Nov 29, 2021

dan@tech.eu Tallinn-based Karma Ventures has closed its second fund with a hard cap at €100 million. The firm will use the capital to continue backing the most promising early-stage European deeptech startups in Seed and Series A rounds, with a ticket size ranging up to €5 million. Led by Tommi Uhari , Margus Uudam , and Kristjan Laanemaa , the trio has over a decade of experience both working with, and investing in deeptech startups with a number of successful exits to SAP, Synatrace, and Splunk, to name a few. The firm’s second fund is backed by Baltic Innovation Fund 2 (BIF 2), an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and European Investment Fund, the founding engineers of Skype, Jaan Tallinn and Ahti Heinla (currently at Starship Technologies), Till Quack (Qualcomm, Apple, Mapillary), Jani Huoponen (Google) and Sergei Anikin (CTO at Pipedrive). They join longstanding investors Isomer, Skype founder’s investment company ASI and the pension funds of Swedbank and LHV. “We are very grateful for the extremely strong vote of confidence from our existing and new investors,” commented Uudam. “Closing Karma II marks another significant milestone in our mission to partner with deep-tech start-ups in Europe solving significant global challenges. Having a strong background in deep-tech and being confident with the technological risks involved, we aim to help founders build companies with positive global impact.” Founding partner Kristjan Laanemaa added, “The Nordic-Baltic region has the highest density of unicorns per capita in Europe. This is creating an inspiring environment for strong deep tech startups. We are excited to leverage our deep tech startup expertise in all of Europe.” Share this: