Our 40+ members and partners are highly influential across the industry. Want to join?

Members

Our membership comprises of the most influential firms and decision makers across the industry, including Private Equity & Venture Capital houses (General Partners) and institutional investors (Limited Partners). 
AMBIENT SOUND INVESTMENTS
Family Office

AMBIENT SOUND INVESTMENTS

Family Office
Contact: www.asi.ee
Private Equity

BaltCap

Private Equity
Status: Looking for new investment opportunities Investment Range: 5-15m EUR Contact: www.baltcap.com
BaltCap is the leading dedicated private equity and venture capital investor, focusing on small and midmarket buyout and expansion capital investments in the Baltic States. BaltCap is an active investor with clear strategy and governance standards. We have strong presence in all three Baltic countries with local offices and experienced team of 16 professionals. Since 1995, BaltCap has been managing 5 different fund generations with total capital of over EUR 240 million and has made more than 60 investments.
Mezzanine

BPM Capital

Mezzanine
Status: Looking for new investment opportunities Investment Range: 2-10.5m EUR Contact: www.bpmcapital.eu
Operating out of two offices in Tallinn, Estonia and Warsaw, Poland, BPM maintains strong presence in the target markets. BPM is an independent investment company with no ties to any financial institutions. It is managed by a team of four partners with extensive experience in mezzanine investing and an established contact network in the target region. BPM has capital commitments of EUR 70 million, supported by a prominent investor base, which includes among others, the European Investment Fund and the European Bank for Reconstruction and Development.
Venture Capital

Change Ventures

Venture Capital
Contact: http://www.changeventures.com/
A seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world. Typically invests up to $500k in technology startups with a preference for B2B and SaaS businesses.
Real Estate

Eften Capital

Real Estate
Contact: www.eften.ee
EfTEN Capital AS is an asset management company, founded in 2008, specializing in real estate investments in the Baltic States. The company is managing EfTEN Kinnisvarafond AS and Balti Kinnisvaraportfell AS. The company also offers private commercial real estate portfolio management services.
Limited Partner

European Investment Fund

Limited Partner
Contact: http://www.eif.com

We are a specialist provider of risk finance to benefit small and medium-sized enterprises (SME) across Europe. We are part of the EIB Group; our shareholders are the European Investment Bank (EIB), the European Commission and a wide range of public and private banks and financial institutions.

We carry out our activities using either our own resources or those provided by the European Investment Bank, the European Commission, by EU Member States or other third parties. By developing and offering targeted financial products to our intermediaries, such as banks, guarantee and leasing companies, micro-credit providers and private equity funds, we enhance SMEs access to finance.

Venture Capital

Karma Ventures

Venture Capital
Investment Range: Initially investing up to 3M EUR per opportunity and making follow-on investments in later rounds. Contact: http://www.karma.vc/
Karma Ventures (karma.vc) is an early-stage venture capital firm, specialised in late seed and A round investments in Europe’s most promising tech startups. We back companies with strong ideas delivered with unique technology, customer traction and global ambition. karma.vc accompanies entrepreneurs in figuring out the path to growth in all aspects - commercial, strategic and technical. We believe in open and honest dialogue and the active hands-on-attitude.
Limited Partner

KredEx

Limited Partner
Contact: www.kredex.ee
KredEx is a financing institution helping Estonian enterprises develop quicker and expand more safely to foreign markets, offering loans, venture capital, credit insurance and guarantees with state guarantee.
Limited Partner

LHV Varahaldus

Limited Partner
Contact: http://www.lhv.ee
Private Equity

Livonia Partners

Private Equity
Status: Actively investing Investment Range: €3-15m Contact: http://www.livoniapartners.com
Livonia Partners is an investment team based in the Baltics. We currently manage Livonia Partners Fund I, which is investing €70 million of equity capital into companies in Latvia, Lithuania and Estonia. The fund’s investors are domestic and international institutional investors such as pension funds, insurance companies, and development finance institutions. We identify investment opportunities with the most potential, and provide the relevant resources and operational hands-on expertise to realise growth. We value transparency and trust as we work to nurture the growth of our portfolio companies. Our team is attentive, approachable, and diverse in experience.
Venture Capital

