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The Venture Codex

Lemonade Stand

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

Overview

Lemonade Stand is a VC fund that focuses on early stage B2B investments in Baltic and East European founders no matter the HQ location. Investing €25-300K in strong teams, technology or traction.

Total investments
26
Lead investments
2
Investments · 12mo
0
Active investors
1

Sector focus

  • Venture Capital
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Investment portfolio

  • Esgrid

    Participated · Seed · Apr 2025

    Esgrid provides an AI-powered SaaS platform that automates supply chain ESG data collection, analytics, reporting and engagement for medium-sized businesses. The company launched with a focus on supply chain sustainability management and is expanding into wider supplier management including supplier evaluation, document management, and communication. Its product emphasizes AI-supported automation and an AI agent called Grid that can generate custom supplier evaluation templates in about 30 seconds. Esgrid says its platform can reduce costs by up to 90% compared with manual supplier processes. The startup has secured dozens of flagship customers across Europe and is accelerating product development to cover a broader range of supplier workflows. Founded in 2023, the company aims to adapt its AI-first product to companies of different sizes to deliver cost-effective supplier management. Esgrid provides a platform that helps businesses assess, manage, and improve value chain sustainability impact and compliance with ESG standards. The company offers AI-assisted functions to support users in providing and analysing ESG data and has launched a free ESG self-assessment tool for SMEs. Esgrid targets medium-sized enterprises and financial-sector clients that face rising reporting demands and procurement requirements tied to sustainability. It promises to reduce the typical annual cost of value-chain sustainability management by about tenfold compared with existing solutions. Esgrid launched publicly in December, has signed enterprise customers including Ibis Hotel, Nordic Milk and Utilitas, and counts financial clients such as Specialist VC and Fjord Bank. More than 100 companies are now providing ESG data on the platform, and the team is preparing to launch its first enterprise AI assistant to extract actionable information from collected ESG data.

  • Soldera

    Participated · Equity · Mar 2025

    Soldera has built what it calls the “Stripe for Renewable Energy,” integrating more than 30 national energy-attribute-certificate registries into a single programmable interface. Its AI-driven system automates the full lifecycle of Guarantees of Origin, cutting corporate compliance costs by 25–40 % and reducing producers’ administrative overhead by up to 95 %. The platform is already connected to some 4,000 power plants and serves over 500 corporate customers, including several Fortune 500 firms. Soldera experienced 70× revenue growth in 2025, scaling from €150 k to €1 m while maintaining roughly 30 % month-on-month sales expansion. Revenues for producers rise 10–15 % through its direct spot-sale and forward-hedging tools. The company’s roadmap includes scaling its corporate-facing solution, extending its virtual registry layer globally, and sustaining a highly automated, AI-native operating model with a lean sub-30-person team. Recent financing provides capital to deepen its AI infrastructure and support international expansion.

  • Ligence

    Participated · Seed · Nov 2024

    Ligence develops AI-powered software that automatically analyses echocardiography images, helping cardiologists make quicker and more precise clinical decisions while reducing manual workload. The platform integrates with hospital PACS and IT systems and follows ASE and ESC guidelines, allowing seamless adoption in clinical settings. Its product is already deployed in Lithuania and several other European countries, including Poland, Switzerland, Germany, France, Spain, Portugal, and the United Kingdom, and is being piloted in Morocco. Ongoing clinical trials in the United States, Germany, the Netherlands, Poland, and Lithuania aim to further validate the technology’s diagnostic accuracy and efficiency. By improving diagnostic speed and standardisation, Ligence seeks to enhance early detection of cardiovascular disease—the world’s leading cause of death—and free physicians to spend more time with patients. The company’s social-impact mission aligns with investors focused on measurable healthcare improvements. Ligence’s recently raised capital strengthens its financial footing to deepen R&D, scale commercial operations across Europe, and prepare for broader U.S. market entry.

  • Black Swan

    Participated · Seed · Apr 2024

    Blackswan Space is a Lithuania-based spacetech startup developing software products for complex space and defence missions. Its core offering is an "autonomy-as-a-service" stack intended to automate satellite servicing and refuelling, developed since 2019 in collaboration with the European Space Agency and commercial partners. The company’s Mission Design Simulator lets customers simulate complex spacecraft maneuvers for in-orbit servicing, object retrieval missions, space domain awareness, and real-time satellite constellation behavior. It also provides a Vision Based Navigation hardware payload that runs proprietary algorithms to enable autonomous navigation when ground control is not possible. Blackswan bootstrapped through self-funding and winning contracts from ESA and has now secured €760,000 in a Pre-Seed funding round. With the new capital the company plans to accelerate toward an in-orbit demonstration in the next few years.

  • Grünfin

    Participated · Equity · Mar 2024

    Grünfin offers a consumer-facing investment platform that selects sustainable exchange-traded funds for portfolios, taking ESG factors and the UN Sustainable Development Goals into account. The platform lets customers choose environmental, equality, or health-themed portfolios, set monthly payments and time goals, and targets accessibility for beginners. Grünfin aims to remove complexity and perceived lower returns from sustainable investing by curating funds and handling portfolio rebalancing. Its pricing departs from the industry norm of percentage management fees: all expenses and services are bundled into a low monthly fee with no extra charges for one-off contributions, changes, or closures. The company emphasizes helping parents and everyday investors make long-term investments that deliver financial returns and impact. The team includes founders Karin Nemec and Triin Hertmann and several ex‑Wise employees in senior roles.

Team