# Thorgate Ventures

Thorgate Ventures is a Venture Capital based in Tallinn, Estonia.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Tallinn, Estonia
- **Region:** Europe
- **Address:** Tallinn, Estonia
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** www.thorgateventures.com
- **LinkedIn:** https://www.linkedin.com/company/thorgateventures

## Regulatory record

- **Reports private funds:** No

## About

Thorgate Ventures is the seed stage venture capital arm of Thorgate, doing up to four hands-on investments per year, mostly into scalable B2B solutions. They are hands-on seed investors grown out of startup entrepreneurs. Their mission is to use technology to make the world a better place.

## Sectors

- scalable B2B solutions

## People

- Raido Pikkar — Founding Partner
- Ivar Merilo — Portfolio Manager and Partner
- Toomas Uripea — Partner

## Questions

### Who runs investment decisions at Thorgate Ventures?

The partnership includes founding partner Raido Pikkar, who also chairs the Thorgate software group, and portfolio manager and partner Ivar Merilo. Toomas Uripea serves as a partner on the investment team and sits on the boards of related entities. The three roles represent the firm's disclosed investment leadership.

### What investment stages does Thorgate Ventures target?

Thorgate Ventures focuses on early-stage investments, specifically seed and startup rounds. It is classified as a generalist venture investor and has not publicly disclosed stage-specific ticket sizes or deployment thresholds.

### How does Thorgate Ventures source proprietary deal flow?

The firm's affiliation with Thorgate, a technology consultancy based in Tallinn, provides exposure to early-stage European technology companies through client engagements and software development partnerships. Co-investor relationships, particularly with Japanese venture firm Alesco Ventures, also contribute to cross-border sourcing.

### How is Thorgate Ventures related to the Thorgate software group?

Thorgate Ventures functions as the venture investment arm of Thorgate, the Estonian technology consulting and software development company. Raido Pikkar, the founding partner of Thorgate Ventures, also chairs Thorgate. The partnership includes board members of related Thorgate operating entities. The extent of financial independence between the two entities has not been publicly detailed.

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- [Thompson Street Capital Partners](https://altss.com/profile/thompson-street-capital-partners)
- [Thornapple River Capital](https://altss.com/profile/thornapple-river-capital)

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Last updated: 2026-08-11T15:08:18.003Z

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