Meet our Team & Management Board members

Kalmer Kikas
Chairman of the Board

Kalmer is Managing Partner of BPM Capital. BPM Capital is a provider of mezzanine capital in Baltic region and Poland with €70m commitments under management. Kalmer has previously held executive positions in companies like Baltic Mezzanine, Hansaetic Capital and BalAEF. Kalmer holds a BA in Economics from Estonian Agricultural University and an MBA degree from Henley Management College.


Margus Uudam
Member of the Board

Margus Uudam is the head of Venture Capital investments at Ambient Sound Investments (ASI). Prior to joining ASI he held management positions at Estonian Energy Distribution Network and leading Estonian HR company Fontes, was the Economic Policy Vice-Chancellor at the Ministry of Finance, and worked in the Compensation Fund's investment department. He is a member of the Enterprise Estonia financial committee. Margus also helped launch the Tallinn Stock Exchange.

Kristjan Kalda
Member of the Board

Kristjan is one of BaltCap's Estonian co-founders. He has a 15 years experience in Private Equity and he was the first chairman of EstVCA. He has previously served as the head of the mergers and acquisitions team at Suprema. Kristjan serves as the chairman of the supervisory board of Magnetic MRO, TREV2 Group, Energate and Tuuleenergia.


Kaido Veske
Member of the Board

Kaido is Founding Partner of Livonia Partners, an investment company managing Livonia Partners Fund I which is investing €70 million of equity capital into companies in Latvia, Lithuania and Estonia. Kaido brings to Livonia private equity investing experience from the U.S. and Europe. Kaido started his career in London and New York working for investment bank Bear Stearns. Later he spent 3 years at Irving Place Capital. He holds a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania, and an MBA from INSEAD.


Heidi Kakko
Member of the Board

Heidi is the Managing Director of EstBAN. Formerly she was the member of the board of SmartCap and fund manager of its Early Fund II. She has been very actively involved in developing Estonian venture capital market and startup ecosystem. Prior to that she has worked for more than 10 years on business consultation and finance at PricewaterhouseCoopers. Heidi graduated from the University of Tartu, cum laude, specializing in international economics.

Antti Perli
Member of the Board, Head of Legal Committee

Antti has been leading the development of legal & regulatory framework for Private Equity & Venture Capital in Estonia and starting 2015 he is heading the activities of Legal Committee at ESTVCA. Since 2013 Antti has been responsible for all the legal work within SmartCap and Estonian Development Fund. He joined SmartCap after 10 years of practice as an attorney at the law firm Raidla Lejins & Norcous in Estonia.

Tõnis Nõmmik
Member of the Board

Tõnis works as Pension and Investment Funds Project Manager in Swedbank Investment Funds. Prior joining Swedbank Investment Funds Tõnis worked as Head of Portfolio Management Department and Portfolio Manager in Private Wealt Management and Portfolio Management Department in Swedbank. Tõnis has more than 10 years of experience in the investment industry. Tõnis holds a Master’s degree from the University of Tartu.

Kristiina Vassilkova
Managing Director

Kristiina is heading the daily actvities of ESTVCA. She is also co-founder and partner at Estelon and ambassador for the Startup Europe-India Network. While employed at KredEx she also participated in structuring and negotiating process of the Baltic Innovation Fund together with the Ministry of Economic Affairs and European Investment Fund. Kristiina’s background is in the financial sector dealing with equity sales and trading for Institutional clients across Europe and US. She holds a MA from HULT International Business School, London.




Header photo: Alejandro Escamilla