BalticVC

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.

Venture capital firm Plural invested in London-based startup Olix . The $220M round was led by Hummingbird Ventures. Other investors include Vertex Ventures, LocalGlobe, and Entrepreneurs First. Thanks to the new funding, Olix's valuation exceeded $1B, making it another European AI-based unicorn.

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.

  Venture capital firm Plural led a $7,5M seed round in Canadian startup Upside Robotics. The round was held with the participation of Garage Capital and the founders of Clearpath Robotics.  Upside Robotics is a company that manufactures lightweight, solar-powered autonomous robots that apply the necessary amount of fertilizer to the soil when needed. Upside Robotics robots are currently working in corn fields, one of the most fertilizer-intensive crops. The company was founded in Canada in 2024. The founders of Upside Robotics are Jana Tian and Sam Dugan.  Founded in 2022 by Estonian entrepreneurs Sten Tamkivi, Taavet Hinrikus, Ian Hogarth, and Khaled Helioui, Plural focuses on leading early-stage rounds between €1M and €10M. In 2023, a new partner, AI-driven biotech HelixNano founder, and VC investor Carina Namih joined Plural. The fund has its own rule that requires all of Plural's partners to make personal co-investments in the deals they lead. General Catalyst is a ...

  Venture capital firm Plural led a €23.3M Series A round in German-British startup Hypersonica . Other investors included the Germany’s Federal Agency for Breakthrough Innovation (SPRIND), General Catalyst, and 201 Ventures. 

  The European Investment Fund (EIF), together with the national development institutions of Estonia, Latvia, and Lithuania, is launching the Baltic Innovation Fund 3 (BIF 3) with a total value of €225M. The EIF will contribute €75M, and each of the Baltic countries will contribute €50M. 

  Estonian company Icebreaker.vc has exited its portfolio company Vespia , which has been acquired by Veriff . As part of the deal, the Vespia team will join Veriff.

Estonian technology companies, ORMIA, Bitlab, and WISIA, have received grants totaling €75,000 from the Prototron fund to develop their first working prototypes. The grand prize of €35,000 went to ORMIA,  while Bitlab and WISIA each received €30,000.

Estonia’s Ministry of Defence, in collaboration with the Ministry of Economic Affairs and Communications, has established a pre-accelerator programme called the Defence Business Lab. 

Estonian ImpactPCB and Finnish LifeGlue won the sTARTUp Pitching 2026 competition and received up to €150,000 from an angel syndicate led by the Estonian Business Angels Network ( EstBAN ). LifeGlue was also awarded up to €200,000 from BSV .

2025 was a record year for the e-residency program. Last year, Estonia gained 13,828 new e-residents, which is 20% more than the previous year and the best result in the last six years. Most applications for e-residency came from Germany (1,122, up 49%), France (1,016, up 56%), and Ukraine (921, up 5%).

The Estonian government has launched a national program called Estonia.ai, which aims to introduce artificial intelligence into all sectors of the country by 2035. The advisory board overseeing the program will be headed by Bolt founder Markus Villig. The council will also include Estonian entrepreneurs Sten Tamkivi (Skaala), Kaspar Korjus (Pactum), and Taavi Madiberk (Skeleton), as well as international experts and industry representatives. The first meeting of the Advisory Board will take place in April 2026, after which it will meet every quarter.

Estonian company Scoro has acquired Envoice , an Estonian invoice and expense management platform. Envoice will continue to operate as an independent company and brand.

Estonian company Soldera has received €1.6M as part of an EIS applied research grant. The startup is using the funds to expand the company and further develop its product.

The Estonian Specialist VC has invested in the Finnish technology company Agileday . The €6.4M Series A round was led by Newion with the participation of Vendep Capital and Business Finland.

The Estonian Siena Secondary Fund participated in the $150M Series D investment round of the Preply language learning platform. The round was led by WestCap with the support of Indico Capital Partners, the European Bank for Reconstruction and Development (EBRD) and Reach Capital.

Venture capital firm Plural , founded by Estonian entrepreneurs Sten Tamkivi and Taavet Hinrikus, plans to create a new investment fund, which may amount to €1B. 

Estonian Yolo Investments made an exit from its portfolio company CoinMENA . The company was acquired by Türkiye’s leading digital asset platform Paribu . 

Estonian Yolo Investments has invested in the American crypto company Meld . The $7M funding round was led by Lightspeed Faction. Other investors include F-Prime, and Scytale Digital.

Estonian AI startup Flashka has raised €1M in pre-seed round led by Outlast Fund with the participation of UCP and Vento Ventures .