Private equity and venture capital knowledge centre

Meet our dedicated team of PE/VC industry professionals

Management board
Team
Hendrik Reimand
Chairman of the Board
Hendrik is a founding partner at 2C Ventures, an Estonia-based cleantech-focused VC fund investing in early-stage startups in the Baltic and Nordic countries. Hendrik has served as a board member of EstVCA since 2019. He has contributed to launching a VC/PE-focused education program at Estonian universities, efforts to attract LPs, and the data working group.
Margus Uudam
Founding Partner at Karma Ventures

Margus Uudam is the Founding Partner at Karma Ventures. Previously Head of Venture Capital Investments at Ambient Sound Investments, Chairman of EstVCA, CEO at Estonian Energy Distribution Network and Fontes. Excited about strategy, growth, HR and business models.

Karma Ventures is an A-round-focused VC fund for Europe, domiciled in Luxembourg. Backed by Skype engineering co-founders, EIF and other institutional investors, Karma Ventures is focusing on technology creators across many verticals. Margus has 9 years of experience as a head of VC investments at ASI where he managed a global venture portfolio of 30 companies.

https://www.karma.vc 

Kristel Raidla-Talur
Partner at COBALT Legal Estonia

Kristel Raidla-Talur is a Partner and Co-Chair of the Banking & Finance practice group at COBALT Estonia. She advises clients mainly on venture capital and other financing transactions as well as on fund formation matters. Kristel also has extensive experience in financial regulatory matters and continues to advise investment funds on their investments in Europe, the USA, and elsewhere.

Kristel has been a member of the Estonian Bar Association since 2004. She serves on the Management Board of EstVCA and COBALT Estonia.

Mari Kuhi
COO & Board Member at SmartCap
Mari is the COO and a member of the management board at SmartCap – Estonia’s state-owned fund manager, developing the local VC market. Their latest fund targets defence and dual-use tech investments.

Mari has over 15 years of experience in the financial sector, including senior leadership roles across asset management and finance.

As a SmartCap representative, her work aligns closely with EstVCA’s mission – to bring more capital to Estonia, enhance the country’s business competitiveness, and educate companies and policymakers about the private equity and venture capital markets. She provides insight into the dynamics of the Estonian capital market and policymakers' perspectives.

Mart Maasik
General Partner at Nordic Science Investments
Mart Maasik is an investor, innovation leader, and ecosystem builder with over 20 years of experience in the financial sector, startups, and research commercialization across the Baltics and Nordics. In October 2024, Mart joined Nordic Science Investments as a General Partner, focusing on building the success of an early-stage VC fund that supports research-driven spinouts in the New Nordics.

Mart is dedicated to strengthening Estoniaʼs and the New Nordics' ability to create and grow science-based spinouts. He focuses on building practical tools and
partnership models between academia and investors, fostering cross-regional collaboration, and advancing best practices. As a certified board member, he helps
shape governance and strategy that attract top talent and capital, reinforcing the regionʼs role as a leading hub for science-driven entrepreneurship in Europe.
Rando Rannus
General Partner at Siena Secondary Fund
Rando Rannus is an entrepreneur, investor, and General Partner at Siena Secondary Fund. He has also been a founding member of the Estonian Founders Society since 2009. Every decade, he has taken on a new professional challenge, from consulting in the 2000s to building and selling his own startup in the 2010s, and now focusing on investing and building a fund.

Rando values balance, enjoys traveling, reading about politics, society, and economics, and is into biohacking, intending to compete in a decathlon at age 100.

Dag Ainsoo
General Partner of Startup Wise Guys
Dag Ainsoo is an entrepreneur and investor, General Partner of Startup Wise Guys, and Management Board Member. Formerly co-founder of SmartAD (acquired by Modern Times Group AB), active angel investor, and CFO in multiple startup companies. Started out as an associate in PwC in the Estonian office, and later senior associate and manager, in the PwC San Jose (Silicon Valley) office.
Startup Wise Guys is one of the most active accelerator funds in Europe and Africa, with 400+ investments in early-stage B2B startups in SaaS, Fintech, Cybersecurity, XR, Sustainability, Web3, and Proptech verticals in more than 60 countries. Startup Wise Guys manages vertical-focused accelerator programs from offices in Tallinn, Milan, Bilbao, and Malaga, with strong representation in countries such as Denmark, Romania, Turkey, Baltics, and others. With a significant additional presence in the Nordics, Spain, Poland, Ukraine, Africa, and the Balkans, Startup Wise Guys aims to become the go-to accelerator program and investor for any B2B startup looking to scale globally. Startup Wise Guys was named Hottest Accelerator at the 2021 Europas Startup Awards and received the Best Accelerator prize in Global Startup Awards 2023.

https://startupwiseguys.com
Sigrid Lii Treialt
Private Equity Associate at LHV Asset Management 

Sigrid Lii Treialt has been in the private equity field for quite some time, having started her journey in real estate investments. Currently, she is responsible for the PE/VC portfolio at LHV Asset Management. Her background is in economic analysis and auditing. In her role, she meets with various fund managers and placement agents across Europe and North America and regularly participates in private equity conferences.

