News

We are super excited to announce that Beamline is joining EstVCA membership. Beamline is a forward-thinking cleantech-focused accelerator and fund based in Estonia and operating internationally. They have portfolio startups from 17 countries, from Europe and beyond.

PHOTO: Beamline team

We are super excited to announce that Beamline is joining EstVCA membership. Beamline is a forward-thinking cleantech-focused accelerator and fund based in Estonia and operating internationally. They have portfolio startups from 17 countries, from Europe and beyond.

“From now on, we’re honoured to belong to the EstVCA family. Their commitment to private equity and venture capital aligns greatly with our vision of fostering innovation and that’s why we’re joining forces with local players - to co-think and co-act. Together we can strengthen our ability to support emerging clean technologies and drive meaningful collaborations in startup and investors’ communities,” says Jana Budkovskaja, the Managing Partner & CEO of Beamline.

“We are thrilled to have Beamline as the leading cleantech accelerator and fund join us, as the growth and potential of the cleantech industry across the globe as well as in our home region has been tremendous,” says Kadri Lindpere, the Managing Director of EstVCA. “We already see many events and initiatives with other investing members and are keen to integrate Beamline’s knowledge in the cleantech field,” she adds.

Beamline’s mission is to develop the cleantech sector and they are particularly interested in pre-seed cleantech startups that demonstrate substantial potential for sustainable growth and breakthrough in various cleantech topics, for instance, innovative solutions for energy production and storage, waste management, transport, food industry and construction.

With a solid track record, Beamline has provided €1.7 million in investments and their alumni has attracted over €35 million in subsequent funding while demonstrating a positive impact for the climate. Beamline offers a tailored acceleration program that includes workshops, intensive mentorship and investment to ensure our startups are fully prepared to be investor-ready and to be successful in the competitive market. https://www.beamline.fund

Key contact for EstVCA members:

Jana Budkovskaja
Managing Partner / CEO
jana@beamline.fund

Upcoming events

1) Energy | Climate Focus Program Info day - August 29th, Tallinn
Energy is a booming topic and we're soon about to start with our Eneryg Batch. Before that, we're inviting you to the Energy | Climate Focus Program's Information Day on August 29th. Gain valuable insights into the latest business trends in the energy and construction sectors through the lens of investors, founders, and policymakers.

Info & RSVP - click HERE

2) EstBAN x Beamline Deeptech Batch Demo Day - September 19th, Tallinn & online
Attention investors! Get ready for another exciting round of investment-ready #cleantech #deeptech startups, brought to you by Beamline Accelerator. Hear out the pitches of Beamline deeptech startups!

More info & RSVP - click HERE

3) Estway - the bridge between Norway and Estonia - September 24th, Oslo
This event is happening during Oslo Innovation Week. The hot topic for fireside chat: Investing in Estonian and Norwegian companies.

More info & RSVP - click HERE

UP Catalyst, a producer of battery material production directly from CO2 emissions, has closed a €2.36M seed extension round. This follows the initial seed round raised last December which amounted to €4 million, bringing the total seed funding to €6.36 million.

The funding will accelerate the construction of its first-of-a-kind industrial production unit. With this investment, the company hopes to expedite the development of an industrial pilot reactor with the aim of processing 100 tons of CO2 annually, yielding 27 tons of advanced carbon materials such as graphite and carbon nanotubes. The technology built on molten salt electrolysis not only aims to achieve price parity with traditional carbon sources but also significantly reduces the carbon footprint associated with raw material production.

“Supporting UP Catalyst aligns perfectly with Warsaw Equity Group's mission to invest in ground-breaking technologies that combat climate change. Turning industrial CO2 emissions into critical carbon-based raw materials that we are severely lacking in Europe is a game changer. We have been continually impressed by the strength and expertise of UP Catalyst's team and look forward to this partnership,” stated Arvin Khanchandani, Investment Manager at Warsaw Equity Group.

UP Catalyst's production process claims a carbon footprint of just 0.07 ton of CO2-eq per ton of graphite—20 times lower than conventional graphite production—and 0.7 ton of CO2-eq per ton of carbon nanotubes, an impressive 242 times lower than the emissions from the traditional Chemical Vapor Deposition (CVD) method.

