Despite their small size, Estonia, Latvia, and Lithuania have made a major mark in Europe’s startup ecosystem.
Estonia is known for producing success stories like Skype, Bolt, and Starship Technologies, while Lithuania’s standout is Vinted, the second-hand marketplace making waves internationally.
Drawing on PitchBook data and investor insights, here are six family offices actively investing across the Baltics:
Skaala (formerly Taavet+Sten), Estonia
Established in 2021 by former Skype executives Taavet Hinrikus and Sten Tamkivi, Taavet+Sten was created to fund ventures with a lasting impact.
In 2022, the pair helped cofound the venture capital firm Plural, which has since become their primary investment focus.
In late 2024, the original platform was renamed Skaala and evolved into an independent investment company, spanning multiple asset classes and impact-focused projects. Skaala is now led by Hinrikus, Tamkivi, CEO Kristina Siimar, and Legal Counsel Martin Tälli.
- Deals in the Baltics: 9
- Total investments: 26
- Active portfolio companies: 22
Ambient Sound Investments (ASI), Estonia
ASI was founded in 2003 by four of Skype’s early engineers, including Jaan Tallinn, Priit Kasesalu, and Ahti Heinla. Originally formed to hold a minority stake in Skype, ASI sold those shares to eBay in 2005.
Today, it operates as a family office with investments across Europe, the US, and Asia, alongside local deals in the Baltics.
- Deals in the Baltics: 27
- Total investments: 50
- Active portfolio companies: 10
Krokodilli Kapital, Estonia
Launched in 2021 by ex-Skype employee Mihkel Karu, Tallinn-based Krokodilli Kapital focuses on early-stage investments in fintech, proptech, clean energy, and healthtech startups.
- Deals in the Baltics: 10
- Total investments: 12
- Active portfolio companies: 12
Server Partners, Estonia
Server Partners was established in 2016 by Sergei Verbitski to invest family wealth across diverse ventures. Initially exploring sectors like hospitality, nightlife, and gaming, the family office has since pivoted towards technology fields such as space tech, the metaverse, and social initiatives.
- Deals in the Baltics: 5
- Total investments: 8
- Active portfolio companies: 6
Zenith Family Office, Estonia
Founded in 2011 by Hannes Pihl and Anton Gans, Zenith Family Office manages assets for multiple families out of Tallinn. The firm offers independent wealth management services across a variety of asset classes.
- Deals in the Baltics: 4
- Active portfolio companies: 4
Willgrow, Lithuania
Vilnius-based Willgrow was launched in 2016 by Mindaugas Raila, founder of trucking giant Girteka, alongside Edvardas Liachovičius.
Their goal was to put surplus capital to work through investments in private equity, venture capital, and direct tech investments across different sectors worldwide.
