Estonian startup Esgrid raises €400K

Estonian startup Esgrid has raised €400K in a new round of funding led by venture capital firm 2C Ventures. Other investors include companies that have previously invested in the startup: Lemonade Stand, Startup Wise Guys, and Copenhagen-based Greenco Ventures.

Established in Tallinn in 2023 by Katrin Isotamm, Oksana Tolmatshova, and Ott Ilves, Esgrid is a SaaS platform that helps European medium-sized enterprises and financial institutions collect data to assess and improve their ESG (environmental, social, and governance) performance. It also provides practical recommendations and advice on how to accelerate the transition to green energy. 

It is known that Esgrid will use the funds received to further expand in the area of supplier management, starting with supplier customization, evaluation and engagement.

Founded in 2024 by Herty Tammo, Hendrik Reimand, Taavi Veskimägi, and Martin Koppel, 2C Ventures aims to provide startups with initial investments ranging from €250K to €1M and follow-on investments in later rounds. In early 2024, 2C Ventures closed €32M for its fund, €20M of which was secured from the Estonian SmartCap Green Fund. The target size of the fund is €50M.

Launched in 2012, Estonian Startup Wise Guys is an accelerator that invests in early-stage startups from the Baltic, Central European, and African regions. Startup Wise Guys typically invests up to €500K per startup through multiple funds that manage €45M and are backed by more than 150 investors. The CEO of Startup Wise Guys is Сristobal Аlonso.

Lemonade Stand is a venture capital fund investing in early stage technology startups from the Baltic States and Eastern Europe. The company was founded in Tallinn, Estonia in 2019 by Siim Teller.

Founded in late 2022 by Dr. Terhi Vapola and Kaisa Hietala in Helsinki, Finland, Greencode Ventures focuses on European startups that accelerate the transition to a green economy.