Estonia is the unicorn capital of Europe, boasting more billion-dollar startups per capita than anywhere else on the continent. But behind every Skype, Bolt, or Wise, there is a network of early believers writing the first checks. In 2026, a significant portion of this smart capital will be driven by women founders and operators who have scaled global giants and are now reinvesting their wealth and wisdom into the ecosystem. If you are building the next big thing in the Baltics, these are the women you want on your cap table.
1. Triin Hertmann
Recognised widely as the FinTech Architect of the region, Triin Hertmann was one of the very first employees at Wise, formerly TransferWise, where she helped build the operational engine that changed global finance. After exiting, she didn’t retire to an island; she doubled down on the ecosystem by founding Grünfin, a platform designed to make sustainable investing accessible to everyone. Triin is the definition of smart money as she invests heavily in fintech and sustainability startups, bringing a decade of hyper-scaling experience to founders who need to navigate the chaos of early growth. Her portfolio reflects a deep commitment to value-driven capitalism, often backing founders who are solving climate or social challenges through financial instruments.
2. Kristel Kruustük
Often hailed as the Quality Queen of Estonian software, Kristel Kruustük founded Testlio, a global leader in networked software testing that serves clients like the NBA, Microsoft, and Uber. Having navigated the journey of being one of the youngest female founders to raise a Series A in the region, she knows precisely what enterprise-grade quality looks like. As an investor, she is a fierce advocate for diversity and female founders, often championing superangels initiatives. She tends to back software platforms and tools that solve genuine friction points for developers and enterprises, offering her portfolio companies deep insights into building distributed teams and managing global client relationships.
3. Kaidi Ruusalepp
Kaidi Ruusalepp acts as the Market Maker for the private equity world. As the former CEO of the Tallinn Stock Exchange and founder of Funderbeam, she has spent her career democratizing access to capital and solving the liquidity problem for early-stage investors. She invests with a global mindset, looking for founders who understand liquidity, marketplaces, and blockchain infrastructure. Kaidi is not just an investor; she is a visionary who challenges the fundamental structures of how companies are funded and traded, leveraging her legal and financial background to support startups navigating complex regulatory environments.
4. Karoli Hindriks
Operating as the Talent Magnet for the Baltic region, Karoli Hindriks founded her first company at 16, inventing soft reflectors and currently leads Jobbatical, a company revolutionising global migration for tech talent. Her investment thesis centres on the future of work and the concept of borderless societies. She backs founders who are breaking down geographical barriers and building tools for the global workforce. Having navigated the complex world of immigration tech and advised governments on digital nomad visas, she offers portfolio companies invaluable advice on government relations and international expansion strategy.
5. Riina Einberg
Riina Einberg has earned her reputation as a Scaling Specialist by holding pivotal leadership roles at two of Estonia’s most successful companies, Bolt and Wise. She understands the messy middle of scaling a startup, which is the transition from 50 to 500 employees, better than almost anyone. Now active as an investor and advisor, she focuses on operations, people, and culture. She invests in founders who have a clear product vision but need help building the organisational machine to support it. If you need to know how to hire your 100th employee, structure your C-suite, or enter a new market without losing your culture, Riina is the strategic partner you need.
6. Heidi Kakko
Respected as the Deep Tech Sage of the Baltic venture scene, Heidi Kakko brings decades of experience spanning EstBAN (Estonian Business Angels Network) and BaltCap. Currently leading UniTartu Ventures, she is deeply embedded in the science and deep tech sectors, bridging the problematic gap between academic research and commercial viability. She looks for complex problems, such as startups spinning out of universities with defensible IP in biotech, materials science, or advanced engineering. Her involvement brings institutional discipline to early-stage cap tables, helping scientist-founders translate their inventions into investable business models.
7. Ede Tamkivi
Ede Tamkivi serves as the Educator and bridge-builder for the ecosystem, leading Eesti 2.0, a non-profit organisation that inspires the next generation of technologists by distributing 3D printers and Bitcoin to schools. Her angel investments often align with her passion for education and youth empowerment. She backs edtech and impact-driven startups that are trying to modernise how we learn and interact. Ede is a super-connector who bridges the gap between the established tech sector and emerging talent, leveraging her strong network in Silicon Valley from her time in California to help Estonian founders think globally from day one.
8. Triin Kask
A true serial builder, Triin Kask is a force of nature in the startup community. From founding Nevercode (a CI/CD tool for mobile developers) to her current venture Soulie, she has been in the trenches of product development for years. As an investor and board member of the Estonian Founders Society, she has a panoramic view of the ecosystem. She invests in AI and community-driven platforms, favouring founders who demonstrate extreme resilience and product obsession. Her investment style is hands-on, often helping technical teams refine their product-market fit and user experience.
9. Aet Kull
Functioning as the SaaS Strategist for the angel community, Aet Kull is a highly active member of EstBAN and a seasoned investor in the B2B software space. Her extensive background in IT management gives her a sharp eye for enterprise solutions that actually work in the real world. She avoids hype and looks for startups with solid unit economics and clear paths to revenue. For founders building unsexy but essential business software, Aet provides the pragmatic, no-nonsense guidance needed to secure early enterprise contracts and navigate complex sales cycles.
10. Juta Gurin
Known as the Growth Catalyst for early-stage teams, Juta Gurin possesses a keen eye for business development and go-to-market strategies. An active angel investor in the Estonian ecosystem, she often backs companies at the pre-seed stage where her advice on sales funnels and positioning can have the highest impact. She favours startups with global ambition from day one, pushing founders to think beyond the Baltic market immediately. Her mentorship is often focused on helping technical founders articulate their value proposition to international customers and investors.