15 Best Active Investors in Estonia in 2024
Over the past decade, Europe has become the second largest technology ecosystem in the world, creating startups solving problems worth solving in society. Behind many of these companies are investors who provide not just funds but also guidance and support.
Our 2024 list brings together the most notable investors from across the continent, with everyone listed having a track record of making strategic investments in generation-defining companies. These rankings are the result of tracking investment activity across 17,000+ companies and +2,500 venture capital investors Europe, and includes funds who have invested in at least 5 European companies in the past year, regardless of where they are HQ'd.
Whether you're a budding entrepreneur seeking the right funding partner, an investor looking for co-investment opportunities, or simply curious about the financial powerhouses investing in Europe, this list provides invaluable insights into the region.
Last update to the database: Sep 24, 2024. See changelog.
Investor Rankings are calculated using our Seedtable Score – a 1 to 100 score that uses quantitative and qualitative data points (like the size of their fund or the quality of the companies they invested in) to signal the strength behind an investor. A score closer to 100 indicates an investor is worth watching closely.
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List of 15 top Estonia VCs
Harju Elekter Group, based in Tallinn, is a venture capital fund focusing on Series B investments. They support companies in manufacturing, energy, nuclear, climate tech, and green tech sectors. Noteworthy investments include Skeleton Technologies. Harju Elekter Group is dedicated to backing businesses that positively impact the environment and industry.
Offices:
No data available
Investment Stage:
No data available
Check Size:
$100k - $500k
Industries:
No data available
Top investments in Estonia:
No data available
Harju Elekter Group, based in Tallinn, is a venture capital fund focusing on Series B investments. They support companies in manufacturing, energy, nuclear, climate tech, and green tech sectors. Noteworthy investments include Skeleton Technologies. Harju Elekter Group is dedicated to backing businesses that positively impact the environment and industry.
Offices:
Tallinn
Tallinn
Investment Stage:
Series B
Check Size:
$20M - $30M
Industries:
Climate Tech & Green Tech, Energy & Nuclear, Manufacturing
Top investments in Estonia:
NordicNinja VC, based in Helsinki, invests in tech startups from seed to series D stages, with investments ranging from $1M to $6M. Their focus includes AI, data analytics, mobility, gaming, health tech, and more. Notable investments include Onego Bio and Einride. The fund supports Nordic and Baltic companies that are shaping the future.
Offices:
Helsinki (HQ)
Tallinn
Stockholm
Investment Stage:
Seed, Series A, Series B, Series C, Series D, Unknown
Check Size:
$100k - $250M
Industries:
Climate Tech & Green Tech, Health Tech, Fintech
Top investments in Estonia:
Change Ventures is a venture capital fund based in Tallinn, Estonia. They invest in early-stage companies, providing funding between $400,000 and $2,000,000. The fund supports startups in diverse industries, including technology, ecommerce, and data analytics. Notable investments include Giraffe360, Algori, and Fyma. Change Ventures focuses on backing ambitious Baltic founders worldwide to help their startups grow and succeed.
Offices:
Tallinn (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Unknown
Check Size:
$500k - $40M
Industries:
Climate Tech & Green Tech, Edtech, Fintech
Top investments in Estonia:
Superangel, a venture capital fund based in Tallinn, focuses on early-stage technology and healthcare companies across the Baltics and Nordics. They typically invest between $100,000 and $500,000 in startups within areas like developer tools, cloud services, fintech, and mobility solutions. Notable portfolio companies include Nanordica Medical, Vok Bikes, Fyma, Grünfin, and Salv. Superangel aims to support the growth of startups with strong potential in diverse tech and industrial sectors.
Offices:
Tallinn (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Series C, Unknown
Check Size:
$100k - $250M
Industries:
Climate Tech & Green Tech, Health Tech, Edtech
Top investments in Estonia:
Metaplanet Holdings is a venture capital fund based in Tallinn. It invests in companies from seed stage to series B, focusing on sectors such as AI, biotech, and fintech. Notable investments include Vortexa, Lightyear, and Element. The fund aims to support early-stage ventures across various industries.
Offices:
Tallinn (HQ)
Investment Stage:
Seed, Series A, Series B, Unknown
Check Size:
$100k - $250M
Industries:
Climate Tech & Green Tech, Health Tech, Edtech
Top investments in Estonia:
Karma Venture, based in Tallinn, is a venture capital fund investing in early-stage tech startups from seed to series B, with check sizes from $0 to $5 million. They focus on companies with unique ideas and strong growth potential in sectors like AI, cybersecurity, and health tech. Supporting firms commercially, strategically, and technically, their portfolio includes Tuum, Realeyes, and Hydrogrid.
