Capital raising services in Estonia
Estonia has one of the most active per-capita venture markets in the world, with Tallinn functioning as a genuine global startup hub backed by deep alumni networks from Skype, Wise, Bolt and Pipedrive.
Bolt, Wise and Pipedrive's acquisition by Vista Equity have drawn Nordic, European and US growth funds into the Estonian market at scale, creating a well-developed benchmark for growth-stage fundraising from seed through Series C.
Flow works with mid- to late-stage Estonian companies raising growth capital on the best possible terms - providing an extensive VC investor network, detailed fundraise preparation, pitch deck building, financial and operating model construction, and end-to-end process management through to close.
UK
Ireland
France
Germany
Spain
Portugal
Italy
Netherlands
Belgium
Switzerland
Austria
Denmark
Sweden
Norway
Finland
Iceland
Poland
Czech Republic
Slovakia
Hungary
Romania
Greece
CroatiaEstonia
Latvia
Lithuania
Malta
US
Canada
Mexico
Brazil
Argentina
Chile
Colombia
Peru
Uruguay
Panama
Ecuador
Dominican Republic
Israel
UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
South Africa
Nigeria
Kenya
Egypt
Morocco
Rwanda
India
Kazakhstan
Turkey
Australia
New Zealand55
VC rounds raised in the last 12 months in Estonia
$17M
Median VC valuation (across all stages) in Estonia
49x
Median VC revenue multiple (across all stages) in Estonia
$39M
Largest VC round raised in Estonia in the last 12 months
Raising venture capital in Estonia
Estonia has one of the most active per-capita VC markets in Europe, with Tallinn as the centre. Local VCs (Karma, Tera, Trind, Specialist VC) anchor the seed and Series A market; growth-stage rounds typically attract Nordic, European and US investors.
EstVCA-aligned documentation
The Estonian Private Equity and Venture Capital Association (EstVCA) coordinates industry conventions. Estonian venture rounds typically use EstVCA-aligned documentation, with strong influence from Nordic and US templates given the cross-border nature of most Estonian rounds.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Estonia. Y Combinator SAFEs are also widely used given the heavy US influence on the Estonian ecosystem. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is universal. Estonian OÜ (private limited company) and AS (public limited company) structures support venture-stage rounds well.
Deferred corporate tax structuring
Estonia's deferred corporate tax (taxed only on distributions) shapes round structuring decisions and exit planning. Founders can defer tax indefinitely by retaining earnings in the Estonian entity - relevant for cap-table planning and exit modelling.
Foreign investment review
Estonia's FDI screening regime requires notification of investments giving control over companies in sensitive sectors - defence, dual-use, critical infrastructure. Implemented in compliance with EU Regulation 2019/452. Adds notification time and conditions to scoped transactions.
Closing mechanics
Estonia's digital-first government infrastructure makes closings unusually efficient. Share transactions are recorded in the Estonian Central Register of Securities; documents are typically signed via the Estonian e-Residency digital signature or standard DocuSign. Estonia does not levy stamp duty on share transfers.
Largest private tech companies in Estonia
Bolt valued at $8.3B is the largest still privately-owned company in Estonia.
See all large tech companies in Estonia| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Bolt | | Bolt is a Tallinn-headquartered mobility company founded in 2013 operating in 45 countries across Europe and Africa. It offers ride-hailing, car-sharing, scooter rentals, food delivery, and grocery services as alternatives to personal vehicle ownership. | Jan-22 | $706M Series F | $8.3B | |
Veriff | | Veriff is an identity verification platform using AI and human experts to prevent online fraud for businesses. Tallinn-headquartered since its 2015 founding, it combines machine learning for instant checks with manual reviews for edge cases, serving fintech firms like Bolt and Wise across Europe and North America. Veriff processes biometric selfies, ID scans, and liveness detection in over 190 countries, achieving sub-minute verification times. | Jan-22 | $100M Series C | $1.5B | |
Skeleton Technologies | | - | May-26 | $39M | $1.0B |
Startups who recently raised money in Estonia
Largest VC round raised recently in Estonia was a $39M Undisclosed stage of Skeleton Technologies in May 2026.
