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The following article has been written in the scope of the research process for our exclusive EU venture capital fund list. You might also like the list of the 300 largest European single family offices investing in venture capital, provided by our partner portal familyofficehub.io.
Estonia is considered one of the most digital countries in Europe. This is also reflected in the country’s startup landscape, which is extremely active in relation to Estonia’s size. In recent years, start-ups have emerged in the field of artificial intelligence in particular. The active start-up scene is accompanied by an equally lively venture capital sector. In this article, we present five particularly relevant VCs from Estonia that are active in different segments. All of the venture capital funds presented are part of our list of the largest VCs in Europe.
List of the 5 largest VC funds in Estonia
| VC Firm | Focus Area | Portfolio Companies | Founding Year |
|---|---|---|---|
| Karma Ventures | Early-stage deeptech startups in Europe | Patchstack, Pactum, BforeAI, Tuum, HYDROGRID, Wirepas | 2016 |
| Tera Ventures | Early-stage, industry agnostic with a focus an Estonian startups | Miros, Mifundo, Malcom Finance, CARÁ Health, 10Lines, Supersimple, montonio, monese | 2016 |
| Change Ventures | Baltic founders with pre-seed technology startups | Origin, Certific, AM Craft, Aerones, fansifter | 2016 |
| specialist vc | B2B, SaaS, Fintech, Platforms, Software enabled Hardware, Deeptech (Pre-Seed to Series A) | Bolt, Giraffe360, Starship, veriff | 2017 |
| 2C Ventures | Early-stage cleantech startups in the Baltic and Nordic countries | ÄIO, zerofy, TheStorage | 2024 |
New venture capital funds from Estonia: 2C Ventures
2C Ventures is a newly-founded Tallinn-based venture capital investor. The first fund was closed in 2024 with a volume of EUR 50 million. 2C Ventures is focused on cleantech in the Baltics and Northern Europe and their usual ticket size lies between EUR 250k and EUR 1 million. The investor is a very good example of the developing startup and investor landscape in Estonia. VCs are no longer focusing exclusively on software companies and are also increasingly investing abroad. 2C Ventures is part of our list of the largest VCs in Europe and we are closely observing their next investments.
Picture source: Frederic Köberl, Unsplash (19.02.2025)