SmartCap

Venture Capital
Contact: www.smartcap.ee
Venture Capital

Superangel

Venture Capital
Contact: https://www.superangel.io
Superangel is early stage investment fund and company builder. We invest our time, experience and capital to help start and grow the next wave of European technology startups, focusing on “from founder to founder” concept where early stage capital is coupled with company building.
Limited Partner

Swedbank Investment Funds

Limited Partner
Contact: www.swedbank.ee
Swedbank Investeerimisfondid AS is an investment management company that stands out as the oldest and largest in the Baltic states. We offer investment management expertise and products to private individuals, financial intermediaries and institutions both in the Baltics and around the world.
Venture Capital

Tera Ventures

Venture Capital
Contact: tera.vc
Venture Capital

Trind Ventures

Venture Capital
Contact: trind.vc
Venture Capital

United Angels VC

Venture Capital
Contact: https://unitedangels.vc/

United Angels VC is an early stage venture capital fund based in Estonia and founded by experienced Estonian investors with strong entrepreneurial backgrounds and multiple successful exits under belt. They manage a fund of €16m and invest throughout the software stack with primary focus on B2B, SaaS and marketplace segments.

Private Equity

United Partners

Private Equity
Contact: www.unitedpartners.ee

United Partners Group is an investment company, active since 2003, offering to its corporate clients financial advisory, investment and asset management services.

Family Office

Up Invest

Family Office
Status: Focusing on investments in Health care, Media, Consumer brands, Real Estate and Cleantech Venture Capital Contact: http://upi.ee/
Up Invest is a privately owned investment company focusing on health care, media, retail, real estate and cleantech investments in all three Baltic countries and in Finland. Our current portfolio includes more than 15 investments with consolidated sales in 2017 of close to EUR 500 million. Portfolio companies range from mature market leaders (for example medical wholesaler/retailer Magnum, media group Eesti Meedia) to early stage growth capital (for example Skeleton Technologies). We invest our own equity and we do not have a fixed holding period.
Private Equity

Wellman

Private Equity
Status: Looking for new investmens opportunities

Wellman is an investment company, always on the lookout for new opportunities. Wellman provides experience based insight into world of business for startups and wings for companies looking to expand their business globally.

Associate members

Law Firm

COBALT

Law Firm
Contact: www.cobalt.legal

COBALT is one of the largest full service business law firms in Estonia that belongs to COBALT alliance covering 4 jurisdictions - Estonia, Latvia, Lithuania and Belarus – uniting approximately 200 lawyers. Our team is particularly experienced in VC investments and a well-known adviser of high caliber international M&A and PE transactions. According to Mergermarket 2018 league table report COBALT advised the highest number of transactions among Baltic law firms in 2018. 

For example, during 2018 COBALT: 

  • advised Luminor on cross-border merger
  • advised European Diversified Infrastructure Fund II on investment in Utilitas, leading private Estonian energy group
  • advised Luminor on EUR 1 billion majority stake acquisition by Blackstone
  • advised the European Bank for Reconstruction and Development (EBRD) on investing into BaltCap Infrastructure Fund
  • advised Karma Ventures on investing in MeetFrank and in Realeyes
  • advised Port of Tallinn on its IPO and listing on Nasdaq Tallinn Stock Exchange
  • advised DiDi Chuxing in relation with an investment round of Taxify
  • advised SmartCap on investing in the accelerator fund Superangel
  • advised Ambient Sound Investment on sale of Ecofleet Holding
  • advised BPM Capital on financing the acquisition of Corle
  • advised BaltCap on sale of Magnetic MRO

 

COBALT is awarded with: 

  • The Most Innovative Baltic Law Firm of the Year 2019 Award by IFLR
  • The Baltic Law Firm of the Year 2019 Award by The Lawyer
  • CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal

 

COBALT Estonia is the exclusive member for Estonia of Lex Mundi and World Services Group (WSG) – the world’s leading networks of independent law firms. Through close collaboration with Lex Mundi and WSG we are able to offer our clients high quality legal services by more than 21,000 lawyers worldwide.

