Established in 2017, Specialist VC is a venture capital firm headquartered in Tallinn, Estonia. It focuses on investing in early-stage (pre-seed to series A) companies operating within the B2B, SaaS, FinTech, platforms, software-enabled hardware, and deep tech sectors across Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus.

Superangel is a venture capital firm that specializes in early‑stage, pre‑seed, seed, and startup investments. It takes sector‑agnostic positions, with a particular emphasis on information technology, including fintech, mobile, SaaS, sharing economy, blockchain, and AR/VR. The firm invests worldwide, focusing on European companies targeting global markets and U.S. companies seeking to enter European and emerging markets. Typical investments range from €50,000 to €2 million, including follow‑on funding. Founded in 2018, it is headquartered in Tallinn, Estonia, with an additional office in Palo Alto, California.

Founded in Tallinn in 2018, Superangel is an early-stage venture capital firm investing in technology startups across the Baltics and Nordics. Led by experienced tech entrepreneurs, they focus on backing founders building industry-defining companies, with a track record of supporting global successes like Bolt, Pipedrive, Grabcad, and Veriff.

Spring Capital is a Tallinn, Estonia-based venture capital firm that backs technology startups in the Baltic and Nordic regions. It pursues seed and growth investments, typically taking minority equity stakes. Seed checks generally range from €75,000 to €200,000 to support scalable technology-driven startups, often as part of larger rounds that provide at least 18 months of runway. Growth investments range from €300,000 to €700,000 and acquire minority ownership in companies that are EBITDA-positive or near profitability. The firm focuses on information technology opportunities across Denmark, Estonia, Latvia, Lithuania, Norway, Sweden, and the broader Baltics and Scandinavia. Investment capital is sourced from the firm’s management, reflecting a hands-on approach for early-stage and growth-stage tech companies.

Practica Capital UAB is a venture capital firm that provides early-stage and growth capital to micro, small and medium-sized companies across industries, with a focus on the Baltic region and Northern Europe including Estonia, Latvia, Lithuania, Finland, Sweden, Poland, Germany and Denmark, as well as Baltic-origin ventures in Europe. It participates in seed and startup rounds ranging from about €3,000 to €200,000 and in later rounds from about €50,000 to €3,000,000, preferring minority ownership and board involvement. Investments are made primarily in equity via common or preferred stock, and quasi-equity via convertible debt. The firm aims to act as a strategic adviser and seeks to exit investments within two to five years through trade sales, management buyouts, IPOs or refinancing of quasi-equity instruments. Practica Capital UAB was founded in 2011 and is based in Vilnius, Lithuania.

Founded in Estonia in 2016, Change Ventures is a venture capital firm focusing on pre-seed stage investments. They support ambitious founders from the Baltics and Baltic diaspora building businesses globally, with investments ranging from €100k to €500k. Their streamlined investment process aims to provide fast decisions, while their network of follow-on investors helps portfolio companies raise additional funds.

Practica Capital is a Vilnius-based venture capital firm focused on backing Baltic technology founders at early stages. For more than ten years, it has invested in tech startups across the Baltic States and the Nordic region, supporting seed and selected pre-seed and Series A rounds. The firm collaborates with a broad network of co-investors, including local and international VCs, accelerators and incubators, angels, corporates, public agencies, and banks, to help portfolio companies grow and scale. It prioritizes hands-on involvement to help founders build sustainable businesses and strengthen the Baltic startup ecosystem.

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.

Tera Ventures is a venture capital firm based in Tallinn, Estonia. It backs ambitious founders from the Baltics, Scandinavia and Central and Eastern Europe working on digital technologies with global scaling ambitions. The firm supports portfolio companies with access to expertise and hands-on guidance to grow from pre-seed and seed stages toward exits, and maintains a non-controlling approach to align founder motivation with ownership. Tera operates with a regional footprint and connects to markets in the UK, the US and Asia, wired through a global advisory network. It maintains a presence in Estonia, Finland and California to help portfolio companies expand internationally. The firm focuses on software, information technology and related digital sectors, leveraging its networks to facilitate market entry and growth.