“By 2030, the EU will require 3 million tons of carbon materials for electric vehicle batteries. Despite having the potential to utilise 11 million tons of CO₂ through existing technology, the EU currently invests in underground storage and imports fossil-based materials from China,” said Dr Gary Urb, CEO of UP Catalyst. “The technology is ready—we just need the investment to scale up as a crucial step toward utilising at least 200 thousand tons of CO2 annually by 2030.”

UP Catalyst has also started to move into a new facility hosting the industrial production unit activities, located right next to the Tallinn waste incineration plant. This enables future direct access to hard-to-abate CO2 emissions.

The new plant will boast a production capacity ten times larger than the current setup, marking a significant milestone towards the construction of a full-scale industrial reactor unit. This innovative approach not only alleviates the EU's dependence on foreign fossil fuel imports but also offers industrial partners a pathway to utilise their CO2 emissions, potentially reducing the need for purchasing allowances from the EU Emissions Trading System (ETS) or mitigating carbon tax burdens.

https://upcatalyst.com

https://smartcap.ee/

BPM Mezzanine Fund (BPM), a leading mezzanine financing provider in the Baltic countries, announced on 16th August its exit from Corle OÜ, a contractor for electricity and telecommunication networks. The exit marks the end of a six-and-a-half-year partnership that focused on providing high-quality network construction services.

BPM remains committed to its strategy of investing in and supporting companies through financing both expansion plans and buyout situations. Throughout the investment period, Corle built up a professional team of project managers in the network construction, which enables it to expand its customer base in the future.

Priit Uuemaa commented: “ BPM support enabled to lay a strong financial base for the company’s growth outlook. We thank BPM for the trust and cooperation throughout these years.”

“Our team gained valuable insights that will guide our future investments and strengthen our commitment in creating long-term value for our investors. We are grateful to Corle’s management team for the cooperation," said Priit Veering, Partner of BPM Capital.

For further inquiries, please contact:
BPM Capital: Priit Veering, tel: +372 605 0074, e-mail: priit.veering@bpmcapital.eu
Corle: Priit Uuemaa, tel: +372 5565 0605 e-mail: priit@corle.ee

More information about BPM Capital
BPM Capital (www.bpmcapital.eu) is an independent investment manager operating out of two offices, in Tallinn and Warsaw. It has been founded and is managed by Kalmer Kikas, Martin Reinson, Paweł Zabrzycki and Priit Veering. BPM is supported by prominent international and domestic institutional investors. BPM was originated through the Baltic Innovation Fund initiative created by cooperation between Estonia, Latvia, Lithuania and the European Investment Fund.

More information about Corle
Corle OÜ (www.corle.ee) was founded in 2006. The company constructs electricity- and telecommunication networks in Estonia and is an important partner to state and private infrastructure companies. Corle has 32 employees and is generating ca 6m euros in sales per annum.

Your.Rentals, a leading all-in-one short-term rental management platform raises €1.7m from existing shareholders to expand its market reach.

Your.Rentals, a leading all-in-one short-term rental management platform raises €1.7m from existing shareholders to expand its market reach.

“In a tough market for raising growth capital, weʼre extremely happy to have the ongoing support of our shareholders to continue growing the business.ˮ says Chairman and co-founder Klavs Pedersen.

Since its last capital raise in 2023, the company has accelerated its investments into R&D to broaden the capabilities of its “all-in-oneˮ platform, releasing the following improvements to its customers:

Dynamic pricing from PriceLabs and Airdna - letting customers automate their pricing and increase revenue by 20 - 30% on average.
Unified inbox – messaging to guests across most channels.
Scheduled messages – automating repetitive guest support tasks.
Unified reviews – collecting and responding to guest reviews in most channels.
Your.Capital – cash-advance loans for growing businesses.
Your.Cover – simplified and guaranteed damage deposits.

The company has also prioritised capital efficient growth and has delivered a positive EBITDA during 2024 year to date with a goal to be profitable in 2025.

“Reaching EBITDA break-even has been an important step for the company. Striking the right balance between growth and profitability is a top priority for growth-stage companies like Your.Rentals.“ says CEO and co-founder Andrew Martyn.

Your.Rentals plans to use the investment to reach as many new customers as possible in new and existing markets, and improve its product offering with a focus on its target customers.

