BalticVC

Estonian state-owned company SmartCap and the European Bank for Reconstruction and Development (EBRD) acted as lead investors in the Siena Secondary Fund II private equity fund, investing €10M each.

Ukrainian SaaS startup Uspacy has raised €420K in pre-seed funding. The round included €250K in investment from Startup Wise Guys , supported by business angels. An additional €170K was received in grants from Google for Startups, Seeds of Bravery, Glovo Startup Lab, and the Ukrainian Startup Fund, supported by UMAEF.

Venture capital firm Plural , founded by Estonian entrepreneurs Sten Tamkivi and Taavet Hinrikus, has led a €34M round for Bristol-based Phasecraft , a quantum algorithms company. Other lead investors included Playground Global , Novo Holdings’ Quantum Fund with the participation of some existing investors.

Estonian AI platform Vocal Image has raised $3.6M in its initial round. The round was led by Educapital , with participation from Specialist VC and Generations Fund .

  Uve Poom is the new Chief Operating Officer of Estonian startup CryptoSwift . Previously, he ran Tenity Tallinn, a venture capital fund center in Zurich, where he advised fintech companies such as CryptoSwift.

Estonian technology company Datel has signed a contract with the European Space Agency ( ESA ) to develop elevation models based on space radar remote sensing data. The aim of the project is to create accurate and up-to-date digital elevation models that can be used in a wide range of applications, from environmental monitoring to infrastructure planning.

Estonian Bolt has entered the market of Kazakhstan. This is the first expansion in the company's history in the country from Central Asia. Bolt scooters appeared in Almaty, Kazakhstan's largest city, amid demand from residents for a more environmentally friendly mode of transportation.

Estonian fintech company Creem has raised €1.8M from Practica Capital and backed by Antler and leading business angels.

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.