Superangel is an early-stage venture capital firm based in Tallinn, Estonia, founded and led by tech entrepreneurs. It backs technology companies at the pre-seed and seed stages across Europe and the United States, with a focus on artificial intelligence, robotics, mobility, logistics, fintech, software-as-a-service, and related data, infrastructure, and deeptech areas. The firm partners with builders aiming for global impact, providing capital and access to its network to help startups scale. Investments typically occur in the initial rounds, with a willingness to follow-on as companies grow. While rooted in the Baltic and Nordic regions, Superangel operates globally from its Tallinn base and maintains a presence in Palo Alto to bridge European and U.S. ecosystems. The firm emphasizes entrepreneur-led leadership and practical support to help portfolio companies reach international markets.

Trind Ventures is an early-stage venture capital firm based in Tallinn, Estonia, that invests in Europe-based startups across consumer-focused segments, marketplaces, and business-to-business software and ICT. The firm supports early-stage and community-driven ventures, helping them through initial investments and subsequent funding rounds to achieve sustainable growth. It emphasizes partnerships with founders and provides resources through its Trind Toolbox, including a matching test to assess investment viability. Trind engages with the startup ecosystem through events and regular updates, reflecting a hands-on approach to supporting portfolio companies and fostering long-term growth.

Change Ventures is a Tallinn-based venture capital firm that backs ambitious Baltic founders at seed and pre-seed stages. It typically invests between €100,000 and €500,000 in technology startups, with a focus on B2B and SaaS businesses from Estonia, Latvia, Lithuania, or the Baltic diaspora. The firm emphasizes team capability and resilience in its evaluation and supports portfolio companies in achieving product-market fit through hands-on support and connections to a broader network of follow-on investors and partners. Since its founding in 2016, Change Ventures has pursued a founder-friendly, fast decision-making process and aims to help portfolio companies scale globally from the Baltic region.

Tera Ventures is an early-stage venture capital firm based in Tallinn, Estonia, focused on digital startups with global ambitions. The firm invests in startups across the Baltics, Nordics and Central Europe including Estonia, Denmark, Sweden, Finland, Latvia, Lithuania, Poland and the Czech Republic. It prioritizes AI-powered innovations and areas such as FinTech, security and automation, but remains industry agnostic. Tera Ventures takes a hands-on approach, often leading rounds and providing follow-on support to portfolio companies, helping them enter international markets and raise capital from leading VCs in the US, the UK and Japan. The firm leverages a global advisory network to offer portfolio companies access to expertise and partnerships as they scale toward global leadership.

Superhero Capital is a Helsinki-based venture capital firm that concentrates on seed-stage investments in software-enabled startups across Finland and the Baltic states. It typically makes early-stage commitments of roughly €100,000 to €1 million and focuses on software, health tech, fintech, IoT, and other B2B technology-enabled sectors. The firm positions itself as a founder-friendly partner, seeking to understand founders’ challenges and offer support without taking control of the business. With a track record of backing a broad portfolio and substantial follow-on funding, Superhero Capital aims to help entrepreneurs scale in the New Nordics. While the primary focus is Finland and the Baltics, the fund has historically considered opportunities outside the region when aligned with its strategy.

ASP Asset Management is a Riga-based venture capital firm founded in 2022 that backs early-stage startups in the Baltic region. It focuses on pre-seed and seed investments and enables clients to form investment syndicates for high-risk projects, allowing smaller investments across multiple startups to diversify risk. The firm collaborates with business angels, family offices, and investment funds worldwide and maintains close ties to LatBAN, the Latvian Business Angel Network. It supports fast-moving startups with strong growth potential and has been honored at the Latvia Investment Awards 2024 and nominated for Best Syndicate of the Year, reflecting its active role in fostering Baltic startup growth.

