Kaamos

What Kaamos does

Kaamos is a Tallinn-headquartered, family-owned investment company (family office) founded in 2002 by the Jõeleht family, operating as a vertically integrated holding across real estate development, construction, and renewable energy in the Baltic region. The group reports €272.5 million in assets and €149.2 million in equity as of end-2024, employs more than 100 staff (300+ including construction site workers), and serves a mix of individual residential buyers (over 2,500 apartments delivered since inception), commercial tenants (anchored by Estonia's largest food industry company, the Education and Youth Board, DEPO, and VEHO at flagship properties Tammsaare Ärikeskus and Avala Business Quarter), and enterprise construction clients across Estonia, Latvia, Finland, and Georgia.

The group's core operating subsidiaries are Kaamos Kinnisvara (residential and commercial real estate development with ~85,000 m² of rental space), Kaamos Ehitus (ISO 9001:2015 / ISO 14001:2015 certified design and general contracting services since 2005), and Kaamos Energy (renewable energy production, energy storage, and consumption management established in 2021, including Tallinn's largest rooftop solar park at the DEPO warehouse). Kaamos Timber (sawmill operations) and KC Energy (a solar joint venture with Combiwood Group, backed by EBRD financing) extend the value chain into upstream timber and utility-scale solar, while a venture capital arm holds stakes in ~10 Estonian startups including Bolt, Veriff, Moderan, Fractory, and Kingdom.

Kaamos generates revenue through three primary mechanisms: one-time sale of developed residential apartments, recurring rental income from commercial properties (Tammsaare Ärikeskus 24,000 m², Avala 22,000 m², Electra, Endla, Tatari 51), and project-based construction services. The group pursues an integrated model — developing, building, and increasingly powering its own real estate assets — and is actively pursuing LEED Gold certification and ESG digitalization (via the Mitigate platform) to institutionalize sustainability reporting. Distribution is direct and sales-led, with multilingual operations (Estonian, Russian, Latvian, English) and dedicated regional subsidiaries in Latvia (Kaamos Real Estate SIA) and Finland (Purtonor OY).

Name

Kaamos

Legal name

Kaamos Group OÜ

Website

https://kaamos.ee

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Kaamos is an Estonian family-owned investment company founded in 2002, operating vertically integrated real estate development, construction, and renewable energy businesses across the Baltic region, serving residential buyers, commercial tenants, and enterprise construction clients.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Real Estate and Rental and Leasing (53), Lessors of Other Real Estate Property (531190)

SIC

Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Single-Family Offices (SFOs) (FSAAADAA)

akta.pro secondary industry

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

Keywords

• Real estate development
• Construction services
• Renewable energy
• Family office investment
• Venture capital

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Development Sales: Kaamos Kinnisvara develops residential and commercial properties for sale. The company has delivered over 2,500 apartments and manages approximately 85,000 m² of rental space including Tammsaare Business Centre, Electra Business House, DEPO store-warehouse, Endla Business House, and Tatari 51 Business House.
2. Commercial Property Rental: Kaamos generates recurring rental income from its commercial real estate portfolio, including office buildings and retail spaces.
3. Construction Services: Kaamos Ehitus provides design and general contracting services for residential, commercial, and industrial buildings in Estonia, Finland, and Georgia since 2005.
4. Energy Production: Kaamos Energy focuses on renewable energy production including solar energy, energy storage, green electricity, and consumption management. Includes participation in Sunly Land and own solar installations.
5. VC/Startup Investments: Kaamos Group invests in early-stage startups with fixed return requirements, focusing on Estonian companies with potential synergy to core businesses (real estate, construction, energy, timber). Portfolio includes Bolt, Veriff, Moderan, Fractory, Kingdom, and 6 other companies.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Kaamos is a family-owned Estonian investment management company (Family Office) that develops and sells residential and commercial real estate, provides design and general contracting construction services, produces renewable energy (primarily solar), and invests in early-stage Estonian startups. The group operates through subsidiaries Kaamos Kinnisvara (real estate), Kaamos Ehitus (construction), Kaamos Energy (renewable energy), and Kaamos Start-up (VC investments), with a portfolio of more than 2,500 delivered apartments and approximately 85,000 m² of rental space.

Product overview

Kaamos is a professionally managed Family Office investment company founded in 2002, operating through distinct divisions: Kaamos Kinnisvara (real estate development with 2,500+ apartments delivered), Kaamos Ehitus (construction services with ISO certifications), Kaamos Energy (renewable energy/solar), Kaamos Start-up (VC investments in Estonian startups), and Kaamos Kasvufond (education fund). The portfolio includes residential projects (Hõbemetsa, Vikimõisa), commercial properties (Tammsaare Ärikeskus, Avala Business Quarter), and digital tools like Kaamos Marketplace for home buyers and Mitigate for ESG reporting. Operations span Estonia, Latvia, Finland, and Georgia.

