Tallinn · Seed–Series B · 14 people tracked
Investment thesis
Karma Ventures backs deep-tech software companies in Europe that build innovative technologies and have early commercial traction and global ambitions. The firm invests at late seed and Series A stages, typically committing up to €5M per opportunity, with capacity to make follow-on investments in later rounds. Beyond capital, Karma contributes operational experience to support founders with early traction. It focuses on European technology companies targeting global markets and positions itself as a partner offering time, money and hands-on expertise.
Source: firm website, verified Aug 20, 2026.
Team · 14 people
from the firm's website & public directories
What they invest in
from 39 of 71 portfolio companiesEnterprise Software ×22AI & Machine Learning ×19SaaS ×14Cybersecurity ×11Cloud Computing ×7Developer Tools ×7Fintech ×5IoT ×5
HQs:United States×17Estonia×3Australia×1United Kingdom×1Iceland×1Lithuania×1
Who they back
founder profiles across 28 portfolio companiesFounding team size:solo founder×122 founders×93 founders×44+ founders×3
Where their founders studiedfrom 15 founders with education data
TalTech – Tallinn University of Technology ×2
Where their founders worked beforefrom 15 founders with career history
Icefire ×3
Investments · 71 tracked
founders shown can be your intro pathBy year:2025 · 42024 · 12023 · 12022 · 12021 · 12020 · 12019 · 12016 · 212 dated
Tuum 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
Co-investorsCommerzVenturesPortage VenturesCiti VenturesSpeedinvest
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
Marko Sakari Lehtimaki(Executive Officer, Director)Henri Samuel Vahakainu(Executive Officer)HENRI SAMUEL VAHAKAINU(Director)KRISTIAN SEGERSTRALE(Director)MARKO SAKARI LEHTIMAKI(Executive Officer, Director)
BoardPatrik Olof Backman(Director)in
Board seatTommi Uhari· per SEC Form D · $3.5M raise · filed Jan 2017
Co-investorsOpenOcean
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
Laszlo Virag(Director)Jozsef Kovacs(Executive Officer, Director)Endre Attila Sagi(Director)Csaba Kakosy(Director)
Board seatTommi Uhari· per SEC Form D
Co-investorsInventureSamsung Catalyst FundCredo VenturesQualcomm Ventures
Infermedica develops an AI-powered healthcare platform for symptom assessment, triage, and patient intake that integrates into clinical workflows to improve patient access to care.
AI & Machine LearningDigital HealthHealthtechWrocław, PL
Piotr Orzechowski(CEO)inRoberto Sicconi(Founder)
BoardMichal Rokosz(Director)
Board seatMargus Uudam· per SEC Form D
Co-investorsEBRD Venture Capital Investment ProgrammeHeal CapitalInovo VCUnfold Ventures
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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)Fredrik AhlbergMartin LööfMarcus LjungbladNils Erik Mattisson(Founder)
BoardHampus Jakobsson(Director)
Board seatTommi Uhari· per SEC Form D
Co-investorsCuriosity VCKOMPAS VCKPN VenturesAlmaz Capital
New York, US
Luciano Allegro(Executive Officer)Jarrod Scuglik(Executive Officer)Sebastian Cesario(Executive Officer, Director)Luigi Lenguito(Executive Officer, Director)
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
Co-investorsPerot JainSpecialist VCAlmaz CapitalPractica CapitalSuperAngelTrind Ventures
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
Co-investorsAspenwood
1Doc3 offers employers an unlimited-consultation telehealth service covering general medicine, psychology, nutrition, pediatrics, sexual health, and veterinary care with no copays or wait times, aimed at improving employee wellbeing and reducing absenteeism.
Digital HealthHR TechWellness & Fitness
Javier Andres Cardona Mora(Founder)in
Co-investorsKayyak VenturesMatterScale VenturesTheVentureCity
Lexington, US
Ilias Kokkinis(Executive Officer, Director)Alexandros Tsilfidis(Executive Officer, Director)
BoardMichael Tzannes(Executive Officer, Director)
Co-investorsEQUIAMInsight PartnersMatrixSpider Capital
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
Co-investorsKaristaSyn Ventures Seed Management LlcTheVentureCityTitanium VenturesSYN Ventures
CGTrader is a global marketplace where 3D designers sell digital models to creators and enterprises in film, gaming, architecture, and 3D printing industries.
