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As a seasoned entrepreneur and former CEO of the Baltic Hotel Group, I am deeply involved…
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Raido Pikkar shared thisI reread what I wrote four years ago. The interesting part is not that AI got better - it is how closely the change in the developer’s job matched what I expected. The article is in Estonian, but I’m sure that’s less of an issue nowadays :) This quote from a16z co-founder Marc Andreessen sums up my article from four years ago quite nicely: “Tulevikus on kahte liiki töökohti: inimesed, kes ütlevad arvutitele mida teha ja need kellele arvutid ütlevad mida teha.” https://lnkd.in/dGx6nRxBIT-firma juht: meie sektor seisab suure raputuse lävel?IT-firma juht: meie sektor seisab suure raputuse lävel?
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Raido Pikkar shared thisLast Friday I had the opportunity to spend a few hours with the MIMIR Fellows - a group of future deep-tech founders, researchers and ecosystem builders working on one of Estonia’s hardest challenges: turning research into companies. Happy to support Rasmus Kalep again on this. The presentation I was asked to give was about my vision for Estonia. After more than 20 years of building companies, investing, mentoring founders, and contributing to the Estonian tech ecosystem, I can understand why this question was directed my way. So the question I asked myself was - what should Estonia become after being a Digital Nation? My answer is increasingly this: Estonia’s next competitive advantage is not digital services. It is decision density. The real question is not where code is written. The real question is: • Where are strategic decisions made? • Where is capital allocated? • Where do founders choose to build from? • Where do boards and executives sit? • Where do global companies choose to place their headquarters? If Estonia wants to create more global companies, attract more deep-tech founders and fully benefit from the AI era, we must become a place where important decisions are made - not only a place where efficient digital services exist. The AI shift makes this opportunity bigger, not smaller. As geography matters less, trust, speed, governance and networks matter more. That is good news for small countries that move quickly. The presentation also covered lessons from more than 20 years of building companies, investing, fundraising, mentoring founders, and helping build communities such as Thorgate, Waybiller, Thorgate Ventures, Python Estonia, Latitude59 and the Startup Incubator by Tehnopol. All that was based on the questions I was sent by the students beforehand. One conclusion keeps repeating itself: Compounding beats intensity. Relationships compound. Knowledge compounds. Communities compound. Capital compounds. Countries compound. The question is no longer whether world-class companies can be built in Estonia. The question is whether world-changing decisions will be made here. 🇪🇪 Presentation in the comments. I would be curious to hear where others think Estonia’s next advantage should come from.
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Raido Pikkar shared thisWelcome onboard, Andrei Stepin! You’ve proven what strong leadership can do at GateMe, and I’m excited to see that same momentum at Thorgate Digital. Looking forward to building the next stage of Thorgate Digital’s mission and impact together.Raido Pikkar shared this📣 A new chapter for Thorgate Digital! We're excited to announce that Andrei Stepin has stepped into the role of CEO at Thorgate Digital. Andrei has been part of the Thorgate Group for years as the founder and CEO of GateMe, where he built a strong track record of focused leadership, rapid execution, and turning opportunities into growth. As Thorgate Digital enters its next phase, expanding internationally and strengthening its position as a technology partner for ambitious organizations, Andrei is the right person to lead the journey. In his new role, Andrei will focus on accelerating international growth, deepening strategic partnerships, and building the team that will shape the company's future. Congratulations, Andrei, we're excited to see what comes next. 🚀 Read more in our blog, link in the comments. #ThorgateDigital #Leadership #CEO #Growth #Technology
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Raido Pikkar shared thisThank you Gorilla Capital for hosting another Founders Day. As Risto Rautakorpi mentioned the well-known phrase, being a founder is a lonely job, and even as a seasoned serial entrepreneur and investor, I still appreciate the opportunity to share a room with my peers. Sometimes being able to help, sometimes being reminded of important ground rules like the one from Steve Blank: “The difference between winning startups and those who lose is that the winners understand why customers buy. The losers never do.” In the Thorgate Group we have fostered the same mentality. Last year I brought Ivar Merilo with me, with whom we have mostly been growing our latest spin-off, Waybiller, together, and this year I was happy to introduce our Head of Growth and partner at Waybiller, Kert Kaspar Tammaru, to Risto and others as well. Thorgate Group with our venture arm Thorgate Ventures is a group of tech companies that creates and helps grow new tech companies, and I am sure that in the coming years there will be more offspring from both Thorgate and Waybiller. I find it important to continue passing forward experience, just like Risto and others have done for me, so that I can do the same for the next generation. Remember to pay it forward.