Gorilla Capital is a Nordic venture investor based in Helsinki, Finland, funding early-stage technology startups across Finland, Sweden, Denmark and the Baltic countries. It focuses on capital-efficient software and technology ventures at pre-seed and seed stages, prioritizing product-market fit, measurable customer traction, and sustainable growth. The firm adopts a disciplined, milestone-driven approach and supports founders with strategy, funding and go-to-market guidance to accelerate commercialization, aiming for profitability and steady expansion. By backing teams able to execute quickly and understand customer problems, Gorilla Capital seeks to create long-term value through prudent capital deployment and hands-on support.

Lead Ventures is a Budapest-based venture capital firm that backs technology companies in Central Europe and the Baltics, supporting scale-ups with capital, experience and a broad professional network to enable growth and regional expansion. The firm focuses on sectors including mobility, energy and sustainability, B2B software and services, IoT, and related tech-enabled areas, and also invests in early to growth-stage companies across the region. Typical investment sizes range from €1 million to €10 million, and the firm manages roughly €200 million in committed capital. Backed by MOL Group and other financial institutions such as the Hungarian Development Bank and Eximbank, Lead Ventures seeks to help portfolio companies transform their industries through regional scale and international reach.

Wave Ventures is a venture capital firm founded in 2016 and based in Helsinki, Finland and Stockholm, Sweden. It concentrates on pre-seed and early-stage investments across the Nordics and Baltics, backing first-time founders and Gen Z entrepreneurs. The firm is described as Europe's largest student-run venture capital and operates with a small team formed by graduates from top regional universities. Its portfolio is informally grouped as The Wave, and the firm emphasizes proactive support for portfolio companies, pursuing opportunities across Denmark, Finland, Iceland, Norway, Sweden, Estonia, Latvia, and Lithuania.

SmartCap is Estonia's state-owned venture capital fund manager and investment arm in Tallinn, focused on fostering innovation and economic growth by managing and supporting early-stage investments through multiple funds, including a venture capital program for Estonian startups, a greentech fund, and a defence technology fund. It operates as a fund manager and collaborates with private fund managers and co-investors to finance startups across sectors, aligning investments with Estonia’s national priorities and contributing to the development of the local venture capital market.

Lemonade Stand is a Tallinn, Estonia based venture capital firm founded in 2019 that focuses on early-stage B2B investments from the Baltic and East European regions. It provides seed funding ranging from €50,000 to €300,000 to teams with strong technology, traction, or potential, including pre-revenue and pre-product companies, and aims to back ambitious, diverse founders.

Icebreaker.vc is a venture capital firm founded in 2016 and based in Helsinki, Finland, focused on early-stage investments in the Nordic and Baltic regions. It backs startups from the idea stage through Seed funding and beyond, providing first-ticket investments up to 1.5 million euros and guidance from experienced partners throughout the startup lifecycle. Since 2017 it has backed more than 100 teams across sectors including SaaS, fintech, and healthtech, with notable investments such as ReOrbit and Hoxhunt. The firm also runs a community of founders and pre-founders with relevant industry experience, and its activities are supported by InnovFin Equity and the European Union's Horizon 2020 program.

Iron Wolf Capital is a Vilnius-based venture capital firm focused on seed and early-stage investments in artificial intelligence and deep-tech startups across the Baltic region and Baltic diaspora. The firm leverages hands-on operational and international networks to help portfolio companies scale, drawing on team experience in finance, technology, and entrepreneurship. Typical investments range from €0.5 to €2 million, with the firm often leading or co-leading rounds. Since 2019, Iron Wolf Capital has backed more than 20 startups spanning photonics, robotics and AI, and actively contributes to the Baltic innovation ecosystem through initiatives such as the Baltic Deep Tech Report and the Deep Tech Breakfast Series, alongside a bimonthly newsletter. The firm emphasizes ESG principles and maintains strategic ties with ecosystem partners, including cornerstone investor ILTE, a Lithuanian state-established financial institution.

