Spring Capital
Pärnu mnt 148, Tallinn, Harjumaa, 11317, Estonia
Overview
We invest in exceptional founders in the Baltics & Nordics. a) with the Seed Fund we invest in scalable technology-driven startups. We make €75-200K checks in the seed stage, typically as part of a larger round that gives at least 18 months of runway. b) with the Growth Fund we invest in growth companies (gazelles) that are already EBITDA positive, or close to it. Our strategy is to acquire a minority shareholding in exchange for EUR 300K-700K investment. Reach out through invest@springcapital.ee.
- Total investments
- 15
- Lead investments
- 3
- Investments · 12mo
- 1
- Active investors
- 2
Investment portfolio
- Opalia
Participated · Equity · Apr 2026
Opalia cultivates mammary cells in bioreactors to produce complete milk—including proteins, fats, and sugars—intended as a drop-in replacement for conventional fluid or powdered milk. The company positions its approach as distinct from precision fermentation by producing whole milk rather than single milk proteins. Opalia targets the global dairy market through a B2B licensing and supply model rather than direct-to-consumer sales. It has signed paid commercial pilot agreements with established dairy players, including Hoogwegt and the Canadian division of a major dairy group, with partnerships across five countries on three continents. Opalia plans to scale a modular bioreactor system using proceeds from the CAD 3.2M seed round and aims for a commercial launch in 2028 while pursuing regulatory approvals in North America, Europe, and Asia.
- Salesforge
Participated · Seed · Apr 2024
Salesforge offers AI-embedded sales tools—Salesforge for crafting unique, multilingual sales emails and Mailforge for domain and mailbox management—focused on multi-source personalization and deliverability. The team dogfoods its product and scaled quickly: an MVP in March after founders met in January 2023, over 800 clients across the US and EMEA, and more than €1 million in ARR in under ten months with a four-person team. The company emphasizes usage-based pricing to help companies replace bloated sales headcount and boost efficiency, targeting bottom-performing roles first. Salesforge currently uses publicly available large language models but plans to host and train its own models on proprietary datasets to avoid relying solely on public models. The product roadmap includes unlocking new channels, adding autonomous capabilities, and integrating with CRMs to cover end-to-end pipeline generation.
- Outstaffer
Participated · Equity · Oct 2023
Outstaffer is the developer of a SaaS-based Global Workforce Platform designed to allow companies of all sizes to tap into the global talent pool and scale remote working and distributed teams. The platform helps companies find and hire top talent, make locally compliant payroll, offer employee benefits, and equip remote employees with managed devices and tools. Founded in 2020 and based in Melbourne, Australia, the company has self-funded to date and has already secured several enterprise customers. Outstaffer plans to use the new funding to accelerate growth, continue development of its proprietary platform, scale its in-house team, and expand into new countries. The company intends to prioritize the US market next year. Leadership frames the opportunity as driven by the unprecedented growth in remote work and the need to simplify compliance, payroll, benefits and device management for distributed teams.
- Aerotruth
Participated · Seed · Dec 2022
Aerotruth is a cloud-based partner-tech platform that accelerates the B2B partnership process by facilitating initial introductions and simplifying document exchange, communications, and compliance workflows for financial institutions. The platform launched in May and has already signed more than 40 financial institutions across 25 countries. Aerotruth provides secure storage and approval tools to expedite onboarding and review, helping customers accelerate their pathway to partnership revenue. The company was founded by Michael Liu and Bryce Currie and is led by CEO Michael Liu. With the latest funding the company plans to implement more technology to further improve the partnering process and to accelerate global growth. The seed round was described as oversubscribed.
- FoodDocs
Participated · Equity · Feb 2022
FoodDocs offers an AI-driven food safety compliance platform designed to make getting and staying compliant faster and less bureaucratic. The company was founded by food safety experts Karin Repp and Katrin Liivat; Liivat serves as co-founder and CEO. FoodDocs says leveraging AI makes getting compliant 500x faster than traditional methods and can save businesses 20% of the time spent on compliance. Its solutions are used by over 15,000 customers, including Huboo, Smart Lunches, The Oxford Food Co., and Bolt Market. Bolt Market has used FoodDocs to expand to 40 new business locations across nine countries. The recently raised funds will be used to continue strategic growth and to further improve AI capabilities while driving expansion in the U.S. and the U.K.