See all VC rounds in Estonia| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | Skeleton Technologies | | - | Axon PartnersCBMM+2 | $39M | - | Undisclosed stage | |
Feb-26 | Frankenburg Technologies | | Frankenburg Technologies is a U.S.-based developer of next-generation missile defense systems designed for rapid production and cost efficiency. The company targets defense contractors and governments with hardware emphasizing scalability for high-volume deployment. | Plural PlatformSmartCap | $35M | - | Series A | |
Feb-26 | Farsight Vision | | Farsight Vision is an Israel-headquartered company producing hardware-software solutions that transform flight footage from drones into 2D orthophotos and 3D digital twins for GNSS-denied settings. The FSV Platform generates real-time map layers for terrain intelligence, automated change detection, historical comparisons, and multi-user collaboration. FSV Mapper serves as a compact onboard device capturing and preprocessing photos, videos, or streams from any drone type before transmission to external systems. Integrations extend to diverse situational awareness platforms and UAV navigation setups. | Anker CapitalAxon Enterprise+5 | $8.5M | - | Seed | |
Jan-26 | Inbank AS | | Inbank AS is a Tallinn-headquartered digital bank holding an EU credit institution license, offering consumer loans, leasing, and savings products in Estonia, Latvia, Lithuania, Finland, Poland, Spain, and Australia. The bank provides online personal finance services through its app and website, emphasizing quick approvals and installment plans for purchases. | - | $6.3M | $280M | Undisclosed stage | |
Jan-26 | Rollo Robotics | | Rollo Robotics engineers autonomous monowheel security robots stabilized by gyroscopic technology for perimeter protection. | Enterprise EstoniaFoodLabs | $4.4M | - | Pre-seed | |
Dec-25 | MyDello | | MyDello is a cloud-based freight forwarding platform that streamlines international shipping through real-time tracking, digital documentation, and automated quoting. Connecting shippers with carriers worldwide, it supports ocean, air, and road transport for cargo volumes from small parcels to full containers. Headquartered in India, MyDello serves logistics providers and exporters by integrating with customs systems in over 50 countries, reducing paperwork delays by up to 70 percent through its electronic bill of lading features. | Frumtak VenturesSuperhero Capital | $3.6M | - | Seed | |
Apr-26 | Handhold | | Handhold is an AI platform building multimodal agents to automate sales and onboarding for inbound leads. | e2vcEntourage+6 | $3.5M | - | Seed | |
Nov-25 | M-FLY | | M-FLY is a provider of ITAR-compliant gimbals for commercial and defense drones, featuring electro-optical cameras, infrared sensors, and laser rangefinders. Its stabilized payloads deliver precise geolocation and imaging for surveillance, mapping, and environmental monitoring applications. Designed for integration with UAVs from DJI and Autel, M-FLY products operate in diverse conditions, supporting operations in Europe, Asia, and North America. | - | $1.4M | - | Seed | |
Jan-26 | Flashka | | Flashka is an AI-powered study tool assisting students with chat-based explanations, flashcard generation, and adaptive quizzes for exam preparation. | Outlast FundUlixes Capital+1 | $1.2M | - | Pre-seed | |
Jan-26 | Softquantus | | SoftQuantus is a quantum computing software company developing orchestration platforms to integrate experimental quantum hardware into enterprise workflows. Its Quantum Operating System bridges diverse processors with high-performance computing environments, emphasizing reproducibility and efficiency for industrial applications. | EuroHPC Joint UndertakingMicrosoft | $800K | $22M | Seed | |
Feb-26 | HomeFindsYou | | HomeFindsYou is an AI-powered SaaS platform matching homebuyers with new-build properties based on lifestyle and budget, connecting to developers' public and off-market listings. | - | $0 | $4.3M | Pre-seed | |
Mar-26 | Agent F | | Agent F is an AI-native ERP and financial operations platform that overlays existing ERPs and CRMs, allowing leaders to query data in plain language. | Juergen MuellerJulian Teicke | - | - | Angel | |
Mar-26 | Babayte | | Babayte develops AI for battlefield advantage that transforms platforms into autonomous systems operating in all weather conditions. | Green Flag Ventures | - | - | Seed | |
Mar-26 | IdentiGate | | IdentiGate is a digital identity and e-signature platform for cross-border business. The system creates verifiable digital identities from biometric passports of 179 countries and handles verification, authentication, company and IoT identities, zero-knowledge proofs, and unified identities. Its signature tools include certificate checks, timestamping, batch and multi-party signing, plus digital evidence, all built with fragmented storage, moving target defense, and quantum-ready cryptography in an API-first design. Founded in Estonia. | - | - | $5.9M | Pre-seed | |
Mar-26 | Lusfera | | Lusfera is a monetization platform for digital creators. The system unifies identity management, audience tools, subscriptions, payments, communication, and wallet payouts. | - | - | $11M | Pre-seed |
Top VCs and strategic investors in Estonia
Specialist VC, Startup Wise Guys, Tenity and SmartCap funded the most startups in Estonia in the last 12 months.
