# Investors based in Tallinn (2026 list) > 132 investors based in Tallinn, 8% 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-tallinn (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Investors based in Tallinn Updated 7 November 2026 Firms with an address in Tallinn. A head office is a fact about the firm; where it invests is on its own page. [See all 132 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvestors-based-in-tallinn)The top 25 **132** investors on the list No change this week **66** cheques in 12 months *-29%* against the market **$2.6M** median round they joined *-67%* against the market median **8%** wrote a cheque in 12 months **6%** 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 [Ambient Sound Investments](https://millionrounds.com/fund/ambient-sound-investments) quiet Family office · Estonia **21** **$1.7M** median round **Apr 2014** last seen - 8 [Tera Ventures](https://millionrounds.com/fund/tera-ventures) *Deploying now* VC firm · Estonia **9** **$2.6M** median round **Oct 2026** last seen - 9 [Trind Ventures](https://millionrounds.com/fund/trind-ventures) *Deploying now* VC firm · Estonia **8** **$1.8M** median round **Jul 2026** last seen - 10 [BaltCap](https://millionrounds.com/fund/baltcap) quiet Private equity · Estonia **7** **$4.1M** median round **May 2015** last seen - 11 [SmartCap](https://millionrounds.com/fund/smartcap) *Deploying now* VC firm · Estonia **7** **$105M** median round **Aug 2026** last seen - 12 [Estonian Development Fund](https://millionrounds.com/fund/estonian-development-fund) quiet VC firm · Estonia **6** **$935K** median round **May 2015** last seen - 13 [Karma Ventures](https://millionrounds.com/fund/karma-ventures) quiet VC firm · Estonia **6** **$8.9M** median round **Sept 2025** last seen - 14 [EstBAN](https://millionrounds.com/fund/estonian-business-angels-network-estban) quiet Angel network · Estonia **3** **$509K** median round **Apr 2024** last seen - 15 [Lemonade Stand](https://millionrounds.com/fund/lemonade-stand) *Deploying now* Family office · Estonia **3** **$3M** median round **Nov 2026** last seen - 16 [2C Ventures](https://millionrounds.com/fund/2c-ventures) *Deploying now* VC firm · Estonia **2** **$3M** median round **Jun 2026** last seen - 17 [Adcash](https://millionrounds.com/fund/adcash) quiet VC firm · Estonia **2** **$985K** median round **Dec 2014** last seen - 18 [Skaala](https://millionrounds.com/fund/skaala) quiet Family office · Estonia **2** **$44M** median round **Sept 2025** last seen - 19 [Trind VC](https://millionrounds.com/fund/trind-vc) quiet VC firm · Estonia **2** **$2.3M** median round **Jul 2025** last seen - 20 [Elevator Startups](https://millionrounds.com/fund/elevator-startups) quiet Accelerator · Estonia **1** **$213K** median round **Apr 2024** last seen - 21 [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 - 22 [LHV Ventures](https://millionrounds.com/fund/lhv-ventures) quiet VC firm · Estonia **1** **$2.8M** median round **Feb 2001** last seen - 23 [Opus11 VC](https://millionrounds.com/fund/opus11-vc) quiet VC firm · Estonia **1** **$1.3M** median round **Sept 2024** last seen - 24 [Raison](https://millionrounds.com/fund/raison-wealth) *Deploying now* VC firm · Estonia **1** **$2.1M** median round **Apr 2026** last seen - 25 [Sycamore](https://millionrounds.com/fund/sycamore) quiet Hedge fund · Estonia **1** **$51M** median round **May 2017** last seen **107 more on this list** All 132 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-tallinn) ## 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 60 rounds - Seed **35%** - Venture **18%** - Series A **18%** - Pre-seed **8%** - Series B **5%** - Other **15%** ## What They Backed Sectors, last 12 months - AI **16** - Web3 & Crypto **5** - Logistics **5** - Big Data & Analytics **5** - Healthcare **4** - Manufacturing **4** ## Cheques by Quarter Led Joined 21 Q1 25 18 Q2 25 34 Q3 25 25 Q4 25 15 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 London 4,496](https://millionrounds.com/lists/investors-based-in-london) - [Investors based in CA 3,746](https://millionrounds.com/lists/investors-based-in-ca) - [Investors based in NY 3,658](https://millionrounds.com/lists/investors-based-in-ny) - [Investors based in WA 2,473](https://millionrounds.com/lists/investors-based-in-wa) - [Investors based in San Francisco 2,377](https://millionrounds.com/lists/investors-based-in-san-francisco) - [Investors based in TX 2,250](https://millionrounds.com/lists/investors-based-in-tx) - [Investors based in Dubai 1,922](https://millionrounds.com/lists/investors-based-in-dubai) - [Investors based in Los Angeles 1,261](https://millionrounds.com/lists/investors-based-in-los-angeles) - [Investors based in Chicago 1,255](https://millionrounds.com/lists/investors-based-in-chicago) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about investors based in Tallinn ### Who are the most active investors based in Tallinn? By cheques observed, the most active are Startup Wise Guys, Change Ventures, Superangel, Metaplanet and Specialist VC. ### How many investors based in Tallinn are there? 132 are on record. 8% made an investment in the last 12 months and 6% have led a round. ### Which stages do investors based in Tallinn back? Of the rounds with a named stage in the last 12 months, mostly Seed (47%) and Series A (24%). ### How big are the rounds investors based in Tallinn join? The typical (median) round among the leading investors here is $2.6M. ### Which sectors do investors based in Tallinn back most? In the last 12 months, mostly AI, Web3 & Crypto and Logistics. ### Which investors based in Tallinn lead the most rounds? Tera Ventures (4 led), Trind Ventures (3 led) and Karma Ventures (2 led). ### What have investors based in Tallinn 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 Tallinn 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)