Creator EconomyGamingMarketplacesVilnius, LT
Marius Kalytis(Founder)in
Co-investorsEvli Growth PartnersIntel CapitalPractica Capital
Cohda Wireless develops V2X (vehicle-to-everything) technology and connected vehicle solutions that enable communication between vehicles, infrastructure, and pedestrians for automotive OEMs, smart city projects, and mine site safety.
HardwareIoTMobility & Transportation
Paul Gray(Chief Executive Officer)Rhys Godbee(Chief Financial Officer)Bernd Luebben(VP of Business Development)Andrea Ash(VP of Marketing)Kash Munir(VP of Engineering)
Co-investorsCisco Investments
Corsearch provides brand protection investigation services that map illicit networks, identify offline production sources, and prepare enforcement-ready case files for brands facing counterfeiting, diversion, and infringement.
AI & Machine LearningCybersecurityData & InfrastructureEnterprise SoftwareLegalTechSaaSNew York, US
CybExer develops immersive testing and training environments for cybersecurity skill development and resilience building.
AI & Machine LearningCybersecurityDeep TechDefense TechEnterprise SoftwareTallinn, EE
Co-investorsSpecialist VC
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 SoftwareSaaSCambridge, US
Daniel Balaceanu(Executive Officer)Liviu Dan Dragan(Executive Officer, Director)Dan Balaceanu(Founder)inAna Maria Falcuta(Executive Officer)Andreea Plesea(Executive Officer)Mihai Faur(Director)
Co-investorsAlfabeatCipio PartnersHoxton VenturesTq Ventures Llc
Co-investorsLightspeed Venture PartnersUS Venture Partners
Feedzai provides AI-powered fraud detection and financial crime prevention for banks and financial institutions.
AI & Machine LearningCybersecurityFintech
Nuno Sebastião(Founder & CEO)in
Co-investors33NArmilar Venture PartnersBright Pixel CapitalDCVC (Data Collective)Dozen InvestmentsGutbrain Ventures+9 more
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
Co-investorsInven CapitalSET Ventures
IQ Capital is a European venture capital firm focused on deep tech, investing in founders building frontier technologies across areas such as intelligence, energy, computation, and biology.
Deep Tech
Kerry Baldwin(Founder)in
Co-investorsEnterprise Capital FundsGEIF VenturesKPN VenturesRaison.406 VenturesAlbum VC+7 more
Jobbatical provides an automated visa and immigration compliance platform for HR teams managing international hires across 30+ countries.
Enterprise SoftwareFuture of WorkHR Tech
Karoli Hindriks(Founder)in
Co-investorsInventureMetaplanetTera VenturesUnion Square Ventures (USV)AirTree VenturesTrind Ventures
Kiwibot develops autonomous delivery robots that operate across multiple countries and continents.
HardwareLogistics & Supply ChainRoboticsMiami, US
Sergio Pachon(Executive Officer, Director)Andres Felipe Chavez(Executive Officer, Director)Andres Felipe Chavez Cortes(Executive Officer, Director)Eduardo Iniguez(Executive Officer)Judah Longgrear(Executive Officer, Director)
BoardJoseph Huang(Director)
Co-investorsClub Italia Investimenti 2Innosphere VenturesPi CampusTYLT VenturesMAGIC FundThird Sphere
Leil develops software that optimizes hard disk drive (HDD) storage performance and efficiency for enterprise data infrastructure.
Cloud ComputingData & InfrastructureEnterprise SoftwareHardwareSanta Clara, US
Co-investorsSpecialist VC
Boston, US
Ori Keren(Executive Officer, Director)Dan Lines(Executive Officer, Director)in
BoardGil Goren(Director)inDharmesh Thakker(Director)Brendan Moore(Director)inAriel Maislos(Director)
Co-investors83NorthAurum Venture PartnersBattery VenturesSalesforce VenturesTribe CapitalTribe Capital Firstlook
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)
Co-investors83NorthNext47OpenView Venture PartnersGeneral Catalyst
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)inGudmundur Kristjansson(Founder)
Co-investorsKeen Venture PartnersbyFoundersCrowberry Capital
Co-investorsAccel
Co-investorsChange VenturesKAYASpecialist VCSpring Capital
Mendix offers a low-code application platform for building, deploying, and governing enterprise applications and AI agents on top of existing systems like ERP, CRM, and OT.