Differentiator

Problem solved

Functional benefit

Brands

• Targem Tulevik: Education support fund established by Kaamos Group for supporting educational projects in Estonia
• Kaamos Kasvufond
• Roheline Kaamos

Products and services

• Kaamos Kinnisvara (Real Estate Development) Residential and commercial real estate development for individual homebuyers and business tenants in Estonia and Latvia, with over 2,500 apartments delivered and approximately 85,000 m² of rental space including Tammsaare Ärikeskus and Avala Business Quarter.
• Kaamos Ehitus (Construction Services) Design and general contracting construction services for residential, commercial, and industrial buildings in Estonia, Finland, and Georgia. Holds ISO 9001:2015 and ISO 14001:2015 certifications.
• Kaamos Energy (Renewable Energy) Renewable energy production including solar energy, energy storage, green electricity, and consumption management. Portfolio includes Tallinn's largest rooftop solar park at DEPO warehouse in Avala business quarter.
• Kaamos Start-up (Venture Capital Investments)

Quantifiable outcome

• Delivered over 2,500 apartments to new homeowners
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• BauwiseminorStrategic or Co-development Partner · 4 March 2026Kaamos participated in cooperation with Bauwise for the launch of Construction Tender Management capability. Bauwise is a construction cost management software developer, and Kaamos Ehitus was one of the development partners testing the new procurement and commercial control solution.
• Mapri EhitusminorStrategic or Co-development Partner · 4 March 2026Kaamos Ehitus cooperated with Mapri Ehitus in developing Bauwise's Construction Tender Management capability, providing real-world construction industry input.
• NOBEminorStrategic or Co-development Partner · 4 March 2026Kaamos Ehitus cooperated with NOBE in developing Bauwise's Construction Tender Management capability, providing real-world construction industry input.
• Tesron EhitusminorStrategic or Co-development Partner · 4 March 2026Kaamos Ehitus cooperated with Tesron Ehitus in developing Bauwise's Construction Tender Management capability, providing real-world construction industry input.
• European Digital Innovation Centre (EDIC)minorImplementation/ SI/ Consulting PartnerKaamos partnered with the European Digital Innovation Centre for its ESG digitalization pilot project under the 'Test Before Invest' programme, implementing the Mitigate ESG platform.
• Combiwood GroupcoreStrategic or Co-development PartnerKaamos and Combiwood Group formed joint venture KC Energy for renewable energy projects, including EBRD-financed major solar park development in Estonia.
• Rohetiiger (Green Tiger)coreStrategic or Co-development PartnerKaamos is a founding member of Green Tiger (Rohetiiger), an environmental initiative aimed at promoting sustainable development and environmental awareness in Estonian society.
• Kaasaegse Kunsti Eesti Keskus (Contemporary Art Estonia)minorStrategic or Co-development PartnerKaamos Group partnered with Contemporary Art Estonia to establish the Kaamos Art Scholarship (€25,000) for female artists, the largest private art scholarship in Estonia.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hepsor: Estonian residential and commercial real estate developer listed on the Tallinn Stock Exchange. Directly comparable to Kaamos Kinnisvara in apartment development pipeline, target buyer segment, and Tallinn focus, though Hepsor is publicly listed and lacks Kaamos's construction and energy vertical integration.
• Pro Kapital Grupp: Baltic real estate developer active in Estonia, Latvia, and Lithuania with premium residential and commercial projects. Comparable to Kaamos's residential development pipeline and Riga (Latvia) presence via Kaamos Real Estate SIA.
• Endover: Estonian residential real estate developer focused on premium apartment projects in Tallinn. Direct competitor to Kaamos Kinnisvara in the same target buyer segment and same micro-markets including Nõmme and the city center.
• Merko Ehitus: Estonian construction and real estate group, one of the largest general contractors in the Baltics. Closely comparable to Kaamos Ehitus on construction services and to Kaamos Kinnisvara on residential development, with similar geographic reach across the Baltic states.
• Mapri Ehitus: Estonian general contractor active in residential, commercial, and civil construction. Direct peer to Kaamos Ehitus, even collaborating with Kaamos on Bauwise construction-tender software development.
• E.L.L. Kinnisvara: Estonian residential real estate developer with projects across Tallinn and surrounding areas. Directly comparable to Kaamos Kinnisvara's apartment development business and similar buyer profile.
• Nordecon: Estonian construction group operating in buildings and infrastructure across Estonia, Latvia, Lithuania, and Ukraine. Comparable to Kaamos Ehitus as a regional general contractor with overlapping customer base in commercial and residential construction.

Emerging players

• Sunly: Estonian renewable energy developer in which Kaamos holds a stake. Comparable to Kaamos Energy's solar and storage operations, with overlapping focus on Baltic greenfield solar development and grid-scale renewable projects.

Broad incumbents

• YIT: Finnish construction and real estate development group with broad Nordic-Baltic operations. Comparable to Kaamos Ehitus's Finnish activities via Purtonor OY and to the wider Group's housing and commercial development model, but at significantly larger scale.

Regional players

• Invego: Lithuanian residential and commercial real estate developer. Comparable business model to Kaamos Kinnisvara in Baltic apartment and commercial development, but operates in Lithuania rather than Kaamos's Estonia/Latvia core.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/kaamoskinnisvara

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kaamos