Fundraising Fox
Thorgate Ventures
Venture capitalSeed
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Investment thesis
Thorgate Ventures backs early-stage startup teams that demonstrate a balance of strong culture, passion, rationality, and execution power. Grown out of the founders' own experience building Thorgate, the firm invests up to EUR 50,000 in projects it sees potential in, paired with personal founder mentorship. Beyond capital, it provides access to developers and designers for digital product work, a network of advisors, and connections to additional capital for future rounds. The firm positions itself as a hands-on partner focused on supporting founders far beyond the monetary investment, aiming to use technology to make the world a better place.
Source: firm website, verified Aug 7, 2026.
What they invest in
from 16 of 21 portfolio companiesSaaS ×9Enterprise Software ×5AI & Machine Learning ×4Advanced Manufacturing ×3Construction Tech ×3Energy ×3IoT ×3Cloud Computing ×2
HQs:Estonia×8European Union×1
Investments · 21 tracked
founders shown can be your intro pathBilance is a personal finance mobile app that connects to users' bank accounts to track expenses, categorise spending with AI, set budgets, monitor recurring bills and net worth, and share financial planning with a partner.
AI & Machine LearningConsumerFintech
Co-investorsSpecialist VC
EZIIL is a cloud-based production planning, scheduling, and job tracking software for custom steel fabrication shops with 15 to 150 people.
Advanced ManufacturingConstruction TechSaaS
Maido Janke(Co-founder)in
Co-investorsSuperAngel
GlobalReader provides hardware devices (BlackBox, ScoutBox) and software that collect and analyze real-time production data for manufacturing companies, with features for quality control and AI-based process optimization.
Advanced ManufacturingIoTSaaS
Hepta is an engineering firm that provides design services for high-voltage installations (110kV–330kV), electrical and communication networks, lighting, roads, and BIM/3D visualization, as well as wind farm development.
CleantechConstruction TechEnergyTallinn, EE
Tanel Lomp(CEO, Board Member)
Co-investorsContrarian Ventures
Hepta Airborne provides an AI-enhanced software platform that analyzes drone, helicopter, LiDAR, satellite, and ground patrol data to detect and score anomalies on power grid transmission and distribution lines.
AI & Machine LearningEnergySaaS
Co-investorsAxon Partners GroupContrarian VenturesEIT InnoEnergyExpansion Capital
Moderan provides customized property management software for commercial real estate owners and investors to manage properties, leases, and operations.
Enterprise SoftwarePropTechSaaSTallinn, EE
Co-investorsGorilla Capital
Patchstack is a security platform that helps make open-source software safer.
CybersecurityDeveloper ToolsNot explicitly stated
Oliver Sild(Founder)in
Co-investorsKarma VenturesSpecialist VCTrueSight VenturesG+D VenturesTrind Ventures
Remato provides real-time workforce and equipment tracking for construction sites through a plug-and-play card reader system.
Construction TechIoTSaaS
Ranno Käomägi(Founder & CEO)inToomas Savisaar(Founder & Head of Sales)inViljar Kärgenberg(Head of Technology)inUku Pattak(Head of Product)inMikk Noorkõiv(Head of Operations)
Co-investorsPassion CapitalSpring CapitalSuperAngel
Seedcamp is a London-based seed fund founded in 2007 that backs European founders at the pre-seed and seed stage.
AI & Machine LearningDigital HealthHealthtech
Jonathan Swerdlin(Co-founder and CEO)inMark Hyman(Chief Medical Officer and Co-Founder)inPranitha Patil(Chief Business Officer)inSeth Weisfeld(Chief Design Officer)in
Co-investorsAndreessen HorowitzRedpoint VenturesAnthemis Venturebacktrace capitalEstag CapitalFirestartr+6 more
Thorgate is a product development agency that builds web and mobile applications for startups and corporations, with particular expertise serving traditional industries like forestry and energy that are adopting digital technologies.
Cloud ComputingDeveloper ToolsEnterprise SoftwareSaaSTallinn, EE
U24 Solutions develops video games and interactive experiences, including titles Cradle of Sins and STREAMBLE, with a focus on VR and PC cross-play, AI-driven NPCs, and cloud gaming.
AI & Machine LearningCloud ComputingGaming
Vestman Grupp, founded in 1995, manages forest and agricultural land in Estonia, renting out farmland, growing biodiverse forests, and carrying out logging.
AgTechClimate TechEnergy
Waybiller provides digital e-waybill software that digitizes logistics operations and replaces paper-based processes for businesses across the Baltics, Nordics, and beyond.
Enterprise SoftwareLogistics & Supply ChainSaaSTallinn, EE
Ivar Merilo(Founder)in
Co-investorsGorilla Capital
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)in
Co-investorsKarma VenturesMetaplanetSpecialist VCVendep CapitalAlmaz Capital
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Alesco VenturesBabashCoursyGateme
Portfolio news
latest coverage across their companiesSeedcamp · eu-startups.com · Jun 22, 2026
Frequently asked questions
- How many investments has Thorgate Ventures made?
- Thorgate Ventures has 21 tracked investments.
- What stage does Thorgate Ventures invest at?
- Thorgate Ventures invests at the Seed stage.
- What is Thorgate Ventures's typical check size?
- Thorgate Ventures typically writes checks of $50K – $55K.
- What sectors does Thorgate Ventures focus on?
- Thorgate Ventures focuses on Sector Agnostic.
- Does Thorgate Ventures lead rounds?
- Thorgate Ventures typically participates in rounds rather than leading them.
- Who does Thorgate Ventures co-invest with?
- Thorgate Ventures most often shares deals with Gorilla Capital, Specialist VC, Karma Ventures, among 19 tracked co-investors.
Images
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