Superangel is a Tallinn-based venture capital firm that backs early-stage technology companies. Founded in 2018, it focuses on information technology sectors such as fintech, mobile, SaaS, sharing economy, blockchain, and AR/VR, and invests globally with a preference for European and North American opportunities. The firm is led by tech entrepreneurs and has supported early-stage companies across Baltics and Nordics, aiming to back builders of world-changing technology.

Trind Ventures is a Tallinn-based venture capital firm that backs early-stage European startups. It invests across Northern and Central Europe in marketplaces, consumer solutions, and PLG-driven B2B products, as well as software and information and communications technology, supporting both business-to-business and business-to-consumer models.

Change Ventures is a Tallinn-based venture capital firm founded in 2016 that focuses on technology companies, with a preference for B2B and SaaS businesses in Eastern Europe. It backs early-stage companies in Estonia, Latvia, Lithuania, and Baltic diaspora entrepreneurs building elsewhere, with typical checks ranging from around €100,000 to €750,000. The firm supports portfolio companies to reach product-market fit, raise subsequent rounds, and scale, leveraging a network of follow-on investors and partners.

Lemonade Stand is a venture capital firm based in Tallinn, Estonia, that concentrates on early-stage B2B technology investments. The firm targets founders from the Baltic and Eastern European regions and provides capital typically in the €25,000–€300,000 range to support teams, technology development, or early traction.

Practica Capital is a Vilnius, Lithuania-based venture capital firm that funds Baltic technology founders from seed to growth stages. Established in 2011, it concentrates on tech-enabled companies in the Baltic States and the Nordic region, and supports founders as company builders through early-stage investments and selective growth rounds. The firm is described as an active Baltic syndicate partner, co-investing with local, regional and international venture capital firms, accelerators, incubators, angels, corporates and public institutions. Practica Capital focuses on software and information technology sectors and aims to take minority stakes while providing strategic guidance and governance support to portfolio companies.

ZGI Capital is a Riga-based private equity and venture capital firm founded in 2005 that pursues seed-to-growth investments in the Baltic and CIS regions. The firm typically takes minority equity stakes and targets investment sizes from about €0.5 million up to €5.7 million, with financing arrangements that may involve bank or leasing partners. Investments are planned over a 3 to 6 year horizon, and exits are usually realized through sales to other investors. The company engages across multiple sectors, including fintech, metalworking, IT, engineering, logistics, manufacturing, and services, with a focus on supporting entrepreneurs lacking start-up capital to scale their businesses.

Spring Capital is a Tallinn-based venture capital firm that backs technology companies in the Baltic and Nordic regions. Founded in 2008, it pursues seed and growth investments, focusing on scalable technology-driven startups and growth companies that are EBITDA-positive or approaching profitability. In seed rounds it typically writes checks of about €75,000–€200,000 to participate in larger rounds with runway, while in growth rounds it seeks minority stakes in rounds of €300,000–€700,000. The firm concentrates on the information technology sector and prefers opportunities in Denmark, Estonia, Latvia, Lithuania, Norway, Sweden, and the broader Baltics and Nordics. Management invests its own capital to support portfolio companies.

NordicNinja VC is a London-based venture capital firm, founded in 2019, that backs early-stage technology startups in the Nordic and Baltic regions, with emphasis on robotics, automation, health tech, artificial intelligence, and mobility. The firm targets sectors including information technology, AI/ML, Internet of Things, virtual reality, cybersecurity, digital health, robotics and drones, and other deep-tech areas, supporting founders to scale across Northern Europe.

Baltic Technology Ventures is a venture capital firm that invests in start-up projects and technologies in the Baltic region, with a focus on seed and early-stage companies. Startups in its portfolio are fully vetted, and the firm provides capital and guidance to support growth. It maintains an angel investor group focused on Baltic seed and early-stage opportunities, enabling direct involvement in portfolio companies.

ZAKA Ventures is a Prague- and Bratislava-based venture capital firm that invests in pre-seed and seed software startups across Europe, with a particular focus on Central and Eastern Europe and the DACH region. It backs early-stage companies across sectors such as AI, analytics, B2B SaaS, consumer apps, gaming, crypto, retail, financial services, ad tech, e-commerce, marketing tech, real estate, and utilities. The firm pursues a pan-European strategy supported by scouts in Berlin, the United Kingdom, the Baltic states, the Balkan region and Turkey, and operates from Prague and Bratislava. Founded in 2019, ZAKA Ventures seeks to partner with founders at the earliest stages to accelerate product development and market entry.

