Karma Ventures
Venture capitalTallinn · Seed–Series B · 14 people tracked
Investment thesis
Karma Ventures focuses on deep-tech software companies in Europe that develop innovative technologies and have achieved initial commercial traction. The firm invests at late seed and Series A stages, typically committing up to €5M per opportunity, with capacity for follow-on investments in later rounds. It targets early-stage European technology companies pursuing global markets, and supports founders with both funding and hands-on operational expertise.
Source: firm website, verified Aug 3, 2026.
Team · 14 people
from the firm's website & public directoriesWhat they invest in
from 27 of 70 portfolio companiesEnterprise Software ×16AI & Machine Learning ×14SaaS ×11Cloud Computing ×7Cybersecurity ×6Developer Tools ×5Fintech ×4Future of Work ×3
HQs:United States×9Estonia×3Iceland×1Lithuania×1Latvia×1Sweden×1
Investments · 70 tracked
founders shown can be your intro pathTuum provides a modular, API-first core banking platform that enables financial institutions and fintechs to launch digital financial services rapidly and with high flexibility.
Cloud ComputingFintechSaaSTallinn, EE
Ove Kreison(Chief Product & Technology Officer & Co-founder)Rivo Uibo(Chief Business Officer & Co-founder)inJan Lakspere(Lending Product Manager & Co-founder)inJüri Kirme(Core Banking Product Manager & Co-founder)in
AppGyver is a no-code platform for building web and mobile applications with visual development tools and cloud backend functions.
Cloud ComputingDeveloper ToolsSaaSSan Francisco, US
Patrik Olof Backman(Director)Henri Samuel Vahakainu(Executive Officer)Tommi Markus Uhari(Director)Marko Sakari Lehtimaki(Executive Officer, Director)
Board seatTommi Uhari· per SEC Form D · $3.5M raise · filed Jan 2017
Commsignia develops C-ITS and V2X (vehicle-to-everything) technologies that connect vehicles with road infrastructure and each other to enhance traffic safety and optimize traffic flow.
Cloud ComputingIoTMobility & TransportationSanta Clara, US
Jozsef Kovacs(Executive Officer, Director)Endre Attila Sagi(Director)Laszlo Virag(Director)Tommi Uhari(Director)Csaba Kakosy(Director)
Board seatTommi Uhari· per SEC Form D
Wroclaw, Dolnoslaskie
Piotr Orzechowski(Executive Officer, Director)
BoardMichal Rokosz(Director)
Board seatMargus Uudam· per SEC Form D · $10.2M raise · filed Jul 2020
Malmo
Nils Mattisson(Executive Officer, Director)Hampus Jakobsson(Director)Marcus Ljungblad(Director)Tommi Uhari(Director)
Board seatTommi Uhari· per SEC Form D · $13.8M raise · filed Feb 2022
New York, US
Sebastian Cesario(Executive Officer, Director)Luigi Lenguito(Executive Officer, Director)Luciano Allegro(Executive Officer)Jarrod Scuglik(Executive Officer)
BoardJay LEEK(Director)
Board seatKristjan Laanemaa· per SEC Form D · $10M raise · filed Jan 2025
Sonarworks develops audio personalization technology and sound correction software for music creators, recording studios, and consumer listeners.
AI & Machine LearningConsumerCreator EconomyHardwareSaaSRiga, LV
Martins PopelisHelmuts BemsInguna Kronberga(Executive Officer)
BoardGeoffrey Baehr(Director)
Board seatKristjan Laanemaa· per SEC Form D
WunderGraph Cosmo is an enterprise platform for building and running federated GraphQL supergraphs with governance, schema management, and real-time streaming capabilities.
Developer ToolsEnterprise SoftwareMiami, US
Jens Neuse(Executive Officer, Director)Bjoern Schwenzer(Executive Officer, Director)
BoardSteve Kishi(Director)
Board seatTommi Uhari· per SEC Form D
Lexington, US
Ilias Kokkinis(Executive Officer, Director)Alexandros Tsilfidis(Executive Officer, Director)Michael Tzannes(Executive Officer, Director)
BforeAI develops AI-powered predictive cybersecurity technology designed to prevent cyber attacks before they occur rather than detect them after the fact.
AI & Machine LearningCybersecurity
Luigi Lenguito(Chief Executive Officer)inLuciano Allegro(Chief Automation Officer)inSebastian Cesario(Chief Technology Officer)in
Quiq provides an AI agent platform that enables enterprises to build, customize, and deploy conversational agents across customer journey touchpoints.
AI & Machine LearningEnterprise SoftwareSaaSMontana, US
Druid provides an enterprise conversational and agentic AI platform that automates customer interactions and critical business workflows for large organizations across healthcare, higher education, shared services, and other sectors.
AI & Machine LearningEnterprise SoftwareSaaS
Ana Maria Falcuta(Executive Officer)Andreea Plesea(Executive Officer)Hussein Kanji(Director)Daniel Balaceanu(Executive Officer)Mihai Faur(Director)Bogdan Pietroiu(Executive Officer)
HYDROGRID provides an investment simulation platform for hydropower operators and developers to evaluate capital decisions including turbine upgrades, reservoir expansions, and M&A opportunities using real-time data and hourly-granularity modeling.