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Raido Pikkar shared thisBefore entering a new market, I don’t start with spreadsheets or strategy decks. I go there. With Waybiller strong in Estonia and expanding across Northern & Central Europe and the Baltics, we are now looking at North America. First steps are already done - not rushing in yet - but to prepare, I spent this week on the ground across the Chicagoland materials corridor, visiting sites in Thornton, Joliet, Romeoville and McCook. The density of this cluster - and the number of potential customers - is on another level. What I saw: • Thornton - Heidelberg Materials North America (also our customer in Europe). One of the largest quarries in the world. Yet paper is still widely used. Gallagher Asphalt strategically next to them. • Joliet - operations like Amrize (Joliet Aggregates) and others. More diversity, more entry points. • Romeoville - a dense cluster of yards and plants (Prairie Materials, K-Five Construction Corporation) next to aggregates giant Vulcan Materials Company. This is where logistics complexity really shows. • McCook - a strong presence of Vulcan, with players like Ozinga consistently positioned nearby. Across all of this, one thing is clear. This is not a fragmented industry of small players. It’s a layered system: • global leaders like Heidelberg Materials • strong regional operators like Ozinga, Vulcan, Gallagher • and a network of specialized sites and yards in between Exactly the same structure we see across Europe. In Europe, digital freight and e-waybill systems are moving toward becoming mandatory by 2027. That will fundamentally change how materials move, how data flows, and how operations are managed. Standing on-site here in the US, you can clearly see the same operational need already exists - just without the regulatory push. And interestingly, many operators here don’t need regulation to see the value. The need is already obvious on the ground. Waybiller is a strong spin-off of the Thorgate group and no longer a startup raising funds to find product-market fit. We are shifting toward a strong, enterprise-level logistics tech capability, but we still have much to do back home in Europe. Our challenge is balancing highly interesting enterprise customers with the needs of thousands of smaller customers - and we are grateful to have a positive challenge like that to solve. Thank you, team!
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Raido Pikkar shared thisThank you Andreas Kaju, Marko Mihkelson, Raivo Vare and others. Insightful event. I do think there is more to do in attracting monetary interest to Estonia next to military deterrence to make us a target not preferred, but me and many others are working on it. For sure in many areas we have done close to the 100% possible. In summary, proud to see the level of foreign diplomacy and pure effort put into our safety. Makes me feel motivated to keep on doing my part and more in all this.Raido Pikkar shared thisYesterday I led a panel at the Economic and Security talks 2026. With a Chatham House rule in place, I won't quote anyone - Kaupo Rosin, the head of Foreign Intelligence; Jonatan Vseviov, our keynote and permanent secretary of the MFA; Marko Mihkelson, head of the foreign affairs committee and Hanno Pevkur, minister of defence - all gave plenty to think about. But I am giving permission to myself to express my own point of view. We are only starting to become more comfortable with this new world. We are not on the menu and are part of the discussions. While there is no going back to the world that was, then that does not mean that the future is a polar opposite of the peace dividend era. Nothing is certain yet and there is everything to fight for. The perfect MO for the time being is just like the NATO Treaty: Art 1 disputes have to be settled through peaceful means; Art 2 likeminded nations have to collaborate economically and strengthen their own institutions Art 3 invest and develop individual capability to resist attack Art 4 consult in times of need continuously with each other Art 5 one for all and all for one Of course, questions have arisen, who is the all that can be counted upon but until that answer is clear, work to maintain the "all" will not stop. Our audience of private sector leaders from CEOs to lawyers and bankers appreciated the format, the candid discussion and the access.
