Private equity and venture capital knowledge centre

Meet our dedicated team of PE/VC industry professionals

Management board
Team
Hendrik Reimand
Chairman of the Board
Hendrik is a founding partner at 2C Ventures, an Estonia-based cleantech-focused VC fund investing in early-stage startups in the Baltic and Nordic countries. Hendrik has served as a board member of EstVCA since 2019. He has contributed to launching a VC/PE-focused education program at Estonian universities, efforts to attract LPs, and the data working group.
Margus Uudam
Founding Partner at Karma Ventures

Margus Uudam is a Founder and Partner at Karma Ventures, a European venture capital firm investing in deep tech software companies at the seed and Series A stages. He brings extensive experience in venture capital portfolio management from Ambient Sound Investments and Karma Ventures' 1st and 2nd funds, as well as previous leadership roles as CEO of Fontes and Elektrilevi, and earlier responsibility for the state budget, tax, and economic policy at the Ministry of Finance.

As Chairman of EstVCA, Margus has championed stronger Nordic-Baltic collaboration, encouraged cross-border co-investment, and promoted new financial instruments to accelerate the development of Estonia’s venture funding landscape. His work continues to focus on connecting Estonian and Baltic innovation with global capital and building long-term resilience in the European startup ecosystem.

Kristel Raidla-Talur
Partner at COBALT Legal Estonia

Kristel Raidla-Talur is a Partner and Co-Chair of the Banking & Finance practice group at COBALT Estonia. She advises clients mainly on venture capital and other financing transactions as well as on fund formation matters. Kristel also has extensive experience in financial regulatory matters and continues to advise investment funds on their investments in Europe, the USA, and elsewhere.

Kristel has been a member of the Estonian Bar Association since 2004. She serves on the Management Board of EstVCA and COBALT Estonia.

Mari Kuhi
COO & Board Member at SmartCap
Mari Kuhi is the COO and a member of the management board at SmartCap – Estonia’s state-owned fund manager, developing the local VC market. Their latest fund targets defence and dual-use tech investments.

Mari has over 15 years of experience in the financial sector, including senior leadership roles across asset management and finance.

As a SmartCap representative, her work aligns closely with EstVCA’s mission – to bring more capital to Estonia, enhance the country’s business competitiveness, and educate companies and policymakers about the private equity and venture capital markets. She provides insight into the dynamics of the Estonian capital market and policymakers' perspectives.
Mart Maasik
General Partner at Nordic Science Investments
Mart Maasik is an investor, innovation leader, and ecosystem builder with over 20 years of experience in the financial sector, startups, and research commercialization across the Baltics and Nordics. In October 2024, Mart joined Nordic Science Investments as a General Partner, focusing on building the success of an early-stage VC fund that supports research-driven spinouts in the New Nordics.

Mart is dedicated to strengthening Estoniaʼs and the New Nordics' ability to create and grow science-based spinouts. He focuses on building practical tools and
partnership models between academia and investors, fostering cross-regional collaboration, and advancing best practices. As a certified board member, he helps
shape governance and strategy that attract top talent and capital, reinforcing the regionʼs role as a leading hub for science-driven entrepreneurship in Europe.
Rando Rannus
General Partner at Siena Secondary Fund
Rando Rannus is an entrepreneur, investor, and General Partner at Siena Secondary Fund. He has also been a founding member of the Estonian Founders Society since 2009. Every decade, he has taken on a new professional challenge, from consulting in the 2000s to building and selling his own startup in the 2010s, and now focusing on investing and building a fund.

Rando values balance, enjoys traveling, reading about politics, society, and economics, and is into biohacking, intending to compete in a decathlon at age 100.
    Dag Ainsoo
    General Partner of Startup Wise Guys

    Dag Ainsoo is an entrepreneur and investor, General Partner of Wise Guys Ventures, and a member of the Management Board. He was previously a co-founder of SmartAD (acquired by Modern Times Group AB), an active angel investor, and the CFO of multiple startup companies. Dag is serving his second term on the Management Board of EstVCA.

    Sigrid Lii Treialt
    Portfolio Manager at LHV Asset Management
    Sigrid Lii Treialt serves as Portfolio Manager for Private Equity and Venture Capital at LHV Asset Management, overseeing a diverse portfolio of international funds. Her background in economic analysis (MA) and analytics overall provides a strong analytical foundation and a comprehensive understanding of financial markets.

