# Top 50 Sustainability VC (Venture Capital) Funds in Estonia in May 2026

| Investor | Relevant Deals | Geography | Stage | Focus |
| --- | --- | --- | --- | --- |
| Superangel | 5 | Estonia, United States, Finland | Seed, Pre-Seed, Series A | Artificial Intelligence, Software, FinTech |
| Specialist VC | 4 | Estonia, United Kingdom, United States | Seed, Pre-Seed | Information Technology, Software, FinTech |
| Lemonade Stand | 4 | Estonia, India, Poland | Seed, Pre-Seed, Angel | Software, SaaS, FinTech |
| Spring Capital | 3 | Estonia, Finland, United Kingdom | Seed, Pre-Seed, Series A | Software, E-Commerce, SaaS |
| Vestman Energia | 3 | Estonia | Seed, Pre-Seed | Water, Software, Logistics |
| Funderbeam | 2 | Estonia, United Kingdom | Seed, Pre-Seed, Equity Crowdfunding | Apps, FinTech, Software |
| Change Ventures | 2 | Estonia, Lithuania, United States | Seed, Pre-Seed, Series A | Software, Information Technology, Apps |
| Iron Wolf Capital | 2 | Lithuania, Estonia, United Kingdom | Seed, Pre-Seed, Series A | Software, Infrastructure, Manufacturing |
| Expansion Capital | 2 | Latvia, Estonia | Seed, Series A | Drones, Big Data, Software |
| Thorgate Ventures | 2 | Estonia, United Kingdom, Norway | Seed, Pre-Seed | Software, SaaS, Information Technology |
| Sunly | 2 | Estonia, France | Pre-Seed, Seed | Solar, CleanTech, Hardware |
| Angel Effect | 2 | Turkey, United States, United Kingdom | Seed, Pre-Seed | Software, E-Commerce, Mobile |
| Trind Ventures | 2 | Estonia, Finland, Latvia | Seed, Series A | Software, Information Technology, Analytics |
| Norrsken VC | 2 | Sweden, United Kingdom, Germany | Seed, Series A | Software, Food and Beverage, Health Care |
| Icebreaker.vc | 2 | Finland, Estonia, Sweden | Pre-Seed, Seed, Series A | Software, Information Technology, Artificial Intelligence |
| Contrarian Ventures | 2 | Lithuania, United Kingdom, Estonia | Seed, Series A, Pre-Seed | Software, Information Technology, Energy |
| European regional development fund (ERDF) | 1 | United Kingdom, Germany, Estonia | Grant, Pre-Seed | Software, Information Technology, Biotechnology |
| Hartmann Capital | 1 | United States | Seed |  |
| Grid.vc | 1 | Finland, Estonia | Seed, Pre-Seed | SaaS, Energy, Battery |
| LD Capital | 1 | United States, Singapore, United Kingdom | Seed, Initial Coin Offering | Blockchain, Cryptocurrency, Gaming |
| Crypto3 Capital | 1 | Estonia, India, Singapore | Seed, Corporate Round | Blockchain, Financial Services, Cryptocurrency |
| Big Brain Holdings | 1 | United States, Switzerland, Singapore | Seed, Pre-Seed | Blockchain, Cryptocurrency, Gaming |
| Superhero Capital | 1 | Finland, Estonia, Lithuania | Seed, Pre-Seed, Series A | Software, Information Technology, Internet |
| Prototron | 1 | Estonia | Grant | Art, Mobile, Printing |
| Atomico's Angel Programme | 1 | Estonia, Germany, United States | Pre-Seed, Angel | Software, B2B, SaaS |
| Tallinn University of Technology | 1 |  |  |  |
| EstBAN | 1 | Estonia, Latvia, Lithuania | Seed, Pre-Seed, Angel | Software, Information Technology, EdTech |
| Black Pearls VC | 1 | Poland, United States, United Kingdom | Seed, Pre-Seed | Software, Artificial Intelligence, FinTech |
| Future Ventures | 1 | United States, China, Canada | Series A, Series B, Seed | Software, Biotechnology, Health Care |
| Gravity Team | 1 | Estonia | Seed | Analytics, Blockchain, Ad Targeting |
| Orange DAO | 1 | United States, Estonia, Philippines | Seed, Pre-Seed, Series A | Cryptocurrency, Blockchain, Software |
| Sie Ventures | 1 | Spain, Estonia, United Kingdom | Seed, Series B | CRM, SaaS, Mobile |
| Greenco Ventures | 1 | Estonia | Pre-Seed | Renewable Energy, Environmental Engineering |
| Block54 | 1 | Estonia | Seed | Analytics, Blockchain, Ad Targeting |
| Commerce Ventures | 1 | United States, India, Israel | Series A, Seed, Series B | FinTech, Software, Financial Services |
| Cats.vc | 1 | Lithuania, Italy, Spain | Seed, Pre-Seed, Series A | Financial Services, Software, SaaS |
| Kaamos | 1 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| BayWa r.e. Energy Ventures | 1 | Israel, Sweden, Estonia | Series B, Seed, Series A | Energy, SaaS, Renewable Energy |
| Koray Bahar | 1 | Estonia | Seed | Marketing, E-Commerce, Peer to Peer |
| Warmeston | 1 | Estonia | Seed | Natural Resources, Environmental Consulting |
| LIFT99 | 1 | Estonia, United Kingdom, El Salvador | Pre-Seed, Seed, Series A | Software, Information Technology, Legal |
| Eigenkapital | 1 | Estonia |  | Sustainability, Natural Resources |
| EdgeCap Partners | 1 | Estonia | Series A | Power Grid, Building Material, Natural Resources |
| Jsquare | 1 | Estonia, United States, Canada | Seed, Series A, Pre-Seed | Blockchain, Cryptocurrency, FinTech |
| Ministry of Economic Affairs and Communications for Estonia | 1 | Estonia | Pre-Seed | CleanTech, GreenTech, Manufacturing |
| The Spartan Group | 1 | United States, Singapore, United Kingdom | Seed, Series A | Blockchain, Cryptocurrency, Financial Services |
| SpeedUp Venture Capital Group | 1 | Poland, United States, Estonia | Seed, Pre-Seed, Series A | Software, SaaS, Mobile |
| EQT Ventures | 1 | Sweden, Germany, United States | Series A, Series B, Seed | Software, Information Technology, SaaS |
| Little Green Fund | 1 | Estonia | Pre-Seed | Nanotechnology |
| TMT Investments | 1 | United States, United Kingdom, Estonia | Seed, Series A | Software, SaaS, Social Media |

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