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Raido Pikkar shared thisThe AI boom has made building software easier than ever, but Europe’s bigger challenge remains the same: adoption and scale across a fragmented market. EU Inc is one of the first serious structural steps toward fixing that. Estonia has already built many of the digital foundations Europe is now looking for. We should use this moment to lead, not just follow. We have the potential to be what Delaware was in the US for decades. We are Delaware of Europe, but just don't act like it just yet. I've talked about this in my piece in Ärileht/Delfi on the topic on how Europe doesn’t lack innovation capacity but it does lack scale and diffusion capacity. EU Inc is the legal upgrade that fixes market fragmentation. Estonia already built the digital + legal + compliance + tax + identity stack that EU Inc is trying to standardize. If Estonia contributes its blueprint, we become the prototype jurisdiction and headquarter magnet for European technology companies, which strengthens both our economy and our strategic security. If we don’t, Europe will rebuild from scratch and we lose the one structural advantage we have earned over 20 years. Read more here: https://lnkd.in/d4EJdhTs #EUInc #EuropeanHeadquarters #TechTarkvaraettevõtte juht: Eestil on ainulaadne võimalus kujundada Euroopa-ülene ühtne ettevõtlusvormTarkvaraettevõtte juht: Eestil on ainulaadne võimalus kujundada Euroopa-ülene ühtne ettevõtlusvorm
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Raido Pikkar shared thisHeading back to Chicago next week. ✈️ I’ll be reconnecting with my network there and continuing conversations that have been building over the past year. Every time I spend time in Chicago, I’m reminded how underrated it still is compared to other US business hubs. There’s real economic opportunity, strong foundations in industry, logistics, healthcare, and a growing layer of technology and innovation on top of it. Culturally, it feels surprisingly close to Estonia and Europe in general. Pragmatic, forward-looking, less hype, more substance. I genuinely think Nordic tech leaders should look more towards Chicago. The potential for cooperation is there, and the value alignment is stronger than many expect. Happy to cooperate also on this trip with my wife Mariliis Pikkar who has seen the same for her fashion company MARIMO FASHION Looking forward to catching up with people like Sampo Parkkinen and Eero from Barchart to take Waybiller forward but also Margo Markopoulos to develop US-Estonian relations and of course many others while I’m there. If you’re around next week and want to connect, feel free to reach out. #Chicago #Tech #Estonia
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Raido Pikkar shared thisBack in Chicago a bit over a month later. It’s colder now, but the city hasn’t changed - still direct, welcoming, and a place where a Nordic person feels right at home. Great to meet Sampo Parkkinen of course here again from the Gorilla Capital team who is based here with his own company Revieve. They joined Waybiller in our most recent rounds next to Thorgate Ventures and others, and having an experienced early-stage investor validate the company at this stage matters. On top of that, the entrepreneur to entrepreneur “pay it forward” mindset we both brought to the conversation reminds me that genuine support in tech isn’t tied to geography - the best people help because they’ve been in the trenches themselves. I’ll be in Chicago until the end of the week. If you’re working on digitalisation in logistics, forestry, bulk materials, or other heavy industries, I’m happy to meet. Waybiller is built precisely for companies that move real materials and want those flows to run cleanly and efficiently. #DigitalTransformation #Innovation #EstoniaUS
Raido Pikkar replied to a comment
4mo
Zahid Malik Focus in general is key, totally agree. It is hard from going from saying yes in the product market fit phase to saying no to most things to really focus on one ICP and scale the part of the company that greats the actual business moat for the future... but there is no other way. Focus is key.
