Lemonade Stand

Lemonade Stand is a venture capital firm based in Estonia that specializes in early-stage investments. The firm concentrates on the technology sector, particularly targeting B2B ventures led by founders from the Baltic and East European regions, regardless of their headquarters' location. Lemonade Stand typically invests between €25,000 and €300,000 in promising teams, innovative technologies, or businesses demonstrating traction. The firm aims to support and nurture emerging companies in the technology landscape, fostering growth and development in the region.

Siim Teller

Managing Partner

40 past transactions

Esgrid

Pre Seed Round in 2025
Esgrid offers software solutions for medium-sized businesses and financial institutions, focusing on managing sustainability within the supply chain. Its platform uses AI to automate data collection, generate ESG assessment reports, and track progress, helping businesses optimize their value chain's environmental, social, and governance impact.

Soldera

Seed Round in 2025
Soldera is a technology company that facilitates renewable energy trading. It offers an automated platform designed to manage the lifecycle of guarantees of origin, reducing administrative tasks by 95%. This enables renewable energy producers to increase revenue, streamline processes, and efficiently access sales opportunities in the origin trading market.

Ligence

Seed Round in 2024
Ligence is a Deep Tech startup based in Lithuania that combines medical expertise with artificial intelligence to automate echocardiography image analysis. The company develops tools for automatic recognition of heart image views, measurement, and report generation, accessible via a web-based platform and designed to integrate with hospital information systems. Its flagship solution, Ligence Heart, aims to reduce manual measurements by physicians and enhance consistency in heart ultrasound examinations through automated analysis. The offering targets clinicians and healthcare providers seeking to streamline cardiovascular imaging workflows.

Esgrid

Pre Seed Round in 2024
Esgrid offers software solutions for medium-sized businesses and financial institutions, focusing on managing sustainability within the supply chain. Its platform uses AI to automate data collection, generate ESG assessment reports, and track progress, helping businesses optimize their value chain's environmental, social, and governance impact.

Black Swan

Pre Seed Round in 2024
Black Swan offers autonomous space robotics software solution

Axiology

Venture Round in 2024
Axiology operates a decentralized securities trading and settlement infrastructure, utilizing advanced distributed ledger technology, primarily blockchain, to facilitate secure, transparent, and efficient financial transactions. The company's platform tokenizes sustainable securities, enabling streamlined and cost-effective trading processes for its clients.

Krattworks

Venture Round in 2024
Krattworks is a manufacturer of military-grade aerial drones designed to combat forest and landscape fires. The company specializes in producing electronic warfare resilient drones that are free from Chinese components, allowing for local production in various markets. Utilizing advanced machine learning and artificial intelligence, Krattworks' drones monitor wildfire areas and stream critical data to rescue teams via mobile networks. This capability enables responders to make informed decisions swiftly, enhancing their ability to manage and mitigate the escalation of wildfires effectively.

Enzum

Venture Round in 2024
Enzum is a technology company that specializes in AI-powered energy storage and trading solutions. It develops advanced machine learning algorithms to optimize battery management, enhance energy storage capabilities, and ensure efficient and sustainable energy utilization. The company's platform integrates data from various sources such as energy consumption patterns, weather conditions, and grid infrastructure to provide tailored solutions for energy companies, aiming to reduce energy wastage and lower the costs of energy storage systems.

Soldera

Venture Round in 2024
Soldera is a technology company that facilitates renewable energy trading. It offers an automated platform designed to manage the lifecycle of guarantees of origin, reducing administrative tasks by 95%. This enables renewable energy producers to increase revenue, streamline processes, and efficiently access sales opportunities in the origin trading market.

Lendurai

Pre Seed Round in 2024
Lendurai specializes in developing autonomous systems for unmanned aerial vehicles (UAVs), enabling them to function independently in challenging environments without reliance on satellite navigation or remote control.

Woola

Seed Round in 2023
Woola designs and produces sustainable packaging materials using upcycled sheep wool as cushioning to replace bubble wrap. The products provide shock absorption, thermal resistance, and can be reused, repurposed, or returned by end users to support a closed-loop system and reduce plastic usage. The materials come in modular sheet and envelope formats, enabling retailers and e-commerce brands to protect delicate goods during shipping while minimizing waste.

Value.Space

Seed Round in 2023
Value.Space is a company focused on space-based risk assessment and monitoring. It has developed a technology platform that utilizes satellites in orbit to detect deformations in various assets, including those in mines, dams, and production facilities. By leveraging this advanced satellite technology, Value.Space enables space researchers to generate infrastructure monitoring reports for commercial assets, enhancing safety and operational efficiency.