ZGI Capital is a Riga-based investment firm that acts as an alternative investment fund manager, providing development financing to established Baltic and CIS companies seeking to scale, expand into export markets, increase capacity, or improve profitability. Since its founding in 2005, ZGI Capital has completed dozens of investments across metalworking, food, wood processing, logistics, information technology, engineering, retail and services exports, typically investing between 0.5 and 5 million euros per company and often taking a minority stake of up to around 49%. The firm manages funds such as ZGI-1 through ZGI-4 and pursues investment horizons of roughly three to six years, with exits typically by selling its stake to other investors. It operates primarily in the Baltic region and CIS, and maintains a focus on growth and expansion capital rather than pure start-ups, working with entrepreneurs to drive growth and capital deployment.

Metaplanet is a venture capital firm based in Tallinn that funds deep-technology companies with a long-term, mission-driven focus on societal impact. It backs startups across artificial intelligence, robotics, life sciences, enterprise and consumer technologies, and cryptocurrency, seeking ventures with the potential to deliver durable, useful innovations for humanity. The firm emphasizes founder-friendly relationships, autonomy, and a hands-off yet responsive approach, aiming to support durable products while upholding ethical R&D practices. With a track record of portfolio companies and exits, Metaplanet builds a community of innovators aligned with long-term human flourishing rather than short-term gains.

BADideas.fund is an angel group and early-stage investor based in Riga, Latvia, focused on backing Central and Eastern European startups with global ambitions. It targets pre-seed and seed rounds, typically investing €50,000 to €250,000, and operates a Launchpad GTM diagnostic system to identify and resolve market-entry and growth roadblocks between funding rounds. The three-phase Launchpad combines GTM diagnostics, an AI co-pilot, and senior operator deployment to speed decision-making and shorten fundraising cycles. The network comprises founders and operators and includes a €22 million fund to bridge gaps beyond syndicate commitments. BADideas prioritizes driven founders and potential over pedigree, aiming to help teams achieve product-market fit faster, build scalable growth engines, and access top-tier investors.

fff.club is a community-driven platform focused on private market investing for founders and tech professionals. It has over 610 members and has facilitated €17M in investments across 17 deals over three years. The platform provides access to exclusive deal flow, educational resources, and networking opportunities with prominent tech leaders from Bolt, Wise, and Vinted, aiming to empower users with knowledge and tools for informed investment decisions in venture capital, private credit, and real estate. It offers a forum, weekly market updates, and opportunities for co-investment, emphasizing a holistic approach to wealth management beyond traditional metrics. The platform operates through subscription services and is not a licensed financial advisor; users are advised to consult their own advisors before making financial decisions.

FIRSTPICK is a Vilnius-based early-stage venture capital firm focused on Baltic technology startups in their inception and pre-seed stages. It backs AI-first software, SaaS and fintech companies, making initial investments of €100,000 to €500,000 with potential follow-on funding up to €1 million. The firm provides portfolio companies with access to a network of more than 250 founders and over 100 operators, offering practical know-how for early growth. It invests across technology, B2B, B2C, fintech, deeptech and consumer marketplaces, supporting founders from product validation to scale in the Baltic region.

Overkill Ventures is a Riga-based venture capital firm that backs pre-seed and seed-stage technology startups across the Baltics, Nordics, Central and Eastern Europe, and the CIS, with a focus on business-to-business software companies. Founded in 2017, the firm has a portfolio of dozens of early-stage investments and has facilitated multiple exits, reflecting an active role in helping startups reach product-market fit and scale.

2C Ventures is a Northern Europe–based early-stage venture capital firm focused on clean technology. Based in Tallinn, Estonia, it backs founders delivering breakthrough technologies for a sustainable future, investing primarily in the clean tech sector across Northern Europe from pre-seed to Series A, typically in the €250,000–€1,000,000 range. The firm evaluates opportunities on genuine environmental impact, strong technical components, ambition to scale globally, and a clear path to commercialization. Its focus spans energy transition, circular economy, sustainable food and agriculture, climate and carbon, sustainable transportation, and resource efficiency.

