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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: Dec 24, 2024. See changelog.


Icon Investor Rankings are calculated using our ÐÓ°ÉÔ­´´ 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.

35

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.

35

Offices:

Tallinn

Tallinn

Investment Stage:

Series B

Check Size:

$20M - $30M

Industries:

Climate Tech & Green Tech, Energy & Nuclear, Manufacturing

Top investments in Estonia:

Skeleton Technologies (
56)

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.

31

Offices:

Helsinki (HQ)

Stockholm

Tallinn

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:

Bolt (
56)
, Einride (
56)
, Ready Player Me (
56)

A venture capital firm investing in pre-seed and seed technology startup companies operating in the Baltic States.

30

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:

Veriff (
56)
, Eurora (
48)
, Giraffe360 (
48)

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.

23

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:

Vortexa (
71)
, Argent (
56)
, Element (
52)

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.

22

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:

Tuum (
60)
, Druid (
44)
, Wirepas (
44)

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.

22

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:

Bolt (
56)
, Bob W (
48)
, Montonio (
41)

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.

19

Offices:

Helsinki (HQ)

Stockholm

Tallinn

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:

Tesseract (
61)
, Alvin (
41)
, HoxHunt (
41)

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.

19

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:

Fyma (
37)
, Outvio (
33)
, Woola (
33)

A mentor-driven startup accelerator offering a three month accelerator program.

19

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:

Bolt (
56)
, Ready Player Me (
56)
, kevin. (
48)

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.

19

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:

Bisly (
34)
, UP Catalyst (
33)
, eAgronom (
31)

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.

18

Offices:

Tallinn (HQ)

Investment Stage:

Pre Seed, Seed, Unknown

Check Size:

$100k - $5M

Industries:

Edtech, FinTech, Foodtech

Top investments in Estonia:

Ready Player Me (
56)
, FoodDocs (
28)
, Teamscope (
25)

We are a venture capital fund supporting forward-thinking founders from Estonia, Latvia, Lithuania, Finland and Ukraine.

16

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:

CybExer Technologies (
34)
, Certific (
33)
, eAgronom (
31)

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.

9

Offices:

San Diego

Amsterdam

Tallinn (HQ)

Investment Stage:

Seed

Check Size:

$1M - $2.5M

Industries:

AI, Music and Audio, Media and Entertainement

Top investments in Estonia:

Dinlebi (
15)

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.

1

Offices:

Tallinn (HQ)

Investment Stage:

No data available

Check Size:

$100k - $500k

Industries:

No data available

Top investments in Estonia:

No data available