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The Venture Codex

Lemonade Stand

Maakri 19/1, Tallinn, Harju maakond, 10145, Estonia

Overview

VC fund investing in early stage B2B startups in Eastern Europe.

Founded

2019

Deals · 12mo

1

Links

WebsiteLinkedIn

Stage focus

Seed

Geographic focus

Estonia
Lithuania

Sector focus

Venture Capital

Investment portfolio

27rounds
NAMEDATESIZE
Black Swan
Sep 2026Participated
$3 MSeed
Esgrid
Apr 2025Participated
$1 MSeed
Soldera
Mar 2025Participated
$3 MOther Equity
Ligence
Nov 2024Participated
$3 MSeed
Esgrid
May 2024Participated
$0.54 MSeed
Black Swan
Apr 2024Participated
$0.82 MSeed
Grünfin
Mar 2024Participated
$2 MOther Equity
Woola
Dec 2023Participated
$3 MOther Equity
Fertifa
Jun 2023Participated
$6 MSeed
Value.Space
May 2023Participated
$2 MSeed
Wowflow
Aug 2022Participated
$1 MSeed
Deepflare
Jul 2022Participated
$2 MSeed
Black Swan
Sep 2026Participated
$3 MSeed
Esgrid
Apr 2025Participated
$1 MSeed
Soldera
Mar 2025Participated
$3 MOther Equity
Ligence
Nov 2024Participated
$3 MSeed
Esgrid
May 2024Participated
$0.54 MSeed
Black Swan
Apr 2024Participated
$0.82 MSeed
Grünfin
Mar 2024Participated
$2 MOther Equity
Woola
Dec 2023Participated
$3 MOther Equity
Fertifa
Jun 2023Participated
$6 MSeed
Value.Space
May 2023Participated
$2 MSeed
Wowflow
Aug 2022Participated
$1 MSeed
Deepflare
Jul 2022Participated
$2 MSeed
27
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Lemonade Stand: 27 funding rounds are recorded in the selected participation categories.All available history.
Lemonade Stand: 27 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed019
Other Equity26

Monthly Deal Activity

Lemonade Stand: 27 deals are recorded across 84 months.All available history.
Lemonade Stand: 27 deals are recorded across 84 months. All available history
MonthDeals
Nov '191
Dec '190
Jan '200
Feb '200
Mar '200
Apr '201
May '201
Jun '201
Jul '201
Aug '200
Sep '203
Oct '201
Nov '201
Dec '201
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '211
Aug '212
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '221
May '220
Jun '220
Jul '221
Aug '221
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '231
Jun '231
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '231
Jan '240
Feb '240
Mar '241
Apr '241
May '241
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '241
Dec '240
Jan '250
Feb '250
Mar '251
Apr '251
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '260
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '261
Oct '260

Sector Breakdown

Lemonade Stand: Enterprise Software is the largest displayed sector by deal count (8 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Lemonade Stand: Enterprise Software is the largest displayed sector by deal count (8 deals). All available history
SectorDeals
Enterprise Software8
Fintech7
Clean Energy & Sustainability6
Real Estate & Construction5
E-Commerce & Retail4
Health & Life Sciences4
AI & Machine Learning4
Professional Services3
Data, Analytics & IT2
Space & Frontier Tech2
Transportation & Logistics2
Consumer & Lifestyle1
Networks, Cloud & Communication1
Marketing & Advertising1
Hardware & Robotics1
Manufacturing1
Developer Tools1

Deal Size Distribution

Lemonade Stand: 27 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Lemonade Stand: 27 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M26
$5M-$10M1
$10M-$25M0
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Lemonade Stand: Europe has the largest recorded deal count among the displayed regions (27 deals).All available history.

Top 1 of 1 regions; European countries are grouped as Europe.

Lemonade Stand: Europe has the largest recorded deal count among the displayed regions (27 deals). All available history
RegionDeals
Europe27
Lemonade Stand: 20 co-investors are shown, with Superangel sharing 6 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Lemonade Stand: 20 co-investors are shown, with Superangel sharing 6 recorded deals. All available history
Co-investorShared deals
Superangel6
Change Ventures4
Passion Capital4
Startup Wise Guys4
Greenco Ventures2
Icebreaker.vc2
NGL Ventures2
Thorgate Ventures2
Tiny VC2
Zenith Family Office2
2C Ventures1
7percent Ventures1
Amalfi1
BADideas.fund1
Baltic Sandbox Ventures1
Barclays1
Bellone Invest1
BENE Asia Capital1
byFounders1
Calm/Storm Ventures1

Investment Strategy

Lemonade Stand: Led accounts for 7% and participating for 93% of round participation.All available history.
Lemonade Stand: Led accounts for 7% and participating for 93% of round participation. All available history
CategoryDeals (count)Share (%)
Led27%
Participating2593%
Lemonade Stand: Single-lead accounts for 50% and co-led for 50% of lead dynamics.All available history.
Lemonade Stand: Single-lead accounts for 50% and co-led for 50% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead150%
Co-led150%

Team

Siim Teller

Managing Partner