 


Law Firm

Cuesta

Law Firm
Contact: www.cuesta.ee
Law Firm

DERLING

Law Firm
Contact: https://derlingprimus.eu/
Derling Primus is a pan-Baltic law office widely recognized for their strategic thinking, down-to-earth solutions and highly professional approach to client service. The firm has a highly capable team of over 80 lawyers and assistants across 4 offices in all three Baltic countries. The firm has been consistently highly ranked in all key legal areas by such leading legal directories as Chambers Global, Legal500 and IFLR1000.

Law Firm

Ellex Raidla

Law Firm
Contact: www.rln.ee
Ellex Raidla is a leading pan-Baltic provider of legal services.  The firm's „one-stop concept“ involves coordinated assignment handling  to local, regional and international legal entities, including multinational enterprises, international banks and financial institutions. Banking & Finance, Capital Markets and M&A & Corporate Advisory teams at Ellex Raidla have specialized in complex cross-border financing transactions. The teams have advised financial transactions in connection with a wide variety of domestic and cross-border M&A transactions, private equity capital investments, as well as joint-ventures, private equity and management buy-outs and restructuring processes.
Law Firm

Eversheds Ots & Co

Law Firm
Contact: http://www.eversheds.com
Eversheds Ots & Co is one of the leading law firms in Estonia. We provide legal assistance across many business areas of law such as resolving corporate law disputes, matters related to competition law, securities law, mergers and acquisitions, advising real property transactions and handling labour law issues.

In addition to providing access to top quality legal assistance in 28 countries of Europe, the Middle East, Africa and Asia, we are capable of carrying through extensive international projects, and take benefit of the international support and expertise available only to Eversheds.

We offer innovative and creative solutions tailored specifically to your organisation. We combine local and efficient activities with market related knowledge and skills from around the world, and therefore we are an appropriate legal partner to any ambitious entrepreneur.
Consulting Firm

EY

Consulting Firm
Contact: www.ey.com/ee
EY is a global leader in assurance, tax, transaction and advisory services. More than 120 professionals equipped with deep industry knowledge in various market sectors are employed at its Estonian office. The transaction advisory team of EY, comprised of close to 30 professionals, is the largest of its kind in the Baltics with significant and recent financial advisory experience in major Baltic deals. The team has helped companies and industry groups across the Baltics with valuations and business modelling exercises, debt and equity capital raisings, due diligence processes, M&A advisory projects and other strategic issues related to raising, investing, optimizing and preserving capital.
Law Firm

FORT

Law Firm
Contact: www.fortlegal.com

FORT is the first pan-Baltic new generation law office that provides advice in all business law issues.

Offices are located in Tallinn, Riga and Vilnius.

Law Firm

Hedman Partners

Law Firm
Contact: www.hedman.ee
Hedman Partners is one of the leading law firms in advising founders and investors in the technology startup ecosystem. We have provided several prominent startups with legal assistance when raising funds from private investors and venture capitalists and have been acting as legal advisors to a number of investors.  Active cooperation with B2B tech accelerator program Startup Wise Guys, transcontinental network Silicon Vikings and the Estonian Business Angels Network gives Hedman Partners a thorough understanding of the needs of  emerging companies and of their relations with investors. The law firm also has a strong focus on M&A transactions, labour law issues and corporate law in general.
Our work methods are based on the following principles: accessibility, a business oriented approach to work, responsibility, trustworthiness and, above all, high-quality and innovative legal expertise. These principles apply without exception to all our assignments, large and small. By abiding by these principles, we aim to develop each client relationship into a successful partnership
Corporate Finance

Investment Agency

Corporate Finance
Contact: www.agency.ee

Investment Agency is an independent Estonian advisory firm active since 1998. Our services are mainly related to three areas: sell-side assignments, buy-side assignments and business valuations. Investment Agency has business partners in Latvia, Lithuania, Finland and Russia. Historically, we have carried out transactions in industries like commercial real estate, retail, agriculture, construction materials, food industry, packaging production, metal treating, furniture industry, sewing industry etc. Our clients are mainly medium-sized Estonian companies.