Raido Pikkar replied to a comment
4mo
Amna Ahsan When we reached product market fit years ago then this was of course great, but now cracking after the go to market also the initials of scaling... it does feel like with the great team we have sky is the limit.
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Raido Pikkar liked thisRaido Pikkar liked this💫My husband Raido Pikkar was sleeping and the children were with their grandparents, so that was my window to create MARIMO FASHION’s FW26 collection. 💫 One hour to sit down and get the ideas from my head onto paper. This is also a part of being an entrepreneur: you don’t always get perfect conditions or a whole day to be creative. Sometimes you just take the one hour you have. In my latest Designer Talk, I share a little behind-the-scenes of creating our Fall-Winter collection, link is in the comments!
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Raido Pikkar liked thisRaido Pikkar liked this58 user interviews this week. It has been a busy year and I had not talked to our users for a while. So last weekend I sent an email to our subscribers with a meeting link. Asking if they would like to have a chat about the roadmap. I didn't give this much thought at all. I guess, I figured maybe a few people would book a call. Everyone is busy. 🤷♂️ My whole week was booked in 2 hours. As I realized what was happening, I panicked. So I quickly time blocked the last few empty slots so I could still eat and do some other work. 😅 Then people started emailing me that the booking system is probably broken because they can't find any free slots. 😄 Many said they don't have time for a call but still wrote their feedback and ideas, because they want to help. Not the week I (kinda) planned. But honestly, the best week I've had in a long time.
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Raido Pikkar liked thisRaido Pikkar liked thisThis week, Thorgate is taking part in the Health 3-2-1 business mission in London and Cambridge, represented by our Senior Partner and Board Member Karl Õkva and Group Head of Marketing Merili Auser.🇬🇧 We started at the Embassy of Estonia in London, where Liam Cahill, Shamik J Parekh and Isaac Ezro-Lack shared practical insights into the NHS, regulation, procurement, reimbursement and adoption. A special thank you to Ambassador H.E. Mr. Sven Sakkov for welcoming us to the Embassy and helping kick off the visit. A few key takeaways: ▪️ A clinically strong product is only the entry ticket. ▪️ You need to understand the actual buyer, budget, and procurement route. ▪️ Regulation and approval do not automatically mean adoption. ▪️ The strongest companies think about scalability and multiple markets from day one. The next day, visits to UCL Partners and University College London Hospitals gave us a closer look at how innovation moves from validation to adoption and scale across the NHS. Great to share the mission with Kerli Luks from Muun Health, Maksim Zukov, Erkki Leego and Natalia Balkunova from Kodality, Evelyn Aaviksoo and Ain Aaviksoo from Heba, Tarmo Pruuli from Tikstek, Sakari Lätti from Aurlide ltd., and Paulus Carpelan from Adamant Health. And a big thank you to Loora Salurand and Mariann Uudmäe from Tehnopol and Heidi Saaristo from Business Turku for organising the mission. #HealthTech #DigitalHealth #NHS #HealthcareInnovation #Thorgate #Health321
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Raido Pikkar liked thisRaido Pikkar liked this💫 The best time to think about your autumn coat is not when autumn arrives. It’s now.💫 One thing we’ve learned in MARIMO FASHION after years of building a fashion brand around made-to-order and made-to-measure clothing: good things take time. A thoughtfully designed coat is not something you simply pick off a shelf. There is the fabric, the design, the fitting, the construction and the time to do each of these things properly. And this is also one of the less visible responsibilities of having a brand. You don’t just create products. You educate. We’ve become much better at this over the years, but changing consumer habits and building awareness takes time. People are used to fashion being available instantly. But a coat that is made for you, designed to last starts with a decision made before you actually need it. So, if you’re thinking about investing in a great autumn coat this year, now is the moment to start. You can check out our coats and jackets on our website (link is in the comments.)
