# Investors based in Estonia (2026 list) > 172 investors based in Estonia, 7% active in the last 12 months. Led by Startup Wise Guys, Change Ventures, Superangel. Ranked by what they funded. Source: https://millionrounds.com/lists/investors-based-in-estonia (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/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 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-estonia)The top 25 **172** investors on the list No change this week **67** cheques in 12 months *-28%* against the market **$2.8M** median 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 [Startup Wise Guys](https://millionrounds.com/fund/startup-wise-guys) *Deploying now* Accelerator · Estonia **237** **$551K** median round **Sept 2026** last seen - 2 [Change Ventures](https://millionrounds.com/fund/change-ventures) *Deploying now* VC firm · Estonia **89** **$4.4M** median round **Sept 2026** last seen - 3 [Superangel](https://millionrounds.com/fund/superangel) *Deploying now* VC firm · Estonia **65** **$2.6M** median round **Oct 2026** last seen - 4 [Metaplanet](https://millionrounds.com/fund/metaplanet) *Deploying now* VC firm · Estonia **49** **$9.7M** median round **Jun 2026** last seen - 5 [Specialist VC](https://millionrounds.com/fund/specialist-vc) *Deploying now* VC firm · Estonia **40** **$2.3M** median round **Jun 2026** last seen - 6 [GameFounders](https://millionrounds.com/fund/gamefounders) quiet Accelerator · Estonia **28** **$19K** median round **Feb 2014** last seen - 7 [Toivo Annus](https://millionrounds.com/fund/toivo-annus) dormant Angel · Estonia **24** **$29M** median round **Sept 2019** last seen - 8 [Jaan Tallinn](https://millionrounds.com/fund/jaan-tallinn) *Deploying now* VC firm · Estonia **23** **$4.8M** median round **Feb 2026** last seen - 9 [Ambient Sound Investments](https://millionrounds.com/fund/ambient-sound-investments) quiet Family office · Estonia **21** **$1.7M** median round **Apr 2014** last seen - 10 [Tera Ventures](https://millionrounds.com/fund/tera-ventures) *Deploying now* VC firm · Estonia **9** **$2.6M** median round **Oct 2026** last seen - 11 [Trind Ventures](https://millionrounds.com/fund/trind-ventures) *Deploying now* VC firm · Estonia **8** **$1.8M** median round **Jul 2026** last seen - 12 [BaltCap](https://millionrounds.com/fund/baltcap) quiet Private equity · Estonia **7** **$4.1M** median round **May 2015** last seen - 13 [SmartCap](https://millionrounds.com/fund/smartcap) *Deploying now* VC firm · Estonia **7** **$105M** median round **Aug 2026** last seen - 14 [Estonian Development Fund](https://millionrounds.com/fund/estonian-development-fund) quiet VC firm · Estonia **6** **$935K** median round **May 2015** last seen - 15 [Karma Ventures](https://millionrounds.com/fund/karma-ventures) quiet VC firm · Estonia **6** **$8.9M** median round **Sept 2025** last seen - 16 [EstBAN](https://millionrounds.com/fund/estonian-business-angels-network-estban) quiet Angel network · Estonia **3** **$509K** median round **Apr 2024** last seen - 17 [Lemonade Stand](https://millionrounds.com/fund/lemonade-stand) *Deploying now* Family office · Estonia **3** **$3M** median round **Nov 2026** last seen - 18 [2C Ventures](https://millionrounds.com/fund/2c-ventures) *Deploying now* VC firm · Estonia **2** **$3M** median round **Jun 2026** last seen - 19 [Adcash](https://millionrounds.com/fund/adcash) quiet VC firm · Estonia **2** **$985K** median round **Dec 2014** last seen - 20 [Skaala](https://millionrounds.com/fund/skaala) quiet Family office · Estonia **2** **$44M** median round **Sept 2025** last seen - 21 [Trind VC](https://millionrounds.com/fund/trind-vc) quiet VC firm · Estonia **2** **$2.3M** median round **Jul 2025** last seen - 22 [United Angels](https://millionrounds.com/fund/united-angels) quiet Angel network · Estonia **2** **$6.1M** median round **Nov 2018** last seen - 23 [Ajujaht](https://millionrounds.com/fund/ajujaht) quiet Accelerator · Estonia **1** **$33K** median round **Apr 2015** last seen - 24 [Elevator Startups](https://millionrounds.com/fund/elevator-startups) quiet Accelerator · Estonia **1** **$213K** median round **Apr 2024** last seen - 25 [Estonian Private Equity & Venture Capital Association (EstVCA)](https://millionrounds.com/fund/estonian-private-equity-and-venture-capital-association-estv) quiet VC firm · Estonia **1** **$5.2M** median round **Jul 2014** last 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 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-estonia) ## The Newest Cheques Rounds this list's investors joined most recently - **2** Nov **[Roleo](https://millionrounds.com/company/roleo)** Seed · $3.3M *With* [Lemonade Stand](https://millionrounds.com/fund/lemonade-stand) - **29** Oct **[MuRay](https://millionrounds.com/company/muray)** Other · $7.9M *With* [Superangel](https://millionrounds.com/fund/superangel) - **20** Oct **[Blackwall](https://millionrounds.com/company/blackwall)** Series C · $100M *With* [Tera Ventures](https://millionrounds.com/fund/tera-ventures) - **30** Sept **[Blackswan Space](https://millionrounds.com/company/blackswan-space)** $2.8M *With* [Lemonade Stand](https://millionrounds.com/fund/lemonade-stand) - **1** Sept **[Tiledesk](https://millionrounds.com/company/tiledesk)** Seed · $52K *With* [Startup Wise Guys](https://millionrounds.com/fund/startup-wise-guys) - **1** Sept **[Enigmata](https://millionrounds.com/company/enigmata)** Seed · $6.5M *With* [Change Ventures](https://millionrounds.com/fund/change-ventures) ## Stages This Year 61 rounds - Seed **34%** - Venture **18%** - Series A **18%** - Pre-seed **8%** - Series B **7%** - Other **15%** ## What They Backed Sectors, last 12 months - AI **17** - Web3 & Crypto **5** - Logistics **5** - Big Data & Analytics **5** - Healthcare **4** - Manufacturing **4** ## Cheques by Quarter Led Joined 21 Q1 25 18 Q2 25 35 Q3 25 25 Q4 25 16 Q1 26 27 Q2 26 10 Q3 26 3 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Investors based in United States 73,439](https://millionrounds.com/lists/investors-based-in-united-states) - [Investors based in United Kingdom 8,136](https://millionrounds.com/lists/investors-based-in-united-kingdom) - [Investors based in Canada 3,879](https://millionrounds.com/lists/investors-based-in-canada) - [Investors based in India 3,865](https://millionrounds.com/lists/investors-based-in-india) - [Investors based in Germany 3,455](https://millionrounds.com/lists/investors-based-in-germany) - [Investors based in China 3,027](https://millionrounds.com/lists/investors-based-in-china) - [Investors based in United Arab Emirates 2,916](https://millionrounds.com/lists/investors-based-in-united-arab-emirates) - [Investors based in Australia 2,592](https://millionrounds.com/lists/investors-based-in-australia) - [Investors based in France 2,280](https://millionrounds.com/lists/investors-based-in-france) [All investor lists *→*](https://millionrounds.com/lists) ## 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](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)