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaSBoston, US
Roald Kruit(Co-founder)Derek Roos(Co-founder)Derckjan Kruit(Co-founder)Raymond Kok(Chief Executive Officer)Frank Baalbergen(Chief Information Security Officer)Arno Burggraaf(Chief Information Officer)
Co-investorsBattery VenturesPrime Ventures
Mindgard provides AI security solutions that help enterprises identify, assess, and mitigate threats across AI models, agents, and applications throughout the AI lifecycle.
AI & Machine LearningCybersecurityEnterprise SoftwareBoston, US
Dr. Peter GarraghaninJames Brear(CEO)inAaron Portnoy(Head of Research)inRich Smith(Offensive Security Lead)in
Co-investors.406 VenturesAtlantic Bridge VenturesIQ CapitalOsney CapitalAlbum VCLakestar
Co-investorsKhosla VenturesManta Ray Ventures
MinIO builds AIStor, an Apache Iceberg-native object and data store for enterprise AI workloads, including AI training, inference, and data lakehouse analytics.
AI & Machine LearningData & InfrastructureEnterprise SoftwareRedwood City, US
Anand Babu Periasamy(Founder)inGarima KapoorAnand Babu "AB" PeriasamyHarshavardhana(Founder)
Co-investorsIntel CapitalSoftBank Vision FundGeneral CatalystNexus Venture Partners
Pactum builds autonomous AI agents that negotiate supplier contracts and manage procurement at enterprise scale.
AI & Machine LearningEnterprise SoftwareSaaSMountain View, US
Kristjan Korjus(Executive Officer, Director)inKaspar Korjus(Executive Officer, Director)inMartin Rand(Executive Officer, Director)
BoardBen Blume(Director)inJosh Zelman(Director)inThies Sander(Director)
Co-investors3VCInsight PartnersMaersk GrowthMetaplanetNordicNinjaPortfoLion Capital Partners+3 more
Patchstack is a security platform that helps make open-source software safer.
CybersecurityDeveloper ToolsNot explicitly stated
Oliver Sild(Founder)in
Co-investorsSpecialist VCThorgate VenturesTrind Ventures
Identity verification enabling companies to confirm their users' identities.
Charles Yeh(Founder)in
Co-investorsFirebolt Ventures Management Company, LlcFirst Round CapitalFounders FundIndex VenturesInsight PartnersBOND+5 more
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
Michael A. Myer(Executive Officer, Director, Promoter)
Co-investorsFoundryNext Frontier CapitalSignal Peak VenturesTeamworthy VenturesVenrock
VerifEye is a digital identity verification platform that confirms users are real humans without adding friction or compromising privacy.
AI & Machine LearningCybersecurityEnterprise SoftwareSaaS
Co-investorsMolten VenturesTera Ventures
The Shadowserver Foundation helps organizations secure their networks by detecting, stopping, and taking down malicious Internet activity, along with providing personalized support.
CybersecurityImpact & Social Good
Snyk is a developer-focused security platform that identifies and fixes vulnerabilities in code, dependencies, containers, and cloud infrastructure using AI-powered analysis.
AI & Machine LearningCybersecurityDeveloper ToolsBoston, US
Guy Podjarny(Director)Peter McKay(Executive Officer, Director)inStephanie Dominy(Executive Officer)
BoardPhilippe Botteri(Director)inMatthew Weigand(Director)inKen Fox(Director)
Co-investors2050 CapitalAccelAlkeon InnovationAmity VenturesAmplify PartnersAtlassian Ventures+19 more
Starship develops autonomous robots for last-mile delivery of groceries, food, and packages to customers.
AI & Machine LearningLogistics & Supply ChainMobility & TransportationRoboticsSan Francisco, US
Ahti Heinla(Co-founder)inJanus Friis(Co-founder)Lex Bayer(Executive Officer, Director)Mark Dyne(Director)
Co-investorsAir Street CapitalCoefficient CapitalGrishin RoboticsHOF CapitalK2 GlobalMetaplanet+6 more
Swarmia provides a software engineering intelligence platform that measures and improves developer productivity and experience for engineering teams.
