Investor Lists

Investors based in Estonia

Updated 7 November 2026

Firms headquartered in Estonia, ordered by what we have observed them do rather than by what they claim to invest in. Where a firm sits is not where it invests; for that, see investors in Estonia.

See all 172 →The top 25
172investors on the listNo change this week
67cheques in 12 months-28% against the market
$2.8Mmedian round they joined-65% against the market median
7%wrote a cheque in 12 months
5%have led a round

The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (11)

  1. 1Startup Wise GuysDeploying nowAccelerator · Estonia237$551Kmedian roundSept 2026last seen
  2. 2Change VenturesDeploying nowVC firm · Estonia89$4.4Mmedian roundSept 2026last seen
  3. 3SuperangelDeploying nowVC firm · Estonia65$2.6Mmedian roundOct 2026last seen
  4. 4MetaplanetDeploying nowVC firm · Estonia49$9.7Mmedian roundJun 2026last seen
  5. 5Specialist VCDeploying nowVC firm · Estonia40$2.3Mmedian roundJun 2026last seen
  6. 6GameFoundersquietAccelerator · Estonia28$19Kmedian roundFeb 2014last seen
  7. 7Toivo AnnusdormantAngel · Estonia24$29Mmedian roundSept 2019last seen
  8. 8Jaan TallinnDeploying nowVC firm · Estonia23$4.8Mmedian roundFeb 2026last seen
  9. 9Ambient Sound InvestmentsquietFamily office · Estonia21$1.7Mmedian roundApr 2014last seen
  10. 10Tera VenturesDeploying nowVC firm · Estonia9$2.6Mmedian roundOct 2026last seen
  11. 11Trind VenturesDeploying nowVC firm · Estonia8$1.8Mmedian roundJul 2026last seen
  12. 12BaltCapquietPrivate equity · Estonia7$4.1Mmedian roundMay 2015last seen
  13. 13SmartCapDeploying nowVC firm · Estonia7$105Mmedian roundAug 2026last seen
  14. 14Estonian Development FundquietVC firm · Estonia6$935Kmedian roundMay 2015last seen
  15. 15Karma VenturesquietVC firm · Estonia6$8.9Mmedian roundSept 2025last seen
  16. 16EstBANquietAngel network · Estonia3$509Kmedian roundApr 2024last seen
  17. 17Lemonade StandDeploying nowFamily office · Estonia3$3Mmedian roundNov 2026last seen
  18. 182C VenturesDeploying nowVC firm · Estonia2$3Mmedian roundJun 2026last seen
  19. 19AdcashquietVC firm · Estonia2$985Kmedian roundDec 2014last seen
  20. 20SkaalaquietFamily office · Estonia2$44Mmedian roundSept 2025last seen
  21. 21Trind VCquietVC firm · Estonia2$2.3Mmedian roundJul 2025last seen
  22. 22United AngelsquietAngel network · Estonia2$6.1Mmedian roundNov 2018last seen
  23. 23AjujahtquietAccelerator · Estonia1$33Kmedian roundApr 2015last seen
  24. 24Elevator StartupsquietAccelerator · Estonia1$213Kmedian roundApr 2024last seen
  25. 25Estonian Private Equity & Venture Capital Association (EstVCA)quietVC firm · Estonia1$5.2Mmedian roundJul 2014last seen
147 more on this list

All 172 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

See the whole list →

Quick answers about investors based in Estonia

Who are the most active investors based in Estonia?

By cheques observed, the most active are Startup Wise Guys, Change Ventures, Superangel, Metaplanet and Specialist VC.

How many investors based in Estonia are there?

172 are on record. 7% made an investment in the last 12 months and 5% have led a round.

Which stages do investors based in Estonia back?

Of the rounds with a named stage in the last 12 months, mostly Seed (46%) and Series A (24%).

How big are the rounds investors based in Estonia join?

The typical (median) round among the leading investors here is $2.6M.

Which sectors do investors based in Estonia back most?

In the last 12 months, mostly AI, Web3 & Crypto and Logistics.

Which investors based in Estonia lead the most rounds?

Tera Ventures (4 led), Trind Ventures (3 led) and Karma Ventures (2 led).

What have investors based in Estonia invested in recently?

Recent rounds include Roleo (Seed, Nov 2026, with Lemonade Stand), MuRay (Other, Oct 2026, with Superangel) and Blackwall (Series C, Oct 2026, with Tera Ventures).

How is this list of investors based in Estonia ranked?

By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night.

Built from the rounds we watched, refreshed every night. How we count · Report a correction