Superangel is a Tallinn, Estonia-based venture capital firm that backs early-stage technology companies worldwide. Founded by tech entrepreneurs, the firm focuses on AI, robotics, mobility, logistics, fintech, software-as-a-service, and related IT sectors, while maintaining a broad, sector-agnostic approach. It supports founders with capital and strategic guidance, leveraging a network to accelerate growth. It has backed notable Baltic and Nordic startups such as Bolt, Pipedrive, Grabcad, and Veriff, and seeks opportunities across Europe and North America. Typical investment sizes range from €0.05 million to €2 million, with follow-ons. The firm emphasizes global ambitions and building world-changing technology.

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.

The European Bank for Reconstruction and Development provides project financing and banking products to banks, industries and private enterprises, including loans for projects, equity and quasi-equity investments, equity funds for smaller enterprises, guarantees and trade finance. It also offers policy reform dialogue and advisory services and supports loan syndication. The bank assists privatization and restructuring of municipal services and invests across sectors such as energy, infrastructure, manufacturing, finance, telecommunications and real estate in Europe, Central Asia, and the Middle East and North Africa, with a focus on market transition and private sector development. Founded in 1991 and headquartered in London, it seeks to promote sustainable growth, job creation and higher living standards through financial support, advisory services and policy reform.

Practica Capital is a Vilnius-based venture capital firm that backs Baltic founders across seed, pre-seed and early growth stages in technology-enabled companies. It focuses on the Baltic States and nearby regions, with emphasis on software and information technology, and provides active involvement as a company builder to help founders scale. The firm collaborates with local and international VCs, accelerators and incubators, corporates, banks, and public agencies to support portfolio companies. Since its founding in 2011, Practica Capital has backed more than 70 startups and manages a multi-fund program that reflects its long-standing commitment to the Baltic tech ecosystem.

Change Ventures is a Tallinn, Estonia-based venture capital firm established in 2016 that backs early-stage technology companies, with a focus on B2B and SaaS startups across Eastern Europe and the Baltic region, including Baltic diaspora entrepreneurs building businesses elsewhere. It typically makes pre-seed investments from €100,000 to €500,000 and uses a straightforward process to support quick investment decisions. After investing, it helps portfolio companies achieve product-market fit, raise additional funding, and grow, leveraging a network of follow-on investors and partners.

ASP Asset Management is a venture capital firm based in Riga, Latvia, founded in 2022. It enables clients to form investment syndicates focused on high-risk projects, allowing smaller investments across multiple startups to diversify risk. The firm primarily targets early-stage opportunities, including pre-seed and seed rounds, and seeks collaboration with business angels, family offices, and investment funds worldwide interested in Baltic startups. The company maintains close ties to the Latvian Business Angel Network, reflecting its active role in the regional startup ecosystem.

Specialist VC is a Tallinn-based venture capital firm focused on backing early-stage technology startups across Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus. The firm concentrates on B2B software and platform-enabled solutions, including SaaS, fintech, platforms, software-enabled hardware, and deep tech, and typically engages in pre-seed to Series A investments, often starting around €250,000. Specialist VC emphasizes a hands-on partnership model, providing strategic guidance, feedback, and access to a broad network to help portfolio companies scale. The firm is led by experienced partners including Riivo Anton, Gerri Kodres, and Tõnu Esko, and leverages a strong network of industry connections to support growth.

European Investment Fund is the EU's financing arm for small and medium-sized enterprises and mid-caps, providing financial instruments to improve access to affordable financing for businesses across their lifecycle, with a focus on innovation, growth, competitiveness, social impact and sustainability. The EIF leverages its capital base to foster public-private partnerships and allocates guarantees and equity funding to catalyze lending and investment for startups and small businesses throughout Europe, including EU member states, candidate countries and EFTA countries. It collaborates with partners to close funding gaps and support entrepreneurship and economic resilience.

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.

