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Specialist VC is a venture capital fund founded in 2017 and based in Tallinn, Estonia. The firm focuses on supporting early-stage tech companies across the Baltic states, Finland, and Ukraine. With a strong emphasis on pre-seed to Series A investments, Specialist VC aims to identify and nurture extraordinary startups led by exceptional founders. The fund is backed by a diverse group of limited partners, including senior operators from notable tech companies such as Veriff, Wise, and Bolt.
Currently, Specialist VC manages assets under management (AUM) of €50 million and has invested in over 80 companies. The firm has achieved notable milestones, including several successful exits and a growing portfolio of innovative startups. Specialist VC operates primarily in Estonia, Latvia, Lithuania, Finland, and Ukraine, positioning itself as a key player in the early-stage tech investment landscape.
Specialist VC invests primarily in sectors such as B2B, SaaS, fintech, platforms, software-enabled hardware, and deep tech. The fund typically engages in investments ranging from €250,000 to €3 million, focusing on early-stage opportunities. Additionally, Specialist VC participates in secondary investments in Series A+ rounds, providing a comprehensive approach to supporting its portfolio companies. The firm emphasizes backing extraordinary early-stage tech startups in the Baltic region and Ukraine, highlighting innovation and strong founding teams.
Investment criteria include a preference for companies with exceptional leadership and a clear vision for growth. Specialist VC seeks to partner with founders who demonstrate resilience and adaptability in their business models. The firm’s investment strategy is designed to provide not only capital but also strategic guidance and resources to help startups thrive in competitive environments.
Specialist VC has invested in over 80 early-stage tech companies, including notable unicorns like Bolt, a ride-hailing and mobility platform, and Starship Technologies, which focuses on autonomous delivery robots. Other significant portfolio companies include Veriff, an AI-powered identity verification service; LightYear, a solar-powered vehicle manufacturer; SalV, a health tech company; Dr House, a telemedicine platform; and Xolo, a service for freelancers and entrepreneurs.
Notable exits from Specialist VC's portfolio include Cake Equity (2024), SiteMinder (2022), GoCardless (2022), and Motive (2022). Other companies in the portfolio include Giraffe, a property camera service; Cybexer, a cybersecurity firm; and Kilo.Health, a health tech company. The firm continues to expand its portfolio, focusing on innovative solutions across various sectors.
Riivo Anton - Co-Founder/Partner; Riivo is a serial entrepreneur and co-founder of Civitta, with over 50 investments under his belt. He handles sourcing, analysis, and fund management.
Gerri Kodres - Co-Founder/Partner; Gerri has made over 40 startup investments and previously grew Fortumo. He was named 'Investor of the Year' by EstVCA in 2019 and is involved in daily portfolio management.
Kaspar Hanni - Partner; Kaspar has a background in business development and M&A, previously working with Ekspress Grupp. He is a founding member of EstBAN and has received the 'Angel of the Year' award.
Karina Univer - Investment Manager; Karina has over 10 years of experience supporting the CEE tech ecosystem and has a banking background. She is an alumna of the Atomico Angel Programme.
Samela Kivilo - Investment Manager; Samela focuses on analytics, deal sourcing, and ESG. She is a graduate of the Stockholm School of Economics and has a deep tech focus.
Tõnu Esko - Venture Partner & Scientific Advisor; Tõnu is a genomics professor and healthtech/techbio expert, serving as a senior manager at the Estonian Biobank.
Barbara Batchelor - Finance & Operations Manager; Barbara has previously worked at Wise and Vitality, bringing financial expertise to the team.
Oliver Strastin - Associate; Oliver has a background in financial markets and focuses on social media and deal flow analysis.
To pitch Specialist VC, founders should use the preferred channel of email at riivo.anton@specialist.vc or through their website at specialist.vc. The pitch deck should include a clear overview of the business model, market opportunity, and details about the founding team. It is advisable to provide any relevant metrics or traction that demonstrate the startup's potential.
Response times can vary, but founders can generally expect to hear back within a few weeks. Warm introductions are preferred, but cold pitches are also accepted. Specialist VC encourages founders to be concise and focused in their presentations.
In 2024, Specialist VC achieved a notable exit with Cake Equity. In 2022, the firm celebrated exits from SiteMinder and GoCardless. The firm continues to expand its portfolio, focusing on innovative solutions across various sectors.
Specialist VC's Fund II is targeting €50 million, with the first close at €42 million. The firm is backed by the BIF 2 initiative, which promotes cooperation between Estonia, Latvia, Lithuania, and the European Investment Fund (EIF).
What are Specialist VC's investment criteria?
Specialist VC primarily invests in early-stage tech companies at the pre-seed to Series A stages. The firm looks for exceptional founders with strong leadership qualities and innovative business models. They focus on sectors such as B2B, SaaS, fintech, platforms, software-enabled hardware, and deep tech.
How can I apply or pitch to Specialist VC?
Founders can pitch to Specialist VC through their website at specialist.vc or by emailing riivo.anton@specialist.vc. It is recommended to include a detailed business plan and information about the founding team in the pitch deck.
What makes Specialist VC different from other venture capital firms?
Specialist VC differentiates itself by focusing on the Baltic region and Ukraine, providing tailored support to early-stage tech startups. The firm leverages its extensive network of industry experts to offer strategic guidance in business development, fundraising, and market entry strategies.
What is the typical fund size and check size for investments?
Specialist VC has a fund size of €50 million, with typical check sizes ranging from €250,000 to €3 million. The firm also engages in secondary investments in Series A+ rounds.
What is the geographic scope of Specialist VC's investments?
The firm primarily invests in Estonia, Latvia, Lithuania, Finland, and Ukraine, focusing on early-stage tech companies in these regions.
What kind of post-investment involvement does Specialist VC have?
Specialist VC provides ongoing support to its portfolio companies, including strategic guidance, business development assistance, and access to their extensive network of industry experts.
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