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Karma Ventures is a venture capital firm founded in 2016, based in Tallinn, Estonia. The firm focuses on investing in deep-tech software startups across Europe, particularly in the Nordics. With a fund size of €77 million, Karma Ventures has established itself as a key player in the European venture capital landscape, emphasizing late seed and Series A investments. The firm has a portfolio of 28 companies, showcasing its commitment to supporting innovative technologies with commercial traction.
Over the years, Karma Ventures has evolved to become a prominent investor in the deep-tech sector, leveraging its operational experience to provide strategic guidance to founders. The firm has made notable investments in companies such as AppGyver, which was acquired by SAP, and Starship Technologies, known for its delivery robots. Karma Ventures aims to back companies that not only demonstrate unique technology but also possess global ambitions.
As of now, Karma Ventures is actively deploying its second fund, which was launched in 2021. The firm has a strong reputation within the Baltic and Nordic ecosystems, recognized for its focus on defensible technologies with significant market potential.
Karma Ventures primarily invests in deep-tech software companies that are developing innovative technologies. The firm targets late seed and Series A stages, typically investing between €1 million and €5 million per opportunity. Karma Ventures is committed to follow-on investments in later funding rounds, ensuring that its portfolio companies receive continued support as they scale.
The firm emphasizes the importance of unique technology and initial commercial traction in its investment criteria. Companies must demonstrate a clear path to global markets and possess defensible technology moats. This focus on early-stage technology companies allows Karma Ventures to build a portfolio that is not only diverse but also aligned with its thesis of supporting startups with significant market potential.
Geographically, Karma Ventures concentrates its efforts in Europe, particularly in the Nordics and Baltics, but is open to opportunities across the continent. The firm seeks to partner with founders who have a strong vision and the ambition to expand their businesses internationally.
Karma Ventures has backed a total of 28 portfolio companies, showcasing a diverse range of deep-tech software solutions. Notable companies include:
Margus Uudam: Founding Partner at Karma Ventures, Margus has extensive experience in venture capital and technology. He has been instrumental in establishing the firm's investment strategy and building its portfolio.
Kristjan Laanemaa: Co-founder of Karma Ventures, Kristjan brings a wealth of knowledge in deep-tech investments and operational expertise. His background includes significant roles in various technology startups.
Tommi Uhari: Co-founder of Karma Ventures, Tommi has a strong track record in supporting early-stage technology companies. His expertise lies in identifying promising startups and guiding them through their growth phases.
To pitch to Karma Ventures, founders should visit their website at karma.vc. The pitch deck should include a clear overview of the business model, market opportunity, and technology. Karma Ventures prefers to receive pitches through their online platform and values warm introductions, although they do not explicitly require them.
Response times may vary, but founders can expect feedback within a few weeks of submission. It is crucial to present a compelling case for why the startup aligns with Karma Ventures' focus on deep-tech software and global ambitions.
In November 2025, Karma Ventures made a notable investment in Leil Storage, a company providing high-density data storage solutions. This investment marks the firm's continued commitment to supporting innovative technology companies.
Throughout 2025, Karma Ventures has been active, completing five new investments and maintaining a total of 28 investments in its portfolio. The firm has also seen successful exits, including the acquisition of AppGyver by SAP and other notable companies like TrademarkNow and Plumbr.
What are Karma Ventures' investment criteria?
Karma Ventures focuses on deep-tech software startups that demonstrate unique technology and initial commercial traction. They typically invest in late seed and Series A stages, with check sizes ranging from €1 million to €5 million.
How can I pitch to Karma Ventures?
Founders can pitch their startups through the Karma Ventures website at karma.vc. It is advisable to include a clear business model, market potential, and details about the technology in the pitch deck.
What makes Karma Ventures different from other VC firms?
Karma Ventures combines financial backing with operational expertise, providing strategic guidance to founders. Their focus on deep-tech software and commitment to follow-on investments sets them apart in the venture capital landscape.
What is the geographic scope of Karma Ventures?
The firm primarily invests in Europe, with a strong emphasis on the Nordics and Baltics. However, they are open to opportunities across the continent.
What is Karma Ventures' post-investment involvement?
Karma Ventures actively supports its portfolio companies by leveraging its operational experience and deep connections within the deep-tech ecosystem. This includes assistance in scaling businesses and navigating market entry challenges.
What is the size of Karma Ventures' funds?
Karma Ventures has a total fund size of €77 million, with their first fund closing at €70 million in 2018. They are currently deploying their second fund, which was launched in 2021.
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