The EBRD is an international financial institution founded in 1990 and headquartered in London that provides project financing and advisory services to support private sector development and transformation in emerging markets. It finances banks, industries, and businesses, supports new ventures and investments in existing companies, and helps privatize and restructure municipal services in publicly owned entities. Through its banking and treasury activities, it offers loans, equity and quasi-equity investments, guarantees, and equity funds for smaller enterprises, along with trade finance and loan syndication. It works with commercial partners to invest in private enterprises across sectors including energy, manufacturing, ICT, infrastructure, agribusiness, and real estate, across Europe, the Middle East and beyond, including a significant footprint in Central and Eastern Europe, the Baltics, and the Caucasus. It provides policy reform dialogue and advisory services to support market modernization, governance, and reform. It has invested over €130 billion in more than 5,000 projects.

Tera Ventures is a Tallinn-based venture capital firm specializing in early-stage digital startups in the Baltic states, Scandinavia, and Central and Eastern Europe. It provides hands-on support, strategic guidance, and access to a global advisory network to help portfolio companies grow from pre-seed and seed stages toward exits. With regional presence in Estonia, Finland, and California, the firm assists portfolio companies in expanding into new markets such as the United Kingdom, the United States, and Asia. Tera Ventures focuses on software and information technology and typically invests in early rounds with potential for follow-on funding for select companies, while not taking controlling stakes to keep founders properly motivated.

Specialist VC is a Tallinn-based venture capital firm founded in 2017 that backs early-stage startups, typically from pre-seed to Series A rounds. The firm focuses on companies operating in business-to-business software, software as a service, fintech, platforms, software-enabled hardware, and deep technologies. Its active geographic focus includes Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus, with a stated aim of supporting founders across these markets.

Metaplanet Holdings is a venture capital firm founded in 2011 and based in Tallinn, Estonia. It backs early-stage companies across a broad range of sectors, including artificial intelligence and robotics, life sciences, enterprise and consumer technology, biotech, cryptocurrency, healthcare, transportation, and other technology-driven fields. The firm supports novel, evidence-based innovations with the potential for outsized returns and aims to create meaningful impact.

2C Ventures is a Tallinn, Estonia-based early-stage venture capital investor focused on clean technology. The firm backs startups in the Nordics and Baltics, collaborating with entrepreneurs and researchers to advance sustainable technologies from pre-seed to Series A, with typical investments ranging from 250,000 to 1,000,000 euros.

Iron Wolf Capital is a venture capital firm headquartered in Vilnius, Lithuania, founded in 2018. It is an EU-based seed and early-stage investor with a global outlook, focusing on information technology, fintech, marketplaces, IoT, SaaS, artificial intelligence, machine learning and other deep-tech sectors, particularly in the Baltic region while maintaining international reach. The firm blends entrepreneurial and financial experience to support building international businesses, leveraging networks in the Baltics and London. It seeks ESG-aligned investments.

European Investment Fund (EIF) is a public institution established in 1994 to improve access to finance for Europe's small and medium-sized businesses. It designs and develops venture capital and guarantee instruments to support SMEs and to catalyse private investment, aiming to build a robust European equity ecosystem. EIF engages in venture capital, growth capital, and guarantee operations, backing innovative entrepreneurs primarily in technology and life sciences, as well as across other sectors. Through cornerstone investments and fund participation, EIF seeks to crowd in private investors and stimulate venture activity across Europe. Its equity portfolio has grown substantially, with assets under management exceeding EUR 14 billion, reflecting its broad role in strengthening SME finance and supporting entrepreneurship and growth.

Founded in 2022, Fund Fellow Founders is an angel group based in Ülemiste, Estonia. It invests and provides collective advice to founders across the Nordics and Baltic regions.

Highgoal Capital is a technology-focused investment firm that backs founders and technology companies across Europe, the Middle East and Africa. Founded in 2020 and based in Tallinn, it operates with offices in London and Tallinn. The firm targets technology ventures across its regional footprint, supporting companies at scale and helping them reach global markets. It is registered with the Estonian Financial Supervisory Authority as a small alternative fund manager, reflecting its regulatory status in the Baltic region.

SmartCap is a government-backed fund-of-funds organization in Estonia that manages and invests in private venture-capital funds and early-stage investment programs. It seeks to back fund managers and form partnerships to finance ambitious companies, and has served as the investment arm of public funds such as KredEx. Established in 2011 and based in Tallinn, SmartCap coordinates fund-of-fund activity and oversees early-stage investments through collaborations with regional venture-capital managers to support the growth of innovative Estonian companies.

