Total investments: 130
  • Round size: Seed $1.3M–$9M; Initial Coin Offering $1.2M–$16M
  • Lead/follow: 9% lead, 91% follow

Portfolio highlights

  • GAM3S.GG — Your home of web3 gaming offering game discovery, reviews, guides, news & quests for a full experience.
  • Ola — Ola is a ZKVM-based, High-performance, Privacy-focused layer2 platform.
  • Earn Network — Onboarding millions to make billions in DeFi economy
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Ukrainian Startup Fund
VC Fund · Kyiv, Kyyiv, Ukraine · 3 investments in Estonia Software startups

USF originally set up to promote the development of the local startup ecosystem and today is the largest local angel investor with already 130 funded startups and the most extensive startups database and stakeholders (over 3,000 applications).

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Investment focus

  • Industry: Software, Information Technology, SaaS
  • Stage:Pre-Seed, Seed, Grant
  • Geography: Ukraine, United States, Estonia

Investor stats

  • Total investments: 60
  • Round size: Seed $50k–$50k; Grant $25k–$50k; Pre-Seed $25k–$50k
  • Lead/follow: 90% lead, 10% follow

Portfolio highlights

  • Imabys — Imabys - Influence marketing by subscription
  • AssayMe — AssayMe App helps you measure and interpret 10 important parameters of your body in just 2 minutes. Click on any test button on the menu to learn more about possible risks of being outside of a normal range of values for a particular indicator.
  • Recoshelf — Recoshelf is RetailTech SAAS company that helps retailers and suppliers to increase sales by 5-6%. With our IoT and AI tools we provide precise information about the product availability on the shelf, type of product, conditions and price competitiveness. Also we free employees from routine processes like manual audits, checks of price tags, promosand planogram. Thus we cut personnel costs and dramatically increase business process efficiency, customers loyalty and management control.
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Marek Kiisa
Angel · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Software startups

Marek Kiisa is the co-founder and Managing Partner at NordicNinja VC, and the co-founder and partner at Superangel.io. He has made 15 private angel investments and created several companies, like Astrec Baltic, Pilvio.io and Kood/Johvi coding school. He has his Master Degree on Machine Design from KTH Stockholm and he is a Kauffman FellowClass 19.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Estonia, United States, Finland

Investor stats

  • Total investments: 46
  • Round size: Seed $257k–$4.8M; Pre-Seed $161k–$2.1M; Series A $4.2M–$11M
  • Lead/follow: 41% lead, 59% follow

Portfolio highlights

  • Monese — Monese is a digital banking alternative that provides mobile-only, multi-currency accounts in 31 countries across the European Economic Area, for those who are underserved by the traditional banking system. It was launched in 2015 by Norris Koppel, after his first-hand experience of the hassle involved with opening a bank account in a new country.With a fully-featured and fully localized banking experience (both its apps and its customer service are available in 14 languages), Monese allows people and businesses to spend and save like locals across Europe. Its proprietary “Know Your Customer” technology can validate a customer’s identity in real-time, allowing accounts to be opened in a matter of minutes, from a mobile app.
  • Wwwash — Download wwwash app. Car wash - hardware and software to connect every car wash to cloud. wwwash.
  • Warren.io — Warren platform equips partnering providers with a white labelled self-service portal for easy access to infrastructure and managed services.
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Alvar Lumberg
Angel · 3 investments in Estonia Software startups

Alvar Lumberg - CTO, co-founder @ Grünfin

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Investment focus

  • Industry: Software, FinTech, GreenTech
  • Stage:Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Yaga — Yaga is designed for everyone who wants to sell items online in a convenient and secure manner.
  • Yera — Visualize agent performance. Gamify work and plant real trees. High-growth companies use Yera to empower their agents, improve KPIs, and reduce their carbon footprint. Agents can deliver their best work, feel motivated, and help save the planet.
  • Grünfin — Grünfin is a sustainable investing platform for people who care about their impact.
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Veljo Toodo
Angel · 3 investments in Estonia Software startups

Veljo Toodo

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Investment focus

  • Industry: Apps, Fitness, Software
  • Stage:Angel, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Lead/follow: no public data

Portfolio highlights

  • YuMuuv — YuMuuv is an employee wellness platform that uses science-based formulas to capture data and keeps track of physical activity & leaderboard.
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EstBAN
VC Fund · Tallinn, Harjumaa, Estonia · 3 investments in Estonia Software startups

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

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Investment focus

  • Industry: Software, Information Technology, EdTech
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Estonia, Latvia, Lithuania

Investor stats

  • Total investments: 11
  • Round size: Seed $600k–$1.5M; Angel $214k–$1M; Pre-Seed $193k–$439k
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • VSight — VSight is an industrial collaboration and knowledge-sharing platform powered by Augmented Reality to empower the industrial workforce.
  • RAIKU Packaging — RAIKU is a cleantech startup that produces 100% natural packaging material that has also great looks and shock absorption - most importantly, it gives 15-20 times more volume to its raw material making it one of the most resource efficient material uses in the world with high margins. Both the production is and products are clean making no harm tonature. RAIKU has raised over 1.2mln€ in the pre-seed stage, built a team of over 10 people, its own IP and clients are already using its packaging material. This material will up-end the 1 trillion € packaging sector.
  • DriveX Technologies — DriveX offers a trustworthy self-serviced car inspection software for the used car, insurance and car rental markets.
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hi VC
Angel · 3 investments in Estonia Software startups

hi VC

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Pre-Seed
  • Geography: Turkey, Estonia, United States

