Investing in Exceptional Teams in the Baltics & Scandinavia

Where and how we invest

Startups – We invest in technical startups with traction

With our Seed Fund we invest in scalable technology-driven startups that can demonstrate initial traction in their seed stage. We like our companies to be based in the Baltics or Scandinavia.

We prefer rounds that give 18 months of runway with a goal of reaching series A after that. Our initial ticket size varies from EUR 50K-200K.

We are active investors often participating as supervisory board members or advisors to the team. When we lead the investment, we help with finding co-investors and putting together the document stack.

Gazelles – We also invest in growth companies in traditional fields

Our Growth Fund is designed for small and medium-sized businesses with a proven track and strong market position. We prefer companies with a growth story that can be realised with our participation. Our strategy is to acquire a minority shareholding in exchange for EUR 300K-700K investment.

We provide capital to realise a market or an M&A opportunity and could provide partial exit possibility to the shareholders. Our preference would be to help entrepreneurs gain access to bank financing by offering the equity component of such ventures. In addition to capital you will gain access to our team as an experienced partner to help figure out strategies for maximising value of the enterprise.

We look for long-term synergy between your and our team

Most importantly, we invest in smart people. Our preference is with teams of execution mindset and founders driven by facts and experimenting.

We are experienced managers with background in operations, marketing and finance. Our role in your enterprise will be that of a partner, a mentor and a fan. In addition to investing in your company we also help in strategy making and achieving operational excellence.

We are very excited to work with you.




+372 50 21 283

We are located in Tallinn at:

Spring Hub: Pärnu mnt 148, Tallinn, Estonia, 11317

  • Henri is the founding partner of Spring Capital Seed Fund and Spring Capital Growth Fund. With a 15-year career in telecommunications spanning marketing and operations, he is now curating the existing portfolio of our equity investments.


    Henri Treude

    Founding Partner

  • Priit is part of our Seed Fund’s Investment Committee. He is a seasoned entrepreneur with 20 years of leadership and innovation experience from the real estate and construction verticals.

    A member of ESTBAN, Priit has been an angel investor in 25+ startups including Bolt, Veriff, Fractory, Comodule, Bob W etc.


    Priit Uustulnd

    Member of the Investment Committee

  • Sean is a marketing and go-to-market advisor of Spring Capital Seed Fund. Having formerly been a Partner of 500 Startups and Katapult Accelerator, he has a rich history of investing in startups and mentoring them along the way. Sean is also a seasoned marketer and the former CMO of Whereby.


    Sean Percival

    Startup Advisor

  • Rändy is a partner of Spring Capital Growth Fund and specialises in investments into small cap equity and listed securities. Rändy is curating our listed securities positions. Rändy has an extensive background in financial and executive roles from banking and telecommunication sector.


    Rändy Hütsi


  • Tauri has 12 years of experience working in legal and 4 years of experience in venture capital and investment management. He is conducting the legal and compliance activities of our group enterprises and heading all the deal documentation preparation. Tauri is also mentoring our portfolio companies with regards to legal documentation and Estonian law.


    Tauri Hütt

    Legal Counsel and Compliance Officer

  • Theodor manages the communications with companies looking for funding and helps portfolio companies with fundraising. With a background in sales and marketing, Theodor is also making sure that Spring Capital has a presence online and major professional events.


    Theodor Kaljo

    Investment Manager


  • All
  • Seed
  • Small cap
  • Bolt (Estonia) is the smartest way to move around in your city.

    Bolt is an Estonian transportation network company founded and headquartered in Tallinn, Estonia. The company develops and operates the Bolt mobile application, which allows people to request a taxi or private driver from their smartphone, as well as electric scooters.

  • Transformative plant growing technologies.

    Click & Grow (Estonia) creates transformative technologies that allow growing of fresh, vitamin-packed food locally and sustainably.
    They move towards this goal through offering high-quality indoor gardens and food growing systems that support the dream of building large, self-sustainable farms to locations where they are needed the most.


    Clipman – grow your ecommerce with videos

    Clipman is a one click video creation tool for ecommerce stakeholders who need to make massive amounts of videos at low price and with high quality. Other editors are for making videos, Clipman is for making money.


    Meet the world’s most collaborative whiteboard

    Deekit service enables remote teams to collaborate more effectively by bringing whiteboard sketching and planning experience to the digital devices at hand. The experience is intuitive, real time and available on any device.

  • Defendec develops word-class remote premises surveillance technology.

    Defendec specialises in the development of world class remote premises surveillance technology. Defendec helps stop international smuggling, illegal trafficking, and acts of sabotage every day making it the technology of choice among border guards.

  • EyeVi Technologies (Estonia) is a provider of on-demand mapping technologies for transportation infrastructure companies.