ZAKA VC is a venture capital firm focused on pre-seed and seed investments across Europe and North America. Based in Prague, it has a regional footprint across Central and Eastern Europe, including Bratislava, with scouts in Berlin and the Baltic region. The firm backs early-stage startups across a broad mix of sectors such as health tech, biotech, industrial tech, AI and analytics, B2B and B2C software, consumer apps, e-commerce, fintech, ad tech, retail, utilities, real estate and other technology-driven areas. It emphasizes founder-friendly, fast support and adds value through a strong network of entrepreneurs and investors, aiming to help portfolio companies scale internationally and bridge opportunities between North America and Europe.

SmartCap is a government-backed fund-of-funds organization in Estonia that manages and invests in private venture-capital funds and early-stage investment programs. It seeks to back fund managers and form partnerships to finance ambitious companies, and has served as the investment arm of public funds such as KredEx. Established in 2011 and based in Tallinn, SmartCap coordinates fund-of-fund activity and oversees early-stage investments through collaborations with regional venture-capital managers to support the growth of innovative Estonian companies.

Tera Ventures is an Estonian venture capital firm that invests in seed and early-stage digital startups with a born-global approach. Based in Tallinn, Estonia, the firm backs companies across Estonia and nearby European markets including Denmark, Sweden, Finland, Latvia, Lithuania, Poland and the Czech Republic, with a focus on AI-powered innovations alongside Enterprise SaaS, FinTech, Security, automation, and robotics/deeptech. It takes a hands-on, founder-friendly stance, often leading rounds and providing follow-on capital to support portfolio companies through early milestones and international expansion. Tera leverages a global advisory network to help portfolio companies secure partnerships and capital, aiding market entry into the United States, the United Kingdom and Japan, and strives to connect founders with larger ecosystems while remaining industry agnostic.

Spring Capital is a Tallinn-based venture capital firm that funds technology startups in the Baltics and Nordics. It provides seed investments of approximately €75,000 to €200,000 to scalable technology-driven startups, typically as part of rounds that provide substantial runway. It also backs growth-stage companies with minority stakes, investing about €300,000 to €700,000 in EBITDA-positive or near-profitability firms, often as part of larger rounds.

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.

BADideas.fund is an angel investment group headquartered in Riga, Latvia, focused on backing early-stage startups in Central and Eastern Europe. The organization typically participates with tickets in the range of 50,000 to 250,000 euros and operates with a capital pool designed to bridge gaps between syndicate commitments and a startup's funding needs. Its members are founders and operators who aim to help portfolio companies achieve product-market fit, scale growth, and secure subsequent fundraising from leading investors.

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.

Revo Capital is a Istanbul-based venture capital firm, founded in 2013, that backs seed to growth-stage technology companies across Turkey, Eastern Europe and the Baltics. It invests in sectors including B2B software, fintech, healthtech, cybersecurity, cloud services, AI, big data and marketing tech, typically at Series A and early Series B stages. The firm emphasizes hands-on operational support to founders from investment through scale, helping startups transform local engineering talent into global firms. Notable portfolio companies include Getir, PayCore, Massive Bio and V-Count. Revo Capital manages multiple funds, with a second fund closing around €90 million, and maintains offices in Istanbul, Tallinn and Amsterdam. It collaborates with development finance institutions as anchor investors and supports portfolio growth through mentorship and operational tools. Overall, Revo Capital positions itself as a leading regional investor focused on building scalable technology businesses in Turkey and neighboring regions.

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.

FIRSTPICK is a venture capital firm based in Vilnius, Lithuania, that backs early-stage Baltic technology startups, with a focus on AI-first software and sectors such as fintech, SaaS, deeptech, RegTech, and cybersecurity. It typically provides initial checks between €100,000 and €500,000, with follow-on capacity up to €1 million, to support inception and pre-seed rounds. Beyond capital, FIRSTPICK offers access to a network of founders and operators and practical early-stage know-how to help portfolio companies grow and navigate challenges. The firm prioritizes founder conviction and aims to strengthen the Baltic startup ecosystem by supporting ambitious Baltic founders at inception and beyond.

