New Estonian 2С Ventures will back cleantech startups from Estonia and New Nordics

A new Estonian fund 2С Ventures will invest in early-stage cleantech startups from pre-seed to series A. The focus is on new technologies in renewable energy, waste reduction, water management, circular economy, etc. In addition, the fund will prefer to select companies that have hardware component. 

Established in 2024 by the founder of Startup Wise Guys and an investor Herty Tammo, a former investment specialist at Livonia Partners and head of finance of the Estonian company Katana Technologies Hendrik Reimand, the former Minister of Finance and a long-time CEO of Estonian electricity and gas TSO Elering Taavi Veskimägi, and an angel investor and formerly the co-founder and CEO of Fortumo Martin Koppel, 2C Ventures targets to provide startups with initial investments, which will range from €250K to €1M, as well as follow-on investments in later-stage rounds. 2C Ventures has just closed €32M for its fund, €20M of which was secured from the Estonian SmartCap Green Fund. The final aim is to raise in total €50M. The investment period of the fund is 12 years.

The anchor investor of the new investment firm is SmartCap Green Fund, which gets financing from the European Union Next Generation EU Recovery and Resilience Facility funds.

Among other investors are the former president of Estonia Kersti Kaljulaid, a director of NATO Cooperative Cyber Defence Centre of Excellence Mart Noorma, the founder of Estonian developer of unmanned vehicles and automated systems Milrem Robotics Kuldar Väärsi, and the founder of investment company Vestman Aivar Berzin. In addition, entrepreneurs Sonny Aswani, Ivar Dembovski, Teet Jagomägi, Ülo Kallas, Toomas Kõuhkna, Jüri Seeder, Urvo Männama, Paul-Kristian Padrik, Kristjan Rahu, Riho Terras, Aivar Tuulberg, and Margus Vanaselja are the fund’s investors.The fund is currently working on making first deals.