European Bank for Reconstruction and Development finances projects and provides advisory services to the public and private sectors. It supports new ventures and expansion in existing companies through project financing, loans, and equity or quasi-equity investments, including equity funds and guarantees, and it partners with private entities to invest across sectors such as banking, energy, manufacturing, infrastructure, information technology, and services. The bank also helps publicly owned entities privatize and restructure municipal services and engages in policy reform dialogue and advisory services, along with trade finance and loan syndication. Founded in 1990 and headquartered in London, it operates across regions including Southeastern and Central Europe, the Baltic States, Eastern Europe and the Caucasus, Central Asia, and parts of the Middle East and Africa, aiming to foster market-oriented change and private sector development by mobilizing capital for sustainable investments. It has invested more than €130 billion in over 5,200 projects.

Iron Wolf Capital is an EU-based seed-stage venture capital firm headquartered in Vilnius, Lithuania, with strong roots in the Baltic region and London. It backs artificial intelligence and deep-tech startups and emphasizes a global outlook, supporting founders with hands-on guidance, operational know-how, and access to international networks to help build scalable, internationally oriented businesses.

Established in 2023, 2C Ventures is a venture capital firm based in Tallinn, Estonia. It focuses on investing in early-stage clean technology companies primarily in the Nordics and Baltics, supporting visionary entrepreneurs driving innovation towards a sustainable future.

Tera Ventures is a venture capital firm that focuses on seed and early‑stage investments in the digital sector. It targets companies across Central and Eastern Europe, including Estonia, Finland, Denmark, Latvia, Lithuania, Poland, Sweden, and the Czech Republic, as well as the United States. The firm typically invests between €0.2 million and €1.5 million per company, with the potential for substantial follow‑on funding for selected deals. Founded on 28 July 2016, it is headquartered in Tallinn, Estonia, and maintains additional offices in Burbank, California, and Helsinki, Finland.

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.

ZGI Capital, established in 2005, is a Latvian-based private equity and venture capital firm. It specializes in early to late-stage investments, focusing primarily on Fintech, with a secondary focus on industries such as metalworking, food, woodworking, logistics, IT, engineering, and retail. The firm invests in the Baltics and CIS countries, typically committing between €0.5 million to €1 million, and up to €5.7 million with additional financing. ZGI Capital prefers equity investments, usually taking a minority stake of up to 49%, and has an investment term of three to six years. It exits through stake sales to other investors. The firm manages the ZGI Fund, with EUR 7.4M in assets, which can facilitate projects up to EUR 30M with bank financing. ZGI Capital supports entrepreneurs lacking start-up capital and acts on behalf of various investors, including the State.

Imprimatur Capital is a London-based venture capital firm focused on early-stage technology companies with a global reach across Europe, Asia, North America, and Latin America. Founded in 2003, the firm concentrates on IP-driven startups in sectors such as Internet of Things, cybersecurity, big data, gaming technology, digital health, robotics and simulation, as well as energy efficiency and energy futures. It pursues international opportunities and typically makes seed to early-stage investments, up to €0.4 million per company, and may take board seats to support growth. The firm sources opportunities through a cross-regional network, including activity in Baltic and Nordic markets, and prioritizes strong teams and scalable business models with international growth potential.

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.

Founded in 2017, Overkill Ventures is a venture capital firm based in Riga, Latvia. It focuses on investing in pre-seed stage startups and helping them achieve product-market fit, with a preference for business-to-business tech startups across the Baltics, Nordics, CEE & CIS regions.

Founded in 2016, Karma Ventures is a Tallinn-based venture capital firm specializing in late seed and Series A investments in Europe's most promising deep tech startups. The company focuses on backing companies with strong ideas, unique technology, customer traction, and global ambition.

Founded in Estonia in 2011, Metaplanet is a venture capital firm focusing on early-stage investments across diverse sectors. They prioritize innovative and evidence-based ideas with the potential for significant returns.

Founded in 2008, Black Pearls VC is an early-stage venture capital firm based in Gdansk, Poland. They focus on investing in leading tech startups across Europe, with a particular emphasis on the Baltic Sea Region. The firm is sector agnostic but B2B focused, with a successful track record in areas such as Digital Health, Enterprise Software, Fintech, Future of Work, and Deep Tech.

byFounders is a venture capital firm founded in 2017 and based in Copenhagen, Denmark. It invests in early‑stage technology companies across the Nordic and Baltic regions, providing capital and practical support to founders seeking to build globally ambitious businesses. The organization is a collective of accomplished entrepreneurs who invest in and mentor the next generation of startups, operating on a founder‑centric ethos described as for founders, byFounders. Its focus includes information technology and related tech sectors, with a hands‑on approach that helps portfolio companies scale and navigate the regional ecosystem through active involvement in growth strategy and governance.

