Oct/Nov 2020


EstVCA Newsletter


Great to e-greet you, dear EstVCA members and friends! 


This time our newsletter covers topics from all the key parts of our activities – cooperation on sector developments with the state, initiatives to enhance LP-activity in the region, investments & exits, and last but not least – networking and trendsetting. It is great to witness that the Estonian PE/VC market has kept busy and vibrant despite of the hectic times that COVID-19 has caused globally, new funds are being established and deal trends are showing more and more successful exits.


We very much hope that you guys stay safe and let's keep up the good pace!


Best wishes,

EstVCA team


News from EstVCA

and its members


A round-table discussion with the Estonian Prime Minister Mr. Jüri Ratas 

EstVCA, represented by board members Margus Uudam and Sille Pettai had the honor to join all the key players of the Estonian startup and tech ecosystem at a round-table discussion with the Estonian Prime Minister, Mr. Jüri Ratas. The participants discussed how to continue attracting the best talents and tech-companies to Estonia, keep our regulatory and legislative environment transparent, and develop the Estonian PE/VC market further. Photo credit: The Government Office of Estonia



Upcoming fund improves financing opportunities for Estonian deep tech companies

SmartCap, a venture capital fund manager owned by the Estonian state, will open up a market consultation to introduce the indicative terms of a new fund.


The fund will invest in deep tech companies whose product or service and business model are based predominantly on scientific research and development and commercialization of intellectual property.


SmartCap will be the cornerstone investor with €15 million and the new fund manager will have to raise additional capital from private investors.

  • More info - click HERE



Our associate member Derling Primus rebrands to WALLESS

WALLESS of Lithuania, Derling Primus of Estonia and Primus Derling of Latvia have signed an agreement to integrate teams under a single name WALLESS. 


WALLESS Estonia’s team was instrumental in developing the regulatory and tax regime applicable to limited partnership funds. WALLESS is well versed in advising on VC investments in the technology space and, thanks to its combined extensive regulatory and tax competence, has a busy fund structuring practice. WALLESS’ Baltic 17-strong team is well placed to offer integrated sector-based services, with leading expert lawyers in all areas crucial to private equity transactions (funds regulatory, financing, tax, management incentive schemes, day-to-day management of portfolio companies).

  • More info - click HERE



The nomination for EY Entrepreneur Of The Year 2021 Estonia is open

The program was introduced in Estonia 13 years ago and has since become the highest-regarded private sector award for Estonian entrepreneurs. 


Nominate yourself or recommend another outstanding entrepreneur (latest by November 11, 2020). 


EY Entrepreneur Of The Year 2020 Estonia was Kaarel Kotkas, the founder of global identity verification service company Veriff. The 2021 winner will be announced on March 11 and will represent Estonia at the World Entrepreneur Of The Year Awards.

  • More info - click HERE

Welcome to EstVCA!


Iron Wolf Capital


Iron Wolf Capital is a seed stage VC fund from the Baltics investing in teams with disruptive technologies and with global mindsets. Our sights are firmly set on funding the most promising and ambitious startups in the New Nordics region. We match that with our own unique blend of hands on entrepreneurial and investment experience of building successful businesses and networks in many continents of the world.


A selection of

key events




#1 "Focus on EXITS" I October 29th, 2020

October 29 marked the launch of EstVCA new series of morning seminars, titled COFFEE CONNECTIONS and the kick-off event concentrated on EXITS, its related challenges, and opportunities, both regionally and globally. A big thank you for the very insightful discussion to our members participating in the panel: Margus Uudam (Karma Ventures), Styv Solovjov (Livonia Partners), Martin Reinson (BPM Capital), and Harry Tuul (Geenius Meedia) for making the discussion so fruitful as a moderator.


Kudos to our members, associate members and friends for being such an engaged audience and to Fotografiska Tallinn for the delicious food and atmosphere. 


#2 Save the Date November 26th, 2020

We hope to meet and e-meet you again in November, the next COFFEE CONNECTIONS seminar is planned for  November 26th at 8.30-10.30 AM, mark it in your calendar, details will follow shortly.



Save the date: JANUARY 14, 2021
(online + onsite/Tallinn)


As our flagship event - Baltic VCA Summit 2020 - was postponed to the next year, the teams of Baltics VCA-s are actively looking for an alternative event format - a half-day hybrid conference, which would concentrate on the Baltic and Nordic region and specifically on LP/GP relations. The date of the event is set for January 14, 2021 and details will follow soon.



sTARTUp Day 2021

JANUARY 27-29, 2021

(online + onsite/Tartu)


For the 5th time already, sTARTUp Day brings together startups, traditional entrepreneurs, investors, innovators, and students. sTARTUp Day 2021 comprises of three festivals with a marvelous stage program, effective matchmaking, hands-on seminars, exhibition area full of innovation and vibrant side events. The inspirational-educational program consists of various topics – from marketing to space tech, fundraising to the smart city, artificial intelligence to the creative economy. 


Use the special EstVCA discount code for booking: EstVCA_hero (20% discount on investor tickets)


Our members' 

Investments & Exits

Sept/Oct 2020




EXIT: Karma Ventures - Plumbr


Karma Ventures makes its second exit with the sale of portfolio company Plumbr to Splunk Inc

Read more

EXIT: BaltCap - Ygle Pastatu Valdymas


BaltCap sells Ygle Pastatu Valdymas to Finnish property services provider SOL

Read more



INVESTMENT: Tera Ventures - Botguard


Tera Ventures led the €500k investment round to Estonian cyber-startup BotGuard

Read more

INVESTMENT: NordicNinja VC - Realeyes


NordicNinja VC, a Helsinki-based joint venture by JBIC IG Partners and EstVCA member firm BaltCap, invests in Realeyes

Read more

INVESTMENT: Superangel - eAgronom


Superangel participates in eAgronom €1.2 million convertible equity

funding round

Read more

INVESTMENT: United Angels - Sentinel


United Angels VC participates in the $1.35 million seed investment round to Sentinel

Read more

Riivo Anton of United Angels VC in EstVCA


Read more

A selection of recent

reports and studies



H1 2020 European

Private Equity Activity


Read more HERE


Nordic Startup Funding 2020: The untapped potential in the world's most equal region


Read more HERE



Venture Capital and Private Equity Investors' Impact on Corporate Growth 2010-2019


Read more HERE


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