# Top 50 Software Startup Investors in Estonia in May 2026

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Superangel | 18 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, FinTech |
| Tera Ventures | 16 | Estonia, United States, United Kingdom | Seed, Series A, Pre-Seed | Software, Artificial Intelligence, E-Commerce |
| Specialist VC | 16 | Estonia, United Kingdom, United States | Seed, Pre-Seed | Information Technology, Software, FinTech |
| Icebreaker.vc | 14 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Jaan Tallinn | 12 | United States, Estonia, United Kingdom | Seed, Series A | Software, Artificial Intelligence, Internet |
| Lemonade Stand | 11 | Estonia, India, Poland | Seed, Pre-Seed, Angel | Software, SaaS, FinTech |
| Change Ventures | 10 | Estonia, Lithuania, United States | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| Spring Capital | 9 | Estonia, Finland, United Kingdom | Seed, Pre-Seed, Series A | Software, E-Commerce, SaaS |
| Martin Villig | 8 | Estonia, Spain, South Africa | Seed, Angel, Pre-Seed | Software, Information Technology, Education |
| Sten Tamkivi | 8 | Estonia, United States, United Kingdom | Seed, Pre-Seed, Series A | Software, Financial Services, Artificial Intelligence |
| Thorgate Ventures | 8 | Estonia, United Kingdom, Norway | Seed, Pre-Seed | Software, SaaS, Information Technology |
| Ragnar Sass | 7 | Estonia, United States, United Kingdom | Pre-Seed, Seed | Software, Information Technology, SaaS |
| Karma Ventures | 7 | Estonia, Sweden, Finland | Series A, Seed, Series B | Software, Artificial Intelligence, Information Technology |
| Martin Tajur | 7 | Estonia, Poland, Ukraine | Pre-Seed, Seed, Angel | Software, SaaS, Recruiting |
| TMT Investments | 7 | United States, United Kingdom, Estonia | Seed, Series A | Software, SaaS, Social Media |
| Kristjan Raude | 7 | Estonia, United States | Seed, Pre-Seed, Equity Crowdfunding | Consumer Electronics, Internet of Things, Software |
| Martin Henk | 6 | Estonia, United States, United Kingdom | Pre-Seed, Seed, Angel | Software, SaaS, Information Technology |
| Gorilla Capital | 6 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, SaaS |
| Trind Ventures | 6 | Estonia, Finland, Latvia | Seed, Series A | Software, Information Technology, Analytics |
| Andrus Purde | 6 | Estonia, United Kingdom, Cyprus | Seed, Pre-Seed | Software, Public Transportation, Internet |
| Timo Rein | 6 | Estonia, Finland, United Kingdom | Seed, Angel, Convertible Note | Software, Artificial Intelligence, Human Resources |
| Kristjan Vilosius | 5 | Estonia, South Africa, United States | Seed, Angel, Pre-Seed | Software, Information Technology, E-Commerce |
| Kaarel Kotkas | 5 | Estonia, United Kingdom | Seed, Series A, Angel | Gaming, Software, 3D Technology |
| Ahti Heinla | 4 | Estonia, United States | Seed, Angel, Series A | Internet, Project Management, Software |
| Taavet Hinrikus | 4 | United Kingdom, United States, Estonia | Seed, Series A, Series B | FinTech, Financial Services, Software |
| Tiny VC | 4 | United Kingdom, Germany, United States | Seed, Pre-Seed, Series A | Software, SaaS, Artificial Intelligence |
| Peep Vain | 4 | Estonia | Seed, Angel | Software, Genetics, Recruiting |
| LIFT99 | 4 | Estonia, United Kingdom, El Salvador | Pre-Seed, Seed, Series A | Software, Information Technology, Legal |
| Passion Capital | 4 | United Kingdom, United States, Estonia | Seed, Series A, Series B | Software, FinTech, Financial Services |
| Märt Kelder | 4 | Estonia, Bangladesh, The Netherlands | Seed, Angel, Pre-Seed | Public Transportation, Software, Apps |
| Earlybird Venture Capital | 4 | Germany, United States, United Kingdom | Series A, Seed, Series B | Software, Information Technology, Health Care |
| Contriber Ventures | 4 | Estonia, Finland, Germany | Seed, Angel, Series A | Software, Apps, 3D Technology |
| Zenith Family Office | 4 | Estonia, United States | Pre-Seed | Commercial Real Estate, SaaS, B2B |
| Mikko Silventola | 4 | Estonia, United States, Finland | Seed, Pre-Seed, Angel | E-Commerce, Transportation, Apps |
| Metaplanet Holdings | 4 | United States, United Kingdom, Estonia | Seed, Series A, Series B | Artificial Intelligence, Software, Machine Learning |
| Black Pearls VC | 3 | Poland, United States, United Kingdom | Seed, Pre-Seed | Software, Artificial Intelligence, FinTech |
| Iron Wolf Capital | 3 | Lithuania, Estonia, United Kingdom | Seed, Pre-Seed, Series A | Software, Infrastructure, Manufacturing |
| Taavi Kotka | 3 | Estonia | Pre-Seed, Seed, Angel | Electronics, Battery, FinTech |
| Union Square Ventures | 3 | United States, United Kingdom, Germany | Series A, Series B, Series C | Software, Financial Services, FinTech |
| LD Capital | 3 | United States, Singapore, United Kingdom | Seed, Initial Coin Offering | Blockchain, Cryptocurrency, Gaming |
| Ukrainian Startup Fund | 3 | Ukraine, United States, Estonia | Pre-Seed, Seed, Grant | Software, Information Technology, SaaS |
| Marek Kiisa | 3 | Estonia, United States, Finland | Seed, Series A, Pre-Seed | Software, Information Technology, Artificial Intelligence |
| Alvar Lumberg | 3 | Estonia | Seed | Software, FinTech, GreenTech |
| Veljo Toodo | 3 | Estonia | Angel, Pre-Seed | Apps, Fitness, Software |
| EstBAN | 3 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Angel | Software, Information Technology, EdTech |
| hi VC | 3 | Turkey, Estonia, United States | Seed, Pre-Seed | Software, Artificial Intelligence, Information Technology |
| Andres Kull | 3 | Estonia | Seed, Series A | AgTech, Farming, Software |
| Inventure | 3 | Finland, Sweden, Denmark | Seed, Series A | Software, Information Technology, Health Care |
| Creandum | 3 | Sweden, Germany, United States | Series A, Seed, Series B | Software, Information Technology, Mobile |
| Kuido Lepik | 3 | Estonia | Seed, Pre-Seed | Apps, GPS, Pet |

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