SmartCap Invests €10M in Darkstar’s Defence-Focused VC Fund

SmartCap Defence Fund invests €10 million in Darkstar, the first dedicated pan-European venture capital fund focused on military and dual-use technologies tested on the battlefield in Ukraine. This represents an anchor investment for Darkstar and the first investment for SmartCap Defence Fund.

Tenity and Startup Wise Guys participate in CryptoSwifts' €510K pre-seed round

CryptoSwift, the compliance infrastructure startup simplifying Travel Rule implementation for crypto companies, has raised a €510,000 pre-seed round Tenity, Startup Wise Guys, DEPO Ventures, and a group of industry angels.

Smartcap and Specialist VC participate in Vok Bikes' $6M Series A round

Vok Bikes has raised $6M to further expand across Europe and accelerate the shift away from vans in city centers, backed by SQM Lithium Ventures, SmartCap, Specialist VC, Metaplanet, and Sunly.

Plural leads Sunrise Robotics' $8.5M seed round

Sunrise Robotics has emerged from stealth with $8.5M in seed funding, led by Plural, with participation from Tapestry, Seedcamp, Tiny.vc, and Prototype Capital.

Verge Healthtech Fund leads Lifeyears' €2.8M funding round

Lifeyear, a UK-Estonian health tech startup, has raised €2.8 million to launch its remote patient management platform, delivering at-home digital cardiovascular care.

Iron Wolf Capital, Tera Ventures, and Specialist VC participate in Flowsteps' $2.6M seed round

Flowstep has raised a $2.6 million seed round led by London-based Supernode Global with participation from EstVCA members Iron Wolf Capital, Tera Ventures, and Specialist VC.

Iron Wolf Capital joins €1.6M round for Lithuanian startup Traxlo

Traxlo, a fast-growing platform that transforms physical labor into verifiable tasks, has raised €1.6M from venture capital funds Coinvest Capital, Bad Ideas Fund, Plug and Play, NGL, DEPO Ventures, and the participation of existing investors Iron Wolf Capital, Antler, and others.

Karma Ventures co-leads Swarmia's €10M Series A round

Swarmia has raised €10 million in new funding. The Series A round was led by DIG Ventures and Karma Ventures, with participation from notable angel investors, including Romain Huët (Open AI’s head of developer experience) and Cal Henderson (co-founder and former CTO of Slack).

Practica Capital participates in sintra.ai's $17M seed round

Launched in May 2024, the team hit $1M ARR in just 57 days and has already reached $12M ARR. The funding round was led by Earlybird VC with participation from Practica Capital, Inovo, and prominent angel investors.

Plural and Superangel participate in Labrys' $20M Series A round

Labrys has announced its $20M Series A round, led by Plural with participation from Superangel and AlbionVC. The investment will be used to accelerate the development of Axiom, a platform that helps organizations verify, manage, and pay their global workforce and globally dispersed teams.

Iron Wolf Capital Launches €100 M Seed Fund

Vilnius-based deep tech venture capital firm Iron Wolf Capital has launched its newest EUR 100M early-stage Baltic deep tech and AI fund. Targeting 25 early-stage companies across Estonia, Latvia, Lithuania, and the Baltic diaspora, the fund will back deep tech startups in sectors such as AI, robotics, photonics, and space innovation.

Icebreaker.vc leads Crewpoints' first external funding round

Crewpoint, a next-generation travel service designed to simplify and streamline maritime crew logistics, announced the successful closing of its first external funding round, led by Icebreaker.vc.

Specialist.vc co-leads a €850,000 pre-seed funding round to Banani AI

The Ukrainian startup Banani AI has raised €850,000 in a pre-seed round led by Specialist VC and the Polish venture capital firm Inovo VC.

Baltic Private Equity and Venture Capital Market Overview 2024

We are pleased to present the Baltic Private Equity and Venture Capital Market Overview 2024. Now in its sixth year, this report continues to track key developments across the region’s PE/VC landscape.

Plural leads a $36.5M Series A round to IXI

Helsinki-based IXI has raised a $36.5M Series A round, led by Plural, with participation from Tesi, byFounders, Heartcore, Eurazeo, FOV Ventures, Tiny Supercomputer, and existing investors to create the future of eyewear and work towards its first commercial product.

EXIT: Iron Wolf Capital's portfolio company Amberlo has been acquired by stp.one

Amberlo, the Lithuanian legal practice management platform backed by Iron Wolf Capital, has been acquired by stp.one, one of Europe's leading legal tech providers. Founded in 2017, the Kaunas-based company will now join stp.one's network of 400+ team members serving 8,000+ legal customers across 10 European locations.

2C Ventures and Startup Wise Guys back Esgrid’s €900K pre-seed funding

EstVCA members - 2C Ventures and Startup Wise Guys - back Esgrid’s move into supplier management, bringing total pre-seed funding to €900K.