Outlast Fund is a venture capital firm operating in the Baltics and Nordics with bases in Riga and Stockholm. It provides early-stage and follow-on capital to software, science, and other innovative ventures, focusing on pre-seed and seed rounds and supporting portfolio companies through subsequent rounds as needed. The firm manages a total fund size of about €21 million and typically makes initial investments in the €50k–€250k range, with up to €1.5 million available for follow-ons. It concentrates on B2B software, SaaS, fintech, cybersecurity, and related areas, while also considering AI infrastructure, digital health, and deep-tech ventures with strong traction or defensible IP. Outlast Fund emphasizes disciplined teams, meaningful progress, and customer-focused problem solving, and it provides strategic guidance, hiring support, and fundraising help to its portfolio companies. It prioritizes a streamlined investment process, direct communication, and transparent collaboration.

Prototron is an Estonian accelerator and incubator founded in 2012 to help early-stage teams transform ideas into working prototypes. Based in Tallinn, it provides up to 35,000 euros in equity-free funding along with mentoring, training and access to networks across greentech, electronics, mechatronics, ICT and related fields. The program runs multiple rounds each year and supports ventures through prototyping, intellectual property guidance, communications and sales development to accelerate product progress and startup growth. Since inception, it has supported over 100 teams and delivered outcomes for alumni, with prototype funding totaling about 1.48 million euros and alumni having raised around 91 million euros.

byFounders is a venture capital firm and community-driven investor focused on backing globally ambitious and impact-aware founders in the New Nordics, including the Nordics and Baltics. Based in Copenhagen with an office in San Francisco, the firm backs early-stage technology companies, typically at pre-seed and seed stages and sometimes Series A, prioritizing artificial intelligence, climate, health, and other tech sectors. It operates as a founder-friendly partner, providing access to a global network, operational expertise, and programs such as Basecamp to support portfolio companies. Backed by the byFounders Collective, a group of 40+ experienced founders and operators, the firm emphasizes transparent relationships, long-term partnerships, and follow-on investments in its portfolio. The approach combines a community-driven model with selective evaluation and active involvement to help startups scale in the Nordics and beyond.

Butterfly Ventures is a Nordic-focused early-stage venture capital firm founded in 2012 and headquartered in Oulu, Finland, with additional offices in Helsinki and Stockholm. It invests primarily in seed-stage technology companies across the Nordics and Baltics, emphasizing deep tech, hardware and hardware/software interfacing solutions, and often engaging with companies before revenue. The firm adopts a collaborative approach, providing startups with partner support and prioritizing societal impact.

Vendep Capital is a Finland-based venture capital firm founded in 2013 that specializes in early-stage B2B software, with a focus on the Nordics and Baltics. It backs SaaS and related software startups from pre-seed to Series A, typically investing from about €100,000 up to €3 million, and often committing the first ticket in the €0.1–€3 million range depending on stage. Beyond capital, Vendep provides hands-on support through its SaaS expertise and networks to accelerate growth, including guidance on business model development, team building, and go-to-market strategies.

Based in Helsinki, Inventure is a venture capital firm focused on early-stage technology startups in the Nordic and Baltic regions. Founded in 2005, it backs founders across sectors such as deep tech, software, AI, healthtech, fintech, and consumer internet, with an emphasis on helping them grow and build lasting trust. The firm aims to support companies from seed through subsequent rounds, with initial investments starting at around 100,000 euros and potential up to 10 million euros over a company's lifecycle. Inventure has made over 100 investments since inception and maintains a generalist, founder-first approach to identify and back ventures that can create futures others cannot imagine.

Nordic FoodTech VC is a Helsinki-based early-stage venture capital firm that backs Nordic food tech companies developing science- and engineering-driven solutions to transform the global food system. The firm concentrates on deep tech and early-stage opportunities across Northern Europe, with a portfolio that includes natural food colors from Chromologics, fats produced by precision fermentation from Melt&Marble, alternative proteins from Enifer and Hailia, sustainable fertilizers from Tracegrow, and technologies for water and waste management from NanoHalen and NPHarvest. The team comprises experienced investors, scientists, and industry professionals, and the firm emphasizes impact-focused investing in the Nordic and Baltic regions.

