About Karma Ventures
Karma Ventures is a venture capital firm founded in 2016. It is primarily based out of Tallinn, Estonia. As of Aug 2026, Karma Ventures is an active investor, having invested in 29 companies, with 3 new investments in the last 12 months. It primarily invests in Series A round in Estonia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Enterprise Infrastructure. Most recently it participated in the $***** Series A round of Mindgard Overall, Karma Ventures portfolio has seen 4 acquisitions, namely AppGyver, TrademarkNow and Plumbr. A lot of funds co-invest with Karma Ventures, with names like Specialist sharing a substantial percentage of its portfolio. Karma Ventures has team of 10 people including 5 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Series A, Seed & 2 more
Portfolio Soonicorns
Karma Ventures' List of Top Investments
Karma Ventures has a portfolio of 29 companies. Their most notable investments are in CGTrader and Patchstack.Their portfolio spans across Estonia, Finland, United States and 11 more locations. They have invested in Enterprise Applications, High Tech, Enterprise Infrastructure and 15 other sectors, across stages such as Series A, Seed and 2 more. Here is the list of top investments by Karma Ventures:Operator of autonomous robots for delivery of goods and advertising. The robots utilize sensors and machine learning to navigate and deliver items. These robots deliver hot food, groceries, and industrial supplies to customers. The company offers solutions for university campuses, grocery retailers, delivery applications, and industrial sites.
Key facts about Starship Technologies
- Founded Year: 2014
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $281M
- Employee Count: 459 as on Sep 30, 2026
- Investors: K2 Global, Mercedes-Benz and 40 Others
- Latest Funding Round: Series C, Oct 15, 2025, $*****
- Highlight: Editors' Pick
2. Tuum
Provider of a cloud-native API-first core banking platform.The platform follows the microservice architecture and is composed of independent modules that cover end-to-end everyday banking processes. It allows banks to operate multiple business lines from a single system, including accounts, lending, payments and cards, as well as go further through access to a pre-configurated ecosystem of partner solutions.
Key facts about Tuum
- Founded Year: 2019
- Location: Tallinn (Estonia)
- Annual Revenue: €1M - €10M as on Dec 31, 2023
- Stage: Series B
- Total Funding till date: $49.8M
- Employee Count: 137 as on Aug 31, 2026
- Investors: Sagard, Performance Equity Management and 10 Others
- Latest Funding Round: Series B, Mar 14, 2024, $*****
- Highlight: Editors' Pick
AI-powered chatbot development platform. It offers a no-code chatbot authoring platform that allows users to design, develop, and deploy conversational interfaces through API and RPA integrations with enterprise systems. Features a proprietary multi-language NLU engine that identifies user intents, sentiment, and system entities.
Key facts about Druid Intelligence
- Founded Year: 2018
- Location: Bucharest (Romania)
- Annual Revenue: $1M - $10M as on Dec 31, 2022
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $78.5M
- Employee Count: 223 as on Aug 31, 2026
- Investors: Cipio Partners, TQ Ventures and 11 Others
- Latest Funding Round: Series C, Sep 16, 2025, $*****
- Highlight: Editors' Pick
4. Wirepas
Provider of wireless connectivity software for industrial and commercial IoT deployments. This software offers infinitely scalable and ultra-reliable mesh networking solutions. The system is self-organizing, creating its own infrastructure to minimize total cost of ownership. It supports various node types, including low-latency, low-energy, mains-powered, and battery-powered devices. The technology is proven in millions of devices globally.
Key facts about Wirepas
- Founded Year: 2010
- Location: Tampere (Finland)
- Annual Revenue: €1M - €10M as on Dec 31, 2025
- Stage: Series D
- Total Funding till date: $74.9M
- Employee Count: 90 as on Aug 31, 2026
- Investors: Highland Europe, European Investment Bank and 11 Others
- Latest Funding Round: Venture Debt, Jun 09, 2026, $*****
- Highlight: Editors' Pick
5. Pactum
Developer of an agentic AI platform for enterprise procurement negotiations. The platform facilitates autonomous negotiations with suppliers to identify mutually beneficial agreements. It provides tools for autonomous negotiations, dashboards for value creation insights, and operational oversight. The platform aims to enhance supplier engagement and increase business velocity. It also builds a library of negotiation behavioral learnings.