Dillali

Venture Round in 2023
Dillali is a mobile-first income and expense management tool tailored for micro and small businesses in Africa. It helps digitize financial records, enabling users to manage electronic invoices, expenses, income, and inventory tracking.

Grünfin

Seed Round in 2023
Grünfin is a sustainable investing platform designed to make responsible investing accessible for individuals concerned about their environmental and social impact. The company provides a range of sustainable exchange-traded funds that allow customers to build investment portfolios aligned with their values. These portfolios take into account environmental, social, and governance factors, along with the United Nations Sustainable Development Goals. Clients have the option to select from various themes, including environmental sustainability, equality, or health, thereby enabling them to invest in a manner that reflects their personal priorities and commitment to sustainability.

DimensionLab

Pre Seed Round in 2022
DimensionLab is a software company that accelerates engineering and scientific simulations through AI-powered tools. Its flagship platform, Siml.ai, combines physics-informed neural networks with machine learning to deliver high-speed physics simulations via a web-based interface. The solution provides real-time, interactive experimentation during design and research, and leverages elastic compute to scale resources as needed. By integrating physics simulation with intelligent computation, DimensionLab enables researchers and companies to reduce the time and cost of numerical simulations from months to hours or minutes. This accelerates development across domains such as energy technology, including nuclear fusion and advanced batteries, as well as robotics and other applications requiring robust simulation under extreme conditions. The platform aims to democratize access to powerful computing tools, empowering users to iterate designs and discoveries efficiently and with ease.

Wowflow

Seed Round in 2022
Wowflow is a developer of software solutions focused on property maintenance and facility management. Its platform offers an alternative to traditional Computerized Maintenance Management Systems (CMMS) by automating routine maintenance tasks for operators and property managers. By digitizing property management processes, Wowflow enhances communication and coordination among maintenance teams, significantly reducing administrative workload by up to 50%. The software allows users to generate detailed PDF reports quickly and provides real-time monitoring of daily operations, enabling teams to maintain better control over their activities. Overall, Wowflow aims to streamline facility management through innovative and efficient digital solutions.

Deepflare

Pre Seed Round in 2022
Deepflare is a tech bio AI company that specializes in accelerating the development of cancer vaccines and immunotherapies for pharmaceutical firms. The company offers a machine learning suite that predicts T-cell responses and identifies critical epitopes, which enhances the immunogenicity of antigens. By leveraging its in silico antigen discovery platform, Deepflare aims to streamline pre-clinical research processes, thereby reducing costs and improving the efficacy of treatments. This innovative approach enables laboratories to validate their potential tests against a comprehensive analysis of viral genome data.

Solid World

Seed Round in 2022
Solid World builds a blockchain‑based platform that turns the forward market for carbon credits into a liquid, transparent marketplace. By allowing project developers to pre‑sell credits, the platform gives them reliable financing and gives buyers and liquidity providers a clear price signal. The company has secured $4 million in forward contracts for its liquidity pools and partners with leading firms in the carbon and blockchain space. Its team combines expertise in commodities, carbon finance and blockchain technology, and the platform is positioned to support derivatives, collateralised loans and on‑chain insurance that use carbon credits as collateral. Solid World’s approach reduces the risk and illiquidity that have limited capital deployment in the carbon market, accelerating the development of new projects.

Dillali

Pre Seed Round in 2021
Dillali is a mobile-first income and expense management tool tailored for micro and small businesses in Africa. It helps digitize financial records, enabling users to manage electronic invoices, expenses, income, and inventory tracking.

Grünfin

Seed Round in 2021
Grünfin is a sustainable investing platform designed to make responsible investing accessible for individuals concerned about their environmental and social impact. The company provides a range of sustainable exchange-traded funds that allow customers to build investment portfolios aligned with their values. These portfolios take into account environmental, social, and governance factors, along with the United Nations Sustainable Development Goals. Clients have the option to select from various themes, including environmental sustainability, equality, or health, thereby enabling them to invest in a manner that reflects their personal priorities and commitment to sustainability.

