Lemonade Stand is an Estonia-based venture capital firm founded in 2019, investing €50-300K into early-stage B2B software companies founded by Baltic and Eastern European entrepreneurs. The firm backs teams at the pre-product or pre-revenue stage and supports portfolio companies throughout their lifecycle.
Their most common stage is seed (48% of deals). Average disclosed round size is $2.3M (across 6 rounds with reported amounts).
Portfolio
22
Fund Size
—
Top Stage
Seed
Last 12 Mo
0
Team
DM
Derek Miner
Partner
JR
John Rowa
Partner
ST
Siim Teller
Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
23 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Esgrid | Pre-Seed | — | Apr 2025 |
 Soldera | Seed | — | Jan 2025 |
 Blackswan Space | Pre-Seed | — | Apr 2024 |
 SensusQ | Unknown | — | Feb 2024 |
 Fertifa | Seed | $6.3M | Jun 2023 |
| WWowflow | Seed | — | Aug 2022 |
 Woola | Seed | — | Dec 2021 |
 Grünfin | Unknown | — | Jan 2021 |
 Warren | Seed | $1.4M | Nov 2020 |
 Remato | Unknown | $530K | Sep 2020 |
 Outfunnel | Pre-Seed | — | Sep 2020 |
| AaskRobin | Seed | $1.7M | May 2020 |
 Dashbird | Seed | $2.1M | Jan 2020 |
 DriveX | Pre-Seed | — | — |
 Ligence | Seed | — | — |
 Eziil | Unknown | — | — |
| KKwota | Pre-Seed | — | — |
 Deepflare | Unknown | — | — |
 DriveX Technologies | Pre-Seed | — | — |
 Value.Space | Seed | — | — |
| VVisory | Seed | $1.8M | — |
| MMontonio Finance | Series A | — | — |
| Blackswan Space | Seed | — | — |
Top Co-Investors
Superangel4 shared
Passion Capital3 shared
Startup Wise Guys3 shared
Specialist VC3 shared
Plug and Play Tech Center2 shared
Foundation Capital1 shared
Speedinvest1 shared
EQT Foundation1 shared
Calm/Storm Ventures1 shared
Notion Capital1 shared
Conviction Partners1 shared
Triple Point Ventures1 shared
Ribbit Capital1 shared
Kaszek1 shared
QED Investors1 shared
Syndicate One1 shared
Entourage1 shared
HighSage Ventures1 shared
Greencode Ventures1 shared
Last updated: 20 October 2026