Investors in Estonia

We invest in companies with at least some early customers and indications of growth.

Estonian Business Angels Network is a venture capital firm specializing in seed/startup, early stage and growth capital investments. The firm seeks to invest in Estonia and its neighboring countries. The firm seeks to make investment €0.02 million ($0.2 million) and €0.5 million ($0.54 million). Estonian Business Angels Network was founded in 2012 and is based in Tallinn, Estonia.

BaltCap is the largest and most experienced private equity investor in the Baltic states, focusing on buyout, growth capital, and infrastructure investments to build internationally recognized business champions.

Karma Ventures (karma.vc) is an early-stage venture capital firm, specialised in late seed and A round investments in Europe’s most promising tech startups. We back companies with strong ideas delivered with unique technology, customer traction and global ambition. karma.vc accompanies entrepreneurs in figuring out the path to growth in all aspects - commercial, strategic and technical.

AS SmartCap is a principal investment arm of SA KredEx specializing in fund of fund, startup and early stage investments. It does not invest in enterprises that engage in tobacco, alcohol, weaponry or gambling; and enterprises that produce substances that are hazardous to the environment or in enterprises that are in conflict with common ethical and moral standards. The firm is open to investments in all industries. It typically invests in companies registered in Estonia. The firm invests along with independent co-investors on a 50-50 percent basis and often takes a role of the lead investor. It does not prefer to take a controlling shareholding in its portfolio companies. For direct investments, the fund prefers to make equity investment between €0.5 million ($0.56 million, the conversion was done as of April 25, 2025) and €10 million ($11.36 million, the conversion was done as of April 25, 2025). And for fund of funds, the fund prefers to make equity investments per fund between €2 million ($2.27 million, the conversion was done as of April 25, 2025) and €20 million ($22.73 million, the conversion was done as of April 25, 2025). AS SmartCap was founded in 2011 and is based in Tallinn, Estonia.

CRYPTON VC is an unique fund that brings of both the fiat and crypto worlds to investors. Our team consists of successful entrepreneurs and investors along with experienced Venture Capital and Private Equity fund owners. We want to create unique - in terms of expertise and experience - VC fund that invests in FinTech/Blockchain projects.

We support novel and evidence based innovation that could produce an outsized return for the benefit of humankind. Metaplanet is 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.

We invest in the best early-stage teams building world-changing technology.Superangel is founded, run and backed by tech entrepreneurs who know what it takes to build successful companies.We typically invest into Pre-Seed / Seed stage software companies with a ticket size of €50k - €300k.Our investment focus includes but is not limited to AI & Robotics, Mobility & Logistics, and Fintech & SaaS.

Climate change will be the biggest challenge for humankind over the next decades and we believe that it also provides the biggest opportunities. Cleantech is not a standalone vertical as change is need across industries to ensure a sustainable future. Cleantech refers to developing new technologies across industries that help us achieve this future. 2C Ventures invests in companies that develop new technologies and contribute to at least one of the following environmental objectives.

GameFounders is an accelerator, venture capital and incubator specializing in early stage and startup investment. It is specifically interested in game studio, mobile, VR and AR studios. It prefers to invest in companies based in Europe, Asia and Middle East, in Estonia, Malaysia and Saudi Arabia. It typically invests up to $0.03 million. The firm prefers to take minority stake in companies. The firm takes dilatable 9% stake and provides an initial grant of $25000. It offers a three-month long program, and usually accept 10 studios per program. The accelerator prefers investing in a two or more-person team or company with launched games/demos/slices from any country in the world. The shortlisted teams have to send at least two team members to live and work in the program’s location for three months. GameFounders was founded in 2012 and is based in Tallinn, Estonia.

Nestholma Oy is an accelerator specializing in investments in and innovations in the imaging sector startups, incubation, idea stage and pre-commercial phase companies. The firm focuses on mentoring, funding, and product development. It targets connecting startups and bigger companies. It prefers to invest in financial institution, financial consolidation and reporting software, banks and insurance companies. Each program is run with a partner company and is for a three month period. The firm targets start ups around the world, but focuses on UK, Sweden, Norway, Italy, Iceland, Germany, Finland, Denmark, Russia, Lithuania, Latvia, Estonia, Nordic, and Baltic countries. It prefers to make equity investments of € 0.10 million ($0.10 million) to € 0.15 million ($0. 15 million). Nestholma Oy is based in Helsinki, Finland.

Astrec Invest Oü is a private equity and venture capital firm specializing in startups, early stage, and growth capital investments. It seeks to invest in technology and life science companies with a focus on telecom, professional IT media, engineering and technology, logistics with e-commerce and e-services, utilities, water management, green technologies, and video and online games. The firm can invest in other technology related industries on a co-investment basis. It seeks to invest in Sweden and Estonia. Astrec Invest Oü is based in Tallinn, Estonia with an additional office in Stockholm, Sweden.

