About Lemonade Stand
Lemonade Stand is a venture capital firm founded in 2019. It is primarily based out of Tallinn, Estonia. As of Apr 2025, Lemonade Stand has invested in 37 companies. It primarily invests in Seed round in Estonia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and HealthTech. Most recently it participated in the €***** Seed round of Esgrid Overall, Lemonade Stand portfolio has seen 1 unicorn and 1 acquisition, namely Veriff and Outfunnel. A lot of funds co-invest with Lemonade Stand, with names like Change Ventures sharing a substantial percentage of its portfolio. Lemonade Stand has team of 2 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Angel
Portfolio Acquisitions
Portfolio Unicorns
Lemonade Stand's List of Top Investments
Lemonade Stand has a portfolio of 37 companies, one of which is a Unicorn. Their most notable investments are in Dillali and Dillali.Their portfolio spans across Estonia, United Kingdom, Lithuania and 5 more locations. They have invested in Enterprise Applications, FinTech, HealthTech and 21 other sectors, across stages such as Seed, Angel stages. Here is the list of top investments by Lemonade Stand:1. Veriff
AI based identity verification software. It provides a verification process involves cross-referencing images of the customer with identity information held in government databases, face comparison, document validation, video analysis, device and network fingerprinting, and registry checks. It offers verification to online businesses for fraud prevention, compliance, and customer protection.
Key facts about Veriff
- Founded Year: 2015
- Location: Tallinn (Estonia)
- Annual Revenue: €50M - €100M as on Dec 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $200M
- Employee Count: 549 as on Jul 31, 2026
- Investors: Accel, Mosaic Ventures and 23 Others
- Latest Funding Round: Series C, Jan 26, 2022, $*****
- Highlight: Editors' Pick
2. Patchstack
Provider of WordPress security vulnerability mitigation solutions. It offers a vulnerability database and automated patching technology (vPatches) to protect websites without requiring code changes. Services are available for website owners, hosting companies, and plugin developers, addressing security needs across the WordPress ecosystem. The company also provides security auditing and compliance assistance, particularly for the Cyber Resilience Act (CRA). A bug bounty program further enhances security by incentivizing vulnerability discovery and remediation.
Key facts about Patchstack
- Founded Year: 2014
- Location: Parnu (Estonia)
- Annual Revenue: €0 - €1M as on Dec 31, 2022
- Stage: Series A
- Total Funding till date: $5M
- Employee Count: 51 as on Jul 31, 2026
- Investors: Karma Ventures, Giesecke+Devrient and 13 Others
- Latest Funding Round: Series A, Sep 16, 2024, $*****
- Highlight: Editors' Pick
3. Memgraph
Memgraph is a high-performance, in-memory graph database that powers real-time AI context. It serves as the graph engine for GraphRAG pipelines, AI memory systems, and agentic workflows - delivering sub-millisecond multi-hop traversals with full provenance for any system that needs structured, connected context alongside semantic search. The same architecture that makes Memgraph the context layer for AI also drives real-time graph analytics across fraud detection, network analysis, infrastructure monitoring, and other operational use cases where speed and connectivity matter.
Key facts about Memgraph
- Founded Year: 2016
- Location: London (United Kingdom)
- Valuation: $*****
- Stage: Seed
- Total Funding till date: $14.2M
- Employee Count: 106 as on Jul 31, 2026
- Investors: Acequia Capital, Counterview Capital and 28 Others
- Latest Funding Round: Seed, Dec 22, 2023, $*****
- Highlight: Editors' Pick
4. Soldera
Soldera unifies the world's fragmented renewable energy certificate registries into a single platform. Companies and producers access Guarantees of Origin, I-RECs, and other Energy Attribute Certificates across all jurisdictions through one virtual account, eliminating the need to navigate dozens of separate national registries. The platform automates compliance workflows for GHG Protocol, RE100, and CSRD, provides transparent pricing from 4,000+ aggregated producers, and delivers audit-ready retirement documentation. For producers, Soldera automates registry interactions and maximizes certificate revenues through aggregated tenders and forward trading strategies.
Key facts about Soldera
- Founded Year: 2023
- Location: Tallinn (Estonia)
- Stage: Seed
- Total Funding till date: $4.58M
- Employee Count: 14 as on Jul 31, 2026
- Investors: Lifeline Ventures, Skaala and 2 Others
- Latest Funding Round: Seed, Jan 23, 2026, $*****
- Highlight: Editors' Pick
5. Outfunnel
Outfunnel provides marketing automation solutions for SMBs. It provides web tracking, email marketing, leads conversion, marketing intelligence, and workflow management solutions to its users. Allows users to create, optimized, send and track email marketing campaigns, get insights into website visitors, visitors engagement, and conversions. Also, provides insights into the channel campaign ROI (social, mobile, email). It provides integration with Pipedrive and MailChimp. Offers a subscription-based pricing policy.
