Tera Ventures, an early-stage VC firm based in Tallinn, Estonia, has announced the first close of €21 million in its second seed-stage fund. The firm expects the second close in the coming months, with “a substantial amount” already committed, it stated in a press release.

Limited Partners of Tera Ventures second fund include The European Investment Fund (EIF), which invests both from its own resources and through EstFund, LHV, Mistletoe Venture Partners International, as well high net worth individuals from Estonia.

Tera Ventures’ second fund will invest in 25­­–30 seed-stage tech startups in Estonia (including eligible e-residents), Finland, Denmark, Latvia, Lithuania, Poland, Sweden and the Czech Republic. The check size is set between €200,000 and €1.5 million, with the possibility of follow-on funding.

The VC firm describes its new fund as vertical-agnostic and looks for “digital startups creating network effects, applying machine learning, and other enabling technologies which will become the infrastructure of our future lives.”

“We are committed to offering founder-friendly terms and assisting our investments with our global network of investors, industry veterans and experts,” said Andrus Oks, founding partner at Tera Ventures. “We believe this will enable our entrepreneurs the right foundation to compete on the world stage and attract top-tier partners and venture capital in key markets in Europe, US and Asia to ensure the realization of their vision.”

Investments from the Tera Ventures Fund I include companies like GrabCAD (sold to Stratasys for a rumoured $100 million), Cleveron, and Monese, which just announced a $60 million Series B round.

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