Inventure is a Helsinki, Finland-based venture capital firm established in 2005 that focuses on early-stage technology startups in the Nordics and Baltics. It backs seed and Series A rounds, with initial investments typically starting around €100,000 and potentially rising to €10 million over a company’s life cycle. The firm concentrates on software, technology, and next-generation digital services across deep tech and consumer internet sectors. Its portfolio includes several notable companies such as Wolt, Detectify, Blueprint Genetics, Swappie, and Insurello.

J12 Ventures is a Stockholm-based venture capital firm that backs pre-seed and early-stage technology and software startups, with a focus on AI, data infrastructure, and enterprise applications. It targets the Nordic and Baltic regions, including Sweden, Finland, and the Baltics, and maintains offices in the United Kingdom and Finland. Typical equity investments range from €0.1 to €2 million. The firm backs founders building software infrastructure that makes data more accessible and AI applications for enterprises, consumers, and healthcare. Founded in 2019, J12 Ventures operates to support ambitious early-stage founders in the tech ecosystem.

Vendep Capital is a Finland-based early-stage venture capital firm that concentrates on pre-series A technology companies across Europe. It specializes in B2B software-as-a-service and B2B marketplaces, with a regional focus on the Nordics and Baltics. The firm supports founders with its SaaS expertise and global networks to accelerate growth, and its initial investments typically range from 0.1 to 3 million euros depending on the company’s stage.

byFounders VC Management is a venture capital firm that invests in early‑stage technology companies, particularly those developing artificial intelligence solutions. The firm focuses on pre‑seed, seed, and occasionally Series A rounds, and it follows up with additional funding for its portfolio companies. It targets opportunities in the Nordics, Baltics, and Silicon Valley. Founded in 2017, the firm is headquartered in Copenhagen, Denmark, and maintains an office in San Francisco, California.

ZAKA VC is a Prague-based family office and venture investor that backs pre-seed and seed startups across Europe. The firm concentrates on early-stage, software-driven opportunities, with a primary focus on the United Kingdom, the DACH region, the Baltic states, and Central and Eastern Europe. Founded in 2019, ZAKA VC operates with scouts in Berlin, the United Kingdom, the Baltics, the Balkans, and the Turkish region, enabling local deal sourcing. It pursues opportunities across sectors such as consumer, retail, utilities, financial services, ad tech, e-commerce, marketing tech, real estate, and broader technology ventures.

Revo Capital is a venture capital firm founded in 2013 and based in Istanbul, with additional offices in Tallinn and Amsterdam. The firm backs seed to growth-stage technology companies across Turkey, Eastern Europe and the Baltic states, with a focus on B2B software, fintech, marketplaces, marketing technologies, AI and big data, health IT, SaaS, cybersecurity, cloud services, and related sectors. It has invested in notable startups such as Getir, PayCore, Massive Bio and V-Count, reflecting a regional mandate to support technology-driven businesses across Turkey and Central and Eastern Europe.

Founded in 2005, Conor Venture Partners is a Finnish venture capital firm specializing in early-stage investments in technology companies across Nordic and Baltic countries. The firm focuses on areas such as information and communications technology, embedded software, semiconductor technology, electronics, new materials, and optics.

Baltic Tech Ventures is a venture capital investment company that specializes in seed and early-stage investments in the Baltic region. It distinguishes itself as the only publicly traded venture capital fund with an integrated angel group, allowing investors to engage in the Baltic startup ecosystem. Investors can participate by purchasing shares to gain exposure to the entire portfolio or by making direct investments into specific startups within the portfolio. This model enables angel investors to support promising companies on the same terms as leading investors in the region, with favorable conditions such as low minimum investments and no management or success fees. All startups in the Baltic Tech Ventures portfolio undergo thorough vetting, ensuring a focus on high-potential opportunities. The company operates under regulatory oversight, ensuring transparency and accountability in its financial practices.

Founded in 2022, BADideas.fund is an early-stage angel syndicate based in Riga, Latvia. It provides €50k-€100k funding to startups in Central and Eastern Europe.

Founded in 2016, Wave Ventures is a venture capital firm specializing in pre-seed investments across the Nordics and Baltic regions. Based primarily in Finland with an additional office in Sweden, it focuses on supporting Gen Z entrepreneurs at the earliest stage.