“Other short-term rental management solutions on the market require their users to build complicated tech stacks and maintain billing relationships with multiple booking platforms. While this approach works for large-scale property managers, smaller players are typically overwhelmed by the complexity. Your.Rentalsʼ all-in-one solution helps small business property managers and private hosts simplify and automate their daily work so they can focus on the areas of their business that they enjoy most.ˮ Says Martyn.

About Your.Rentals
Your.Rentals is an all-in-one short-term rental property management platform empowering hosts and property managers to generate more revenue, save time, and automate much of their daily work with simple but powerful tools.

For media inquiries, please contact Ivan Danilov, Head of Marketing: ivan@your.rentals

The biotechnology startup ÄIO has raised €6.1 million through venture capital funds Voima Ventures, 2C Ventures, SmartCap and Nordic Foodtech VC

The biotechnology startup ÄIO has raised €6.1 million through venture capital funds Voima Ventures, 2C Ventures, SmartCap and Nordic Foodtech VC. The funds will be used to build a demo plant in Estonia to produce environmentally friendly oils and fats from wood and agricultural residues, offering an alternative to the widely used oils in the food industry.

Founded in 2022 as a spin-off from Tallinn University of Technology, ÄIO has developed a unique method that enables the food industry to reduce its reliance on environmentally harmful animal fats, palm oil and other vegetable oils. ÄIO’s solution uses specialised yeast to transform by-products from wood and agricultural processes, such as sugars extracted from sawdust, into food-grade fats and oils. This process is significantly faster and much less taxing on the environment.

Last year, ÄIO raised €1 million through venture capital, allowing the development of three alternative product categories: encapsulated oil, red oil and butter fats. These products can replace widely used palm oil in the food industry, and ÄIO's branded Red Oil can also be used in cosmetics and household products.

According to Nemailla Bonturi, co-founder of ÄIO, oils made from residues significantly reduce the environmental impact of agriculture and animal farming. "ÄIO's oils, produced from industrial residues, help reduce land use by up to 97% and water consumption by as much as 10 times compared to current palm oil and animal fat production. Additionally, the speed of oil and fat production through fermentation is 10 times faster," said Bonturi.

Why invest in ÄIO

Investors see great future potential in ÄIO for two main reasons. Firstly, ÄIO addresses one of the biggest environmental challenges of our time related to oil production, and secondly, it fosters economic growth. Nordic Foodtech VC was one of the first investors to believe in ÄIO two years ago, when the company emerged from the TalTech lab, and encouraged others to join. "ÄIO’s food industry testing has been successful, and feedback on the initial products has been encouraging. We are confident that with this funding, we will reach the next phase, and we welcome our new co-investors with joy," said company partner Mika Kukkurainen.

Hendrik Reimand, partner at the venture capital fund 2C Ventures, believes that ÄIO can turn its scientific advancements into commercial success. "Providing sustainable alternatives to products such as palm oil or animal fats is a critically important step in reducing the environmental impact of the food and cosmetics industry and we are confident in the teams’ ability to turn this scientific development into commercial success."

Voima Ventures partner Pontus Stråhlman emphasizes that the biotech startup provides a solution to the palm oil industry problem, which destroys diverse forests, such as those in Indonesia. "ÄIO’s approach addresses this issue by valorizing agricultural and forestry sidestreams into premium replacements, meaning significant reductions in CO2 or land use."

According to Sille Pettai, Fund manager at SmartCap Green Fund, funded by the European Union NextGenerationEU, investing in ÄIO offers the opportunity to support groundbreaking technologies. “By backing ÄIO, we not only address waste reduction but also provide eco-friendly alternatives for various industries to reduce dependence on traditional raw materials.”

With the investments, ÄIO plans to build a demo plant in Estonia, where they will start producing encapsulated oil, red oil and butter fats in tens of tons. The plant is expected to be completed by 2026. Although the final location has not yet been determined, the demo plant is likely to be located near a major industrial company. Raw materials will be sourced through collaboration with various Estonian and Finnish food industry companies, whose by-products will be used to produce oils. ÄIO is also working with the Estonian company Fibenol, whose hydrolysates are planned to be valorized.

There is strong interest in ÄIO's alternative oils from industrial companies. Several major food, cosmetics and household products companies in Estonia and worldwide have already signed on to develop innovative products together. ÄIO now has over 120 partners from Estonia and abroad, who either provide them with industrial residues or test ÄIO's oils and fats.

