If you have an early-stage startup ready to scale but need capital to reach all your aspirations, it may be time to look for outside investment. Venture capitalists or VC firms are one option. They provide financing in exchange for company shares and can be your gateway to industry knowledge, connections, and long-term partnerships.
The Baltic startup ecosystem is thriving, and so is the number and variety of interested VC firms. After all, no great startup story happens alone, and the right venture capital partner can make all the difference. Yet, with so many choices available, it can be time-consuming and difficult to find the perfect match.
To help you in the process and identify the top performers, we’ve collected data on the most active VC firms by considering the total number of deals done in the region. Below, you’ll find the ultimate list of top 10 early-stage VC firms in the Baltics—it’s time to pick your next partner.
How to choose a venture capital firm?
There are over 100 VCs ready to invest in Baltic startups, many of them based in either of the three Baltic countries. When thinking about who to talk to first, consider factors other than just the average check size.
Does the VC firm have any interest and expertise in your industry? Does it have a strong network of partners and mentors, and multiple success stories? How much are they involved after the investment?
Do your research and connect with people from different VCs to get a clear picture of all the prospective partners. It’s important to gather as much information as possible to ensure you don’t waste your time and get everything you want, along with funding.
10 best early-stage VC firms in the Baltics
Over the past decades, the number of VCs operating in the Baltics has increased considerably, with new venture capital firms opening every year to support startups working in different industries.
Here’s a curated list of the top early-stage VC firms in the Baltics, highlighting their unique strengths and offerings.
1. FIRSTPICK – best for initial capital and hands-on support
- HQ: Vilnius, Lithuania
- Preferred industries: Sector-agnostic, preference for fintech, deeptech, consumer marketplace, SaaS
- Check size: €50K-€250K
- Notable investments: Amlyze, Cyber Upgrade, Samphire
- Stage: Pre-seed, seed
FIRSTPICK is a high-speed VC fund and accelerator that supports early-stage Baltic startups from idea to growth. Beyond funding, it also offers a structured startup accelerator program emphasizing personalized mentorship in sales, marketing, fundraising and talent acquisition.
FIRSTPICK’s approach is particularly beneficial for founders seeking guidance in the formative stages of their business. It boasts a vibrant alumni network with 100+ startups in the portfolio ready to share their experience and help newly-made founders avoid common mistakes.
What sets FIRSTPICK apart from many other VCs is its support in securing follow-on funding. Once you’re part of the community, you get access to over 100 venture capital funds.
- Pros: founder-focused, tight-knit community, extensive mentor and investor network.
- Cons: best suited to those who benefit from hands-on involvement and active participation.
2. Practica Capital – best for scaling from seed to Series A
- HQ: Vilnius, Lithuania
- Preferred industries: Tech, including e-commerce, fintech, AI
- Check size: €300K–€3M
- Notable investments: OvokoHeavyFinance, PVCase
- Stage: Pre-seed, seed, series A
Practica Capital is a seasoned VC firm with over a decade of experience in the Baltic region. They focus exclusively on backing Baltic tech entrepreneurs, providing support from the seed stage through Series A. Beyond capital, Practica offers strategic guidance and leverages its extensive network to help startups scale effectively.
- Pros: scale-up expertise, deep Baltic roots.
- Cons: may favor more mature teams over very early-stage experiments.
3. Change Ventures – best for Baltic-born, globally ambitious founders
- HQ: Tallinn, Estonia
- Preferred industries: SaaS, deep tech, consumer tech
- Check size: €100K–€500K
- Notable investments: MeetFrank, Printify, Veriff, Nordigen
- Stage: Pre-seed, seed
Change Ventures is dedicated to supporting founders with Baltic roots who aim to build global businesses. They provide not only funding but also valuable market data and tools to help startups scale beyond the region. Their portfolio includes several companies that have successfully expanded internationally.
- Pros: strong regional focus, global mindset.
- Cons: primarily interested in teams with clear Baltic connections.
4. Specialist VC – best for deep tech and IP-rich startups
- HQ: Tallinn, Estonia
- Preferred industries: Marketplace, SaaS, AI, deeptech, fintech, enabled hardware, mobility
- Check size: Up to €3M
- Notable investments: Bolt, Woola, Comodule, Starship, Lightcode Photonics
- Stage: Pre-seed, seed, series A
Specialist VC focuses on early-stage investments in deep tech and IP-rich startups across the Baltics and broader New Nordics. They offer substantial support in scaling complex technologies and navigating the challenges associated with intellectual property and hardware development.
- Pros: tech-savvy team, notable portfolio.
- Cons: less ideal for simpler, commercial-first ventures.
