BalticVC

The Estonian government will invest €50M over 4-5 years in a venture capital fund managed by the national investment fund SmartCap . This year, €17M from the state budget will be channelled into the Risk Capital Fund, while in the following years €32.2M will be channelled into the fund from the Baltic Innovation Fund 2 and EstFund repayments.

BetterPic , an Estonian startup focused on image processing using artificial intelligence, has secured $2.5M in seed funding. The round was led by MOC Capital and Shilling VC , and also included investors from the technology and fashion sectors such as founder of Showpad and CEO of Wintercircus Ghent Louis Jonckheere, Matthias Geeroms of Lighthouse, Joris Van Der Gucht of Ravical, AI agency Hyperson, and Severine Nijs of Jackie Lee.

Tallinn-based venture capital company Unmanned.vc has joined the Estonian Business Angels Network ( EstBAN ). This gives EstBAN access to a highly specialized fund with experts in the fast-growing dual-use sector.

Estonian venture capital funds SmartCap and Skaala have invested in a new Stockholm-based fund Norrsken Evolve , a rebranding and expansion of investment company Norrsken Accelerator.

Silen , an Estonian office pod company, plans to open a factory in the U.S. in 2026.

Estonian developer of cancer diagnostic solutions Better Medicine raised €1M in a pre-seed round led by Soulmates Ventures , Specialist VC , UT VENTURES , and several angel investors.

In the first six months of 2025, e-residents and the companies they established contributed €68M to the Estonian state budget. This is twice as much as in the same period in 2024.

Estonian Trind Ventures participated in a €2M round for Spanish technology company Hamelyn . Other investors in the company included Inclimo Climate Tec h and business angels.

Estonian startup MuRayTech has raised capital in its first round of investment, led by venture capital fund Nordic Science Investments . Peaksjah from Estonia and a Swiss investor with experience at the European Organization for Nuclear Research (CERN) also participated in the investment.

Bisly , an Estonian developer of IoT sensors for living and working environments has raised €4,3M. The funding round was led by 2C Ventures with participation from business angels from SmartCap, Aconterra, Pinorena, and Foxway.

Estonian renewable energy startup Sunly has raised almost €85M in international financing for the development of solar energy projects in Latvia. The company will receive €35.2M loan each from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD), as well as €14.4M from the Swedish bank SEB .

Spanish energy company Repsol has acquired a 3,6% stake in Stargate Hydrogen , an Estonian company developing technology for efficient and cost-effective hydrogen production. 

Estonian venture fund Superangel has participated in a Seed round of €7.5M for Munich-based defense startup Project Q . Other participants in the round are Project A and Expeditions Fund .

Estonian fintech startup Tuum has announced a partnership with London-based payment processing platform Solidgate . Together they are creating Solidgate Treasury, a solution that will provide online companies with global access to payment systems such as SEPA and SWIFT.

Estonian-founded investment platform Lightyear has raised $23M in Series B. The round was led by NordicNinja . Lightspeed Venture Partners , Metaplanet , Skaala , Superangel , SpecialistVC , Sir Richard Branson, Taavet Hinrikus from Wise, Markus Villig from Bolt also participated in the round.

Estonian drone manufacturer Threod Systems is looking for a new owner for its business amid growing demand for unmanned systems. The startup's team is already working with consultants to gauge interest from potential buyers, which could include major European defense companies.

Teletactica , an Estonian defense company, has raised $1.5M from MITS Capital and Green Flag Ventures . The company plans to expand its services to other European countries with the help of these funds.

Estonian company Nortal has acquired Nearsure , a U.S. software company with a customer base in the U.S. and more than 600 employees in Latin America. According to company representatives, this is the largest acquisition in Nortal's history and strengthens its presence in the U.S. market.

Cristobal Alonso has left the post of CEO of Estonian Startup Wise Guys after almost ten years of work. The post will be taken up again by the company's founder Herty Tammo. There are other personnel changes at Startup Wise Guys: Priit Uustulnd will become the new COO and partner, and another new partner, Dag Ainsoo, has joined the company.

Estonian deeptech startup Jälle Technologies has secured €2M Pre-Seed funding. Part of the funding came in the form of a grant from Enterprise Estonia (EIS ) and the Environmental Investment Center (KIK), while the rest came from Kiilto Ventures , 2C Ventures , and the participation of business angels Andrus Purde and Priit Viru.