AI & Machine LearningEnergyEnterprise SoftwareSaaS
Jobbatical provides an automated visa and immigration compliance platform for HR teams managing international hires across 30+ countries.
Enterprise SoftwareFuture of WorkHR Tech
Autonomous sidewalk robots leading last-mile robotic delivery on U.S. college campuses.
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Minut produces Internet of Things devices and software for managing shared properties such as multifamily housing and short-term rentals, helping operators monitor spaces and make decisions while protecting privacy.
Enterprise SoftwareIoTPropTechMalmö, SE
Nils Mattisson(Co-founder)Marcus LjungbladFredrik AhlbergMartin Lööf
Wirepas provides a connectivity platform designed for enabling long-term, large-scale deployments of connected devices across various industries and applications.
Cloud ComputingIoT
Boston, US
Dharmesh Thakker(Director)Brendan Moore(Director)Ori Keren(Executive Officer, Director)Dan Lines(Executive Officer, Director)Ariel Maislos(Director)
BoardGil Goren(Director)
Logz.io operates a platform for observability and monitoring, serving technology companies and enterprises that need infrastructure insights and operational intelligence.
Cloud ComputingData & InfrastructureDeveloper ToolsEnterprise SoftwareSaaS
Tomer(Co-founder & CTO)Asaf(Co-Founder & Vice President Product)
Lucinity provides AI-powered financial crime prevention and anti-money laundering operations for financial institutions.
AI & Machine LearningEnterprise SoftwareFintechReykjavik, IS
GK(Founder and Executive Chairman)Daniel Pálmason(Chief Executive Officer and Co-Founder)inJohann Haraldsson(Chief Technology Officer and Co-Founder)inGuðmundur Kristjánsson(Executive Chairman and Founder)in
Pactum builds autonomous AI agents that negotiate supplier contracts and manage procurement at enterprise scale.
AI & Machine LearningEnterprise SoftwareSaaS
Patchstack is a security platform that helps make open-source software safer.
CybersecurityDeveloper ToolsNot explicitly stated
Identity verification enabling companies to confirm their users' identities.
VerifEye is a digital identity verification platform that confirms users are real humans without adding friction or compromising privacy.
AI & Machine LearningCybersecurityEnterprise SoftwareSaaS
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Frequently asked questions
- What stage does Karma Ventures invest at?
- Karma Ventures invests at the Seed, Series A, Series B stages.
- What is Karma Ventures's typical check size?
- Karma Ventures typically writes checks of $1M – $5.4M.
- What sectors does Karma Ventures focus on?
- Karma Ventures focuses on AI & Machine Learning, Cloud Computing, Cybersecurity, Data & Infrastructure, Deep Tech, Developer Tools, Digital Health, Energy, Enterprise Software, Fintech, Healthtech, IoT, Logistics & Supply Chain, Medical Devices, Mobility & Transportation, PropTech, SaaS.
- Where is Karma Ventures located?
- Karma Ventures is headquartered in Tallinn, EE.
- Does Karma Ventures lead rounds?
- Karma Ventures typically participates in rounds rather than leading them.
Media · Podcasts & interviews
featuring the teamGetting ready for Latitude59 2024 - with investor Margus Uudam from Karma Ventures - YouTube
Latitude59 · Margus Uudam
Karma Ventures Founder Margus Uudam on the start-up spirit of Estonia - YouTube
Quest Means Business · Margus Uudam
Margus Uudam – karma ventures - YouTube
Capital On Stage · Margus Uudam
Co-investors · 6
SOSV is a deep tech venture capital firm that makes first-check pre-seed investments and follow-on rounds in startups focused on human and planetary health, providing lab space and hands-on support at its US locations.
Partech is a global investment firm that supports founders at every stage through dedicated teams and multiple funds across several continents.
Inventure is a generalist early-stage venture capital firm investing primarily across the Nordics and Baltics, having backed over 100 companies since 2005.
Change Ventures is a pre-seed venture capital firm backing ambitious Baltic founders in Estonia, Latvia and Lithuania, as well as the Baltic diaspora globally, providing initial capital plus hands-on support to reach product-market fit.
River VP is a software venture capital firm focusing on B2B software companies that have achieved initial product-market fit. The firm invests in AI and ML applications across future of commerce, including fintech, marketing automation, and logistics, targeting companies in Europe.
Almaz Capital was founded as a transatlantic bridge fund with Cisco as an anchor LP to connect Russia/CIS and CEE engineering talent with Silicon Valley capital, built around co-founder Alexander Galitsky's background as a deep-tech inventor who created multiple cross-border startups. The fund operates a focused East-to-West commercialization playbook, sourcing capital-efficient deep-tech and B2B software from CEE/CIS founders who want to compete in US/EU markets and providing structured support on US go-to-market and Western governance.
Firms observed investing alongside Karma Ventures, from public investor directories.
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