5. Startup Wise Guys – best for B2B SaaS and fintech acceleration
- HQ: Tallinn, Estonia
- Preferred industries: B2B SaaS, fintech, cybersecurity, sustainability, proptech
- Check size: €30K–€250K
- Notable investments: Fractory, Planet42, Comodule, EstateGuru, .kevin, Ondato, Wolf 3D
- Stage: Pre-seed, seed
Startup Wise Guys is one of the most active and well-known early-stage investors in the CEE region, offering acceleration programs and follow-on investments to help startups grow rapidly. They specialize in B2B SaaS and fintech, providing mentorship, training, and access to a vast network of industry experts.
- Pros: fast pace, rich mentor network.
- Cons: the highly structured approach may not suit all personalities.
6. CoInvest Capital – best for co-investing with business angels
- HQ: Vilnius, Lithuania
- Preferred industries: Greentech, climate, healthtech, deeptech, spacetech, AI, defense
- Check size: €450k–€1.6M
- Notable investments: WeSky, OxiPit, Colibris
- Stage: Pre-seed, seed
CoInvest Capital operates as an evergreen VC fund that co-invests alongside business angels and other private funds. They focus on fostering a vibrant ecosystem for risk capital investments in Lithuania, particularly in sectors like greentech and deeptech. Their syndicate approach is ideal for startups seeking both capital and strategic partnerships.
- Pros: de-risked funding path, ideal for hardware or regulated sectors.
- Cons: the process may involve more stakeholders and paperwork.
7. Superangel – best for ecosystem access and network effects
- HQ: Tallinn, Estonia
- Preferred industries: Tech, mobility, AI
- Check size: €300K–€1M
- Notable investments: Bolt, Starship, Montonio
- Stage: Pre-seed, seed
Superangel provides startups with access to a robust ecosystem, including founders of unicorns like Bolt and Starship. Their founder-led network offers invaluable mentorship and opportunities for collaboration, making them a strategic partner for startups aiming to leverage network effects and gain traction and advice quickly.
- Pros: strong founder DNA, unicorn access.
- Cons: selective, typically looks for ambitious moonshot.
8. Superhero Capital – best for software-driven startups
- HQ: Helsinki, Finland
- Preferred industries: Software, SaaS, fintech, proptech, AI/ML, creator economy
- Check size: €50K–€1M
- Notable investments: Attractive.ai, Zadaa, Leadfeeder
- Stage: Pre-seed, seed
Superhero Capital brings a refreshing approach to early-stage investing by putting founders and storytelling at the heart of their philosophy. They back early-stage software-first startups across the New Nordics, including Finland and the Baltics. Superhero is especially interested in founders solving real problems for real users and is known for a personable, informal investment style.
- Pros: product-first mindset, regional reach.
- Cons: mostly focused on digital/software-based products.
9. Trind VC – best for consumer-focused business models
- HQ: Tallinn, Estonia
- Preferred industries: Consumer tech, SaaS
- Check size: €100K–€1M
- Notable investments: Ready Player Me, Yaga, Sonarworks
- Stage: Pre-seed, seed
Trind VC focuses on data-driven consumer startups. With deep experience in consumer behavior and product-market fit strategies, they excel at helping startups that are ready to scale their user acquisition, retention, and monetization efforts. They’re particularly strong in digital consumer goods and platforms where virality and community play a role.
- Pros: user growth expertise, Baltic + Nordic coverage.
- Cons: B2B or niche tech may not be a match.
10. Iron Wolf Capital – best for versatile startups and long-term vision
- HQ: Vilnius, Lithuania
- Preferred industries: Tech, B2B SaaS, AI, fintech
- Check size: €250K–€2M
- Notable investments: Repsense, Speiz, Deepfin
- Stage: Pre-seed, seed, series A
Iron Wolf Capital takes a flexible, founder-friendly approach to early-stage investment, backing both deeptech and commercial startups. They support companies over longer journeys—from idea to exit—with strategic, not just operational, backing and are known to help with follow-on funding.
- Pros: long-term partnership mindset, broad tech focus (both commercial and technical)
- Cons: less acceleration, more long-term support.
Final verdict – which VC firm should you choose?
The best VC firm for one startup might not work for the other. It all depends on your stage, sector, and support needs. Choose a partner that best aligns with your vision and growth trajectory.
If you’re looking for acceleration and ecosystem access, FIRSTPICK, Startup Wise Guys, or Superangel might be your pick. Specialist VC will provide you with all the knowledge you need when you’re scaling complex deep tech products. But if you’re in it for the long haul and want a strategic partner, Practica Capital stands out.
Ultimately, your ideal early-stage investor will be the one who brings not just capital but also clarity, network, direction, and commitment to your journey.