Tallinn, Estonia · Venture Capital Founded in 2017, Change Ventures is the largest pan-Baltic pre-seed and seed fund, backing ambitious founders across Estonia, Latvia, and Lithuania as well as Baltic diaspora entrepreneurs worldwide. Managed by Andris K. Berzins and a team with over 45 years of combined operating experience, the firm closed its €49M Fund II — the largest seed VC fund ever raised in the Baltic States — supported by the European Investment Fund's Baltic Innovation Fund. The firm invests €400K–€3M in B2B and SaaS technology startups, with a strong focus on the Baltic region's next-generation founders. Fund III of €20M doubled down on pre-seed, cementing Change Ventures as the defining early-stage regional franchise.
Venture Capital Pre-Seed to Seed B2BSaaSFintechTechnology
Tallinn, Estonia · Venture Capital Founded in 2016 by Kristjan Laanemaa, Margus Uudam, and Tommi Uhari, Karma Ventures is one of Estonia's most prominent deep-tech venture capital firms. Its €70M Fund I and €100M Fund II back late-seed and Series A European deep-tech software startups, with tickets up to €5M. The firm is particularly active in AI, cybersecurity, health tech, and enterprise software across Europe. Notable portfolio companies include Starship Technologies, Tuum (formerly Modularbank), Sonarworks, Infermedica, and CybExer Technologies, establishing Karma as the go-to Tallinn-based partner for hard-tech European founders.
Venture Capital Seed to Series A Deep TechAICybersecurityHealth TechEnterprise Software
Tallinn, Estonia · Venture Capital Formerly United Angels VC, Specialist VC was founded in 2017 by Riivo Anton and Gerri Kodres and rebranded in 2022 upon closing its €50M Fund II — the first Baltic VC fund to integrate secondary transactions alongside primary venture investing. The firm focuses on B2B, SaaS, fintech, and marketplace startups in the Baltic region and beyond, writing initial cheques from €200K to €1M at seed through Series A. Its Fund I portfolio includes two unicorns, Bolt and Veriff, alongside Starship Technologies and Monese, making it one of the highest-performing early-stage funds to emerge from Estonia.
Venture Capital Seed to Series A B2BSaaSFintechMarketplace
Tallinn, Estonia · Venture Capital Founded in 2016 by Andrus Oks and partners, Tera Ventures is a Tallinn-based early-stage VC that invests in born-global digital startups across Estonia and the broader Nordic-CEE corridor including Denmark, Sweden, Finland, Latvia, Lithuania, Poland, and Czech Republic. The firm invests €200K–€1.5M from its €45M Fund II with substantial reserves for follow-on. Tera has been backing AI-powered innovations for over 15 years, spanning Enterprise SaaS and Robotics/DeepTech, and maintains offices in Tallinn, Helsinki, and Los Angeles. The fund has made 65+ investments across its lifetime, with a portfolio spanning fintech, network security, and AI.
Venture Capital Pre-Seed to Seed AIEnterprise SaaSRoboticsDeep TechFintech
Tallinn, Estonia · Venture Capital Founded in 2018 by Joel Aasmäe, Kimmo Irpola, Taavi Lepmets, and Ivar Siimar — veterans behind LHV Bank and New Economy Ventures, the Baltics' first VC fund — Trind Ventures focuses exclusively on consumer and consumerised B2B software startups across Europe. Its €55M Fund II, closed in 2022, targets 30–40 companies with initial tickets up to €1M and follow-ons to €5M, covering pre-seed and seed stages. The firm has offices in Tallinn, Helsinki, Munich, and Riga and has backed 75+ companies including Ready Player Me, Neural DSP, Tise, Rangeforce, and Fractory, distinguishing itself in the Baltic ecosystem through its pure-play consumer and creator-economy angle.
Venture Capital Pre-Seed to Seed Consumer TechB2CCreator EconomySME SoftwareGaming