Meet our dedicated team of PE/VC industry professionals

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.

Kristjan Kalda
Partner at BaltCap
Kristjan Kalda is the founding partner of BaltCap, he helped to establish the company’s Estonian operations in 1997-1998. Kristjan specialises in buyouts and he has led a number of companies to successful exits: Fitek, Magnetic MRO, TREV-2, Energate, Tuuleenergia, Microlink, and A. le Coq, to name a few.

Kristjan has previous experience as the head of the M&A team at Suprema. He studied economics at Tallinn Technical University.

Kristjan was also the founder and first chairman of the EstVCA.

Allan Gaidunko
Head of Investment Services at LHV

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 fund formation matters. Kristel also has extensive experience in financial regulatory matters, including in relation to operating licences of banks, payment institutions, credit providers, fund managers and other financial institutions as well as requirements applicable to their activities.

Kristel is continuously advising Karma Ventures, Rubylight and other investment funds on their investments in Europe, USA and elsewhere. Kristel has also led the pan-Baltic team of COBALT in several major assignments involving Luminor Bank by acting for DNB Bank in the process of combining the Baltic operations of DNB Bank and Nordea Bank for the purpose of creation of Luminor, continuing supporting Luminor in the cross-border merger of its Baltic banking entities and advising DNB, Nordea and Luminor in the sale of Luminor’s majority stake to Blackstone.

Kristel is a member of the Estonian Bar Association since 2004. She serves as a member of the Legal Committee of the Estonian Private Equity and Venture Capital Association (EstVCA). Kristel is also a member of the Management Board of COBALT Estonia.

Sille Pettai
Fund Manager at SmartCap
Sille Pettai is the Fund Manager and Management Board member of SmartCap -the Estonian state VC company managing an early-stage fund of funds.

Sille has more than 10 years of experience in asset management as an investment executive at Swedbank Investment Funds, where she was responsible for the management of alternative investments portfolio with private equity and real estate focus in pension funds.

Antti Perli
Partner at Ellex Raidla
Antti Perli is a partner at the leading Baltic law firm Ellex Raidla and one of the most experienced venture capital and emerging technology company attorneys in Estonia. He advises clients in establishing VC and PE funds, making and raising venture capital and private equity investments, founder, employee and management matters, establishing option schemes, IT, IP and corporate matters and other everyday issues.

His recent experience in the field of venture capital and private equity covers more than 150 investment transactions representing both the investors as well as target companies. 

Antti has extensive expertise in structuring and the formation of limited partnership funds, contractual funds, preparation of fund terms, limited partnership agreements and internal procedures, obtaining licenses and registrations and conducting negotiations with fund investors (LPs).

Antti has worked for five years as the legal counsel and member of the management board at SmartCap, a management company for state venture capital funds. He has participated in establishing several business accelerators, drafting the Estonian regulation for limited partnership funds and drafting other legislation relating to technology companies, including amendments to the Commercial Code relating to startup companies and amendments to the taxation of share options.

Antti is the main author of Estonian model documents for venture capital investments and startup companies.

Indrek Kasela
Founding Partner at United Angels VC
Indrek Kasela is the founding partner at UnitedAngels VC and an established business leader. For the last 15+ years Indrek has run the largest private equity funds in the Baltics and is currently a Member of the Board of PR Foods and Ekspress Group. One of the most active angel investors in Estonia.

Veljo Otsason
Founding Partner at Superangel
Veljo Otsason is a tech entrepreneur and investor from Estonia. Founding partner at Superangel. Co-founder of Fortumo (acquired by Boku Inc) and Mobi Solutions. An early investor in 40+ startups, such as Bolt, Pipedrive, Veriff, Monese, Starship, Click & Grow, Ziticity, Kea, Bob W, Digital Sputnik, Plumbr & more. Focusing on AI & Robotics, Future of Mobility, FinTech.

Superangel is an 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 the “from founder to founder” concept where early-stage capital is coupled with company building.

Rain Tamm
Partner at Siena Venture Partners
Rain Tamm is the founding partner at Siena Venture Partners, manages a portfolio of 50+ startups and has 25+ years of investment, management and dealmaking experience.

Siena Secondary Fund provides liquidity for early investors, founders and employees of high growth startups from the "New Nordic" (Baltics & Scandinavia) region.

Marek Kiisa
Partner at NordicNinja VC
Marek Kiisa, who is also one of the founders of EstVCA (back in 2009), is one of the Managing Partners in NordicNinja VC, a deep-tech focused €101M venture capital fund based in the Nordic & Baltics. NordicNinja is a joint venture by Japanese JBIC IG Partners and BaltCap. The fund is the largest fund in Northern Europe backed by Japanese capital and aims to triple the size with its second fund.

He is also active in BaltCap Growth Fund, counsel in Superangel and acts as a mentor in numerous incubators and accelerators across the region.

Marek is one of the founders of Kood / Jõhvi, a modern and international coding school in Estonia.

He is a member of the Kauffman Fellowship Society in the United States and the founder of EstBAN Business Angels in Estonia and NordBAN network of Business Angels in the Nordics.

Kadri Lindpere
Managing Director

As Managing Director at Estonian Private Equity and Venture Capital Association (EstVCA), the representative body of private equity and venture capital industry players and related support services providers in Estonia, Kadri works in close cooperation with the Management Board in executing the association's strategy at the local and global level.

One of her goals is to formulate and maintain clear communication channels with the government, ensure continuous growth of the PE/VC funds market, and develop Estonia’s fertile ecosystem of startups and growth companies.

Familiar with helping a company with the process of going public with an IPO, she brings a wealth of additional business development and communications experience to EstVCA:

  • PwC, Estonia - Head of Marketing and Communication (2019-2020)
  • Ellex Raidla - Marketing & Communications Manager (2008-2019)
  • AS Arco Vara - Marketing & Communication Manager (2003-2008)

As Managing Director at EstVCA, Kadri anchors the organisation in reliability. Recognized as a strong communicator who is detailed and consistent, she provides cohesion and clarity while promoting the industry and Estonian funds within international funds markets and encouraging potential clients to co-invest with our funds and invest in our funds. One of her goals is also to establish Estonia as a trusted center for international PE/VC players to base their funds. Along with the Estonian state, she helps to highlight the industry's relevance to Baltic and Nordic PE/VC markets as well as large international strategic investors outside of the region.

Her professional background has helped her accrue an influential list of contacts. She has been building new ones since arriving at EstVCA in 2020 such as Invest Europe, various international VCAs, European Women in VC as well as Startup Estonia, Estonian Business Angels Network, Estonian Founders Association, Invest in Estonia, and other local organisations supporting the growth of startup ecosystem.

Kadri has also taken it to be one of her missions to bring Estonian companies closer to PE/VC funds - to “translate the PE/VC field” and initiate the conversation, simplify the message to enhance their understanding and deepen their interest in local and international investment opportunities.


+372 505 1239

Marianne Kosenkranius
Operations Coordinator