Superhero Capital is a Helsinki-based venture capital firm that makes seed-stage investments in technology-enabled startups across Finland and the Baltic states. It backs software-focused companies and related sectors such as health tech, fintech, IoT, and SaaS, with typical tickets ranging from €100,000 to €1,000,000.

Overkill Ventures is a venture capital firm headquartered in Riga, Latvia. Founded in 2017, it concentrates on early-stage business-to-business technology startups and supports them toward product-market fit, with a focus on companies across the Baltics, Nordics, Central and Eastern Europe, and the CIS regions.

Gorilla Capital is an early-stage venture investor operating in Finland, Sweden, Denmark, and the Baltic countries. The firm focuses on capital-efficient software and technology startups, investing at pre-seed and seed stages, and emphasizes product-market fit, measurable customer traction, and sustainable growth.

byFounders is a venture capital firm founded in 2017 and headquartered in Copenhagen, with an additional office in San Francisco. It concentrates on early‑stage technology companies in the Nordics and Baltics, investing in pre‑seed, seed and select Series A rounds and pursuing follow‑on investments in its portfolio. The firm targets information technology and artificial intelligence startups and supports founders through a network of experienced entrepreneurs. Its geographic focus combines Northern Europe with Silicon Valley connections to help startups scale globally, while maintaining a founder‑friendly, long‑term investment approach.

Black Pearls VC is an early-stage venture capital firm based in Gdańsk, Poland, focused on investing in Northern and Central European technology companies with defensible technology and potential to become market leaders. The firm operates across Europe, with emphasis on the Baltic Sea Region, and is sector agnostic but B2B oriented, backing investments in digital health, enterprise software, fintech, future of work, and deep tech. It often serves as an initial investor in portfolio companies, helping founders scale and achieve global reach. Black Pearls VC is recognized as the first Polish venture capital fund represented in the Kauffman Fellows network.

Butterfly Ventures is an early-stage venture capital firm based in Oulu, Finland, investing in deep tech, hardware and related software across the Nordic and Baltic regions. Founded in 2012, it pursues early involvement with startups, often supporting companies that are pre-revenue at entry, and provides active backing to help them scale. The firm emphasizes a cooperative approach and aims for social and environmental impact alongside financial returns. It maintains offices in Oulu, Helsinki and Stockholm to engage founders throughout the region.

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.

Metaplanet is a Tallinn-based venture capital firm founded in 2011 that concentrates on early-stage, deep-tech investments with a long-term impact mandate. The firm backs AI, robotics, life sciences, enterprise and consumer technology, biotech, healthcare, cryptocurrency, transportation and related sectors, seeking novel, evidence-based innovations with the potential for outsized returns and societal benefit. It pursues a founder-friendly, hands-off approach, providing support while preserving founder autonomy. Metaplanet favors ethical considerations and aims to build a community of mission-driven companies focused on safe technologies for humanity's long-term survival and meaningful legacies. The firm has backed more than 170 companies and achieved notable exits, reflecting a broad, diversified portfolio across technology sectors.

Inventure is a Helsinki-based venture capital firm focused on early-stage technology startups with a Nordic and Baltic footprint. It backs startups across sectors including software, deep tech, artificial intelligence, healthcare, consumer products and next-generation digital services, offering financial backing and strategic guidance to support growth to scale and long-term value. Typical investments start from around €100,000 and can rise to several million euros over a company’s life cycle, with potential follow-on rounds as companies develop.

J12 Ventures is a venture capital firm headquartered in Stockholm, Sweden, with additional offices in the United Kingdom and Finland. Founded in 2019, it focuses on pre-seed and early-stage technology and software companies, with a particular emphasis on artificial intelligence, data accessibility, and AI applications for enterprises, consumers, and healthcare. The firm primarily targets Nordic and Baltic markets, including Denmark, Finland, Iceland, Norway, Sweden, and related regions, and typically makes equity investments ranging from €0.1 million to €2 million. It operates with an industry-agnostic approach but favors technology and software sectors.