Key facts about Outfunnel
- Founded Year: 2014
- Location: Tallinn (Estonia)
- Annual Revenue: €0 - €1M as on Dec 31, 2022
- Stage: Acquired
- Total Funding till date: $1.3M
- Employee Count: 8 as on Jul 31, 2026
- Investors: SquareOne, Seikatsu OU and 21 Others
- Latest Funding Round: Seed, Sep 16, 2020, $*****
- Highlight: Acquired
Lemonade Stand's Year-on-Year Investment Trends
Lemonade Stand has invested in 37 companies over the last 7 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 2 investments. Its most recent first time investment was in Soldera and most recent follow-on round was in Esgrid.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 1 | 1 | 2 |
2024 | 3 | 0 | 3 |
2023 | 2 | 3 | 5 |
2022 | 4 | 0 | 4 |
2021 | 3 | 0 | 3 |
2020 | 8 | 0 | 8 |
2019 | 1 | 0 | 1 |
Lemonade Stand's Investments by Stage
Lemonade Stand has made 21 investments in Seed stage with an average round size of $1.91M and 1 investment in Angel stage.Stage of entry | No. of Investments |
|---|---|
Seed | 21 |
Angel | 1 |
Note: We have considered here, only first round of investments
Lemonade Stand's Investments by Sector
Lemonade Stand has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, Sustainability Tech, Vertical SaaS and Environment Tech. Notably, it has invested in 33 Tech companies, 29 Enterprise (B2B) companies, 26 Software companies and at least 17 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 14 |
FinTech | 5 |
Sustainability Tech | 5 |
Vertical SaaS | 5 |
Environment Tech | 4 |
Others | 27 |
Note: We have considered here, only first round of investments
Lemonade Stand's Investments by Geography
Lemonade Stand has made most investments in Estonia (16), followed by Lithuania where it has made 2 investments.Country | No. of Investments |
|---|---|
Estonia | 16 |
Lithuania | 2 |
United Kingdom | 2 |
Austria | 1 |
Poland | 1 |
Note: We have considered here, only first round of investments
Lemonade Stand's recent investments
Lemonade Stand has not made any investment in 2026 so far.Here are the most recent investments by Lemonade Stand:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 16, 2025 | Estonia | Seed | 7566 | [+1] | |
Mar 25, 2025 | Estonia | Seed | 1047 | [+1] | |
Nov 12, 2024 | Lithuania | Seed | 2379 | [+4] | |
May 28, 2024 | Estonia | Seed | 7667 | ||
Apr 08, 2024 | Lithuania | Seed | 8285 | [+3] |
Unicorns in Lemonade Stand's Portfolio
Lemonade Stand has 1 unicorn in its portfolio - Veriff. The most recent unicorn in their portfolio is Veriff which became a unicorn in 2022, 4 years before Lemonade Stand first invested in it.Here is a list of unicorns in Lemonade Stand's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
69 | AI based identity verification software | 2015 | Tallinn | Series C | zufnpni |
Acquired companies in Lemonade Stand's Portfolio
1 company from Lemonade Stand's portfolio has been acquired. The most recent acquisition was Outfunnel in Aug 2026 by Pipedrive for $*****.Here are Lemonade Stand's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 05, 2026 | - | - | 4224 |
Team profile of Lemonade Stand
Lemonade Stand has a team of 2 members including 2 Partners located in United States and Estonia. Lemonade Stand's team does not sit on the board of any company as of now.Co-investors of Lemonade Stand
Over the past 7 years, 144 investors have co-invested in Lemonade Stand's portfolio companies. This includes funds and angels.
- Invested before Lemonade Stand: Passion Capital, Speedinvest and 10 others have invested in rounds before Lemonade Stand. There are 2 companies where Passion Capital has invested before Lemonade Stand and 1 company where Speedinvest has invested before Lemonade Stand.
- Top Co-investors of Lemonade Stand: 93 investors entered a company along with Lemonade Stand. These include investors like Change Ventures (4 companies).
- Invested after Lemonade Stand: A total of 39 investors have invested in Lemonade Stand's portfolio after their investments. Top Investors include EIS (2 companies), Future Ventures (1 company) and Kaarel Kotkas (1 company).
Recent News related to Lemonade Stand
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Estonian startup Esgrid raises €900k for supplier management for SMEsEU-Startups•Apr 16, 2025•Esgrid, C2 Ventures, GreenCo Ventures, Lemonade Stand and 2 others
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Soldera Secures €2.5Million in FundingStartup Rise EU•Mar 25, 2025•Soldera, Lifeline Ventures, Soldera, Lemonade Stand
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Vilnius-based spacetech Blackswan Space raises €760k to pioneer satellite autonomyEU-Startups•Apr 08, 2024•Blackswan Space, ScaleWolf, Baltic Sandbox Ventures, NanoAvionics and 1 other
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Fertifa raises £5 million expand to its reproductive health benefits platform for the workplaceTech.eu•Jun 30, 2023•Fertifa, Triple Point, Notion, Tiny and 7 others
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The Estonian startup received two million eurospmo.ee•Jan 17, 2023•Grunfin, Norrsken VC, Specialist, Lemonade Stand and 2 others
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Warsaw-based biotech Deepflare raises €1.5MAIN.Capital•Jul 26, 2022•Sunfish Partners, Lemonade Stand, Alphamoon
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