"For a scientist, the greatest achievement is when years of research result in a real product that can change the entire food industry and consumer experience. We will continue to develop the company and its products in collaboration with partners, investors and the food industry. We will also continue working with TalTech to train the next generation of bioengineers," Nemailla Bonturi explained regarding the next steps.

The entire production process is based on research conducted in Estonia, converting industrial by-products into food through a fermentation process similar to brewing beer or raising bread with yeast. The fermentation process results in fats rich in healthy fatty acids and antioxidants. Fermentation uses the "red yeast" microbe created and patented by Bonturi, which transforms agricultural and other industrial by-products into delicious and appetizing fats and oils.

In addition to securing investments, ÄIO also received a €1.8 million grant from the Estonian Business and Innovation Agency (EISA) last year to create a platform necessary for developing semi-automated strain technology, in collaboration with the Center of Food and Fermentation Technologies (TFTAK).

Latest Achievements

This year, ÄIO was also selected for the European Joint Undertaking on Circular Bioeconomy (CBE-JU) project with a budget of €7.5 million. Together with other European companies and research institutions, ÄIO will develop fat-based materials and cosmetic products.

At the beginning of this year, ÄIO established a separate innovation center called "Good Fat Wörks" for the development of alternative fats, where the company is developing new fats through fermentation and producing pilot products. In May of this year, the public could already sample delicacies made with ÄIO's pilot products, prepared by top chefs, at one of the world's first public novel food testing events held in Tallinn at the Latitude59 startup festival, in collaboration with Gelatex and Accelerate Estonia.

ÄIO Tech OÜ was founded in 2022 by TalTech bioengineers Petri-Jaan Lahtvee (phD) and Nemailla Bonturi (phD). Today, ÄIO's international team, with experience in bioprocessing, synthetic biology, and food technology, consists of 16 people from Estonia, Brazil, Poland, Armenia and Italy.

Additional information:
Kristi Lember
Global Business Developer
kristi@aio.bio
https://aio.bio/

The addition of SEB’s pension funds will boost the investment capacity of Superangel’s second fund to nearly 40 million euros, which will be channelled into innovative tech companies in Estonia, the Baltic States and the Nordic countries.

Superangel’s partner Marko Oolo said that having SEB on board as a key investor significantly expands the fund’s potential to drive innovation growth locally and in the New Nordic region: combined with investments already made, the fund will be investing a total of ca 40 million euros in the coming years.

“The partnership between SEB and Superangel shows that major institutional investors have long-term confidence in innovation in our region, even in today’s challenging economic environment,” Oolo said, adding that the investment significantly strengthens Superangel’s ability to invest in innovative tech companies. “This will have a significant impact on the further development of technologies and business growth both domestically and on the global markets,” he noted.

Superangel primarily focuses its investments on innovative technologies that have a positive impact in areas like artificial intelligence, robotics, energy, mobility, data and infrastructure. Its portfolio features Estonian start-up flagships including Bolt, Veriff, Montonio, Pactum and Starship Technologies, as well as the Dutch-based provider of electric vehicle charging solutions ROCSYS, the Norwegian deep tech start-up OTee and the Danish sustainable management platform BeCause.

SEB, one of the leading Nordic financial groups, has a presence in 22 countries around the world, but focuses on the Baltic States and Nordic countries. Its international reach allows the group to contribute capital, knowledge and contacts to assist in the development of tech companies operating in the New Nordic region. SEB’s pension funds are managed by SEB Varahaldus.

SEB Varahaldus manages six actively managed and two passive pension index funds. ‘While pension index funds can only invest in global listed companies, actively managed funds have a broader range of options and can also participate in the growth stories of early-stage companies in their home region. Innovative start-ups in the New Nordic region excellently complement our portfolios of higher-risk, higher-return actively managed pension funds. The team has a long and successful track record of investing in and supporting the development of technology companies. This is perfectly in line with SEB’s aim to promote sustainable innovation in the Baltic and Nordic countries. By joining forces, we will support the next wave of technological breakthroughs and contribute to the long-term development of our region’s ecosystem,’ said Endriko Võrklaev, Fund Manager at SEB Varahaldus.

Superangel’s second fund has raised nearly 40 million euros to date, and will be open for investors until the end of October.