Karma Ventures is a Tallinn, Estonia-based venture capital firm that concentrates on late-seed and Series A investments across Europe, with a focus on deep-tech software startups. It provides capital and substantial operational support to founders with early traction and global ambitions, helping them scale through strategic and technical guidance. The firm backs companies across sectors such as artificial intelligence, cybersecurity, IoT, fintech, software development, and sustainable technology, and emphasizes active involvement within Europe’s deep-tech ecosystem to foster growth and collaboration among portfolio companies.

Lead Ventures is a Budapest-based venture capital firm and the investment arm of MOL, focused on financing and scaling ambitious technology companies in Central Europe and the Baltics. It provides equity investments to growth-stage ventures, typically in the 2-10 million euros range, with emphasis on B2B software, SaaS, artificial intelligence, cybersecurity, enterprise automation, fintech, mobility, energy and sustainability, IoT, and related sectors, as well as B2B services. The firm seeks startups with validated market traction and strong growth potential, offering capital, strategic guidance, and access to a broad network to support international scale-ups. Lead Ventures aims to build long-term partnerships with founders and other investors, leveraging MOL's resources and a network of financial institutions to back ventures that can transform their industries.

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 focused on funding startup projects and technologies in the Baltic region. It maintains an angel investor network that targets seed and early-stage opportunities, enabling direct participation in Baltic startups and helping entrepreneurs access capital and guidance.

Enersense International is a Finland-based provider of resource management and energy infrastructure services. It positions itself as a lifecycle partner across energy transmission and production, industrial energy transition, and telecommunications, with three business units: Power, Energy Transition, and Connectivity. It serves customers in Finland, the Baltics, and Nordics, delivering projects and services across the asset lifecycle, including design, construction, maintenance and operation, as well as offshore and wind energy and charging systems. It also offers recruitment and resource management, administrative and consultancy, project management, occupational safety, quality assurance, information management, and digital solutions in mobility, the Internet of Things, cloud services, and system integration. Founded in 2005 and headquartered in Pori, Finland.

Eleving Group is a fintech company delivering vehicle, device, and consumer lending solutions across emerging and developed markets. It operates in around 17 markets across three continents, aiming to expand financial access and promote upward mobility in underserved communities by serving niches overlooked by traditional lenders. The group offers vehicle and device finance, including car and motorcycle loans, rent-to-own arrangements, and smartphone financing, as well as consumer finance such as single-payment, instalment, and long-term unsecured loans. Through its global reach, it focuses on financial inclusion and providing flexible lending options to a diverse customer base.

Balnord is a venture capital firm founded in 2024 and based in Luxembourg, investing in companies that build deep tech and data-driven software, including dual-use technologies in the Baltic Sea Region.

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.

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.

Fiedler Capital is a venture capital firm based in Budapest that serves as a first-check investor backing exceptional founders from underrepresented European ecosystems. It leads or co-leads pre-seed and early-seed rounds, typically investing €50-€750k, and operates across sectors with a focus on strong product-market fit. While sector-agnostic, it has experience in healthcare, medical technology, software, mobile applications, and data analytics, and prioritizes opportunities from Central and Eastern Europe and the Baltics, while remaining global where its network or diaspora creates opportunities. The firm emphasizes sustainability and transparent disclosures in its investment approach and seeks to back breakout companies founded by self-taught or unusually talented individuals. By leveraging its network and hands-on guidance, it aims to help early-stage ventures scale from standout local origins to international markets.

Voima Ventures is a venture capital firm based in Helsinki, Finland, focused on seed and early-stage investing in deep tech startups across the Nordic and Baltic regions. It backs companies spanning bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software and ICT, and AI, among others. Founded in 2019, Voima supports science-driven ventures with substantial technical risk, aiming to solve global challenges. The firm has invested in numerous deep tech startups and has cornerstone investors including VTT Technical Research Centre of Finland and the European Investment Fund.