J12 Ventures is a Nordic-focused venture capital firm headquartered in Stockholm, with offices in the United Kingdom and Finland. Founded in 2019, it concentrates on pre-seed and early-stage technology and software companies, with a particular emphasis on artificial intelligence. The firm uses a thesis-driven approach, backing both AI enablers—data infrastructure, developer tools, and MLOps—and AI applications across industries such as finance, industrials, retail, cybersecurity, and legal. Its investments target companies across the Nordics, Sweden, Finland, and the Baltics, and it seeks founders with ingenuity, curiosity, and resilience to accelerate AI adoption and deployment.

Karma Ventures is a European venture capital firm based in Tallinn, Estonia, focused on early-stage investments in deep-tech software startups at the late seed and Series A rounds across Europe. The firm typically backs opportunities with substantial funding up to about €5 million, with potential for follow-on rounds. It combines financial backing with hands-on operational support to help founders scale, and aims to act as a hub within Europe’s deep-tech ecosystem by fostering connections and sharing expertise across portfolio companies.

Insta Ventures is a venture capital firm founded in 2019 and based in Limassol, Cyprus, that backs early-stage IT technology startups worldwide. It typically commits 100,000 to 500,000 in seed to pre-round A rounds, supporting product development, market entry, and preparation for subsequent investment rounds. The firm focuses on software as a service, enterprise software, mobile apps, robotics, ad/marketing tech, fintech, Internet of Things, artificial intelligence and machine learning, augmented/virtual reality, DevOps/Cloud, EdTech, and crypto/blockchain sectors, and actively pursues co-investments with other funds and angels. It emphasizes fast decision making (about 1-2 months) and seeks companies with clear value propositions and scalable teams, with emphasis on startups from the Nordics and Baltics. Notable investments have included Fluent Forever, Otis, and HuLoop.

ZAKA VC is a Prague-based seed and pre-seed venture capital firm investing in early-stage startups across Europe and North America, with emphasis on health tech, biotech, and industrial tech and on software-driven sectors such as B2B SaaS, e-commerce, marketing tech, and ad tech. Founded in 2019, it operates with a Europe- and US-focused mandate and maintains scouting presence in Berlin and the Baltic region to cover Central and Eastern Europe. The portfolio spans areas including Earth observation, drug response modeling, quantum AI servers, stem cell therapy, battery technology, hotel management systems, and regenerative medicines, illustrating a broad tech footprint and a goal to connect North American and European markets.

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.

Baltic Technology Ventures is a venture capital firm that invests in startup projects and technologies.

Voima Ventures is a venture capital firm focused on deep tech startups in the Nordic and Baltic regions, founded in 2019 and based in Helsinki, Finland and Stockholm, Sweden. It backs early-stage companies from pre-seed to Series B across sectors including bio and life sciences, imaging and optics, IoT and electronics, robotics, software and ICT, AI, energy, advanced manufacturing, and quantum technologies. The firm emphasizes a science-driven, value-adding approach and supports founders with experienced entrepreneurs and investors seeking global scale. Voima Ventures has invested in more than 30 deep tech startups and has co-led notable rounds, with cornerstone support from institutions such as VTT Technical Research Centre of Finland and the European Investment Fund. The firm aims to address major global challenges by combining science, entrepreneurship and capital to accelerate breakthrough technologies.

River Venture Partners is a venture capital firm and angel investment network based in Amsterdam, Netherlands. Founded in 2015, it focuses on early-stage and seed investments in software, technology, digital media, e-commerce, and mobile sectors, with additional exposure to education technology and marketing opportunities. The firm supports portfolio companies beyond capital by operating an angel syndicate and providing advisory services such as start-up scouting, investment facilitation, and portfolio company guidance. It backs opportunities across the Benelux, Nordic, and Baltic regions, aiming to help early-stage entrepreneurs grow in digital and technology-driven markets.

node.vc is an early-stage venture capital firm based in Stockholm that backs groundbreaking tech startups across the Nordics and Baltics. Founded in 2023 by experienced entrepreneurs and operators, it employs a founder-led approach and leverages a strong network to support portfolio companies beyond capital, including hiring, fundraising, and strategic growth. The firm's focus areas include platform technologies, new experiences, and smarter workplaces, and it has a track record of building, scaling, and investing in more than 40 ventures.