Superangel is an early-stage Estonian venture capital fund dedicated to breakthrough technologies in Estonia, Baltics & Nordics. It currently has offices in Tallinn and Stockholm, the latter of which was opened last year so as to be in close proximity to Nordic innovation. Superangel’s ticket size ranges from 300,000 euros to 1 million euros.

Read more HERE

A combination of their previously unannounced €1.2m pre-seed round led by Tera Ventures, Mifundo has also been awarded €2.5M grant funding, alongside a decision for €6,3M in matched funding approved (subject to matched private funding) by the prestigious European Innovation Council (EIC) Accelerator program from the European Investment Bank (EIB), making it the first fintech company in Europe to receive such an award.

Estonian fintech Mifundo has been awarded €10m to fund the creation of the cross-border data platform for portable credit profiles across the European Union. A combination of their previously unannounced €1.2m pre-seed round from local VCs and angels, Mifundo has also been awarded €2.5M grant funding, alongside a decision for €6,3M in matched funding approved by the prestigious European Innovation Council (EIC) Accelerator program from the European Investment Bank (EIB), making it the first fintech company in Europe to receive such funding.

Mifundo’s goal is to establish a truly unified credit market in the EU, reducing financial inequality and providing better access to financial services for all European citizens.

In total, EIC will invest €411m into companies that develop technology of strategic importance to Europe and have disruptive potential on a global scale. Mifundo, along with 67 other companies were selected in a highly competitive process from nearly 1,000 applicants.

Mifundo’s €1.2m pre-seed round was led by Tera Ventures with participation of existing investor Opus11 VC and prominent angel investors including Mihkel Karu (ex-Skype) and Sergei Anikin (ex-Pipedrive).

“Mifundo’s cross-border data technology allows banks to serve clients from other European countries. As a result, European banks can enjoy improved data quality, more accurate credit assessments, and greater business opportunities by providing financial services to citizens relocating to other European countries. Banks can reduce credit risk of their foreign customers by up to 7 times and increase business volume by 15%,” – Kaido Saar, CEO of Mifundo.

“While open banking has transformed payments, FX, and investment services, credit remains stuck in outdated, fragmented systems. Even major multinational banks struggle with this. Mifundo’s creation of universal cross-border credit rails aims to break through these limitations, bringing long-overdue innovation and better access to credit across the EU” added Stanislav Ivanov, Founding Partner, Tera Ventures.

Find more information HERE

(To secure the full matched investment from EIC, an equivalent amount from private investors must be received to co-invest (split across up to two rounds). This prerequisite ensures full EIC support and supports the completion of subsequent funding rounds.)

The study was compiled in cooperation with Sorainen, Cobalt, Ellex, TGS Baltic, Eversheds Sutherland, Walless, and Triniti under the auspices of the Estonian, Latvian, and Lithuanian Private Equity and Venture Capital Associations. The Baltic M&A deal points studies have been published since 2010 to analyse the current status and trends of the Baltic M&A market.

Despite turbulent times in macroeconomic and geopolitical situations over the past few years, the Baltic M&A market has been reasonably active, especially in Lithuania, according to the recent “Baltic Private M&A Deal Points Study 2024”.

The energy and utilities sector is the most active in the Baltic M&A market, accounting for 23% of all transactions during the latest survey period. It is followed by technology (12%) and construction and real estate (10%) sectors.
During the survey period, the value of a typical Baltic M&A transaction fell back to the EUR 1-10 million bracket, and the share of megadeals (over EUR 100 million) continued a downward trend.

The Baltic M&A counterparties are generally comfortable using internationally acknowledged transaction tools, such as price adjustments, MAC clauses, and liability limitations (warranty limitation periods, overall caps, claim baskets, and thresholds). However, R&W insurance is still very seldom used in Baltic M&A transactions.

The study analysed 179 private M&A transactions with a deal value of over EUR 1 million completed in the Baltics between April 2022 and March 2024. The report gives a detailed overview of the Baltic mergers and acquisitions (M&A) market compared to previous periods, including the most active sectors, sales processes and forms of transactions, payment terms, liability provisions, and much more.

FULL REPORT - please find the Baltic Private M&A Deal Points Study 2024 - HERE
LAUNCH EVENT PHOTO GALLERY - have a look at the launch event photo gallery - HERE

The study was compiled in cooperation with Sorainen, Cobalt, Ellex, TGS Baltic, Eversheds Sutherland, Walless, and Triniti under the auspices of the Estonian, Latvian, and Lithuanian Private Equity and Venture Capital Associations. The Baltic M&A deal points studies have been published since 2010 to analyse the current status and trends of the Baltic M&A market.