Logo Ventures is an early-stage venture capital firm based in Glyfada, Greece, specializing in investments in innovative, high-growth technology startups. The firm targets companies in the Central and Eastern Europe, Baltic, and Turkey regions, aiming to support exceptional teams with transformative ideas. By partnering with these startups, Logo Ventures seeks to foster their growth and help them establish a significant presence in their respective industries. The firm is dedicated to building the future through technology, focusing on ventures with the potential for global scalability.

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.

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.

Founded in Budapest in 2014, Fiedler Capital is a venture capital firm that invests primarily in overlooked founders from peripheral European ecosystems. They focus on pre-venture to early seed deals, with ticket sizes ranging between €50k and €750k. While sector agnostic, they have a strong affinity for healthcare, medical technology, software, mobile applications, and data analytics sectors. Their primary focus is Central and Eastern Europe (CEE) and the Baltics.

Voima Ventures is a venture capital firm based in Finland, founded in 2019. It invests in early-stage deep-tech startups across the Nordics and Baltics, spanning bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software and ICT, and AI. It provides seed to Series A/B funding and partners with portfolio companies to accelerate growth, supporting science-driven ventures that address global challenges. Cornerstone investors include VTT Technical Research Centre of Finland and the European Investment Fund, with backing from Finnish private and institutional investors.

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.

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.

Bellone Invest is a private equity investment firm based in Tallinn, Estonia, concentrating on early-stage technology opportunities, with emphasis on software, SaaS, and cryptocurrency sectors, and seeking seed-stage investments in tech-enabled businesses, including e-commerce platforms and mobile applications.

70 Ventures is a venture capital firm established in 2018 and located in Vilnius, Lithuania. The firm specializes in supporting promising B2B entrepreneurs by assisting them in building effective, data-driven sales teams that can generate predictable revenue. It focuses on investment opportunities within the B2B, software, and commercial products and services sectors. 70 Ventures provides funding across various stages of development, from pre-seed to Series A, contingent upon achieving specific revenue milestones.

Established in 2011, SmartCap is an Estonian venture capital firm that invests in early-stage venture capital funds. It manages EUR 40 million in assets, focusing on validating, accelerating, and financing innovative companies through partnerships with top VC fund managers.

Icebreaker is an early-stage venture capital fund based in Helsinki, Finland, specializing in investments within the software sector. The fund focuses on financing unique software-driven companies at the idea, angel, and seed stages, typically investing between EUR 40,000 and EUR 350,000. As part of its operations, Icebreaker manages a community that connects hundreds of members, providing access to a network of potential team members, clients, and advisors. The fund's goal is to support the growth of innovative tech companies in Finland.

Founded in 2017 and based in Vilnius, Lithuania, Open Circle Capital is a venture capital firm focusing on early-stage technology companies operating in the fields of information and communications technology, robotics, and high-tech sectors across Northern Europe. The firm favors teams led by serial entrepreneurs with past growth experience.

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.

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.

Ambient Sound Investments OÜ, established in 2003 in Tallinn, Estonia, is a family office specializing in direct and fund of fund investments. It focuses on private equity and venture capital, investing in technology and technology-based service companies across the United States, Asia, and Europe. The firm prefers minority stakes, typically investing between €0.5 million to €2 million, and aims to have a Partner or Advisor on the boards of its portfolio companies. Ambient Sound Investments also engages in co-investments and public equity investments, using personal capital and balance sheet investments. Initially founded by Skype engineers to hold a minority stake in Skype, the firm sold its shares to eBay in 2005 and now operates as a private investment vehicle.

Founded in Tallinn, Estonia in 2016, Trind Ventures is a venture capital firm investing in early-stage startups across Europe. They focus on marketplaces, consumer solutions, and PLG-driven B2B solutions, typically investing €0.1 million to €1 million per company.

Established in 2020, the European Innovation Council supports innovative startups and researchers with promising ideas, focusing on early-stage companies with positive environmental, social, or governance impacts. It co-invests alongside private investors.

Koinvesticinis Fondas is a venture capital firm based in Lithuania that specializes in seed and growth capital investments across various industries. The firm focuses on the Lithuanian region and typically invests between EUR 0.1 million and EUR 1.6 million in startups and emerging businesses. Koinvesticinis Fondas emphasizes co-investments, collaborating with business angel groups and private venture capital funds to support innovative ventures. The firm is committed to fostering the development of the local entrepreneurial ecosystem by providing essential funding to early-stage companies.