Executive search & advisory

Kaasik & Karolin

Executive search & advisory
Contact: www.kaasikkarolin.com
Kaasik Karolin Partners is an executive search and advisory firm founded by Avo Kaasik and Ott Karolin. We focus on recruiting C-level executives for small, medium and large companies. Our placements usually are CEOs and CEO´s direct subordinates, Chairmen and Non-Executive Directors at companies owned by entrepreneurs, private equity, venture capital funds or family offices. Based on our long-term personal experience and extensive network, we connect businesses with leaders.
KAYES CONSULT
Consulting Firm

KAYES CONSULT

Consulting Firm
Contact: www.kayescapital.com
Kayes Capital focuses on private equity and venture capital fund investments and provides advisory services. Kayes Capital is part of IEG Group of enterprises.
Banking

Luminor

Banking
Contact: www.nordea.ee

Nordea is the largest bank operating in the Baltic region, recognised by the international finance journal Global Finance as one of the TOP 50 safest banks in the world. We can also take pride in our high credit rating AA-.

Nordea works in three areas: retail banking, corporate and institutional banking, and asset management and life insurance. In the Nordic countries, the group has 11 million customers and 650 branch offices.

Nordea’s shares are listed on the Stockholm, Helsinki and Copenhagen stock exchanges.
The Estonian branch of Nordea, established in 1999, provides full range of banking services incl. project financing, financing MBOs, LBOs and arranging syndicated loans.



Stock Exchange

NASDAQ OMX Tallinn

Stock Exchange
Contact: www.nasdaqomxbaltic.com
NASDAQ OMX Tallinn is the only regulated secondary securities market in Estonia. Exchange brings together investors, listed companies wishing to gain access to a host of capital resources and exchange's members, mediating securities transactions of the investors via common electronic trading system.
Law Firm

Advokaadibüroo NJORD OÜ

Law Firm
Status: WE HAVE MOVED! From 10 December 2015 you find our office in Baltika Quarter, Norra Maja, at Veerenni 24-D, Tallinn. Our telephone numbers and e-mail addresses remain the same. Contact: http://njordlaw.com/
We are a law firm with a Nordic profile and a global mindset. Our primary market covers the Nordic/Baltic region and Northern Europe, in particular Germany. NJORD has 200 employees at five offices – in Aarhus, Copenhagen, Riga, Tallinn and Vilnius.
Corporate Finance

Nordic CF Advisory

Corporate Finance
Contact: www.nordicadvisory.com
Nordic CF Advisory is energetic and independent Estonian investment banking company providing competitive financial advisory services with individual approach and solutions. We are focused on M&A advisory, business valuations and capital raising projects regarding small- and midsize companies in Estonia.
Law Firm

RASK

Law Firm
Contact: www.rask.ee
RASK is a full-service business law firm that combines the finest features of traditional legal counselling and modern practice of the corporate world. Our team embraces the wisdom of three generations of lawyers (including the long term minister of justice and former chief justice of Estonia) and is driven by youthful ambition to set new higher standards on substance and way legal service is provided.
Corporate Finance

Sentio

Corporate Finance
Contact: www.sentio.ee
Sentio is an independent Estonian corporate finance firm with Pan-Baltic, Scandinavian and other international network contacts. The Company was founded in 2003 with an objective to provide fast, flexible and professional corporate finance services. The Sentio partners have over 10 years of private equity investment, corporate finance and consulting experience with medium sized companies, which provide us outstanding contacts with business and finance leaders in Estonia and in neighboring markets. The company is also well-connected with different Nordic and Baltic private equity funds.
Law Firm

SORAINEN

Law Firm
Contact: www.sorainen.ee

Four offices, one team

We are a leading fully integrated regional business law firm with offices throughout the region, in Estonia, Latvia, Lithuania, and Belarus.

With 32 partners in our regional partnership and more than 200 lawyers and tax specialists, we have the resources to support our clients on all business law and tax issues involving the Baltic States or Belarus.

Founded in 1995, the firm has more than 80,000 cases on its track record, along with over 1000 M&A transactions to date. 

We closely partner with businesses – local, regional and international – to fulfill our core purpose: to increase prosperity in the Baltic States and Belarus by helping clients succeed in business.

