Top VC Firms in Estonia
The 25 highest-scoring venture funds headquartered in Estonia, ranked from 28 eligible firms on a 110-point composite of portfolio outcomes, deal volume, risk adjustment and cheque-size fit.
Investments
7
Exit Rate
0%
Alive
6
Portfolio Outcomes
Score Breakdown
Focuses on seed-stage investments in Estonia. Primarily invests in finance and blockchain companies.
Investments
26
Exit Rate
0%
Alive
19
Portfolio Outcomes
Score Breakdown
byFounders is a community-powered early-stage venture fund that invests in ambitious teams primarily from the Nordics and Baltics. They focus on seed and series A stages, offering operational expertise and a global network to their portfolio companies.
Investments
80
Exit Rate
3%
Alive
66
Portfolio Outcomes
Score Breakdown
Investments
17
Exit Rate
11%
Alive
11
Portfolio Outcomes
Score Breakdown
Investments
17
Exit Rate
0%
Alive
13
Portfolio Outcomes
Score Breakdown
Investments
8
Exit Rate
0%
Alive
11
Portfolio Outcomes
Score Breakdown
Investments
19
Exit Rate
15%
Alive
13
Portfolio Outcomes
Score Breakdown
SmartCap Green Fund invests in early-stage Estonian Greentech companies, including seed, early, and growth stages, focusing on sectors such as energy, agriculture, food, transport, logistics, materials, chemicals, and the environment. It acts both as a fund-of-funds and direct investor to support sustainable innovation in Estonia.
Investments
18
Exit Rate
0%
Alive
15
Portfolio Outcomes
Score Breakdown
Metaplanet is an early-stage investor with a focus on the Industry & Hardware sector. They primarily invest in companies based in Germany and Europe.
Investments
27
Exit Rate
4%
Alive
26
Portfolio Outcomes
Score Breakdown
Investments
12
Exit Rate
7%
Alive
12
Portfolio Outcomes
Score Breakdown
Investments
7
Exit Rate
17%
Alive
4
Portfolio Outcomes
Score Breakdown
Investments
90
Exit Rate
3%
Alive
56
Portfolio Outcomes
Score Breakdown
Change Ventures is a seed stage venture capital firm investing in Baltic founders building companies with global ambitions. They focus on B2B software, SaaS, fintech, and digital health.
Investments
27
Exit Rate
0%
Alive
21
Portfolio Outcomes
Score Breakdown
Investments
26
Exit Rate
11%
Alive
15
Portfolio Outcomes
Score Breakdown
Plural invests in companies aiming to have GDP-level impact on Europe, addressing systemic risks and reducing the opportunity gap worldwide. The firm backs serious founders willing to take big risks. Specific stages and sectors are not stated.
Investments
12
Exit Rate
8%
Alive
9
Portfolio Outcomes
Score Breakdown
Investments
6
Exit Rate
0%
Alive
4
Portfolio Outcomes
Score Breakdown
Investments
10
Exit Rate
0%
Alive
9
Portfolio Outcomes
Score Breakdown
Tera Ventures is an early-stage venture capital firm focusing on digital startups originating from Estonia, Scandinavia, and Eastern Europe. They target companies with the potential to scale globally, often investing in deep tech, B2B software, and digital services.
Investments
14
Exit Rate
0%
Alive
13
Portfolio Outcomes
Score Breakdown
Investments
18
Exit Rate
0%
Alive
8
Portfolio Outcomes
Score Breakdown
Investments
58
Exit Rate
5%
Alive
46
Portfolio Outcomes
Score Breakdown
Invests primarily in early-stage healthtech and deeptech startups with breakthrough innovations, aiming to improve quality of life through transformative technologies.
Investments
23
Exit Rate
4%
Alive
10
Portfolio Outcomes
Score Breakdown
Investments
12
Exit Rate
0%
Alive
6
Portfolio Outcomes
Score Breakdown
Truffle Capital invests in early-stage companies with disruptive technologies in IT and Life Sciences. They focus on supporting innovative companies with the potential to become market leaders in Fintech, Insurtech, Biotech, and MedTech.
Investments
6
Exit Rate
0%
Alive
5
Portfolio Outcomes
Score Breakdown
Investments
13
Exit Rate
5%
Alive
13
Portfolio Outcomes
Score Breakdown
2C Ventures invests in early-stage (pre-seed to Series A) clean technology startups focused on sectors including energy transition, circular economy, sustainable food and agriculture, climate and carbon, sustainable transportation, and resource efficiency. Their primary geographic focus is Northern Europe, with typical ticket sizes ranging from €250K to €1M.
Investments
11
Exit Rate
0%
Alive
10
Portfolio Outcomes
Score Breakdown
Methodology
What the score measures, who is eligible, and what it deliberately excludes.
- How is the Brouky score for Estonia calculated?
- Each firm is scored out of 110 points across four measured components: portfolio outcomes (40), deal volume (30), risk adjustment (25) and cheque-size fit (15). The score is computed from tracked investments and portfolio company status. It is not editorial and firms cannot influence it.
- Which firms are eligible for the Estonia ranking?
- Venture and corporate venture funds headquartered in Estonia with at least 5 tracked investments. 28 firms qualify; the top 25 are listed. Angel investors, family offices, banks, accelerators and government vehicles are excluded because they are scored on a different basis and are not comparable.
- How often is the ranking updated?
- Scores are recomputed as new investments and portfolio outcomes are recorded, and this page refreshes daily.
- My fund's data looks wrong. Can it be corrected?
- Yes. Claim the fund's profile on Brouky to review the underlying investments and portfolio records, and the score updates from the corrected data.