See all VCs in Estonia| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Startup Wise Guys | | Startup Wise Guys is a Tallinn-headquartered early-stage investor and accelerator active across the CEE region and Nordics. Operational since 2012, it targets sectors such as sustainability, B2B SaaS, fintech, cybersecurity, and XR. The five-month program drives product validation, development, and B2B sales with guidance from 200 international mentors, ending in Demo Days and tech events for investor pitches. Voted top VC fund in CEE for 2019, its alumni network spans more than 40 countries. | YagaeID easySensusQ+2 | 18 | Pre-seed | |
Specialist VC | | Specialist VC is a venture capital fund supporting founders from Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus. It provides capital to technology ventures in the Baltic and neighboring regions. | Leil StorageYagaSera+2 | 14 | Seed | |
Tera Ventures | | Tera Ventures is a Tallinn-based early-stage venture capital firm investing in digital startups across Estonia, the Nordics, and Central Europe. It leads seed rounds in AI, fintech, security, SaaS, and deep tech, with follow-on support up to Series A. Managing multiple funds since 2007, Tera has backed over 50 companies and facilitated exits to US and European acquirers. | FlowstepBlackWallCino+2 | 13 | Seed | |
SmartCap | | SmartCap is an Australian developer of wearable technology that monitors brainwave activity to assess fatigue in heavy vehicle operators and miners. The helmet-mounted device uses EEG sensors to deliver real-time alertness scores via a cloud dashboard, integrating with fleet management systems. Deployed in mining operations across Australia and North America, it helps reduce accidents by alerting supervisors to drowsy drivers. Founded in 2013 in Adelaide, SmartCap partners with companies like Rio Tinto and BHP. | Vok BikesGridioÄIO+2 | 8 | Seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | CreemMyceli AICityweft+2 | 5 | Pre-seed | |
BADideas.fund | | BADideas.fund is a syndicate-led investment vehicle that deploys €50,000 to €250,000 tickets into early-stage startups from Central and Eastern Europe with global ambitions. Backed by a €22 million fund, it bridges funding gaps for portfolio companies through its network of founders and operators from Wise, Veriff, Vimeo, Printify, PandaDoc, Pipedrive, Bolt, Apollo.io, Bird, Shopify, Whimsical, Lokalise, Deel, Printful, Twilio, and Interactio. Operating remotely across CEE countries like Estonia, Latvia, and Lithuania, BADideas.fund accelerates product-market fit and scalable growth engines for its investments. | FleetFoxMirosSalesforge+2 | 5 | Seed | |
Tenity | | Tenity is a Zurich-based fintech innovation hub and venture studio. The organization accelerates startups in digital banking, regtech, and blockchain, operating programs in Switzerland, Singapore, and Estonia, with portfolio companies raising over CHF 200 million since 2019. | eID easyWarren.ioCryptoswift+2 | 4 | Pre-seed | |
Tilia Impact Ventures | | Tilia Impact Ventures is a Prague-based investor targeting pre-seed and seed-stage startups in Central and Eastern Europe focused on climate, education, health, and social inclusion challenges. | Shen.AILifeyearArbonics+2 | 4 | Seed | |
SmartCap | | SmartCap is a Tallinn-based government-backed fund of funds investing in early-stage venture capital managers across the Baltic region as part of KredEx. | Skeleton TechnologiesFrankenburg TechnologiesFarsight Vision+1 | 3 | Seed | |
Green Flag Ventures | - | BabayteTELETACTICAMaXon Systems+1 | 2 | Seed |
What if not VC? Non-equity funding in Estonia
Estonia's non-dilutive funding stack is strong for its size - between KredEx, EAS / EIS Estonia, the deferred corporate tax system and EU funding access, Estonian startups have multiple paths to extend runway with state-backed support.
Deferred corporate tax
Estonia's headline distinctive feature - corporate tax (20-22%) is only payable on dividend distributions. Retained earnings can be reinvested in the business indefinitely without taxation. Effectively a perpetual deferral of corporate income tax for growth-focused companies.
KredEx loans and guarantees
KredEx provides loans, guarantees and export credit insurance for Estonian SMEs and innovative companies. Often used alongside private VC and EU grant funding to extend runway without dilution.
EIS Estonia grants
Enterprise Estonia (now Estonian Investment Agency) provides grants for innovation, internationalisation and digitalisation. Programmes vary across competitive calls - worth checking the current programme calendar at the time of need.
Tallinn angel ecosystem
Skype, Wise, Bolt, Pipedrive and Veriff alumni anchor one of the densest per-capita angel scenes in Europe. EstBAN syndicates the structured angel investment activity. Most structured Estonian seed rounds feature multiple operator-investor tickets.
EU funding access
Estonian companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Plus structural EU funding for digital transformation, R&D and the green transition.
Venture debt
Kreos Capital, Claret Capital Partners and HSBC Innovation Banking are the main venture debt providers operating in Estonia via cross-border lending. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Estonia and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Estonia.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Estonia
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Estonia
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO