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    Karma Ventures

    Tallinn, EstoniaFounded 2016
    www.karma.vcLinkedIn
    AIEnterprise SoftwareSaaS

    Karma Ventures is a Tallinn-based venture capital firm backing deep-tech software startups in Europe at the late seed and Series A stages. It was created by early employees of Skype and invests time, money, and operational experience in exceptional founders.

    Deal activity decreased year-over-year (1 deal in the last 12 months vs 4 prior). Their most common stage is series-a (41% of deals). Average disclosed round size is $18.2M (across 32 rounds with reported amounts).

    Find people at Karma Ventures on Goldilocks AI

    Portfolio

    26

    Fund Size

    $108M

    Top Stage

    Series A

    Last 12 Mo

    1

    Team

    KL

    Kristjan Laanemaa

    Founding Partner

    MU

    Margus Uudam

    Founding Partner

    TU

    Tommi Uhari

    Founding Partner

    LV

    Linda Võeras

    Venture Partner

    SS

    Ska Sijia Du

    Principal

    MK

    Marianne Kikas

    Office Manager

    RV

    Riin Vähk

    Finance Manager

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    44 investments
    CompanyRoundAmountDate
    Mindgard logoMindgardSeries A$30MAug 2026
    Druid logoDruidSeries C$31MSep 2025
    Druid AI logoDruid AISeries C$31MSep 2025
    Swarmia logoSwarmiaSeries A—Jun 2025
    WunderGraph logoWunderGraphSeries A$7.5MMar 2025
    Druid AI logoDruid AISeries C$31MJan 2025
    Druid logoDruidSeries C$31MJan 2025
    BforeAI logoBforeAISeries A$15MApr 2024
    Patchstack logoPatchstackSeries A$5MJan 2024
    Pactum logoPactumGrowth$20MJan 2024
    Druid logoDruidSeries B—Sep 2023
    HydroGrid logoHydroGridUnknown$8.5MJan 2023
    Pactum logoPactumSeries B—Dec 2022
    Minut logoMinutSeries B$15MDec 2022
    May Mobility logoMay MobilitySeries C$111MJul 2022
    Lucinity logoLucinitySeries B$17MJul 2022
    Druid logoDruidGrowth—May 2022
    Tuum logoTuumSeries A—Jan 2022
    Infermedica logoInfermedicaSeries B$30MJan 2022
    Druid logoDruidSeries A$15MJan 2022
    Tuum logoTuumSeries B—Jan 2022
    Tuum logoTuumSeries A—Jan 2022
    CGTrader logoCGTraderSeries B$9.5MFeb 2021
    Sonarworks logoSonarworksUnknown$6MJan 2021
    Infermedica logoInfermedicaSeries A$10MAug 2020
    Page 1 of 2

    Top Co-Investors

    Hoxton Ventures9 shared
    Smedvig Capital6 shared
    TQ Ventures6 shared
    Kima Ventures6 shared
    Endeavor6 shared
    GapMinder5 shared
    Speedinvest5 shared
    Cipio Partners4 shared
    Portage Ventures3 shared
    BlackFin Capital Partners3 shared
    Molten Ventures3 shared
    Tera3 shared
    Global Brain Corporation3 shared
    Practica Capital3 shared
    International Finance Corporation3 shared
    European Bank for Reconstruction and Development3 shared
    Inovo3 shared
    byFounders2 shared
    Lightspeed Venture Partners2 shared
    Crowberry Capital2 shared

    Last updated: 20 October 2026