Equity United is a pan-Baltic private equity investment management firm headquartered in Tallinn, Estonia. Equity United has launched its inaugural fund Equity United PE1 UÜ to invest in Baltic growth companies with strong management teams that want to take their businesses to new heights. By leveraging our expertise and professional network, Equity United seeks to support the management with clear strategic, operational and financial advice.

Siena Capital is a venture capital firm specializes in post series A, early-stage and later stage startups investments. the firm prefers to invest through direct secondary stakes. It typically invests in Finland, Estonia, California, CEE and New Nordic" (Baltics & Scandinavia) regions. It exits invests investments within 3 to 5 years. The firm doesn’t consider board position, liquidation preference etc. The firm prefers to invest between €0.5 million ($0.58 million, the conversion was done as of August 15, 2025) and €4 million ($4.66 million, the conversion was done as of August 15, 2025) in companies with a minimum target sales value of €10 million ($11.67 million, the conversion was done as of August 15, 2025). Siena Capital was founded in 2020 and is headquartered in Tallinn, Estonia.

SMOK Ventures invests in early stage startups in Central and Eastern Europe. Our key geography is Poland, but we’ve invested in founders from all over the CEE region: Poland, Ukraine, Belarus, Serbia, Bulgaria, Croatia, Latvia, Bosnia and Czechia.We prefer to invest in Delaware C-Corp companies with a significant business or workforce in the CEE. We are happy to invest directly in any CEE country that is part of the European Union as well. So far out of 37 investments, 18 are headquartered in Poland, 12 are Delaware C-Corps, 2 are in Estonia and 5 are in other CEE countries.We are not interested in startups without a significant connection to CEE, i.e. no workforce in CEE, none of the founders is of CEE-origin, and startup is not based in CEE.Working with an investor is a long-term partnership. We need to be sure we will be able to communicate, help each other out and build awesome things together.

Specialist VC is a venture capital firm specializing in early stage, pre-seed to series A investments. The firm invests in all sectors but focus on B2B, SaaS, fintech, platforms, software enabled hardware and deep tech. The firm seeks to invest across Estonia, Latvia, Lithuania, Ukraine, and Finland. It invests €0.25 million ($0.29 million) and €3 million ($3.49 million). Specialist VC was founded in 2017 and is based in Tallinn, Estonia.

startup300 AG is a venture capital firm conceived as a business angel network specializing in start-up, seed and growth capital investments. The firm seeks to take minority stakes and invests in the technology sector. The firm prefers to invest in Germany, Austria and Switzerland as well as the CEE countries (Albania, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Estonia, Latvia and Lithuania). The firm invests between €0.05 million ($0.06 million) and €0.5 million ($0.57 million) in their early stage program and more than €1 million ($1.13 million) in their growth stage program. startup300 AG was founded in 2015 and is headquartered in Linz, Austria.

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 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.

Operating out of two offices in Tallinn, Estonia and Warsaw, Poland, BPM maintains strong presence in the target markets. BPM is an independent investment company with no ties to any financial institutions. It is managed by a team of four partners with extensive experience in mezzanine investing and an established contact network in the target region. BPM has capital commitments of EUR 70 million, supported by a prominent investor base, which includes among others, the European Investment Fund and the European Bank for Reconstruction and Development.

