Tera Ventures, a Tallinn, Estonia-based venture capital firm, held the first close of its second fund, at €21m.
Limited Partners in the second fund include:
– The European Investment Fund (EIF),
– Mistletoe Venture Partners International, as well as
– Estonian high net worth individuals.
The fund 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’s initial check sizes will be between €200K – €1.5m per company with significant follow-on funding for select investments. The vehicle is vertical agnostic seeking digital startups creating network effects, applying machine learning, and other enabling technologies.
The target size is €55m with a substantial amount already committed to the 2nd close which is expected in the coming months.
Founded in 2016 by Andrus Oks, Stanislav Ivanov, and James McDougall, Tera Ventures will continue investing in born global startups ready to succeed in international markets. The firm has offices in Estonia, Finland, and California.
Tera Ventures Fund I has a number of notable investments including GrabCAD, Cleveron, and Monese which just announced a Series B round.