Revo Capital is a venture capital firm founded in 2013 and headquartered in Istanbul, with offices in Tallinn and Amsterdam. It pursues seed through growth-stage investments in technology companies across Turkey, Eastern Europe, and the Baltics, spanning B2B and B2C sectors such as AI, fintech, cloud, SaaS, healthtech, cybersecurity, marketing tech, big data, and energy. The firm takes a hands-on approach to portfolio support through its growth platform and active partnerships with ecosystem players. Notable investments include Getir, PayCore, Massive Bio, and V-Count. Revo Capital collaborates with international anchor investors such as IFC, EBRD, EIF, and DEG, and works with partners like the Microsoft Investor Network to provide portfolio benefits. The firm focuses on helping entrepreneurs in emerging markets scale their technology ventures and expand regionally.

ExtraVallis is a venture capital firm based in Coral Gables, Florida, that invests in early-stage technology startups with a cross-Atlantic focus, connecting European opportunities with U.S. markets. It targets pre-seed to Series A rounds and concentrates on sectors and geographies including Germany, the Netherlands, the Baltics, and Scandinavia, with operations spanning Germany, Eastern and Central Europe and Scandinavia. ExtraVallis emphasizes a hands-on approach, mentoring founders on leadership, market expansion, revenue models, and KPI governance, and seeks coachable teams with potential for value creation. Its disciplined investment strategy aims for strong ROI through a focused portfolio in select industries and relatively lower valuations than U.S. peers, alongside a commitment to supporting diverse founders. The firm builds a reliable pipeline of startups through active founder relationships and ecosystem partnerships.

J&T Ventures is a Prague-based venture capital firm that backs early-stage startups across Central and Eastern Europe, the SEE region, and the Baltics. The firm pursues a sector-agnostic, founder-focused approach, targeting pre-seed to Series A rounds and typically investing €0.3–3 million. With a portfolio that includes a range of B2B, B2C and marketplace companies and several exits, J&T Ventures emphasizes hands-on support, including fundraising, business development, and talent sourcing, leveraging its regional network with investors and banking partners. The firm is backed by substantial regional assets and operates from its Prague base, aiming to help startups pursue global ambitions.

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.

Nefco is the Nordic Green Bank, an international financial institution owned by the Nordic countries and established in 1990. It finances the initial scale-up of Nordic green solutions in international markets, supporting energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes. Nefco provides loan financing and financial support for small and medium-sized green investments, often partnering with other financial institutions and co-financiers to de-risk projects. It acts as an implementing agency and uses its own capital to advance the green transition, prioritizing impact, transparency, and measurable results while aligning with global environmental objectives. The organization supports SME growth and has global reach across regions including Europe, Ukraine, the Baltic region, and Sub-Saharan Africa.

Balnord is a European venture capital firm, founded in 2024 and based in Luxembourg, focused on investing in high‑conviction dual‑use and frontier technology startups in the Baltic Sea region and Northern Europe. The firm partners with founders from the earliest stages, offering capital, mentorship, and strategic guidance to help build scalable companies, with a long‑term approach and selective portfolio focus. It aims to support European reindustrialisation by backing companies at the intersection of advanced technology and practical application, and collaborates with leading frontier funds and operator‑investors to maximize impact and resources while maintaining a founder‑centric, data‑driven philosophy.

Nexit Ventures is a Helsinki-based venture capital firm with an office in Palo Alto that backs technology-driven companies in the Nordic region and North America. It focuses on high-tech and B2B sectors, investing across seed, early-stage and growth capital in startups and mature ventures, with a preference for digital disruption, mobile and enabling technologies, applications and services. The firm maintains a transatlantic presence to connect Nordic innovations with Silicon Valley resources, partners and potential exits, and it pursues opportunistic opportunities in adjacent markets such as the Baltics. Nexit emphasizes hands-on support and operational insight gained from its experience in launching and scaling high-tech ventures, helping portfolio companies navigate growth, partnerships and market expansion.