Superhero Capital is a Helsinki-based venture capital firm focused on seed-stage investments in technology-enabled companies in Finland and the Baltics. It concentrates on software and related sectors such as B2B software, health tech, fintech, IoT and SaaS, supporting insight-driven startups. Founded in 2015, the firm operates across Finland and the Baltic states.

Overkill Ventures is a venture capital firm headquartered in Riga, Latvia. Founded in 2017, it concentrates on early-stage business-to-business technology startups and supports them toward product-market fit, with a focus on companies across the Baltics, Nordics, Central and Eastern Europe, and the CIS regions.

Gorilla Capital is a Helsinki-based venture capital firm that invests in early-stage technology companies across Finland, Sweden, Denmark, and the Baltic states. It operates through multiple early-stage funds, including Gorilla Capital Fund 2017 and Gorilla Capital Fund III, and engages in technology sectors such as information technology and software.

byFounders is a Copenhagen-based venture capital firm with an office in San Francisco that backs early-stage technology startups, primarily in the Nordic and Baltic regions, through pre-seed and seed rounds and, in some cases, Series A. Operated by a collective of accomplished regional entrepreneurs, the firm provides hands-on support alongside capital to help founders scale globally. It focuses on technology ventures, with emphasis on artificial intelligence, and makes follow-on investments in its portfolio to sustain growth.

Founded in 2022, FIRSTPICK is a venture capital firm based in Vilnius, Lithuania. It invests in early-stage tech startups across the Baltics, focusing on sectors such as fintech, SaaS, deeptech, and consumer marketplaces.

Black Pearls VC is an early-stage venture capital firm based in Gdańsk, Poland, focused on investing in Northern and Central European technology companies with defensible technology and potential to become market leaders. The firm operates across Europe, with emphasis on the Baltic Sea Region, and is sector agnostic but B2B oriented, backing investments in digital health, enterprise software, fintech, future of work, and deep tech. It often serves as an initial investor in portfolio companies, helping founders scale and achieve global reach. Black Pearls VC is recognized as the first Polish venture capital fund represented in the Kauffman Fellows network.

Butterfly Ventures is a venture capital firm based in Oulu, Finland, that invests in early-stage technology startups across the Nordic and Baltic regions. It focuses on deep tech and hardware, including software for hardware interfacing, as well as IoT, artificial intelligence, and virtual and augmented reality applications. The firm typically engages with companies at the seed stage before revenue and maintains offices in Oulu, Helsinki and Stockholm to support portfolio companies across the Nordics and Baltics.

Vendep Capital is a Finland-based venture capital firm that specializes in early-stage B2B software companies in the Nordics and Baltics. Founded in 2013 and headquartered in Espoo, Finland, it targets pre-Series A investments in software and TMT with emphasis on SaaS and B2B marketplaces. The firm backs ambitious founders by providing capital along with its SaaS expertise and extensive networks to speed growth. Typical initial tickets range from 0.1 to 3 million euros, with investments extended across multiple rounds as companies scale. Vendep focuses on the Nordics and Baltics regions, supporting software entrepreneurs at a pivotal growth stage and aiming to build a portfolio of validated SaaS and related software ventures.

Inventure is a Helsinki-based venture capital firm focused on early-stage technology, software and digital services companies in the Nordics and Baltics. Founded in 2005, it funds seed and Series A rounds, with typical investments ranging from €100,000 up to €10 million over a company’s life cycle, and supports portfolio companies with talent and expansion. The firm operates several funds, including Fund I (2008 vintage), Fund II (2014) and Fund III (2017), all targeting software and tech-driven startups in the Nordic and Baltic regions. Inventure reports €230 million in assets under management and maintains offices in Helsinki and Stockholm to cover its regional focus.

J12 Ventures is a venture capital firm focusing on pre-seed and early-stage technology and software companies in the Nordics and Baltics. Based in Stockholm, Sweden, the firm backs founders developing AI-enabled data infrastructure and AI applications for enterprises, consumers, and healthcare, and prefers investments in technology and software sectors. Founded in 2019, the firm typically supports early-stage rounds and seeks founders with ingenuity and stamina.

