About Pinorena Capital
Pinorena Capital is a venture capital firm founded in 2020. It is primarily based out of Tallinn, Estonia. As of Aug 2025, Pinorena Capital has invested in 13 companies. It primarily invests in Series A round in United Kingdom based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and High Tech. Most recently it participated in the $***** Series A round of Bisly Overall, Pinorena Capital portfolio has seen 2 unicorns, namely Zilch and Upgrade. A lot of funds co-invest with Pinorena Capital, with names like Aconterra sharing a substantial percentage of its portfolio.Pinorena Capital's List of Top Investments
Pinorena Capital has a portfolio of 13 companies, including 2 unicorns. Their most notable investments include Zilch and Upgrade.Their portfolio spans across United Kingdom, Estonia, Liechtenstein and 4 more locations. They have invested in Enterprise Applications, FinTech, High Tech and 4 other sectors, across stages such as Series A stage. Here is the list of top investments by Pinorena Capital:1. Zilch
Direct-to-consumer ad-subsidised payments network. It combines payments and advertising to offer customers payment solutions for online and in-store transactions. It also offers cash backs and rewards for debit transactions. The application is available on both iOS and Android platforms.
Key facts about Zilch
- Founded Year: 2018
- Location: London (United Kingdom)
- Annual Revenue: £100M - £500M as on Mar 31, 2025
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $566M
- Employee Count: 315 as on Jul 31, 2026
- Investors: Ventura Capital, NaMa Capital and 92 Others
- Latest Funding Round: Series D, Nov 13, 2025, $*****
- Highlight: Editors' Pick
2. Upgrade
Provider of consumer credit and banking products. It provides users with a financial technology company offering diverse credit and banking products. The company provides personal loans, credit cards, and rewards checking and savings accounts designed to assist individuals in managing their finances. Their offerings aim to provide accessible credit solutions, competitive rates, and rewards for everyday spending. They also include tools for credit monitoring and education to help individuals understand and improve their credit health.
Key facts about Upgrade
- Founded Year: 2016
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $750M
- Employee Count: 1,592 as on Jul 31, 2026
- Investors: Carriage House Rock, West Coast Equity Partners and 43 Others
- Latest Funding Round: Series G, Oct 16, 2025, $*****
- Highlight: Editors' Pick
3. Darwinex
Social trading platform for multiple assets. It is a social trading platform for stocks, forex, commodities, cryptocurrencies, and indices. It offers tools for accessing trade strategies and provides ratings according to the risk, scalability, performance, and experience. It enables investors to view the risks involved and copy trades based on investment plans. It also features algorithms and APIs to assist in trading activities
Key facts about Darwinex
- Founded Year: 2012
- Location: London (United Kingdom)
- Annual Revenue: £1M - £10M as on Dec 31, 2022
- Stage: Series A
- Total Funding till date: $7.7M
- Employee Count: 221 as on Jul 31, 2026
- Investors: SILK Ventures, Pinorena Capital and 15 Others
- Latest Funding Round: Series A, Jul 29, 2021, $*****
- Highlight: Editors' Pick
4. Insly
Provider of a software suite for the insurance industry. It offers solutions for insurance policy management, insurance quoting, renewals, insurance reporting, distribution, and more for underwriters and insurers. It also offers solutions for customer relationship management, sales, and marketing for brokers.
Key facts about Insly
- Founded Year: 2000
- Location: London (United Kingdom)
- Valuation: $*****
- Stage: Seed
- Total Funding till date: $6.63M
- Employee Count: 34 as on May 31, 2026
- Investors: Salica Investments, Concentric and 57 Others
- Latest Funding Round: Venture Debt, Nov 07, 2023, $*****
- Highlight: Editors' Pick
Online trading platform designed by traders for traders. It provides a suite of solutions for managing trade-related processes. Its features include traders and support them by providing all the tools and capital needed for them to reach financial independence.
