Market Overview

Tera Ventures Announces First Closing for Tera Ventures Fund II, Plans Final Close of €55 Million Seed Stage Fund in the Coming Months


Today, Tera Ventures announces the first close of €21 Million in their
second fund. The fund aims to invest in 25 - 30 seed-stage technology
startups located in key tech hubs in Estonia, (including eligible
e-residents), Finland, Denmark, Latvia, Lithuania, Poland, Sweden and
the Czech Republic. The target fund size is €55 Million with a
substantial amount already committed to the 2nd close which is expected
in the coming months.

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Tera Ventures Announces First Closing for Tera Ventures Fund II, Plans Final Close of €55 Million Se ...

Tera Ventures Announces First Closing for Tera Ventures Fund II, Plans Final Close of €55 Million Seed Stage Fund in the Coming Months (Photo: Business Wire)

Tera Ventures has offices in Estonia, Finland, and California and will
continue investing in born global startups ready to thrive in
international markets. Initial check sizes will be between €200K - €1.5
Million per company with significant follow-on funding for select

Fund II is vertical agnostic seeking digital startups creating network
effects, applying machine learning, and other enabling technologies
which will become the infrastructure of our future lives. Tera Ventures
Fund I has a number of notable investments including GrabCAD, Cleveron,
and Monese which just announced a Series B round.

Tera Ventures was founded in 2016 by Andrus Oks, Stanislav Ivanov, and
James McDougall. Andrus and Stanislav have entrepreneurial backgrounds
and have collectively managed three early-stage funds with nine exits,
creating over €150 million in enterprise value to date. James has
extensive operational experience as CEO and Managing Director for
several early-stage, private and public companies where he has
fundraised over €250 million from an extensive global network of
investors. Complementing the team are California-based Venture Partner,
Erik Anderson, who cultivated multiple cohorts of early-stage startup
teams at Techstars in London and later Wise Guys in Tallinn, and
Operating Partner, Martin Hendre, who has extensive institutional equity
investor and asset management company management experience.

"We are committed to offering founder-friendly terms and assisting our
investments with our global network of investors, industry veterans and
experts. We believe this will enable our entrepreneurs the right
foundation to compete on world stage and attract top-tier partners and
venture capital in key markets in Europe, US and Asia to ensure the
realization of their vision." Says Andrus Oks, Founding Partner.

Limited Partners of Tera Ventures second fund include The European
Investment Fund (EIF), LHV, Mistletoe Venture Partners International, as
well Estonian high net worth individuals. EIF investment is made from
own resources and the EstFund - an initiative created by cooperation
between the Republic of Estonia and the European Investment Fund and
financed under European Structural and Investment Funds.

This investment fulfills LHV's goal to increase its position in a
rapidly growing and promising IT sector, says Kristo Oidermaa, Fund
Manager of LHV Pension Funds. "Our commitments to Venture Capital
currently amount to 21 million euros. Estonia has a good track record
for IT growth companies, and the investment in Tera Ventures Fund II
gives us a great opportunity to further contribute to this sector,"
explained Oidermaa.

The founder of Monese, fintech startup that announced
60 million dollars Series B
funding last week, Norris Koppel says
that the team at Tera Ventures has been a critical component in the
success of Monese. "What they have brought to the business extends far
beyond their investment. They have a deep understanding of the support
that an entrepreneur needs as they their business grows and have been
genuine partners throughout our journey from early stage to scale-up. We
are delighted that they are a part of our team and excited for the
journey ahead," said Koppel.

About Tera Ventures - Tera Ventures is a venture capital firm based in
Tallinn, Estonia and focused on exceptional founders from Estonia,
Scandinavia and CEE disrupting digital space globally. Tera builds
presence and networks in the markets where our portfolio companies want
to expand to - the UK, the US, and Asia. With presence in Estonia,
Finland, and California, Tera Ventures is supported by a global advisory
network and provides portfolio companies with access to expertise and
hands-on support necessary to grow from seed stage to successful exit.
For more information go to:

About the EIF - The European Investment Fund (EIF) is part of the
European Investment Bank group. Its central mission is to support
Europe's micro, small and medium-sized businesses (SMEs) by helping them
to access finance. EIF designs and develops venture and growth capital,
guarantees and microfinance instruments which specifically target this
market segment. In this role, EIF fosters EU objectives in support of
innovation, research, and development, entrepreneurship, growth, and
employment. For more information go to

About LHV - AS LHV Pank provides banking, financial advisory, and
securities brokerage services in Estonia, Latvia, and Lithuania. The
company's deposit products include demand and term deposits, securities
accounts, growth accounts, and LHV funds. Its loan portfolio comprises
private loans, such as home, private, consumer, car, and home repair
loans; corporate loans, including micro loans, overdraft facility,
working capital loans, investment loans, company acquisition financing;
credit and debit cards; leasing and hire-purchase products; and trade
finance guarantees. The company also provides investment advice,
portfolio management, and securities trading, as well as mobile and
online banking, and ATM. LHV Group is the largest domestic financial
group and capital provider in Estonia. LHV Group's key subsidiaries are
AS LHV Pank and AS LHV Varahaldus. LHV employs about 350 people and over
131,000 customers use LHV's banking services. Pension funds managed by
LHV have about 178,000 customers.

About Mistletoe - Mistletoe is the collective impact community to
empower startups and innovators to create a more human-centered and
sustainable future through technology. It is comprised of founders,
investors, entrepreneurs, researchers, and visionaries in the startup
and venture communities who share the lofty ambition of addressing the
problems humanity faces in the near and long-term future.

About EstFund - The EstFund is an equity fund of funds created by
cooperation between the Republic of Estonia, KredEx and the European
Investment Fund. The EstFund is financed by the European Regional
Development Fund from the Operational Programme for Cohesion Policy
Funds 2014-2020 in an amount of EUR 48 million, and EIF is co-investing
EUR 12 million alongside through the EIF-managed resources. These funds
will offer equity financing from seed to growth for Estonian SMEs via
the selected equity funds.

About KredEx - KredEx is a financing institution that helps Estonian
enterprises develop quicker and expand more safely to foreign markets,
offering loans, venture capital, credit insurance and credit guarantees
with state guarantee.

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