    EyeVi aims to eliminate bottlenecks in predictive maintenance, traffic management and safety auditing with their geospatial AI-powered digital data production company. The mission is to make road infrastructure digitization sustainable, cost-efficient and fast.

  • Fairown (Estonia) provides a subscription solution for physical products.

    The software enables companies to launch, manage, and transform into a subscription business.

    Click here for the article on why we invested in Fairown

  • Fractory (Estonia) is an online manufacturing platform.

    Fractory streamlines out-sourcing in the manufacturing industry through an automated system. From instant pricing to smart supplier distribution to transportation. Making Made Easy.

  • LeadX (Norway) lets everyone in an organization post hot leads.

    This helps companies tap into the networks of their entire workforce and partners.

    Members are encouraged to post hot leads across organisational silos to help ensure warm introductions to customers through employees and partners.

    Click here for the article on why we invested in LeadX

  • Banking without barriers

    Monese is a branchless and digital banking service that offers instant account opening, cheap global payments and a debit card via their mobile app. Monese’s modern systems are based on secure cloud technologies and remove many of the barriers that legacy banking systems impose.

  • Promo Republic – Social Media Content Builder

    Promo Republic enables small businesses to create stunning social media posts in seconds with 100 000+ handcrafted templates, ideas and visuals.

  • Outfunnel (Estonia) is a marketing tool that connects sales and marketing data deeply and easily.

    Create deep data connections between all your marketing tools and CRM (Copper, Pipedrive and HubSpot).

  • React & Share (Finland) is a feedback and content analytics SaaS company located in Helsinki, Finland.

    They help content creators and communications teams “get more bang for their communications buck” by providing them with engagement tools and actionable analytics.

    Click here for the article on why we invested in React & Share

  • Remato (Estonia) builds seamless construction software for construction companies looking to do more with less.

    Software to manage crew, assets, and projects.

  • (Estonia) produces beautifully designed roofs (that happen to be pretty good at generating electricity!)

    Their most popular product is standing seam integrated photovoltaic module that can be used as a replacement of standard roofing materials.

  • Teamscope (Estonia) is an AI-driven talent analytics platform for executive search professionals.

    The platform combines big data analytics with scientific testing to analyse teams and help team leaders make better hiring decisions.

    Click here for the article on why we invested in Teamscope

  • Thinnect – IoT Edge of Network Service Provider

    Thinnect makes it simple to deploy and manage a wireless IoT network. Thinnect’s network technology strengths are its multi-service architecture, excellent self configuration capability and real time diagnostics.

  • Tjommi (Denmark) is a FinTech that helps customers get their money back if the price drops after the purchase.

    Tjommi makes it easy to collect all the purchase receipts in one place, tracks the bought items prices across the internet and then automatically sends refunds to customers once the price drops.

    Click here for the article on why we invested in Tjommi

  • Turing College (Lithuania) is an online-based data science & AI school tailored to level up young professionals.

    Turing College is remote, self-paced, and offers an Income Share Agreement for their learners to pay when they’re earning not when they’re learning.

  • UpSteam (Estonia) is pioneering a way towards more convenient and sustainable car care service.

    UpSteam is unlocking a multidimensional car service experience to all car owners by building a full stack mobile car maintenance (car wash, oil, tires) and management (inspection, insurance) platform to fill your every car related need. Since car washing is one of the most frequently used element of maintenance then we built a car wash on wheels. UpSteam has a vision of revolutionizing the car wash industry by bringing it to the 21st century!

  • Vembla (Sweden) is a grocery and pharamaceutical delivery app, right now live in Stockholm, Sweden.

    Environmentally friendly deliveries from local stores within 60 minutes.

    Click here for the article on why we invested in Vembla


    E-paper for the billboard industry

    Visitret Displays is developing an electronic paper material that enables the manufacturing of zero-power, outdoor-stable and video-capable displays with paper-like readability. Our technology will transform outdoor message board and traffic sign industries by replacing static screens with electronic video displays.

  • Warren (Estonia) is a complete self-service cloud platform for regional infrastructure service providers.

    The company provides a turnkey software solution for data centres, web hosting companies or new ventures.

  • Wisboo is an education portal that enables training businesses and independent experts develop self-branded portals for social learning.

    The platform provides everything for the creation, publication and even sale of online courses in a professional and intuitive way. No technical or design skills are required to develop online courses and offer an incredible learning experience from any device.

  • Wolf3D (Estonia) makes personal 3D avatars for games, fashion and VR/AR communication from a single selfie.

    Wolf3D’s mission is to make avatars that people can connect with and seamlessly use within multiple platforms.

    Click here for the article on why we invested in Wolf3D

  • Wonderwerk (Germany) is training software proven to help sales teams increase revenue.

    They take a data-driven approach to help sales teams identify skill gaps, recommend training and measure impact on revenue.

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