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Tera Ventures Fund II raises 21 million euros of investments for seed-stage startups

  • 2018-09-14
  • TBT Staff

Tallinn, Estonia: Tera Ventures announces first closing for Tera Ventures Fund II with 21 Million euros for investing in seed-stage technology startups located in key tech hubs in Estonia and neighboring countries.

Tera Ventures portfolio includes a number of notable Estonian investments such as GrabCAD, Cleveron, and Monese. According to the company Founding Partner Andrus Oks, Tera Ventures has already raised 21 million and plans a final close of 55 million euros seed stage fund in the coming months. Partners of Tera Ventures second fund include The European Investment Fund (EIF), LHV pension funds, Mistletoe Venture Partners International, as well Estonian high net worth individuals. EIF investment is made from own resources and the EstFund - an initiative created by cooperation between the Republic of Estonia, KredEx and the European Investment Fund and financed under European Structural and Investment Funds.

“Announcing the first close allows the Fund to start the investment process immediately. The Venture Fund II is open to all high potential seed-stage startups from Estonia and neighbor countries that meet the Fund investment criteria and want to grow their business,” states Oks. 

Tera Ventures II aims to invest in 25-30 seed-stage technology startups located in key tech hubs in Estonia, (including eligible e-residents), Finland, Denmark, Latvia, Lithuania, Poland, Sweden and the Czech Republic. Fund II is vertical agnostic seeking digital startups creating network effects, applying machine learning, and other enabling technologies which will become the infrastructure of our future lives. Initial check sizes will be between €200K - €1.5 Million per company with significant follow-on funding for select investments.

According to Andrus Oks, Tera Ventures provides startups with practical assistance from experts and industry veterans that enable entrepreneurs the right foundation to compete on world stage and attract top-tier partners and venture capital from international investors. “We also help startups to build networks in the markets where our portfolio companies want to expand to – the UK, the US, and Asia,” says Andrus Oks, Founding Partner.

This investment fulfills LHV's goal to increase its position in a rapidly growing and promising IT sector, says Kristo Oidermaa, Fund Manager of LHV Pension Funds, partner of The Ventures Fund II. "Our commitments to Venture Capital currently amount to 21 million euros. Estonia has a good track record for IT growth companies, and the investment in Tera Ventures Fund II gives us a great opportunity to further contribute to this sector," explained Oidermaa.

The founder of Monese, fintech startup that announced 60 million dollars Series B funding last week, Norris Koppel says that the team of Tera Ventures has been a critical component in the success of Monese. “What they have brought to the business extends far beyond their investment.  Tera team has a deep understanding of the support that an entrepreneur needs as their business grows – this has made them genuine partners throughout our journey from early stage to scale-up,” said Koppel.

Founded in 2016, Tera Ventures is among the biggest venture capital firms based in Tallinn, Estonia in technology sector that manages investments in start-ups with global development potential. With offices in Estonia, Finland, and California, Tera Ventures is focused on investing in seed-stage technology startups from Estonia, Scandinavia and CEE. 

Tera Ventures Fund II is Tera Ventures second fund for investments in startups in technology sector. Founded in 2016, Tera Ventures Fund I that emerged through the process of re-organizing SmartCap, has proven to be very successful today: the Fund portfolio includes a number of success stories of the Estonian startup industry, such as GrabCAD, Cleveron and Monese. The Fund has achieved many successful exits and the majority of its current portfolio is made of high-potential startups.