Karma Ventures

Founding Partners Kristjan Laanemaa, Margus Uudam, and Tommi Uhari make all investment decisions collectively. Uudam and Uhari previously held senior technical roles at Skype during its global scaling phase; Laanemaa was an early employee at Veriff. All three remain directly involved in technical diligence and post-investment architecture support.

Karma's deal flow relies on the founding partners' deep networks inside the Baltic and Nordic engineering communities, particularly the alumni of Skype, Wise, Bolt, and Veriff. The firm also benefits from Estonia's compact startup ecosystem, where government digital-infrastructure initiatives create early signals that are less visible to larger pan-European funds. Karma does not operate a systematic outbound program but rather receives founder referrals through technical-circles reputation.

Karma primarily leads or co-leads Series A rounds, sometimes participating in late seed. The firm targets companies that have moved beyond prototyping to early commercialization, with a clear technical moat. Typical initial checks range from €1M to €5M, deployed in capital-efficient enterprise-software and deep-tech startups across the Nordic–Baltic region.

Karma operates exclusively as a direct investor. The firm does not invest as a limited partner in other venture funds and does not operate a fund-of-funds sleeve. All capital is deployed into equity positions in individual companies where the partners engage directly with management and technical teams.

Karma has not publicly published a formal exclusion list, but its portfolio pattern shows no exposure to consumer social platforms, ad-driven business models, or capital-intensive hardware manufacturing requiring large brick-and-mortar production. The firm concentrates on deep-tech, enterprise software, cybersecurity, and industrial decarbonization, all areas where engineering defensibility is higher than brand-based consumer switching costs.