Investor Profile: Karma Ventures — Thesis, Cheque Size & How to Apply

Karma Ventures is a Tallinn-based venture capital firm backing deep-tech software startups across Europe at late seed and Series A. Founded in 2016 by people with roots in Estonia's first unicorn story, it looks for teams with stand-out technology, early commercial traction and global ambition. For founders building genuinely hard technology, from cybersecurity to AI infrastructure, Karma Ventures offers a specialist investor that understands both the science and the slog of turning research into revenue.

Thesis

Karma Ventures invests time, money and operational experience in founders with early traction and global ambition. Its focus is deep-tech software: companies creating innovative technologies that have initial commercial traction and can compete globally. The firm's stated philosophy is to look for great teams with stand-out technologies and compelling business propositions, then support them commercially, strategically and technically as they grow.

Sectors & Stages

The firm backs deep-tech software across sectors including AI, cybersecurity, health tech and enterprise software, investing in early-stage European technology companies targeting global markets. Its sweet spot is late seed and Series A, with some activity into Series B through follow-on investments. It is pan-European, backing only teams aiming at international markets from day one.

Fund & Cheque Size

Karma Ventures closed its maiden fund at €70 million to invest in early-stage deep-tech startups across Europe, with backing from Isomer Capital alongside family offices, pension funds and existing investors. A second fund, Karma Ventures II, is listed among the European Investment Fund's equity partners as an early-stage ICT fund, although its size is not publicly disclosed in that listing. The firm typically invests up to €5 million per opportunity and makes follow-on investments in later rounds, giving it room to keep supporting winners as they scale.

Notable Portfolio

The maiden fund's early portfolio included TrademarkNow, Adaptive Simulations, SpectX, Plumbr, Minut, AppGyver, Sonarworks, Realeyes and cgtrader. More recent investments include Pactum, an AI negotiation platform, Patchstack, a WordPress security company, Tuum, a core-banking platform, Xolo, a freelance-management platform, and Starship, the delivery-robot company. Realeyes, which measures human attention with computer vision, remains one of its best-known deep-tech bets.

Partners & Programs

Karma Ventures was founded by Margus Uudam, Kristjan Laanemaa and Tommi Uhari. Two of Skype's founding engineers, Ahti Heinla and Jaan Tallinn, advise the firm, giving portfolio founders access to counsel from people who built one of Europe's defining technology companies. Karma Ventures does not run a formal accelerator programme; instead it runs the Karma Circle, a quarterly-update community sharing insights and builder stories from across Europe's deep-tech ecosystem, and works hands-on with each portfolio team.

How to apply for funding

Founders can approach Karma Ventures through the contact routes on karma.vc. A strong application shows a deep-tech software product with a genuine technical edge, early commercial traction, and a team with global ambition. At late seed and Series A, it expects more than an idea: early customers, pilots or revenue proving the technology solves a real problem.