European tech funding raised by Estonia startups during H1 2025.
In H1 2025, 29 startups in Estonia raised a combined €231M across 30 funding rounds, down 50.7% versus H1 2024. Energy was the most active sector, and SmartCap was the most active investor. Data as of 9 Jul 2026.
| Company | Stage | Date | Amount |
|---|---|---|---|
| Sunly | Debt | Mar 2025 | €62M |
| Pactum | Series C | Jun 2025 | €47M |
| Blackwall (formerly BotGuard) | Series B | Mar 2025 | €45M |
| UP Catalyst | Debt | Apr 2025 |
2 exits · €160M disclosed.
| XData Group | Merger | May 2025 | €160M |
| €18M |
| Stargate Hydrogen | Series A | Mar 2025 | €11M |
| Wayren | Growth/Late | May 2025 | €7.9M |
| Lendurai | Seed | Jun 2025 | €5.6M |
| Elcogen | Other | Jan 2025 | €5.0M |
| Grid Raven | Other | Feb 2025 | €4.0M |
| Frankenburg Technologies | Other | Mar 2025 | €4.0M |
| Cino | Seed | Mar 2025 | €3.5M |
| Fusebox | Other | Jan 2025 | €2.6M |
| Soldera | Other | Mar 2025 | €2.5M |
| Gridio | Seed | Jan 2025 | €2.4M |
| Flowstep | Seed | Jun 2025 | €2.2M |