EXIT: Practica Capital's portfolio company Trafi has been acquired by Enghouse Systems

Practica Capital's portfolio company Trafi has been acquired by Enghouse Systems, through a wholly-owned subsidiary. Trafi is the leading provider of Mobility-as-a-Service (MaaS) solutions based in Lithuania.

BPM Mezzanine Fund II provided financing to Averton Sterling for the acquisition of Medical Mazella

BPM Mezzanine Fund II usaldusfond has made its next transaction from its second fund to support Medical Mazella's expansion in the medical sector, reinforcing the company’s market presence and growth potential.

Karma Ventures leads the $7.5M Series A round to WunderGraph

WunderGraph has raised $7.5 million in a Series A round of funding from Karma Ventures, eBay Ventures, and Aspenwood Ventures to unify APIs across decentralized systems with their open-source GraphQL federation platform.

Icebreaker.vc participates in Clock&Cloud's €1.5M pre-seed round

Clock&Cloud, a Helsinki-based startup developing an AI-powered geopolitical intelligence platform, has raised €1.5 million in a pre-seed funding round led by Danish Ugly Duckling Ventures, with participation from existing investor Icebreaker.vc.

Icebreaker.vc invests €800,000 to FleetBrains

Icebreaker.vc has invested €800,000 in FleetBrains to support the company's efforts in building and expanding its AI-driven solutions that address critical challenges in the automotive industry.

Eesti ülikoolides alustab era- ja riskikapitali õppeaine

Eesti Era- ja Riskikapitali Assotsiatsioon (EstVCA) jätkab koostöös TalTechi ja Estonian Business Schooliga tudengitele ning investeerimismaailma huvilistele era- ja riskikapitali õppeaine õpetamist.

Tera Ventures participates in Blackwall's €45M Series B round

Led by Dawn Capital, with support from existing investors at Tera Ventures, MMC Ventures, Expeditions Fund, and Red Dawn Ventures, Blackwall’s Series B funding will be used to double headcount and accelerate growth as the company expands further into the U.S. and APAC, and strengthens global channel partnerships.

EXIT: Startup Wise Guys portfolio company Adact has been acquired by Optimove

Startup Wise Guys SaaS portfolio company Adact has successfully exited through an acquisition by Optimove, a global leader in AI-driven marketing innovation. This acquisition marks their 22 portfolio exit.

Trind Ventures leads an undisclosed round to SparkReceipt

SparkReceipt, a Tampere-based pre-accounting software provider, raised an undisclosed round from Trind Ventures to accelerate their international expansion.

SmartCap Green Fund participates in Stargate Hydrogen's €11M Series A round

SmartCap Green Fund joins Stargate Hydrogen’s Series A funding round, supporting the company in its efforts to make affordable green hydrogen a reality.

Tera Ventures participates in Cino's €3.5M seed round

Cino's €3.5M seed round was led by Balderton Capital with participation from Tera Ventures, Connect Ventures, and angels, including the founder of Cleo. The funding will be used to fuel their expansion to the UK.

EVENT RECAP & GALLERY: EstVCA Funds on Stage: 2024 Recap

This year, the EstVCA Funds on Stage event took place on February 19 in Tallinn. The representatives of 18 funds gave insightful overviews of last year's journey and activities while opening up about their plans for the upcoming year.

Trind Ventures leads a €920k pre-seed funding to Bahn Express

Trind Ventures leads a €920k pre-seed funding to Bahn Express to advance its solution for faster, more cost-effective cross-border used car deliveries.

2C Ventures leads €1M pre-seed round to GaltTec

2C Ventures leads €1M pre-seed round to GaltTec to accelerate the company's mission to provide lightweight, long-lasting power solutions for drones and IoT devices, reducing reliance on conventional batteries.

Plural leads a $35M Series A round to Relay

Relay, a tech company transforming the backbone of e-commerce delivery for top e-commerce retailers, announced a $35M Series A round to scale their delivery network across the U.K. The funding round was led by Plural, including continued participation from its Seed investors, Project A, and Prologis Ventures.

Plural co-leads $20M seed round to Karman+

Karman+, an asteroid mining startup, has raised $20 million in seed funding led by Plural and Hummingbird. The funding will be used to develop its first technology demonstration and customer missions, which are expected in 2027.

Practica Capital participates in Atrandi's $25M Series A funding round

Atrandi Biosciences Raises $25M Series A Led by Lux Capital, with participation from Practica Capital, Vsquared Ventures, Metaplanet, and GRIDS Capital, to drive expansion in the U.S. and scale proprietary SPC technology.

EXIT: Superangel & United Angels (now Specialist VC) portfolio company Parcelsea has been acquired by JetBeep

ParcelSea, a technology startup based in Estonia that specializes in smart mailbox solutions for e-commerce customers and last-mile delivery services has been acquired by a Ukrainian company JetBeep.