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Raido Pikkar liked thisRaido Pikkar liked this💫 It’s always a little special to see Marimo through someone else’s eyes. 💫 I had the pleasure of sitting down with Keilit Bauer for an interview for Catwalk magazine, talking about MARIMO FASHION, the journey behind the brand, and the ideas, values and moments that continue to shape what we do. A heartfelt thank you to Keilit for such a thoughtful conversation and for putting my words into such a beautiful story, and to Julia Astok for capturing these beautiful campaign images. Read the full interview in Catwalk magazine.
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Raido Pikkar liked thisRaido Pikkar liked thisA little September update. 🚀 My role at Thorgate is evolving, with a stronger focus on growth and business development alongside marketing. Marketing is still very much at the core of what I do, but AI and new ways of working are allowing me to spend more time closer to our customers and the commercial side of the business too. That means bringing together marketing, sales and business development to create new opportunities and help bring more great digital product projects to Thorgate. September is already kicking off in the right spirit. 🇬🇧 I’ll be heading to the UK with the Thorgate team and Tehnopol HealthTech for Cambridge Tech Week, with a particular focus on meeting founders and companies in the health tech space. So if you’re building something in digital health, medtech or healthcare innovation, or have a product idea that needs a strong technical partner behind it, I’d be very happy to connect. And the robot making my coffee at sTARTUp Day at the University of Tartu booth probably describes my current mood best: energised, curious, exploring and ready for what’s next. 🤖☕🚀
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Raido Pikkar liked thisHappy to see this coming out publicly. :) It has been 5.5 years of building and learning. We're now in a very different position than a few years ago, when our only strategy was "raise to survive". But as one smart guy said to me a couple weeks ago "You're too young to be in such a comfortable position." So now it's time to accelerate growth, but in a more strategic and disciplined way this time. Thanks for betting on us Martin Gorosko, Zigmars Reklaitis, Matiss Neimanis! In labels we trust - Wisby.eu!Raido Pikkar liked thisEver wondered how Wisby.eu, the label-ordering platform of Estonian origin now operating across the Nordics, is doing? - Well, we've got some news - they have just raised €250,000 in strategic growth capital. Buildit VC invested €200,000, while an additional €50,000 came from an Estonian Business Angels Network (EstBAN) angel investor syndicate led by Martin Gorosko. Rather than raising a traditional seed round, the already profitable company opted for a smaller strategic investment to accelerate its growth. 🤝 Read more on our blog: https://lnkd.in/dUCBwtNP Kaspar Päll Carmen Kauer Aadi Tegova 🙌
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Raido Pikkar liked thisRaido Pikkar liked this🇪🇪 🇺🇦 We’re so proud to see our work represented on such a meaningful international occasion. For Ukraine’s Independence Day, First Lady Sirje Karis wore a light grey two-piece ensemble made by MARIMO FASHION, where she attended the Summit of First Ladies and Gentlemen in Kyiv. She paired our matching set with a dark grey blazer by another designer, creating a beautiful layered look for the occasion. Knowing that a piece made in our Tallinn atelier was worn in Kyiv, at a gathering focused on unity and supporting Ukraine during such difficult times, feels especially meaningful to us. Photos: Raigo Pajula, by Office of the President of Republic of Estonia
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Alireza Ghahraman