 


Corporate Finance

Superia Corporate Finance

Corporate Finance
Contact: www.superia.ee
Superia Corporate Finance is an independent advisory firm with offices in Estonia, Latvia and Lithuania led by some of most experienced investment banking professionals in the region. The firm provides businesses, governments and investors with independent financial advice on mergers, acquisitions, divestitures, capital raising and corporate restructuring.
Science Park

Tallinn Science Park Tehnopol

Science Park
Contact: www.tehnopol.ee
Tallinn Science Park Tehnopol is a science and business environment for knowledge based companies. Today there are more than 180 companies, Tallinn University of Technology and IT College in Tehnopol. Tehnopol provides a unique set of value adding business development services, convenient infrastructure and international cooperation opportunities for companies. Our Startup Incubator helps to boost new and innovative business ideas.
Science Park

Tartu Biotechnology Park

Science Park
Contact: www.biopark.ee
Tartu Biotechnology Park (TBP) provides physical infrastructure as well as business development and consultancy services to companies and R&D institutions in the fields of biotechnology, medicine and veterinary medicine. It supports companies in finding cooperation partners and is active in the establishment process of new companies. The aim of TBP is to create a favorable and developing environment for the promotion of biotechnological entrepreneurship in Estonia.
Law Firm

VARUL

Law Firm
Contact: www.tgsbaltic.com
TGS Baltic is a leading full-service business law firm in Estonia, Latvia and Lithuania employing 140+ lawyers across the Baltics.
Law Firm

TRINITI

Law Firm
Contact: www.triniti.ee
TRINITI is a pan-Baltic commercial law firm with cross-border practice groups and a combined team of 50 people serving domestic and international business clients in Estonia, Latvia and Lithuania. TRINITI offices in Tallinn, Riga and Vilnius have the resources and legal expertise to serve clients across all core commercial activities specialising in M&A, real estate & construction, shipping ja aviation, energy, media law, IT and IP law, dispute resolution, public procurement and large infrastructure projects.

Collaboration Partners & Friends

FinanceEstonia

FinanceEstonia is a public-private financial sector cluster organisation with the aim of supporting Estonian economy by increasing member companies business opportunities through enhancing financial sector internationalisation, supporting innovation and increasing capital availability.  FinanceEstonia works with members and stakeholders to ensure an attractive and competitive environment, especially for human and financial capital.

Teenusmajanduse Koda

Estonian Service Industry Association is a voluntary professional membership organisation representing more than 130 service industry companies. ESIA purpose is to drive and support the development of information, creative and professional services sector, emphaisze the importance of highly competitive higher education system and improve the local business environment to attract foreign capital.

Ministry of Economic Affairs & Communications

Contact: www.mkm.ee

EBRD

Contact: www.ebrd.com
Since our establishment in 1991 we have become the largest financial investor in our region of operations which stretches from central Europe to central Asia and the southern and eastern Mediterranean. With the ability and willingness to bear risk on behalf of our clients, we help their countries in the region to become open, market economies. We are owned by 64 countries, the European Union and the European Investment Bank.

Invest Europe

Invest Europe – formerly the EVCA - is the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors.

Our members take a long-term approach to investing in privately held companies, from start-ups to established firms. They inject not only capital but dynamism, innovation and expertise. This commitment helps deliver strong and sustainable growth, resulting in healthy returns for Europe’s leading pension funds and insurers, to the benefit of the millions of European citizens who depend on them.

Invest Europe aims to make a constructive contribution to policy affecting private capital investment in Europe. We provide information to the public on our members’ role in the economy. Our research provides the most authoritative source of data on trends and developments in our industry.

Invest Europe is the guardian of the industry’s professional standards, demanding accountability, good governance and transparency from our members.

Invest Europe is a non-profit organisation with 25 employees in Brussels, Belgium.



Ministry of Finance of the Republic of Estonia

Contact: www.fin.ee
The Ministry of Finance is the government’s expert in the implementation of tax, financial and fiscal policies, and setting economic goals.

Estonian Chamber of Commerce & Industry

Contact: www.koda.ee

Latvian Private Equity & Venture Capital Association

Contact: www.lvca.lv

Lithuanian Private Equity & Venture Capital Association

Contact: www.vca.lt
Business Angels

Estonian Business Angels Network ESTBAN

Business Angels
Contact: www.estban.ee

Estonian Business Angels Network, established in late 2012, is an umbrella organization for business angels and business angel groups seeking investment opportunities in Estonia and its neighbouring regions with an aim to grow the quantity and quality of local seed stage investments.


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Photo: Martin Voltri