The Baltic region has rapidly emerged as a hotbed for tech innovation and entrepreneurship, largely fueled by a dynamic ecosystem of venture capital firms. From Estonia to Lithuania, these VCs are pivotal in nurturing startups and driving technological advancement. This article spotlights the most active VC firms in the Baltics, highlighting their investment strategies and the impact they're making on the region's startup landscape.

Change Ventures

• 🏦 HQ: Tallinn, Estonia

• 👨‍💻👩‍💻 Leadership: Andris K. Berzins, Yrjö Ojasaar, Rait Ojasaar

• 🔢 Number of Investments: 10-50

• 💸 Average Investment Ticket: €100K-€500K

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Inspectle Food, RivalSense, Saltz

Coinvest Capital

• 🏦 HQ: Talent Garden, Vilnius, Lithuania

• 👨‍💻👩‍💻 Leadership: Viktorija Trimbel

• 🔢 Number of Investments: 10-50

• 👜 Notable Portfolio companies: Walk15, Axiology, Pixevia

Contrarian Ventures

• 🏦 HQ: Vilnius, Lithuania

• 👨‍💻👩‍💻 Leadership: Rokas Peciulaitis

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: PVcase, H2Pro, BeZero Carbon

FIRSTPICK

• 🏦 HQ: Vilnius, Lithuania

• 👨‍💻👩‍💻 Leadership: Andra Bagdonaite

• 🔢 Number of Investments: 10-50

• 💸Average Investment Ticket: €50K-€250K

• 🎯Target Sectors: Fintech, SaaS, Deeptech, Consumer marketplaces

• 👜 Notable Portfolio companies: Samphire Neuroscience, Amylze, Finfra

Honey Badger Capital

• 🏦 HQ: Tallinn, Estonia

• 👨‍💻👩‍💻 Leadership: Helery Pops, Martin Tajur

• 🔢 Number of Investments: 1-10

• 💸Average Investment Ticket: €50K-€150K

• 👜 Notable Portfolio companies: Grünfin, Cuploop, Notably

Iron Wolf Capital

• 🏦 HQ: Vilnius, Lithuania

• 👨‍💻👩‍💻 Leadership: Kasparas Jurgelionis, Žygimantas Susnys, Viktoras Jucikas

• 🎯 Target Sectors: AI and Deeptech

• 💸Average Investment Ticket: €250K-€2M

• 🔢 Number of Investments: 10-50

• 👜 Notable Portfolio companies: Litilit, Pixevia, Repsense

Karma Ventures

• 🏦 HQ: Tallinn, Estonia

• 👨‍💻👩‍💻 Leadership: Tommi Uhari, Margus Uudam, Kristjan Laanemaa

• 🔢 Number of Investments: 10-50

• 🎯 Target Stages: Seed, Series A

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: infermedica, Druid, Pactum

Lemonade Stand

• 🏦 HQ: Tallinn, Harju maakond, Estonia

• 👨‍💻👩‍💻 Leadership: Siim Teller

• 🔢 Number of Investments: 10-50

• 💸Average Investment Ticket: €50K-300K

• 👜 Notable Portfolio companies: Planet42, Veriff, Memgraph

MetaPlanet

• 🏦 HQ: Tallinn, Estonia

• 👨‍💻👩‍💻 Leadership: Rauno Miljand

• 🔢 Number of Investments: 150-200

• 🎯Target Stages: Pre-seed, Seed, Series A, Series B

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: SpaceX, PsiQuantum, Solugen

Open Circle Capital

• 🏦 HQ: Vilnius, Lietuva, Lithuania

• 👨‍💻👩‍💻 Leadership: Audrius Milukas

• 🔢 Number of Investments: 10-50

• 👜 Notable Portfolio companies: Pixevia, Whatagraph, Smart Vision

Practica Capital

• 🏦 HQ: Vilnius Tech Park, Lithuania

• 👨‍💻👩‍💻 Leadership: Tomas Andriuškevičius, Donatas Keras

• 💰️ AUM: €130M

• 🔢 Number of Investments: 50-100

• 🎯Target Stages: Seed, Pre-Seed, Series A

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Aurora Propulsion, Interactio, PVcase

Specialist VC

• 🏦 HQ: Tallinn, Estonia

• 👨‍💻👩‍💻 Leadership: Riivo Anton, Gerri Kodres

• 🔢 Number of Investments: 50-100

• 💸Average Investment Ticket: €0-€3M

• 🎯Target Stages: Pre-seed to Series A

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Bolt, Veriff, Monese

Superangel

• 🏦 HQ: Tallinn, Harjumaa, Estonia

• 👨‍💻👩‍💻 Leadership: Marek Kiisa, Rain Rannu

• 🔢 Number of Investments: 50-100

• 💸Average Investment Ticket: €300K-€1M

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Bolt, Veriff, Pactum

Tera Ventures

• 🏦 HQ: Tallinn, Estonia

• 👨‍💻👩‍💻 Leadership: Stanislav Ivanov, Andrus Oks

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Twice, Montonio, Monese

Thorgate Ventures

• 🏦 HQ: Tallinn, Eesti, Estonia

• 👨‍💻👩‍💻 Leadership: Raido Pikkar

• 🔢 Number of Investments: 10-50

• 👜 Notable Portfolio companies: Eziil, Hepta Airborne, Xolo

Trind Ventures

• 🏦 HQ: Tallinn, Harjumaa, Estonia

• 👨‍💻👩‍💻 Leadership: Joel Aasmäe

• 🔢 Number of Investments: 10-50

• 💸Average Investment Ticket: €0.1M-€1M

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Rangeforce, Ready Player Me, Tise

The diverse and ambitious VC ecosystem in the Baltics is not just providing capital, but also crucial mentorship and strategic guidance to startups. With success stories ranging from local unicorns to innovative firms across various sectors, these VCs are putting the Baltic startup scene on the global map. As they continue to evolve and collaborate, these firms are well-positioned to elevate the Baltics as a key player in Europe's broader tech and innovation narrative.