Startup Support in the Baltics: Fast, Digital, but Compliance-Heavy (Part 16) The Baltics Estonia, Latvia, and Lithuania have built reputations as small but agile startup ecosystems. They’re fast, digital, and internationally minded. But for immigrant founders, the mix of opportunity and friction is unique. 1) Estonia – Startup Estonia & e-Residency Estonia became famous for its e-Residency program, which lets global founders incorporate and run companies online. Startup Estonia also supports immigrant entrepreneurs with grants, connections, and a dedicated Startup Visa. The challenge? Opening a local bank account under strict AML rules remains harder than company formation itself. 2) Latvia – LIAA (Investment and Development Agency of Latvia) LIAA provides grants, export support, and innovation funding. Immigrant founders often use LIAA’s programs to access early-stage capital and industry links, especially in ICT, fintech, and biotech. Latvia’s Startup Law also offers tax incentives for new ventures. 3) Lithuania – Startup Lithuania & Innovation Agency Lithuania is positioning itself as a fintech hub. Startup Lithuania and the Innovation Agency provide accelerators, visa pathways, and support for international entrepreneurs. Yet, like in Estonia, banking and compliance can be a bottleneck particularly for founders from outside the EU. 4) The Baltic ecosystem DNA Digital-first governments and online-friendly processes. Startup visas that attract immigrant talent. Generous grants at pre-seed stage. Capital depth challenge: founders often flip holding structures to UK/US for Series A+. Takeaway: The Baltics welcome immigrant founders with digital innovation and visa schemes, but compliance-heavy banking and shallow growth capital pools require a smart international scaling strategy. 💡 Question: If you’ve built in the Baltics, did digital speed outweigh the banking friction for your startup journey? #Startup #Baltics #Estonia #Latvia #Lithuania #ImmigrantFounders #EuropeStartups #Entrepreneurship #VentureCapital #liaa #startuplithuania #StartupEstonia #innovation #visa #Investment #vc
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Anssi Rusi
Finland needs bold growth more than ever, and entrepreneurs are the engine. The Startup ecosystem’s shared 100x100 goal is ambitious but beautifully simple: 100 Finnish startups, each reaching €100M in annual revenue --> Read more https://lnkd.in/d-6tfCPe. Proud of supporting this initiative from the board of Maria 01 and getting Supermetrics next to this club 💪
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Baltic Sandbox
Fundraising is a skill most founders learn the expensive way — alone, under pressure, in the dark. It doesn't have to work like that. On September 10-11th We're hosting a Fundraising Workshop in Kaunas: a practical session for early-stage founders getting ready to talk to investors. We'll go through important topics like what investors actually evaluate, how to prepare your materials and numbers, and how to run a round as a process instead of reacting to one and more. Just as valuable: a room full of founders at the same stage, dealing with the same questions. The conversations after the session tend to be the part people remember. September 10th and 11th, registration and information: https://tally.so/r/RGeJW4 Co-Funded by the European Union #startups #fundraising #Kaunas
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Anna Mastykina
Raised 610K eur in 2 rounds, 60k eur angel round in 9 months and 550k eur seed round in 5 months, from 2 VC funds and 4 angel investors for sunbay.io, turns chasing invoices into a managed process - automated workflows, task queues, escalation with interest notes, and reporting on what the team recovers. A team of 3 co-founders: Filip Szczeciński, worked in Operations & Automation in startups & scaleups Nikodem Cabała ⭐️, Software Engineering in startups & banks Dawid Dzierzynski ☀️, Finance & Operations in startups & scaleups • Funnel (angel round 60k eur) 1-st calls: 15-20 TSs received: 4 (20%) TSs signed: 2 (10%) Check size range: 20K-50K eur • Funnel (VC round 550k eur) 1-st calls: 45 2nd+ calls: 8 (17%) TSs received: 2 (4%) TSs signed: 2 (4%) Check size range: 100K-300K eur • Pipeline Founders’ and angels’ network was the most effective channel. Startup events. • Lead investor Met at Slush event • Runway Seed round: 4 months • Pitch Deck & Data Room Financials Product&Vision explanation Pitch Deck • Metrics MRR at pre-seed fundraising start: 1.5K eur MRR at seed fundraising start: 3.5K eur Valuation: CLA, bottom cap 2M eur, top cap 5M eur & 25% discount • Top fundraising tip Be nice and easy to communicate Be transparent Create momentum in your fundraising and aim to close the round within a few weeks • Fundraising mistakes to avoid Don’t be afraid to make ambitious projections
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