Estonian Specialist VC opens new €50M fund to support Baltic, Finnish, Ukrainian, and Belarusian startups

The Tallinn-based tech investor Specialist VC has announced the first close of a new €50 million fund at €42 million. The Specialist VC Fund II has been backed by the founders of Bolt, Veriff, and Vinted, Tech.eu reports.

• Founded in 2017 by Riivo Anton and Gerri Kodres, Specialist VC is often the first institutional investor to its portfolio companies, investing alongside top local angel investors and unicorn founders. Previously, the fund supported mainly the startups from the Baltics region, but now it is expanding.
• Specialist VC focuses primarily on pre-seed and Series A rounds in B2B, SaaS, fintech, platforms, software-enabled hardware, Web3, and deep tech verticals. Its ticket size ranges from $250,000 to $3 million.
• Fund II will make over 40 investments in startups from Estonia, Latvia, Lithuania, and Finland. Furthermore, the new fund will also start investing in founders from Ukraine and Belarus who are building their businesses in the Baltics and Finland.
• In 2018, the previous Fund I made over 45 investments. Its portfolio included the unicorns Bolt and Veriff, as well as Starship, COMODULE, Monese, and NFTPort.
• Specialist VC is planning to have the final close of Fund II in May 2022.