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Baltic startups raised a record €607M in 2025 — more than ever before
In 2025, startups in Estonia, Latvia, and Lithuania raised €607M in venture capital — an all-time record for the region and a 20% increase compared to 2024 (€505M). This is a turning point after two years of decline: the ecosystem has matured, rounds are less frequent but significantly larger, and foreign investors are actively returning.
Estonian SmartCap Defence Fund invests in Ukrainian-Estonian Farsight Vision
Estonian SmartCap Defence Fund has invested in Ukrainian-Estonian defense technology company Farsight Vision . Other participants in the €7.2M seed round included the US corporation Axon Enterprise, Poland’s Radix Ventures, Switzerland’s Anker Capital AG, Ukrainian Resist.UA, and Denmark’s Final Frontier. Estonia-based Darkstar, one of Farsight Vision’s earliest investors, made a follow-on investment.