Estonian Tera Ventures raises €21 million for their second seed stage fund

The Estonian international investment firm –Tera Ventures– raises €21 million out of the €55 million planned for their second seed fund, European media reported. Reportedly the money will be used for investments in 25-30 seed-stage tech startups.

Besides the startups, in Estonia (including eligible e-residents) the fund is interested to invest in key tech hubs in Finland, Denmark, Latvia, Lithuania, Poland, Sweden and the Czech Republic. Initially, the selected startups will get between €200K and €1.5 million with the possibility to receive additional funds further on.

Andrus Oks, founding partner of Tera Ventures / Photo:

“All seed-stage startups with a high potential from Estonia and its neighboring countries that meet the investment criteria of the fund will be able to apply for investments from the fund for expanding their activity. We are committed to offering founder-friendly terms and assisting our investments with our global network of investors, industry veterans and experts. We believe this will enable our entrepreneurs the right foundation to compete on the world stage and attract top-tier partners and venture capital in key markets in Europe, US and Asia to ensure the realization of their vision”, says Andrus Oks, the founding partner of Tera Ventures, reported.

Founded in 2016 in Tallinn, Estonia, Tera Ventures is an international investment firm that helps some of Europe’s most disruptive technology companies to become global leaders. So far the fund has almost 20 active investments. Apart from Estonia, they have offices in Helsinki, Finland, and Los Angeles, U.S.

The company announced their second seed fund – Tera Ventures Fund II – earlier this year with an ultimate aim to explore new technologies and business models set to deeply impact the future of our digital lives. According to their plans, by the end of this year, they plan to raise the additional €34 million, thus accomplishing their plan set this January.

Limited Partners of Tera Ventures second fund include The European Investment Fund (EIF), LHV, Mistletoe Venture Partners International, as well as Estonian high net worth individuals.

Kristo Oidermaa, Fund Manager of LHV Pension Funds/ Photo:

For LHV, this investment fulfills LHV’s goal to increase its position in a rapidly growing and promising IT sector.

“Our commitments to Venture Capital currently amount to 21 million euros. Estonia has a good track record for IT growth companies, and the investment in Tera Ventures Fund II gives us a great opportunity to further contribute to this sector,” , says Kristo Oidermaa, Fund Manager of LHV Pension Funds, reported.

Monese, Jobbatical, Lingvist, Real Eyes are just a few of the investment that Tera Ventures have done so far. According to Norris Koppel, the founder of the fintech startup Monese the team at Tera Ventures has been a critical component in the success of Monese.

Norris Koppel, founder & CEO of Monese

“What they have brought to the business extends far beyond their investment. They have a deep understanding of the support that an entrepreneur needs as their business grows and have been genuine partners throughout our journey from early stage to scale-up. We are delighted that they are a part of our team and excited for the journey ahead,” says Koppel.