Key facts about Pactum
- Founded Year: 2019
- Location: Mountain View (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $108M
- Employee Count: 156 as on Sep 30, 2026
- Investors: Atomico, Superangel and 14 Others
- Latest Funding Round: Series C, May 16, 2025, $*****
- Highlight: Editors' Pick
Karma Ventures' Year-on-Year Investment Trends
Karma Ventures has invested in 29 companies over the last 9 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 5 investments, while as of Aug 2026, it has made 1 investment in this year. Its most recent first time investment was in Mindgard and most recent follow-on round was in Druid Intelligence.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 4 | 1 | 5 |
2024 | 2 | 1 | 3 |
2023 | 1 | 3 | 4 |
2022 | 4 | 4 | 8 |
2021 | 0 | 4 | 4 |
2020 | 2 | 2 | 4 |
2019 | 5 | 3 | 8 |
2018 | 1 | 0 | 1 |
2017 | 8 | 0 | 8 |
Karma Ventures' Investments by Stage
Karma Ventures has made 16 investments in Series A stage with an average round size of $8.67M, 8 investments in Seed stage with an average round size of $1.66M, 2 investments in Series B stage with an average round size of $18.2M and 2 investments in Series C stage with an average round size of $30.8M.Stage of entry | No. of Investments |
|---|---|
Series A | 16 |
Seed | 8 |
Series B | 2 |
Series C | 2 |
Note: We have considered here, only first round of investments
Karma Ventures' Investments by Sector
Karma Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, High Tech, Artificial Intelligence - Industry Applications and Vertical SaaS. Notably, it has invested in 29 Tech companies, 27 Enterprise (B2B) companies, 27 Software companies and at least 17 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 23 |
Enterprise Infrastructure | 12 |
High Tech | 12 |
Artificial Intelligence - Industry Applications | 6 |
Vertical SaaS | 6 |
Others | 33 |
Note: We have considered here, only first round of investments
Karma Ventures' Investments by Geography
Karma Ventures has made most investments in Estonia (9), followed by Finland where it has made 4 investments.Country | No. of Investments |
|---|---|
Estonia | 9 |
Finland | 4 |
United States | 3 |
Sweden | 2 |
United Kingdom | 2 |
Others | 8 |
Note: We have considered here, only first round of investments
Karma Ventures' recent investments
Karma Ventures has made 1 investments in 2026 so far - Mindgard.Here are the most recent investments by Karma Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 12, 2026 | United Kingdom | Series A | 7625 | [+4] | |
Nov 06, 2025 | Estonia | Seed | 4418 | ||
Oct 15, 2025 | United States | Series C | 4008 | [+4] | |
Sep 16, 2025 | Romania | Series C | 5013 | [+2] | |
Jun 18, 2025 | Finland | Series A | 5869 | [+2] |
Acquired companies in Karma Ventures' Portfolio
4 companies from Karma Ventures' portfolio have been acquired. The most recent acquisition was SpectX in Sep 2021 by Dynatrace for $*****.Here are Karma Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 14, 2021 | May 25, 2017 | Seed | 5019 | |
Feb 11, 2021 | Oct 24, 2017 | Seed | 7803 | |
Oct 20, 2020 | Apr 11, 2017 | Seed | 7030 | |
Aug 27, 2020 | Oct 03, 2017 | Series A | 5504 |
Team profile of Karma Ventures
Karma Ventures has a team of 10 members including 5 Partners and 1 Principal located in Estonia, Germany and 1 more location. Karma Ventures' team does not sit on the board of any company as of now.Here is a list of all team members in Karma Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | ||
Partner | Tallinn | - | - | |
Partner | Tallinn | - | ||
Partner | Estonia | - | - | |
Partner | Luxembourg | - | - | |
Principal | Berlin | - |
Co-investors of Karma Ventures
Over the past 9 years, 198 investors have co-invested in Karma Ventures's portfolio companies. This includes funds and angels.
- Invested before Karma Ventures: Europa, Metaplanet and 84 others have invested in rounds before Karma Ventures. There are 5 companies where Europa has invested before Karma Ventures and 2 companies where Metaplanet has invested before Karma Ventures.
- Top Co-investors of Karma Ventures: 51 investors entered a company along with Karma Ventures. These include investors like Specialist (2 companies).
- Invested after Karma Ventures: A total of 61 investors have invested in Karma Ventures's portfolio after their investments. Top Investors include Smedvig Capital (2 companies), Verve Ventures (2 companies) and Europa (2 companies).
Recent News related to Karma Ventures
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Leil Secures €1.5M Seed Funding for Hyperscale Storage AccessibilityStartup Rise EU•Nov 06, 2025•LEIL, Specialist, Karma Ventures
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Starship Technologies Secures $50 Million Series C to Expand Autonomous Delivery in US CitiesRobotics and Automation News•Oct 15, 2025•Bolt.new, Starship Technologies, Delivery Hero, Wolt and 15 others
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DRUID AI snaps $31M to accelerate agentic AI growthTech Funding News•Sep 17, 2025•Smedvig Ventures, Druid Intelligence, Cipio Partners, Hoxton Ventures and 2 others
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Druid AI raises $31M,hires CEO to scale Agentic AI platformSiliconAngle•Sep 16, 2025•Druid Intelligence, Cipio Partners, TQ Ventures, Hoxton Ventures and 2 others
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Finnish SaaS Swarmia Raises €10M for Engineering ProductivityEU-Startups•Jun 18, 2025•Swarmia, Dig Ventures, Karma Ventures
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WunderGraph raises $7.5M to scale its open source API platform with help from eBayRefresh Miami•Mar 28, 2025•WunderGraph, eBay, Karma Ventures, eBay and 1 other
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WunderGraph Raises $7.5M in Series A FundingFinSMEs•Mar 27, 2025•WunderGraph, Karma Ventures, eBay, Aspenwood Ventures
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BforeAI raises €9 million for its #PreCrime technologyFrenchWeb•Jan 07, 2025•Bfore.Ai, Titanium Ventures, SYN Ventures, Partnership Fund for New York City and 3 others
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Estonian Patchstack raise $5M Series A for open-source cybersecurity toolTech.eu•Sep 16, 2024•Patchstack, Karma Ventures, Giesecke+Devrient, Emilia Capital and 1 other
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Estonian-founded negotiation startup Pactum closes $20M funding roundAIN.Capital•Jul 12, 2024•Pactum, Karma Ventures, Maersk