Cathay Capital Private Equity SAS is a private equity and venture capital firm specializing in investments in growth capital, acquisition, mezzanine, PIPEs, small cap, mid-cap, leveraged buyouts, MBOs, capital increases and capital restructurings, industry consolidation, recapitalization, shareholding restructurings, and international expansion, buy-and-builds, carve-outs, co-investments. The firm seeks to invest in seed, start-ups, middle market, mature, late venture, later stage, growth stage, and midsize companies. It invests in all sectors particularly in business and industrial products and services, fintech, healthcare products and services, life sciences, telecommunication, online consumer electronics retail, online beauty care product & stores, pharmaceuticals, fertilizers, agricultural machinery, internet service, products & services, data processing & outsourced services for insurance industry, air freight, automobiles, household durables, leisure products, textiles, casino,travel & tourism, B2B commerce, insurance industry related tech hardware, beauty care services, AI software, system software for insurance industry, logistics software, property management software, automation product, security software, communication equipment, consumer brands/retail concepts, software, technology, digital, online insurance service, e-commerce software, financial software, IT consulting services to insurance industry, media, and automotive and mobility ecosystem with a focus on core technologies for cars. In China, the firm targets fast growing companies in sectors including environment, healthcare tech, online bill payment services, online trading systems, educational & training software, children-focused businesses, agri-businesses, logistics, and household equipment that capitalises on rapid urbanisation, with less focus on majority stakes. The firm targets investments globally with a focus on companies in North America, China, Europe, Asia, Africa with a focus on South and North Korea, Turkey, New Zealand, Australia, Austria, Japan, Luxembourg, Denmark, Finland, Greece, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Czech Republic, Sweden, UK, Estonia, Hungary, Poland, Slovakia, Slovenia, Mexico, Chile, Germany, France, Hong Kong, Spain, Switzerland, and German Mittelstand. It seeks to make cross border investments in mid-size French companies faced with a booming Asian economy as well as a partner for an increasing number of Chinese companies seeking a European foothold. It also invests in OECD countries. It seeks to allocate around 40 per cent each to France and China and the rest to Europe, with a core focus on Germany. The firm primarily invests between €5 million ($5.31 million) and €75 million ($79.78 million) in transactions ranging in value from €2 million ($2.12 million) and €15 million ($15.95 million). In cases of growth capital and leverage buyouts the value of each transaction is atleast €120 million ($127.66 million).It invests in companies with EBITDA between $2 million and $30 million and enterprise value of less than €100 million ($111.45 million). It invests in companies with revenues between $4.24 million and €400 million ($425.53 million) and turnover between €20 million ($21.27 million) and €400 million ($425.53 million). It seeks to have a board seat or observation right in all portfolio companies. The firm seeks to acquire minority or majority stakes alone or as part of a consortium of investors. It seeks to invest in companies whose growth can be fostered from new or enhanced cross-border and domestic development strategies. It seeks to co-invest. The firm seeks to be an ethic of sustainable development, based on social and environmental responsibility criteria. The firm holds its investments for five years. Cathay Capital Private Equity SAS was founded in 2007 and is based in Paris, France with additional offices in Shanghai, China; Beijing, China; New York, New York; San Francisco, California; Tel Aviv, Israel; Singapore, Shenzhen, China, Munich, Germany, Berlin, Germany and Madrid, Spain.

Centripetal VC is a venture capital firm specializing in early-stage investments in cybersecurity and enterprise software companies. Founded in 2018, the firm focuses on identifying and supporting innovative startups that address critical security challenges in the digital landscape. With a team of experienced professionals, Centripetal VC leverages its deep industry knowledge and network to provide strategic guidance and resources to portfolio companies. The firm's investment philosophy centers on partnering with visionary founders to build scalable and impactful solutions that enhance cybersecurity resilience across various industries.

Cogito Capital Partners is Venture capital firm specializing in early stage, emerging growth, late venture & growth capital investments. The firm typically invest in growth of B2B technology companies with investments at series B&C, particularly in enterprise software, fintech, healthcare/healthtech, insurtech, and mobility. The firm seeks to invest in European market with focus on Austria, Belgium, Germany, Luxembourg, Netherlands, Switzerland, Bulgaria, Croatia, Czech Republic, Estonia, Hungry, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine and in the United States. It prefers to invest equity between €2.53 million ($2.75 million) and €15 million ($15.62 million). It acquires minority stakes in its portfolio companies. Cogito Capital Partners was formed in 2018 and is based in Warsaw, Poland with additional offices in Luxembourg, Luxembourg and New York, New York.

Gecad Ventures is a venture capital firm specializing in seed/startup, early stage, expansion phase, and growth capital. It seeks to invest in software and hi-tech companies, including security software, FinTech, cyber security, artificial intelligence, machine learning, virtual reality, augmented reality, IoT, agri-tech, online financial services, financial software, cloud technologies, e-commerce, crypto currencies and payment methods. The firm invests in the Central and Eastern Europe region that includes Romania, Bulgaria, Hungary, Croatia, Serbia, Slovenia, Poland, Czech Republic, Slovakia, Estonia, Lithuania, Latvia, Greece, Montenegro, Bosnia and Herzegovina. The firm typically invests between $1 million and $8 million in equity. It makes balanced sheet and personal capital investments. Gecad Ventures, formerly known as Gecad Group, was founded in 1992 and is based in Bucharest, Romania.

Backed with a strong founding partners' expertise in enterprise IT, SaaS startups operations and mobile apps publishing, we prefer B2B projects, and certain B2C niches (especially D2C, direct-to-consumer businesses) are also interesting . We only co-invest in rounds that already have a lead investor. Majority of deals (70%) from Nordics and Baltics, especially Finland, Sweden, Estonia and Lithuania so far. 15% from Central and Eastern Europe and 15% elsewhere from the world.

Early stage tech investments in the Baltic and East European founders.€25-300K into strong teams, technology or traction.With a focus on B2B, we are happy to invest already in the pre-revenue, pre-product phase or join a larger round at the seed stage. Ambitious, experienced, and diverse teams welcome!