Top Angel Investors in Estonia

Last updated: April 25, 2024

Even though Estonia is a small country, the startup ecosystem is improving with every passing day. Various initiatives, like Startup Estonia, Garage48, Lift99, and sTARTUp HUB, are promoting startup culture as there are almost 1500 startups in the city.

But, you must think is there any angel investor who makes personal investments in Estonia-based startups?

YES! There are many angel investors that are funding startups in the country. To know these investors, their active involvement, and their investment interests, we have prepared the following list of the top 7 angel investors in Estonia. 

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    Top Angel Investors in Estonia

    Following is the list of the top angel investors in Estonia. However, before you go to pitching these investors, remember that:

    “The most preferable startup in front of angel investors is the one with the lowest competition and highest growth potential.”

    Ragnar Sass

    LinkedIn: Ragnar Sass | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Tech, Automotive, and Consumer Products

    Investment Stage: Early

    With a portfolio of almost 30 startups, Ragnar Sass is an active angel investor and an entrepreneur. He has a background in IT management and usually makes his investments through networking events and fundraisers.

    And since we're discussing his investments, Ragnar Sass has invested in enterprise applications and environment tech-related businesses. He prefers startups that produce a positive impact and are led by experienced startup leaders.

    After investing, he also guides his portfolio companies. As an experienced mentor, Sass has mentored hundreds of startups across 80+ hackathons. His investment range lies between €30,000 to €200,000. Three of his investments are:

    Awesomic: Awesomic is a business and productivity software company that aims to enhance collaboration and communication within teams. Their primary focus is on creating visually appealing and effective presentations. 

    Alvin: Alvin is a database software company that specializes in managing and organizing data efficiently. Alvin’s platform offers robust database management tools, including data storage, retrieval, and analysis. 

    Planet42: Planet42 is an automotive company with a mission to make car ownership accessible to more people, especially those with limited credit histories. They provide innovative car leasing solutions, allowing individuals who might not qualify for traditional loans to access reliable transportation.

    Sten Tamkivi

    LinkedIn: Sten Tamkivi | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Tech and Innovative Software

    Investment Stage: Early and Seed

    Sten Tamkivi is also a well-known angel investor who funds startups in Estonia. He invests in early-stage European founders through Plural Platform and focuses on backing startups that have the potential to become legendary tech companies.

    As for his investment criteria, Tamkivi focuses on startups that can leave a positive impact, align with his expertise, and have a strong sales orientation in founders. He values company culture and intelligent hiring practices.

    The investment range of Sten Tamkivi can range up to €600,000. Among 32 of his investments, notable portfolio companies are:

    Ready Player Me: A multimedia and design software company. Ready Player Me provides customizable 3D avatars for use in virtual reality (VR) and augmented reality (AR) applications.

    Ampler: An automotive company. Ampler aims to revolutionize urban commuting with stylish and lightweight electric bicycles.

    Lightyear: A financial software company. Lightyear provides tools for efficient financial management, including expense tracking, invoicing, and reporting.

    Jaan Tallinn

    Investor Type: Individual Investor

    Investment Interests: Fintech, Biotech, Entertainment, Consumer Products, and Media

    Investment Stage: Early and Seed

    Jaan Tallinn is a prominent Estonian computer programmer, investor, and philanthropist. He has made a lot of investments in Estonia's startup ecosystem and usually focuses on tech-related companies at early/seed stages. 

    During the investor meetings, Jaan Tallinn prioritizes startups that are producing innovative tech. Currently, Tallinn is actively funding AI-related startups that are offering solutions. Moreover, Jaan Tallinn makes his investments through fundraisers and also invests through networking events.

    The investment range of Jaan Tallinn lies in the €1M range. Three of his portfolio companies are:

    Anthropic: Anthropic is a media and information services company with a strong focus on AI research and development. Their mission is to create AI systems that are beneficial and aligned with human values. 

    Lightyear: Lightyear is a financial software company that provides tools for efficient financial management. The company streamlines expense management by automating data extraction from invoices and receipts. 

    MeMed: MeMed is a biotechnology company specializing in clinical diagnostics. The company focuses on developing immune-based diagnostics that provide rapid and accurate information about infections

    Martin Villig

    LinkedIn: Martin Villig 🇪🇪 | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Renting, Tech, and E-Commerce

    Investment Stage: Early and Seed

    Martin Villig is an Estonian tech entrepreneur, angel investor, and co-founder of Bolt. He has been actively involved in the startup ecosystem for over 20 years.

    Martin Villig mainly focuses on companies that are solving real-time problems and have low competition. He does not fund startups that are replicating ideas or cannot 2x their businesses within the 1st year of investment.

    Once a startup has secured funding, Martin Villig also guides his portfolio companies, thanks to his extensive experience in the industry.