    In her role, she actively engages with fund managers and placement agents mainly across Europe and North America. She participates in leading industry conferences, which have given her a broad perspective on market dynamics and emerging trends. She is passionate about increasing the visibility of the Baltic investment landscape and wants to help connect international managers with local market participants to foster further growth in the region.
    Kärt Siilats
    Venture Partner at Superangel
    Kart Siilats co-founded mojo.capital in 2014 and is a member of the investment committee of Mojo Digital One and its associated vehicles, which have invested in 30 European VC funds and made 12 direct investments, 7 of which have become unicorns. Kart is also leading angel syndicates at GoBeyond.capital and is a Venture Partner at Superangel. She's mentored at Seedcamp, Harvard Innovation Labs, Techstars, and CDL. 
    Maarja Pärs
    Investment Director at Livonia Partners
    Maarja Pärs is an Investment Director at Livonia Partners, with over eight years of experience in the investment industry and a strong blend of LP and GP perspectives. Before joining Livonia Partners, she worked as a Portfolio Manager at LHV Asset Management, where she invested in local and global companies and funds through debt instruments. This LP-side experience now helps her navigate the challenges faced by local VC and PE funds from the GP perspective at Livonia.

    Maarja is passionate about building successful global companies grounded in local growth stories. She believes that access to both capital and knowledge is essential for achieving this. In the current geopolitical environment, she sees strengthening relationships with the global LP and GP community as key to making Estonia’s VC and PE ecosystem more attractive and resilient.
    Ene Õunmaa
    Swedbank Investment Funds
    Ene Õunmaa is a Senior Portfolio Manager for Swedbank Investment Funds' Estonia pension funds, focusing on alternative and local investments. Swedbank pension funds hold close to a 40% market share in each of the Baltic countries. Swedbankʼs Estonian funds have invested in several Baltic private equity, venture capital, and real estate funds. However, recent pension system changes in Estonia and Lithuania, along with competition from index funds, have made local investing increasingly challenging.

    Ene aims to strengthen stakeholder cooperation and raise awareness of the importance of pension savings and local investments. Her goal is to ensure that Estonian people can participate in the success of local PE and VC ventures through their pension fund savings.
    Hendrik Reimand
    Founding Partner at 2C Ventures
    Hendrik Reimand is a founding partner at 2C Ventures, an Estonia-based cleantech-focused VC fund investing in early-stage startups in the Baltic and Nordic countries. Before launching 2C Ventures, Hendrik spent several years as a private equity investor at Livonia Partners and also served as Head of Finance at Katana Technologies.

    Hendrik has served as a board member of EstVCA since 2019. He has contributed to launching a VC/PE-focused education program at Estonian universities, efforts to attract LPs, and the data working group.

    During his new term, as part of the EstVCA board, Hendrik aims to contribute to promoting the region to international investors and attracting new LPs through events, roadshows, and stronger collaboration with Nordic and Western European ecosystems, working closely with local public and private investors to ensure capital availability, and supporting a favorable legal environment for the venture capital and private equity industry.
    Madis Lehtmets
    Managing Director
    Madis Lehtmets is an experienced founder, advisor, and ecosystem leader, currently serving as the Managing Director of EstVCA.

    With a background in design, product development, and venture-backed entrepreneurship, he has led teams, raised capital, and supported numerous startups across funding, strategy, and financial modeling. Before joining EstVCA, Madis co-founded and scaled a B2B SaaS company. He brings a founder’s mindset and strong strategic focus to EstVCA’s mission, driving initiatives that bridge investors, founders, and policymakers both locally and internationally.
    Merit Vislapu
    Project Manager
    Merit Vislapu is currently serving as the Project Manager in EstVCA and Project Lead at Health Founders Estonia.

    She has 10 years of experience in the Estonian startup sector, working with high-impact, startup-focused organizations, venture capital funds, and non-profit organizations. From the Baltics and Nordics to the CEE region and Western Europe, Merit has supported the birth of new entrepreneurs and startup ideas, the growth of early-stage startups, and the building of strong communities around events and organizations.

    She draws from her extensive experience in organizing local and international events and projects to support EstVCA’s mission.
    Close
    Maakri 30 / Tallinn 10145 / Estonia
    info@estvca.ee