Remato

Seed Round in 2021
Remato is a mobile-first platform designed for the construction industry, providing an all-in-one solution for managing projects, personnel, and assets. The software enables construction entrepreneurs to streamline operations through features such as budget estimating, task planning, field communications, and work tracking. It offers tools for time and tool management, along with location and condition tracking, allowing small and medium-sized construction businesses to oversee their activities efficiently. By consolidating various management functions into a single platform, Remato facilitates real-time oversight and generates automated reports, enhancing productivity and operational effectiveness within the construction sector.

Outvio

Seed Round in 2021
Outvio provides a cloud-based shipping and delivery experience platform for e-commerce that unifies post-checkout operations, including shipping, tracking, returns and exchanges, and label printing; it integrates orders from online marketplaces, optionally connects couriers, enables real-time package tracking and returns management, and offers analytics to optimize operations, reducing manual processes and strengthening brand recognition while helping clients improve customer satisfaction and increase sales.

FleetGuru

Pre Seed Round in 2021
FleetGuru is a cloud-based fleet management application that provides companies with a comprehensive platform for managing their vehicle-related operations. The software features a vehicle information database that logs essential vehicle documents and maintains a leasing contract register. It also offers functionalities for reporting and tracking vehicle problems, as well as monitoring vehicle checks and inspections. By enabling digital management of fleets throughout their lifecycles, FleetGuru helps organizations gain better visibility into their vehicle-related costs and issues, streamlining fleet management processes.

Ender Turing

Pre Seed Round in 2021
Ender Turing empowers C-level leaders in industries such as banking, insurance, healthcare, and retail by providing real-time insights into customer sentiment, product feedback, compliance risks, and sales performance. Its AI-driven platform offers instant answers to business operation queries, backed by company data.

Wowflow

Pre Seed Round in 2021
Wowflow is a developer of software solutions focused on property maintenance and facility management. Its platform offers an alternative to traditional Computerized Maintenance Management Systems (CMMS) by automating routine maintenance tasks for operators and property managers. By digitizing property management processes, Wowflow enhances communication and coordination among maintenance teams, significantly reducing administrative workload by up to 50%. The software allows users to generate detailed PDF reports quickly and provides real-time monitoring of daily operations, enabling teams to maintain better control over their activities. Overall, Wowflow aims to streamline facility management through innovative and efficient digital solutions.

Woola

Angel Round in 2020
Woola designs and produces sustainable packaging materials using upcycled sheep wool as cushioning to replace bubble wrap. The products provide shock absorption, thermal resistance, and can be reused, repurposed, or returned by end users to support a closed-loop system and reduce plastic usage. The materials come in modular sheet and envelope formats, enabling retailers and e-commerce brands to protect delicate goods during shipping while minimizing waste.

Fyma

Seed Round in 2020
Fyma is a technology company that specializes in artificial intelligence-based software for analyzing camera feeds through advanced computer vision algorithms. Founded in 2017 and based in Tallinn, Estonia, Fyma transforms conventional cameras into intelligent sensors, allowing businesses and institutions to derive actionable insights from video data. The platform provides empirical real-world movement data, enabling clients to understand shopping patterns and object movement in various environments such as retail spaces, business parks, campuses, and marinas. With features that include self-learning capabilities and real-time monitoring, Fyma's solution integrates with third-party data sources, empowering clients to make informed strategic decisions based on real-time analytics.

DriveX

Pre Seed Round in 2020
DriveX is a technology partner for insurers, specializing in digital software solutions that enhance the vehicle verification process. The company's proprietary AI-assisted platform enables remote inspections, facilitating a more efficient and automated verification process for motor insurance policies and claims management. By streamlining these operations, DriveX helps insurance companies save time and reduce costs while minimizing the risk of fraud. The company's focus on improving the digital customer experience ensures that both employees and customers benefit from faster, more reliable service.

Warren.io

Seed Round in 2020
Warren is a self-service cloud platform tailored for regional infrastructure service providers, aimed at enhancing the management of e-commerce projects across various local data centers and hosting providers. The platform offers a comprehensive suite of features, including automated maintenance and streamlined DevOps processes, which facilitate efficient feature testing and management across diverse platforms. By enabling these service providers to collaborate, Warren supports the creation of a decentralized network that delivers a cohesive cloud experience. Its modern, reliable architecture positions it as a valuable solution for organizations looking to compete effectively in the global market.

EZIIL

Seed Round in 2020
Eziil Production Intelligence OU is a software development company based in Viljandi, Estonia, specializing in solutions for manufacturing firms. Founded in 2016, Eziil offers a software platform that enables users to track and report production data in real-time. The company's technology incorporates artificial intelligence and systematic tracking, providing a framework that enhances production efficiency. By utilizing Eziil's software, manufacturing companies can achieve lower production costs, improved quality, and increased profitability.