Enersense is a lifecycle partner for energy transmission, production, the industrial energy transition, and telecommunications, operating in Finland, the Baltics, and the Nordics. With about 1,700 experts, it offers end-to-end services across the asset lifecycle, from design and construction to maintenance and modernization of power infrastructure, including high-voltage lines, substations, wind and solar farms, and energy storage, and provides connectivity solutions for fixed and mobile networks and data centres. The company emphasizes efficiency, transparency, and sustainability in its projects and is organized around three business units: Power, Energy Transition, and Connectivity. It reported revenue of around EUR 307 million in 2025.

Bellone Invest is an Estonia-based investment company headquartered in Tallinn, founded in 2013, that specializes in seed-stage technology ventures. It targets software, SaaS, crypto, and digitalisation-driven startups, including areas such as e-commerce and mobile applications. The firm combines capital with advisory services, helping portfolio companies with digitalisation, go-to-market strategies, fundraising, and daily operations, leveraging its experience and broad network. The objective is to generate yield through sustainable, long-term investment performance in fast-growing digital businesses.

Krokodilli Kapital is a Tallinn-based venture capital firm that backs early-stage technology and services companies. It seeks to improve quality of life and reduce the environmental footprint by supporting ventures that enable sustainable living and adaptability in a changing world. The firm focuses on opportunities in embedded finance and marketplace models, with investments across fintech, proptech, clean energy, and digital healthcare. It emphasizes research and strategic value creation in priority areas such as human health, skills and capabilities, optimal resource use, and information symmetry in society. Krokodilli Kapital provides hands-on support to portfolio companies, advising on strategy, product, technology, and operations to help founders grow. The firm aims to align investments with social and environmental impact while helping companies scale and navigate complex value chains and customer relationships.

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.

Lighthouse Ventures is an early-stage venture capital firm based in Prague that focuses on technology projects, with emphasis on B2B software, artificial intelligence, and fintech. The firm concentrates on the Czech market and the broader Central and Eastern Europe region, supporting startups in idea and seed stages with investments typically ranging from €200k to €1m. Beyond capital, Lighthouse Ventures provides professional support through a network of mentors and partners and leverages experience in entrepreneurship, startup mentoring, mergers and acquisitions, and media and marketing. It works with Czech startup incubators, tech partners, universities and government institutions to nurture portfolio companies, including initiatives related to smart cities. Founded in 2019, the firm blends local depth with international reach to help early-stage tech ventures grow toward scale and commercial success.

NordicNinja VC is a London-based venture capital firm founded in 2019 that backs early-stage companies in Northern Europe focused on deep tech, decarbonization, and digital society. The team comprises founders and operators who help ambitious startups scale globally, with typical Series A investments of €2-€8 million. The firm supports ventures tackling challenges in transportation, healthcare, digital infrastructure, resilience, and security, prioritizing technologies that reduce environmental impact and advance essential systems. NordicNinja emphasizes sustainable and digital societal solutions and operates within the broader European startup ecosystem to enable cross-border growth.

Open Circle Capital is a Vilnius-based venture capital firm that targets early-stage technology companies in information and communications technology, robotics, and high-tech sectors. It prefers teams led by serial entrepreneurs with demonstrated growth, fundraising, and exits, seeking product-building companies with high potential that are ready to scale internationally after generating initial revenue. Typical investments range from 100,000 to 500,000 euros, with total commitments up to around 3 million euros over several years, and the firm aims to maintain majority control to provide active support. It offers strategic and operational assistance, including team building, business strategy, and fundraising help, and can lead or participate in rounds. The approach emphasizes balanced control to foster constructive partnerships, drawing on experience in exits, licensing, and technology transfer. The firm has a track record of exits such as Monimoto, PIXEVIA, Eddy Travels, Solarbank, and Paysolut, complemented by ongoing investments in other technology companies.