Key facts about The Trading Pit
- Founded Year: 2021
- Location: Vaduz (Liechtenstein)
- Stage: Series A
- Total Funding till date: $10.3M
- Employee Count: 113 as on Jul 31, 2026
- Investors: Pinorena Capital
- Latest Funding Round: Series A, Nov 15, 2022, $*****
- Highlight: Editors' Pick
Pinorena Capital's Year-on-Year Investment Trends
Pinorena Capital has invested in 13 companies over the last 5 years, with an average of 0 new investment annually in the last 5 years. In 2025, it made 1 investment. Its most recent first time investment was in Bisly and most recent follow-on round was in Bisly.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 1 | 1 |
2024 | 1 | 0 | 1 |
2023 | 0 | 0 | 0 |
2022 | 1 | 0 | 1 |
2021 | 2 | 0 | 2 |
Pinorena Capital's Investments by Stage
Pinorena Capital has made 4 investments in Series A stage with an average round size of $6.88M.Pinorena Capital's Investments by Sector
Pinorena Capital has a diverse portfolio, with companies operating in the FinTech, Enterprise Applications, Blockchain - Industry Applications, High Tech and Internet of Things - Industry Applications. Notably, it has invested in 12 Tech companies, 9 Software companies, 8 Enterprise (B2B) companies and at least 6 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
FinTech | 3 |
Enterprise Applications | 2 |
Blockchain - Industry Applications | 1 |
High Tech | 1 |
Internet of Things - Industry Applications | 1 |
Note: We have considered here, only first round of investments
Pinorena Capital's Investments by Geography
Pinorena Capital has made most investments in United Kingdom (2), followed by Estonia where it has made 1 investment.Country | No. of Investments |
|---|---|
United Kingdom | 2 |
Estonia | 1 |
Liechtenstein | 1 |
Note: We have considered here, only first round of investments
Pinorena Capital's recent investments
Pinorena Capital has not made any investment in 2026 so far.Here are the most recent investments by Pinorena Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 06, 2025 | Estonia | Series A | 8686 | [+2] | |
Jun 19, 2024 | Estonia | Series A | 9528 | [+2] | |
Nov 15, 2022 | Liechtenstein | Series A | 9211 | - | |
Jul 29, 2021 | United Kingdom | Series A | 7991 | - | |
Jun 08, 2021 | United Kingdom | Series A | 2341 | [+1] |
Unicorns in Pinorena Capital's Portfolio
Pinorena Capital has 2 unicorns in its portfolio - Zilch and Upgrade. The most recent unicorn in their portfolio is Zilch. It became a unicorn in 2021, 4 years before Pinorena Capital first invested in it.Here is a list of unicorns in Pinorena Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
77 | Direct-to-consumer ad-subsidised payments network | 2018 | London | Series D | nxxqcgz | ||
72 | Provider of consumer credit and banking products | 2016 | San Francisco | Series G | kvsxxqj |
Co-investors of Pinorena Capital
Over the past 5 years, 11 investors have co-invested in Pinorena Capital's portfolio companies. This includes funds and angels.
- Invested before Pinorena Capital: stefan jaecklin, Peep Vain and 3 others have invested in rounds before Pinorena Capital. There is 1 company where stefan jaecklin has invested before Pinorena Capital and 1 company where Peep Vain has invested before Pinorena Capital.
- Top Co-investors of Pinorena Capital: 5 investors entered a company along with Pinorena Capital. These include investors like Aconterra (1 company).
- Invested after Pinorena Capital: 2C Ventures (1 company) is the only investor which has invested in Pinorena Capital's portfolio after their investments.
Recent News related to Pinorena Capital
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Bisly Raises €4.3M in FundingFinSMEs•Aug 06, 2025•RSI Smartcap, 2C Ventures, Pinorena Capital, Aconterra and 2 others
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Tallinn-based Bisly raises €6.2 million to expand its emissions-slashing smart building platformEU-Startups•Jun 19, 2024•Bisly, Aconterra, SmartCap, Pinorena Capital and 1 other
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