Investor stats

  • Total investments: 11
  • Lead/follow: no public data

Portfolio highlights

  • Insumo — Insumo is a personalized productivity & habit building assistant that works with other productivity tools.
  • Mukellef | a Workhy Company — More than 20,000 entrepreneurs chose us for company formation, financial process management, tax return preparation, and bookkeeping services.
  • Cloud4Feed — Cloud4Feed helps businesses increase their brand values and maximize customer satisfaction by enabling them to make customer-oriented decisions with its solutions. They provide service to brands and businesses with different solutions in many areas, such as retail, automotive, insurance, finance, the hospital and health industry, and more.
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Andres Kull
Angel · 3 investments in Estonia Software startups

Andres Kull

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Investment focus

  • Industry: AgTech, Farming, Software
  • Stage:Seed, Series A
  • Geography: Estonia

Investor stats

  • Total investments: 3
  • Round size: Seed $536k–$546k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Jobbatical — Jobbatical takes care of the entire relocation process for you. Just sit back and relax.
  • VitalFields — VitalFields is a digital agriculture company that offers an easy-to-use farm management system for farmers to plan, manage and analyze their field activities, including simplified tracking and reporting of all crop inputs to help ensure compliance with European Union environmental standards. Founded in 2011 and based in Tallinn, Estonia,VitalFields is available in several European countries.
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Inventure
VC Fund · Helsinki, Southern Finland, Finland · 3 investments in Estonia Software startups, 6 in the past 12 months

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

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Seed, Series A
  • Geography: Finland, Sweden, Denmark

Investor stats

  • Total investments: 138
  • Round size: Seed $482k–$3M; Series A $1.1M–$12M
  • Lead/follow: 46% lead, 54% follow
  • Last fund: Likely still investing — raised $154M in 2022

Portfolio highlights

  • Haltian — End-to-end IoT solutions and world-glass product design services from Haltian
  • Commsignia — Commsignia specializes in the research and development, manufacturing and distribution of cooperative intelligent transportation systems. Its product line includes a V2X Communication Software Stack and Commsignia’s own security stack implementation, Hybrid V2X/ADAS Safety Applications, a V2X Simulator, On-Board Units (OBU) and Roadside Units(RSU).The company was founded in 2012 and is headquartered in Santa Clara, California.
  • Value.Space — Space based risk assessments & monitoring
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Creandum
VC Fund · Stockholm, Stockholms Lan, Sweden · 3 investments in Estonia Software startups, 13 in the past 12 months

We support early-stage founders in building global, category-defining companies. From Seed to IPO and beyond.

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Investment focus

  • Industry: Software, Information Technology, Mobile
  • Stage:Series A, Seed, Series B
  • Geography: Sweden, Germany, United States

Investor stats

  • Total investments: 198
  • Round size: Seed $450k–$16M; Series A $3M–$22M; Series B $6.4M–$54M
  • Lead/follow: 39% lead, 61% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • Ivy — We are building a global API for instant bank payments
  • Terralayr — Terralayr uses software to collect energy grid-scale storage, which will be required as we strive to make renewable energy more efficient and lucrative.
  • Lindus Health — Lindus Health. From recruitment to delivery, we accelerate clinical trials. Our mission is to make health research accessible for everyone, everywhere.
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Kuido Lepik
Angel · 3 investments in Estonia Software startups

Kuido Lepik - Owner & CEO @ Signiti

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Investment focus

  • Industry: Apps, GPS, Pet
  • Stage:Seed, Pre-Seed
  • Geography: Estonia

Investor stats

  • Total investments: 5
  • Round size: Seed $262k–$340k; Pre-Seed $40k–$75k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Traxby — Traxby OÜ (formerly Huntloc OÜ) is a company owned by Estonian owners, founded in 2013, which develops various real-time tracking platforms via a smartphone and manufactures tracking devices. The company’s product portfolio includes the following solutions: hunting platform Huntloc for hunters, team management platform LiveTeam, dog tracking appDoglo. The company has developed its own GPS-GSM tracking device, which is mainly intended for tracking dogs. The device is long life, robust, water resistant, no distance limitation.
  • CostPocket — CostPocket is an accountancy startup intended to help accountants receive receipts from their clients in a much faster and easier way. Its expense management software automates business expense entry, eliminates paper trail, and reduces administrative effort and helps to ease the workflow and save 75% of the time accountants spend on receipts,enabling clients to save time on receipt delivery.The company was founded in 2016 and is headquartered in Tallinn, Estonia.
  • Zelos Team Management
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Software Investor funding in Estonia at a glance

Stats across 179 deals from 256 investors.

256
investors
in Estonia Software startups
179
deals
in Estonia Software startups
$363k
median round
in Estonia Software startups
31%
lead investors
lead at least one round
36%
Seed
most common funding stage
67/33
VC / Angel
share of investor count

Access all 256 investors in Estonia Software startups.

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