Founded in Estonia in 2016, Thorgate Ventures focuses on investing in startups that have been in operation for 2-3 years. They typically invest in rounds with two participants and have notable sponsors such as CyLon, Startup Wise Guys, Seedcamp, and Mistletoe. The fund's main activity was in 2019, and they have a preference for investing in the fields of fitness and energy. Thorgate Ventures commits to less than two investment rounds annually, with deal sizes ranging from $100,000 to $1 million. The firm was formed by Ivar Merilo, Janar Merilo, Raido Pikkar, Taavi Teska, and Toomas Uripea, and they believe in the power of the right team culture, passion, rationality, and execution to build successful businesses.