Karma Ventures is a Tallinn-based venture capital firm that backs early-stage technology companies across Europe, with a focus on late-seed and Series A rounds. It invests in software, deep-tech, and ICT startups that demonstrate strong technology, customer traction, and international ambition. The firm targets European teams and supports them through multiple rounds, typically committing up to a few million euros per company and pursuing follow-on investments as needed. Karma Ventures operates from Estonia with additional offices in Luxembourg, and it partners with entrepreneurs to define paths to growth across commercial, strategic, and technical dimensions.

Conor Venture Partners is a Finnish venture capital firm based in Espoo, founded in 2005. It focuses on early-stage technology companies across the Nordic and Baltic regions, investing in IT, communications, software, electronics, embedded software, semiconductor technology, and optics.

Eleving Group is an international financial technology company operating across three continents. It specializes in disruptively changing the used car and consumer financing industry by providing financial inclusion to underserved markets.

Logo Ventures is an early-stage venture capital firm focused on technology-driven startups with high growth potential in Turkey and the surrounding regions of Central and Eastern Europe and the Baltic states. It partners with entrepreneurial teams to help them scale globally and build durable technology-enabled businesses, supporting companies as they evolve into established players within their industries.

Founded in 2015, River Venture Partners is a venture capital firm based in Amsterdam, Netherlands. It specializes in seed, start-up, early venture, and growth capital investments, primarily focusing on digital media, e-commerce, mobile sectors, and software technologies across the Benelux, Nordic, and Baltic regions.

Wave Ventures is a venture capital firm founded in 2016 and headquartered in Helsinki, Finland, with an additional office in Sweden. It operates as a student-run organization and is noted as the largest student-run venture capital firm in Europe. The firm focuses on pre-seed investments across the Nordic and Baltic regions, backing Gen Z entrepreneurs at the earliest stages. Its investors and supporters include unicorn founders from the Nordic ecosystem. The team comprises five members drawn from top regional universities, enabling it to pair early-stage founders with hands-on insight. Wave Ventures targets opportunities across Denmark, Finland, Iceland, Norway, Sweden, Estonia, Latvia, and Lithuania.

GrayBella Capital is a European venture capital firm that backs technology and healthcare companies across health tech, life sciences, and complex tech sectors. It engages in seed through growth-stage investments, typically leading or co-leading rounds and maintaining active board involvement. The firm concentrates on Europe, including the UK, Ireland, Spain and Portugal, the Nordics, Baltics, and CEE, with typical equity checks in the €3–8 million range. It operates from multiple offices in Europe and North America and pursues pan-European opportunities.

Revo Capital is a venture capital firm founded in 2013 and based in Istanbul, with additional offices in Tallinn and Amsterdam. It invests in early- and growth-stage technology companies across Turkey, Eastern Europe, and the Baltics, focusing on sectors including SaaS, enterprise software, AI and machine learning, big data, fintech, healthtech, cybersecurity, cloud solutions, marketing technology, e-commerce, energy, gaming, and related areas. The firm supports B2B, B2C and C2C business models and collaborates across regional networks to back companies from seed to growth stages.

Balnord is a venture capital firm founded in 2024 and based in Luxembourg, investing in companies that build deep tech and data-driven software, including dual-use technologies in the Baltic Sea Region.

Integer.pl Group is a leading private postal group in Europe that has rapidly expanded its InPost parcel locker network across numerous countries worldwide. Within three years, the company deployed its locker technology in Australia, Chile, Great Britain, Italy, Ireland, Iceland, Lithuania, Latvia, Ukraine, Estonia, Poland, Russia, Saudi Arabia, Cyprus, Slovakia, Czech Republic, Colombia, Costa Rica, El Salvador, and Guatemala. The service has earned high customer satisfaction, reflected in a Net Promoter Score of 89% as of February 2019, and has received several industry awards, including the World Mail Awards 2013, Retail Innovation of the Year 2013, and Delivery Innovation Excellence UK 2014. Integer.pl Group continues to build a strong global footprint in the logistics sector through its innovative locker solutions.

Fiedler Capital is a venture capital firm founded in 2014 and based in Budapest, Hungary. It focuses on seed and early-stage investments, often acting as lead or co-lead, with pre-venture and pre-seed rounds and check sizes typically between €50,000 and €750,000. The firm supports overlooked founders from peripheral European ecosystems and seeks opportunities across healthcare, medical technology, software, mobile applications, and data analytics, but remains sector agnostic when a strong product, market, or mission is evident. While its natural footprint is Central and Eastern Europe and the Baltics, it is willing to invest wherever its network or diaspora can unlock opportunities. The approach centers on helping breakout companies by leveraging a network-driven, early-stage investment strategy rather than a focus on a single sector.