Icebreaker.vc participates in GridRaven's €4 Million funding round

Gridraven has raised €4 million in funding from leading European venture capital firms, including Icebreaker.vc and 42CAP, to fuel its international expansion.

SmartCap Green Fund participated in Gridio's €2.4 million seed funding round

Gridio, a Tallinn-based software platform for smart charging of electric vehicles and distributed energy devices, has secured €2.4M in funding, led by Neokapital, with support from Encevo, SmartCap, Renergy, and existing investors.

SmartCap participates in Fusebox’s €2.6 million funding round

Fusebox secures €2.6 Million to strengthen the European energy market. This follows a successful funding round in December 2022, led by the venture arm of Dutch sustainable energy supplier Eneco and Poland’s largest bank, PKO Bank Polski. These strategic investments have been instrumental in Fusebox’s growth and expansion efforts.

Elcogen secures €5 million investment from SmartCap to accelerate growth

Elcogen, a leading European manufacturer of technology that enables delivery of efficient, affordable green hydrogen and emission-free electricity, today announced that it has secured a €5 million investment from SmartCap, a venture capital fund supporting Estonian Greentech companies.

EVENT RECAP, GALLERY & RECORDING: Estonian Startup Ecosystem Annual Fireside Chat 2024

For the fifth year in a row, we welcomed the EstBAN, Estonian Founders Society, EstVCA, Invest Estonia, and Startup Estonia representative members to hear their conclusions for 2024 and encouraging perspectives for 2025.

Siena Secondary Fund launches Fund II with its first investment into the Estonian B2B SaaS startup Katana

Siena Secondary Fund, which focuses on VC direct secondary investments into high-growth late-stage startups by providing liquidity to early investors, (ex-)employees, and founders, launched its fund II and made its first deal by acquiring a stake in Katana.

EVENT INVITATION: Register for the Baltic M&A and Private Equity Forum 2025

Join the main event for deals industry players in the Baltics! This year, the Baltic M&A and Private Equity Forum will be held on 22 April in Tallinn, Estonia, at the Nobel Hall in the vibrant Noblessner district.

SmartCap Defence Fund Calls for Fund Managers

The Estonian state fund of fund Smartcap has announced that SmartCap Defence Fund has launched its investments for fund managers, with the aim of making investments in a select number of venture capital and private equity funds that invest in military and dual-use companies.

SEB and CybExer Partner for Venture Debt Investment

The SEB Baltic Venture Debt program has made its first investment in the Estonian technology company CybExer Technologies, which provides advanced cybersecurity testing and training solutions for organizations worldwide.

NEW MEMBER: Plural joins EstVCA

We are very excited to announce that the largest VC investor in the region – Plural - joins EstVCA. Plural is an early-stage venture capital fund that backs the most ambitious founders on a mission to change the world through technology.

EXIT: BPM Mezzanine Fund exited its investment in the leading shoreside and port services provider for the cruise industry in Tallinn (“DenEesti”)

BPM Mezzanine Fund SICAV-SIF, SCA (BPM) supported the CEO of DenEesti in acquiring the company back in March 2018. The exit, which took place through refinancing from a local bank, marks a logical step in the development of the company.

Tera Ventures co-leads the €6M investment round to Miros

Miros, the leading visual AI e-commerce search solution, has raised a €6 million pre-Series A investment led by EBRD Venture Capital and Tera Ventures. Former Estonian President Toomas Hendrik Ilves also participated in the round as an Angel Investor. Miros will use the funding to enhance R&D, further develop the technology, and expand market reach. To date the company has raised €8M.

2C Ventures leads the €1 million investment round of TheStorage

Tampere, Finland based climate tech startup TheStorage has secured €1 million in funding from 2C Ventures and Superhero Capital to address one of the largest challenges in green transition – decarbonizing industrial heat.

Tera Ventures leads investment into Estonian fintech Mifundo as part of 10 million euro award

A combination of their previously unannounced €1.2m pre-seed round led by Tera Ventures, Mifundo has also been awarded €2.5M grant funding, alongside a decision for €6,3M in matched funding approved (subject to matched private funding) by the prestigious European Innovation Council (EIC) Accelerator program from the European Investment Bank (EIB), making it the first fintech company in Europe to receive such an award.

2C Ventures leads Äio’s €6.1 million investment round with participation from SmartCap Green Fund

The biotechnology startup ÄIO has raised €6.1 million through venture capital funds Voima Ventures, 2C Ventures, SmartCap and Nordic Foodtech VC

SEB Pension Funds Become A Key Investor In Superangel

The addition of SEB’s pension funds will boost the investment capacity of Superangel’ssecond fund to nearly 40 million euros, which will be channelled into innovative tech companies in Estonia, the Baltic States and the Nordic countries.

Trind VC portfolio company Your.Rentals raises €1.7m to expand market reach

Your.Rentals, a leading all-in-one short-term rental management platform raises €1.7m from existing shareholders to expand its market reach.