Logo Ventures is an early-stage venture capital firm based in Istanbul, Turkey, that invests in information technology startups with high growth potential and global scale. It partners with founding teams to support product development, go-to-market execution and international expansion, aiming to help portfolio companies mature into established players within their industries. The firm concentrates on opportunities in Turkey and adjacent markets in Central and Eastern Europe and the Baltic region.

GrayBella Capital is a European venture capital firm that backs technology and healthcare companies across health tech, life sciences, and complex tech sectors. It engages in seed through growth-stage investments, typically leading or co-leading rounds and maintaining active board involvement. The firm concentrates on Europe, including the UK, Ireland, Spain and Portugal, the Nordics, Baltics, and CEE, with typical equity checks in the €3–8 million range. It operates from multiple offices in Europe and North America and pursues pan-European opportunities.

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.

node.vc is an early-stage venture capital firm based in Stockholm that invests in technology startups across the Nordics and Baltics. Founded in 2023 by experienced entrepreneurs and operators, the firm emphasizes hands-on partnership beyond capital, assisting portfolio companies with hiring, fundraising, and strategic growth. It focuses on platform technologies, new experiences, and smarter workplaces, and operates with a founder-led approach supported by a strong network in the Nordic tech ecosystem. node.vc has built and invested in a number of ventures, and currently backs multiple companies within its focus areas.

Wave Ventures is a venture capital firm founded in 2016 and headquartered in Helsinki, Finland, with an additional office in Sweden. It operates as a student-run organization and is noted as the largest student-run venture capital firm in Europe. The firm focuses on pre-seed investments across the Nordic and Baltic regions, backing Gen Z entrepreneurs at the earliest stages. Its investors and supporters include unicorn founders from the Nordic ecosystem. The team comprises five members drawn from top regional universities, enabling it to pair early-stage founders with hands-on insight. Wave Ventures targets opportunities across Denmark, Finland, Iceland, Norway, Sweden, Estonia, Latvia, and Lithuania.

Bellone Invest is a private investment firm based in Tallinn, Estonia, founded in 2013. It specializes in seed-stage technology investments, including software, SaaS, e-commerce, mobile applications, and the cryptocurrency sector, and actively seeks opportunities in related high-growth areas. The firm emphasizes sustainable, long-term investment performance across its portfolio.

Lighthouse Ventures is a Prague-based venture capital firm that supports technology startups in their early stages, with a focus on the Czech market. The firm provides capital and professional guidance from an international team of experienced tech veterans, combining entrepreneurship, startup mentoring, and access to a broad business network for portfolio companies. It collaborates with leading Czech startup incubators, technology partners, universities, and government institutions to support smart cities projects and to strengthen its portfolio. The firm invests in B2B software, artificial intelligence, and fintech sectors.

Icebreaker.vc is a Helsinki-based venture capital firm founded in 2016 that focuses on early-stage technology startups. It has invested in more than 50 startups led by domain expert founders who previously worked at companies such as Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. Beyond funding, Icebreaker.vc maintains a community of over 1,000 founders and pre-founders with at least five years of relevant industry experience and an interest in starting, building, or joining strong tech companies. The firm provides initial ticket sizes of €150,000 to €800,000 to help portfolio companies reach a position of strength and avoid post-accelerator limbo or unfavorable capital terms. Icebreaker.vc positions itself as a partner to founders, supporting them through early growth with capital and access to a network of experienced operators and peers in the tech ecosystem.

Gi21 Capital is a Prague-based venture capital firm founded in 2022 that targets seed and late-stage investments in technology, hospitality, and real estate. Its activity spans Europe and the United States, with plans to expand into Asia. Led by managing partner Damir Špoljaric, the firm operates with the characteristics of a family office investor while pursuing venture capital and late-stage financing, backing a portfolio of companies with notable exits and providing strategic support to fuel growth.

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.