Voima Ventures is a venture capital firm based in Espoo, Finland, specializing in seed and early-stage investments in deep-tech startups. It backs science-driven companies across domains such as bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software and ICT, and artificial intelligence. Focused on the Nordic and Baltic regions, Voima Ventures supports ventures from concept through early growth with value-added capital and strategic guidance to help address global challenges.

Bellone Invest is a private investment firm based in Tallinn, Estonia, founded in 2013. It specializes in seed-stage technology investments, including software, SaaS, e-commerce, mobile applications, and the cryptocurrency sector, and actively seeks opportunities in related high-growth areas. The firm emphasizes sustainable, long-term investment performance across its portfolio.

Icebreaker.vc is a Helsinki-based venture capital firm that specializes in early-stage software investments in Finland and the Nordic region. Founded in 2016, it has invested in more than 50 fast-growing tech startups led by domain-expert founders from companies such as Rovio, Nordea, Pipedrive, Eniram, IBM and BCG, and it runs a community of over 1,000 founders and pre-founders with at least five years of industry experience. The firm provides early-stage funding to help portfolio companies reach a position of strength, with initial ticket sizes described in sources as ranging from tens of thousands to a few hundred thousand euros. Icebreaker emphasizes a hands-on approach, leveraging its ecosystem to support portfolio companies in growth and execution.

Ambient Sound Investments is a Tallinn, Estonia-based family office and private investment vehicle founded in 2003 by four engineers from Skype. It provides investment management and holds minority stakes in ventures through direct investments and fund-of-funds, focusing on private equity and venture capital across incubation, seed, early-stage, growth, and PIPEs, as well as selective investments in real assets. The firm typically pursues minority positions around 25 percent, with larger stakes in incubators, and pursues co-investments and occasional entries into public equity. Its portfolio concentrates on information technology, software, web, social media, and research and development companies, with a geographic focus on the United States, Europe and Asia, including Eastern Europe and countries such as Russia, Lithuania, Denmark, Finland, France, Iceland, Norway, Sweden and the United Kingdom. Investment sizes range roughly from half a million to two million euros, and capital is deployed from personal capital and balance sheet sources. The organization originated to hold a minority Skype stake and now operates as a private investment vehicle.

BADideas.fund is an angel investor group based in Riga, Latvia, founded in 2022. It operates as an early-stage angel syndicate that funds Central and Eastern European startups, typically providing 50k to 100k euros per investment. The firm is formed by founders and operators who contribute hands-on experience to help portfolio companies achieve product-market fit, build scalable growth engines, and accelerate fundraising. Its network includes experienced founders and operators who share operational insight and collaborate to back ambitious startups in the region.

Prototron is a start-up fund based in Tallinn, Estonia, established in 2012 by Swedbank, Tallinn Technical University, and Tallinn Science Park Tehnopol. The organization focuses on financing teams with high growth potential in sectors such as Greentech, Electronics, Mechatronics, and Information and Communication Technology (ICT). Prototron conducts 3-4 financing rounds annually and has supported 58 startups over the past five years, providing funding exceeding 470,000 euros along with coaching and incubation services. The portfolio companies have collectively generated over 4.5 million euros in revenue and attracted more than 17 million euros in additional capital, establishing Prototron as the most productive pre-seed fund in Estonia. The fund aims to assist new start-up teams in developing their prototypes and seeks partnerships to foster future success stories in the region.

70Ventures is an investment firm that backs B2B entrepreneurs and helps them build data-driven sales teams that deliver predictable revenue, providing funding from pre-seed to Series A based on revenue milestones.

Open Circle Capital is a venture capital firm founded in 2017 and based in Vilnius, Lithuania. It concentrates on early-stage technology companies in information and communications technology, robotics, and high-tech sectors across Northern Europe. The firm prefers teams led by serial entrepreneurs with past growth, fundraising, or exits, and targets product-building startups that demonstrate high potential, rapid growth, and the ability to expand into foreign markets. Its investment approach centers on an initial conversation to understand ambition, a short series of meetings to assess fit, discussion of terms, and due diligence before committing to a venture partnership. Open Circle Capital aims to support startups through meaningful technical and market development as they scale.

Founded in 2017, Coinvest Capital is a venture capital firm based in Vilnius, Lithuania. It invests in startups and companies across various stages and sectors, with a current focus on DefenceTech, DeepTech, BigData, SaaS, ClimateTech, Life Sciences, Biotech, MedTech, Impact Investing, and supporting women founders.