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The Venture Codex

Specialist VC

Tatari 64, Tallinn, Harjumaa, 10134, Estonia

Overview

We are a venture capital fund supporting forward-thinking founders from Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus.

Total investments
27
Lead investments
6
Investments · 12mo
7
Active investors
3

Sector focus

  • B2B
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Investment portfolio

  • Nanordica Medical

    Participated · Equity · Jun 2026

    Nanordica Medical’s core product, Premotiv, is a patent-protected wound dressing designed to prevent infection while promoting healing without relying on systemic antibiotics. In a randomised controlled trial of 30 patients with diabetic foot ulcers, Premotiv demonstrated a 43% reduction in wound area after one week versus 13% with standard silver dressings, with results published in the Journal of Wound Care. The company is conducting a larger multicentre, double-blind, randomised clinical trial with more than 120 patients enrolled to generate stronger evidence for reimbursement and guideline adoption. Nanordica launched a veterinary product, Ravimus Vet, in 2023 which is distributed in six countries, and has been awarded a European patent. The company has received a €2.4 million EIC Accelerator grant to support clinical and development activities and intends to pursue CE marking for the human product prior to European launch.

  • Copla

    Participated · Series A · Feb 2026

    Copla is a European regtech company founded in 2023 that delivers Information and Communication Technology (ICT) compliance infrastructure for banks, fintechs and other regulated financial institutions. Its software translates complex regulations—including DORA, the EU AI Act and the Cyber Resilience Act—into guided workflows, automatically tracks assets, vendors, risks and controls, and stores audit evidence to replace static spreadsheet processes. The system is supplemented by in-house and fractional CISO expertise and a European partner network to assist with audits, risk assessments and broader governance needs. Copla is also building Copla Bridge, a new layer that allows partners and multi-entity organisations to oversee compliance across several subsidiaries from a single view. The company intends to use fresh capital to deepen product capabilities, grow its team and expand into markets beyond the EU. No revenue, customer or other operating metrics were disclosed in the articles.

  • Agileday

    Participated · Series A · Jan 2026

    Founded in 2022 by former Tieto colleagues Jaakko Hartikainen, Mikko Virtanen, Jaakko Hallavo and Hannu Kärkkäinen, Agileday has built a professional services automation (PSA) platform that integrates talent management, resource allocation, timesheets and project financials into one operating system. Sitting between a firm’s CRM and financial software, the cloud platform links real-time sales pipeline, project delivery and financial data while using artificial intelligence to coordinate work across functions. The product aims to remove silos, improve visibility and accelerate execution for professional services organisations. Agileday already works with more than 70 service companies worldwide, from fast-growing consultancies to publicly listed enterprises. The company generates revenue by selling platform subscriptions and related services (revenue figures were not disclosed). With fresh capital, management plans to deepen the product’s AI capabilities and scale go-to-market activities across Europe and North America. The founders position the platform as a way to help firms grow faster while improving employees’ work-life balance.

  • Leil

    Participated · Seed · Nov 2025

    Tallinn-based Leil builds data-storage infrastructure software that makes SMR hard drives practical at enterprise scale. SMR technology overlaps data tracks, delivering about 20 % more capacity per disk than conventional CMR drives, but it requires specialised, sequential-write management that most organisations lack. Leil’s platform automates how data is written, moved and recovered across thousands of SMR drives, classifying content by access patterns and powering down inactive disks to cut energy use by as much as 70 % for archive-heavy workloads. The solution improves cost per terabyte by roughly 20 % while lowering hardware, cooling and operational overhead, giving national broadcasters, public archives, AI training centres and research institutes hyperscale economics without proprietary in-house tools. The company sells its product on a capacity-based subscription and supports phased adoption so customers can integrate SMR drives alongside existing infrastructure. With the enterprise storage market estimated at $22 billion and growing nearly 20 % annually, Leil aims to position its HDD-native approach as a foundation for data-intensive AI and scientific workloads. Proceeds from its recent seed round will accelerate go-to-market activities, broaden the product roadmap and expand the commercial team.

  • Yaga

    Led · Series A · Oct 2025

    Founded in Estonia in 2017, Yaga operates an online marketplace focused on second-hand fashion, combining social features with secure escrow payments and localised logistics. The company has become the leading resale platform in South Africa and now attracts more than 12 million monthly visits. Yaga’s value proposition centres on affordability—items are typically listed at 50–80 percent below new retail prices—while advancing sustainable consumption. Revenue is generated from transaction fees, though specific figures were not disclosed in the article. With its newly raised capital, the company plans to deepen its footprint across Africa and expand into the Middle East and North Africa (MENA) region. Management believes the global shift toward resale, projected to push the second-hand apparel market to $367 billion by 2029, provides a large, tail-wind market opportunity. The fresh funding will also be used to grow the team and enhance product capabilities in existing markets.

Team