Thorgate Ventures invested in Estonian fintech Bilance

Estonian venture company Thorgate Ventures led the early-stage investment round of the Estonian financial application Bilance. Estonian-based and Japanese-founded investment fund Alesco Ventures and a couple of angel investors also participated in this deal.

The round was closed in December 2022. The amount of financing is undisclosed. This spring the company plans to raise more capital in a pre-seed round of investment. The money will be used to increase the number of users in the European market.

Bilance is a financial application that helps manage income and expenses and allows one to compare how people with similar incomes behave with their finances. The startup was founded in Tallinn in 2019 by Erik Vetemaa and Mihkel Vetemaa.

Thorgate Ventures is a seed-stage venture capital arm of Thorgate. It makes up to four investments per year. The amount of financing is usually up to €50K. The company co-invests with Estonian accelerator Seedcamp, Vestman Energia (invests in green technologies), and Alesco Ventures. Thorgate Ventures was founded in Tallinn in 2014.

Alesco Ventures is an Estonian-based international venture capital firm managed by Japanese entrepreneurs. It focuses on investment in fintech companies from Europe and Asia. The size of financial support usually estimates from $50K to $1M.