    The investment range of Martin Villig is around €600,000. Some of his notable investments are:

    GuestJoy: GuestJoy is a platform designed specifically for hoteliers. It focuses on enhancing the guest experience through various features. GuestJoy facilitates direct communication between guests and hotel staff. 

    Printify: Printify is a powerful e-commerce platform that empowers entrepreneurs, artists, and businesses to create and sell custom products. Users can design custom products such as T-shirts, mugs, and phone cases.

    Planet42: Planet42 offers a rent-to-buy program, especially targeting individuals with limited credit histories. Customers can lease a car with an option to purchase it later. 

    Martin Tajur

    LinkedIn: Martin Tajur | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Tech, Automotive, and Renewable Energy

    Investment Stage: Early

    Martin Tajur is an active angel investor and the Co-Founder of Pipedrive. He has been funding startups for nearly 5 years now and invests in the early stage. 

    Similarly, Martin focuses on B2B SaaS startups, particularly those with innovative solutions and strong growth potential. 

    Martin Tajur's investment range isn't mentioned on his social platforms. Among 15 of his investments, some famous portfolio companies are:

    GScan: GScan is an electronic equipment and instruments company. The company develops tools and devices for testing and measuring electronic components, circuits, and systems.

    Bisly: Bisly operates in the renewable energy services sector. They offer services for optimizing energy usage in buildings, factories, or infrastructure. 

    Gridio: Gridio is an automotive company that designs and manufactures eclectic cars. 

    Taavet Hinrikus

    LinkedIn: Taavet Hinrikus | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Transportation, Tech, Insurance, and Emerging Products

    Investment Stage: Early

    Taavet Hinrikus is the co-founder of Wise and also makes investments in Estonia-based startups. Before becoming an angel investor, Hinrikus served as Skype's Director of Strategy and founded many startups.

    Similarly, Taavet is an active angel investor in Europe, having over 100 investments in his name. He focuses on B2B SaaS startups and looks for innovative solutions with solid growth potential.

    The investment range of Taavet Hinrikus can range up to €50,000. Some of his investments are:

    Bolt: Bolt is a comprehensive transportation platform that provides many services. Similar to other ride-hailing services, Bolt connects passengers with drivers for convenient and affordable transportation.

    Zego: Zego specializes in providing insurance solutions tailored for gig economy workers and businesses.  Zego’s policies adapt to the dynamic work patterns of gig workers, ensuring coverage during active hours.

    Veriff: Veriff is a global identity verification platform. Veriff verifies users’ identities by analyzing government-issued IDs, facial recognition, and other data points.

    Kristjan Raude

    LinkedIn: Kristjan Raude 🌍 | LinkedIn

    Investor Type: Individual Investor

    Investment Interests: Tech, Consumer Products, Social Apps, Business Development, Marketing, and Digital Ideas 

    Investment Stage: Early

    With over 15 years of experience in the startup ecosystem, Kristjan Raude is also a well-known angel investor in Estonia. 

    As a co-founder of three international companies, Kristijan is now focusing on early/seed-stage startups and has a passion for business development. He usually invests in many sectors including B2B SaaS, Fintech, and Innovative Software.

    The investment range of Kristjan Raude can range up to €500,000. Notable portfolio companies are:

    Promoty: Promoty is a platform that bridges the gap between brands and influencers for marketing campaigns. Brands can create campaigns and collaborate with influencers to promote their products or services.

    Snapp: Snapp is an App used by tens of thousands of Estonians for parking and washing their vehicles. The app has secured €457,000 in seed funding.


    Wrapping up, it is important to know that even when Estonia is a hub for startups, it can be difficult to secure an investment, especially when it is your first time doing so.

    To help you with a suggestion, just prepare a concise pitch deck and start your presentation confidently. Show the potential of your startup to the investors and tell them why it is worth investing. 

    Frequently Asked Questions

    Q: What is the difference between Venture Capital Firms and Individual Angel Investors?

    A: Venture capital firms are organized setups that aggregate capital from various investors and deploy it into startups at a larger scale, offering expertise and guidance.

    In contrast, individual angel investors are private individuals who invest personal funds directly into startups, typically at an early stage, using a more personalized approach and hands-on involvement in the startup's growth.

    Q: How to make your startup investable?

    A: To make a startup investible, focus on a scalable business model, a strong team, a well-defined market opportunity, and evidence of market validation.

    Q: Do Angel Investors Provide Mentorship Programs?

    A: Yes, many angel investors provide mentorship programs and financial support. They leverage their experience to offer strategic insights, assist in critical decision-making, and facilitate introductions to their network connections. This mentorship is pivotal for startups, aiding them in overcoming obstacles and expediting their growth trajectory.

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