Offices:
Tallinn (HQ)
Investment Stage:
Seed, Series A, Series B, Unknown
Check Size:
$2.5M - $30M
Industries:
Health Tech, Edtech, Fintech
Top investments in Estonia:
Icebreaker is a venture capital fund based in Helsinki. They invest in early-stage tech companies, ranging from idea-stage to Series B, with check sizes between €150,000 and €800,000. Their focus includes sectors like AI, health tech, and cybersecurity. Icebreaker has backed companies such as Fixably, Alvin, eBrands, Accurator, and Klaus, seeking teams with deep domain expertise and ambitions to build globally competitive tech firms.
Offices:
Helsinki (HQ)
Tallinn
Stockholm
Investment Stage:
Angel, Pre Seed, Seed, Series A, Series B, Unknown
Check Size:
$100k - $40M
Industries:
Climate Tech & Green Tech, Health Tech, Edtech
Top investments in Estonia:
Lemonade Stand is a venture capital fund based in Tallinn, specializing in early-stage investments. They support Baltic and East European founders with check sizes from $25,000 to $300,000. The fund backs startups in sectors such as real estate, biotech, AI, and fintech. Portfolio companies include Woola, Fyma, and Grünfin. Whether providing seed or pre-seed funding, Lemonade Stand aims to help founders bring their ideas to life.
Offices:
Tallinn (HQ)
Investment Stage:
Pre Seed, Seed, Unknown
Check Size:
$100k - $5M
Industries:
Climate Tech & Green Tech, Health Tech, Fintech
Top investments in Estonia:
Startup Wise Guys is a venture capital fund based in Tallinn that invests in early-stage companies, from pre-seed to series C, with check sizes between $100,000 and $250,000. The fund focuses on sectors such as ecommerce, AI, fintech, and climate tech. Notable investments include HeavyFinance, Rendin, and Scorestars. Their mission is to empower entrepreneurs and drive business success across multiple industries by supporting innovative technologies and solutions.
Offices:
Tallinn (HQ)
Investment Stage:
Pre Seed, Seed, Series C, Unknown
Check Size:
$100k - $250M
Industries:
Climate Tech & Green Tech, Edtech, Fintech
Top investments in Estonia:
SmartCap is a venture capital fund based in Tallinn, focused on early-stage companies in sectors such as energy, climate tech, manufacturing, agritech, and real estate technology. They provide essential seed financing to help Estonian companies expand globally. As a subsidiary of the Estonian Business and Innovation Agency, SmartCap operates under the Estonian Financial Supervisory Authority. Their portfolio includes UP Catalyst, Bisly, CupLoop, and Paul-Tech. For more information, visit www.smartcap.ee.
Offices:
Tallinn
Investment Stage:
Seed, Series A
Check Size:
$2.5M - $10M
Industries:
Climate Tech & Green Tech, Agritech, Proptech & Real Estate
Top investments in Estonia:
Spring Capital is a venture capital fund based in Tallinn. They invest in early-stage companies across the Baltics and Scandinavia, with investments ranging from $250k to $5M. Focus sectors include tech, security, mobility, and entertainment. Notable portfolio companies are Salesforge, Teamscope, Ready Player Me, FoodDocs, and Vembla. Spring Capital aims to support startups with strong growth potential in diverse business areas.
Offices:
Tallinn (HQ)
Investment Stage:
Pre Seed, Seed, Unknown
Check Size:
$100k - $5M
Industries:
Edtech, Fintech, Foodtech
Top investments in Estonia:
Specialist VC is a venture capital fund based in Tallinn. They invest between €250,000 and €3,000,000 in startups at seed, pre-seed, and series A stages. The fund supports founders from Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus. Specialist VC focuses on diverse industries, including e-commerce, health tech, mobility, and AI. Notable investments include Nanordica Medical, Supersimple, and Vok Bikes. Their goal is to help forward-thinking founders build successful businesses.
Offices:
Tallinn (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Unknown
Check Size:
$100k - $10M
Industries:
Climate Tech & Green Tech, Health Tech, Edtech
Top investments in Estonia:
Breakaway Partners OÜ is a venture capital fund based in Tallinn, focusing on funding and mentoring early-stage companies working with cutting-edge technology and digital content. Notable investments include Dinlebi. They support founders driving industry change.
Offices:
Tallinn (HQ)
Amsterdam
San Diego
Investment Stage:
Seed
Check Size:
$1M - $2.5M
Industries:
AI, Music and Audio, Media and Entertainement
Top investments in Estonia:
LHV Ventures is a venture capital fund based in Tallinn, investing in early and growth-stage companies with check sizes ranging from 0 to 1 million euros. They focus on technology and finance sectors. As part of a domestic financial group offering banking, financial advisory, and securities brokerage services, LHV Ventures supports promising companies, helping them grow and succeed. Entrepreneurs benefit from their financial sector experience and commitment to business growth.
Offices:
Tallinn (HQ)
Investment Stage:
No data available
Check Size:
$100k - $500k
Industries:
No data available
Top investments in Estonia:
No data available