LHV Asset Management is a fund management company supervised by the Financial Supervision Authority of Estonia. LHV Asset Management is owned by AS LHV Group, a holding company for LHV Asset Management and LHV Bank.

https://www.lhv.ee/en 

Kärt Siilats
Venture Partner at Superangel
Kart co-founded mojo.capital in 2014 and is a member of the investment committee of Mojo Digital One and its associated vehicles, which have invested in 30 European VC funds and made 12 direct investments, 7 of which have become unicorns. Kart is also leading angel syndicates at GoBeyond.capital and is a Venture Partner at Superangel. She's mentored at Seedcamp, Harvard Innovation Labs, Techstars, and CDL.

Maarja Pärs
Investment Director at Livonia Partners
Maarja Pärs is an Investment Director at Livonia Partners. She has been active in the investment world for more than 8 years, her background is a good combination of LP and GP views. Her previous experience in LHV Asset Management as a Portfolio Manager was from an LP point of view – providing capital to local and global companies and funds through debt instruments. It has helped her in today’s GP position in Livonia Partners – sitting on another side of the table – to understand and be prepared for the challenges that all our local VC/PE funds face.

Maarja's passion has always been building successful global companies based on our local companies’ growth stories. Access to capital and knowledge is essential to achieve this. Given the current geopolitical environment, building relationships with the global LP-s and GP-s community is especially important to make the Estonian VC/PE ecosystem attractive. 

Livonia Partners was founded in 2015 with a simple goal – to become the best private equity investor in the Baltic region. Our team has built and supported through investment many groundbreaking Baltic companies - Thermory, LHV, Baltic Ticket Holdings, Cgates, Freor, and other.

We currently invest from our €157 million Fund II. We look out for Baltic businesses that show strong growth potential and invest up to €25 million per company. We acquire shares from owners that wish to sell, and we also invest growth equity.

https://www.livoniapartners.com

Ene Õunmaa
Swedbank Investment Funds
Ene is a Senior Portfolio Manager for Swedbank Investment Funds' Estonia pension funds, focusing on alternative and local investments. Swedbank pension funds hold close to a 40% market share in each of the Baltic countries. Swedbankʼs Estonian funds have invested in several Baltic private equity, venture capital, and real estate funds. However, recent pension system changes in Estonia and Lithuania, along with competition from index funds, have made local investing increasingly challenging. Ene aims to strengthen stakeholder cooperation and raise awareness of the importance of pension savings and local investments. Her goal is to ensure that Estonian people can participate in the success of local PE and VC ventures through their pension fund savings.
Hendrik Reimand
Founding Partner at 2C Ventures
Hendrik is a founding partner at 2C Ventures, an Estonia-based cleantech-focused VC fund investing in early-stage startups in the Baltic and Nordic countries. Before launching 2C Ventures, Hendrik spent several years as a private equity investor at Livonia Partners and also served as Head of Finance at Katana Technologies.

Hendrik has served as a board member of EstVCA since 2019. He has contributed to launching a VC/PE-focused education program at Estonian universities, efforts to attract LPs, and the data working group.

During his new term, as part of the EstVCA board, Hendrik aims to contribute to promoting the region to international investors and attracting new LPs through events, roadshows, and stronger collaboration with Nordic and Western European ecosystems, working closely with local public and private investors to ensure capital availability, and supporting a favorable legal environment for the venture capital and private equity industry.
Madis Lehtmets
Managing Director
Madis Lehtmets is an experienced founder, advisor, and ecosystem leader, currently serving as the Managing Director of EstVCA.

With a background in design, product development, and venture-backed entrepreneurship, he has led teams, raised capital, and supported numerous startups across funding, strategy, and financial modeling. Before joining EstVCA, Madis co-founded and scaled a B2B SaaS company. He brings a founder’s mindset and strong strategic focus to EstVCA’s mission, driving initiatives that bridge investors, founders, and policymakers both locally and internationally.

Merit Vislapu
Project Manager
Merit Vislapu is currently serving as the Project Manager in EstVCA and Project Lead at Health Founders Estonia.

She has 10 years of experience in the Estonian startup sector, working with high-impact, startup-focused organizations, venture capital funds, and non-profit organizations. From the Baltics and Nordics to the CEE region and Western Europe, Merit has supported the birth of new entrepreneurs and startup ideas, the growth of early-stage startups, and the building of strong communities around events and organizations.

She draws from her extensive experience in organizing local and international events and projects to support EstVCA’s mission.

LinkedIn profile: https://www.linkedin.com/in/merit-vislapu/
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info@estvca.ee