Outfunnel

Pre Seed Round in 2020
Outfunnel is a technology company that provides a sales and marketing workflow platform. It synchronizes data across various tools, scores leads based on engagement, and guides users towards the next best action for each contact. The platform automates email marketing campaigns, tracks website behavior from click to conversion, and offers insights into lead activity and messaging effectiveness.

Remato

Seed Round in 2020
Remato is a mobile-first platform designed for the construction industry, providing an all-in-one solution for managing projects, personnel, and assets. The software enables construction entrepreneurs to streamline operations through features such as budget estimating, task planning, field communications, and work tracking. It offers tools for time and tool management, along with location and condition tracking, allowing small and medium-sized construction businesses to oversee their activities efficiently. By consolidating various management functions into a single platform, Remato facilitates real-time oversight and generates automated reports, enhancing productivity and operational effectiveness within the construction sector.

Cachet

Seed Round in 2020
Cachet OÜ, established in 2018 and headquartered in Tallinn, Estonia, operates an innovative online insurance brokerage platform focused on the mobility sector, particularly for ride-hailing drivers. The company offers a variety of insurance products, including traffic and casco insurance, as well as fleet insurance. Cachet serves as a data intermediary between gig economy platforms and insurance providers by aggregating and enriching data on service provision across multiple platforms. This data-driven approach enables insurance companies to deliver personalized coverage options tailored to individual service providers based on their actual working hours, thereby enhancing pricing, predictability, and risk management within the gig and sharing economy.

Bigspoon

Seed Round in 2020
Bigspoon Foods Private Limited is a cloud kitchen based in Ahmedabad, India, that specializes in a diverse range of culinary offerings. Founded in 2019 by Kapil Mathrani, Rohan Bhatt, and Poojan Thakkar, the company focuses on North Indian cuisine, American quick-service restaurant (QSR) options, and healthy meal choices. Bigspoon provides an omni-channel approach to food ordering and delivery, emphasizing quality, health, and hygiene in its operations. The menu includes popular dishes such as chicken tikka, paneer rolls, butter paneer, dal Bukhara, paneer tikka, ras omelette, and various biryanis, catering to a wide array of customer preferences. The company facilitates online orders and home delivery services, making its offerings accessible to a broad audience.

Moderan

Venture Round in 2020
Moderan is a technology company specializing in lease lifecycle management software for commercial real estate. Its web-based platform streamlines lease administration by centralizing lease agreements, tracking key dates, and automating report generation. This enables property managers to efficiently monitor their portfolios and ensure no critical deadlines are overlooked.

askRobin

Seed Round in 2020
AskRobin is an online platform that matches individuals with suitable loan options from various financial institutions. It offers personalized recommendations based on user profiles, streamlining the process of finding and applying for loans.

Dashbird

Seed Round in 2020
Dashbird is a serverless monitoring and debugging platform for AWS that helps developers build, deploy, and operate complex serverless applications. The platform collects real-time data on errors, latency, and memory usage, and provides alerts and reporting to detect performance, availability, cost, and security risks. It accelerates serverless adoption with actionable insights, fast setup without code changes, and cost optimization capabilities, and it leverages CloudWatch logs for in-depth analytics. Founded in 2017 and based in Tallinn, Estonia.

ProcurementFlow

Angel Round in 2019
ProcurementFlow is a developer of a cloud-based platform aimed at digitizing the procurement process for businesses. This platform serves as a teamwork management system specifically designed for purchasing and procurement departments. It supports the entire source-to-pay process, facilitating seamless communication and efficient supplier relationship management. By automating and streamlining procurement activities, ProcurementFlow enables companies to enhance their operational efficiency, improving the overall procurement experience within a single day.

Cachet

Pre Seed Round in 2019
Cachet OÜ, established in 2018 and headquartered in Tallinn, Estonia, operates an innovative online insurance brokerage platform focused on the mobility sector, particularly for ride-hailing drivers. The company offers a variety of insurance products, including traffic and casco insurance, as well as fleet insurance. Cachet serves as a data intermediary between gig economy platforms and insurance providers by aggregating and enriching data on service provision across multiple platforms. This data-driven approach enables insurance companies to deliver personalized coverage options tailored to individual service providers based on their actual working hours, thereby enhancing pricing, predictability, and risk management within the gig and sharing economy.
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