AI & Machine LearningDeveloper ToolsEnterprise SoftwareFuture of Work
Otto Hilska(Founder)in
Co-investorsDig Ventures Management LimitedLifeline VenturesAlven
Thought Machine builds the Vault platform, core banking software that lets banks build and run financial products and payment schemes.
Enterprise SoftwareFintechSaaSLondon, GB
Paul Taylor(Founder & CEO)
Co-investorsLloyds Banking GroupAir Street CapitalBackedCambridge Angels groupMolten VenturesNyca+6 more
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TrademarkNow provides AI-powered trademark screening, clearance, and monitoring software for legal teams and brand owners.
AI & Machine LearningEnterprise SoftwareLegalTechSaaS
Co-investorsBalderton CapitalLifeline Ventures
Vision AI platform for privacy-safe human verification confirming identity, uniqueness, and demographics via facial recognition without storing documents or personal data.
Wireless Logic is a global IoT connectivity provider that helps businesses deploy, manage, and scale connected devices across cellular and satellite networks in over 25 countries, managing around 20 million connections.
CybersecurityEnterprise SoftwareIoTLogistics & Supply Chain
Oliver Tucker(Co-Founder & CEO)inPhil Cole(Co-Founder)
Co-investorsGeneral AtlanticMontaguPartners GroupTPG
Wirepas provides a connectivity platform designed for enabling long-term, large-scale deployments of connected devices across various industries and applications.
Cloud ComputingIoT
Co-investorsCuriosity VCHighland EuropeKPN VenturesInventure
XM Cyber provides a continuous exposure management platform that discovers, prioritizes, and validates attack paths across on-premises and cloud environments for IT security and risk management teams.
Cloud ComputingCybersecurityEnterprise Software
Boaz Gorodissky(Founder)in
Co-investorsKickstart InnovationOIF VenturesOur Innovation Fund
Xolo provides business setup, invoicing, accounting, taxation, and compliance software for solo entrepreneurs and freelancers across multiple countries.
Enterprise SoftwareFintechFuture of WorkLegalTechSaaSTartu, EE
Allan Martinson(CEO)
Co-investorsMetaplanetSpecialist VCThorgate VenturesVendep CapitalAlmaz Capital
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.
Exits · 1
IPOs and acquisitions across the tracked portfolioTrademarkNowacq. by Corsearch
Portfolio news
latest coverage across their companiesMindgard · eu-startups.com · Aug 13, 2026
IQ Capital · siliconangle.com · Aug 13, 2026
Starship Technologies · qz.com · Jul 17, 2026
Patchstack · arcticstartup.com · Jul 17, 2026
Wireless Logic · rcrwireless.com · Jul 13, 2026
Thought Machine · thesaasnews.com · Jul 8, 2026
Commsignia · clairfield.com · Jul 6, 2026
Corsearch · bitscale.ai · Mar 25, 2026
Frequently asked questions
- How many investments has Karma Ventures made?
- Karma Ventures has 66 tracked investments, including 3 dated in the last 24 months.
- 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 $1.1M – $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, Robotics, 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.
- Who does Karma Ventures co-invest with?
- Karma Ventures most often shares deals with Specialist VC, Metaplanet, Insight Partners, among 122 tracked co-investors.
Media · Podcasts & interviews
featuring the teamGetting ready for Latitude59 2024 - with investor Margus Uudam from Karma Ventures
Latitude59 · Margus Uudam
Karma Ventures Founder Margus Uudam on the start-up spirit of Estonia
Quest Means Business · Margus Uudam
EstVCA’s Kaari Kink and Karma Ventures’ Margus Uudam on Estonia’s rise as dynamic startup ecosystems
EUVC · Margus Uudam
Margus Uudam – karma ventures
Capital On Stage · Margus Uudam
Co-investors · 6
Inventure is a generalist early-stage venture capital firm investing primarily across the Nordics and Baltics, having backed over 100 companies since 2005.
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.
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.
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 backs founders across multiple continents and at every stage through dedicated teams and funds.
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.
Firms observed investing alongside Karma Ventures, from public investor directories. Shared companies are the overlap with Karma Ventures's recorded portfolio.
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