PHOTO: TheStorage founding team

Tampere, Finland based climate tech startup TheStorage has secured €1 million in funding from 2C Ventures and Superhero Capital to address one of the largest challenges in green transition – decarbonizing industrial heat.

The industrial sector as a whole consumes about 40% of global energy, significantly more than sectors like transport or building-related energy consumption. Over half of the energy consumed by industry is used for heat production, which is essential for various manufacturing processes, from producing food to making steel.

75% of this heat is generated by burning fossil fuels. Electrifying industrial heat and transitioning to renewable energy requires cost-effective energy storage solutions, as industry needs stable heat energy even when the wind isn’t blowing, and the sun isn’t shining.

The company's sand-based thermal energy storage technology provides a highly scalable, cost-efficient, and fossil-free solution for industrial heat, delivering substantial reductions in greenhouse gas emissions while also offering significant cost savings. These savings are achieved by allowing customers to harness abundant, low-cost renewable energy—such as wind and solar—when it is plentiful and inexpensive, storing it as heat. This stored energy can then be converted into a stable, continuous supply of industrial heat, reducing reliance on traditional fossil fuels and lowering overall energy costs.

“Currently, majority of industrial heat is produced via burning fossil fuels. Our solution empowers industries to transition to fossil-free processes” said Timo Siukkola, Co-Founder & CEO of TheStorage.“Not only will the technology allow industries to reduce their carbon footprint, it will also lead to direct cost savings as the companies utilise renewable energy when it is cheap. The larger the energy storage capacity, the greater the cost-saving benefits.”

Investors recognize industrial heat as a critical challenge, as it accounts for 30% of global greenhouse gas emissions. The growth of renewable energy presents a timely opportunity to address this issue. Electrifying industrial heat is not only technologically viable but also economically and environmentally imperative. The global shift to renewable energy offers a unique opportunity to transform industrial energy systems, aligning them with the goals of emission reduction, cost efficiency, and enhanced energy security.

Hendrik Reimand, partner at the venture capital fund 2C Ventures, believes that the technology could play a critical role in addressing one of the largest challenges in green transition. “The production of industrial heat is an often overlooked vertical that accounts for an outsized share of global emissions. The technology developed by TheStorage has the potential to be the missing piece of the puzzle in utilizing renewable energy for decarbonizing the industry while also leading to actual cost savings for the customers.”

Jussi Pyörre, partner at Superhero Capital shared their excitement about the investment: "From the moment we first saw the core fundamentals of TheStorage’s technology, we knew this was a game-changing innovation. For the massive storage capacities required to decarbonize industrial heat and power systems, TheStorage offers an unmatched cost-efficiency that sets it apart from any other solution we’ve seen. We are thrilled to support this team as they scale their breakthrough technology."

The €1 million investment will enable TheStorage to construct a proof-of-concept system that will be tested in collaboration with several industrial customers at their production sites. This system will demonstrate the technology's ability to meet diverse industrial heat needs, including pressurized hot water, saturated steam, and thermal oil—using the same base system with easily upgradeable discharging units.

A Vision for the Future: Combined Heat and Power (CHP) Storage

The company envisions large-scale Combined Heat and Power (CHP) storage units capable of supplying both electricity and heat to industrial users and district heating systems. These systems use a steam turbine to convert stored thermal energy into electricity and heat, with electricity from the grid acting as the "fuel." This electricity heats the storage material, which can later be discharged to produce steam and run the turbine, providing a continuous energy supply.

Unlike fossil fuels, which require complex logistics and handling, electricity flows directly from the grid, simplifying operations and enhancing flexibility in response to fluctuating energy prices. By repurposing steam turbines once powered by fossil fuels, the company enables a transition to fossil-free energy production while making use of existing infrastructure. These units would also contribute to grid stability by providing the inertia needed to maintain frequency control, which renewable energy sources like wind and solar cannot supply.

TheStorage was founded in 2023 by power plant industry experts. TheStorage is actively hiring new talent to join its mission of driving the global energy transition. The company is poised to showcase its unique solution to customers, moving from proof of concept to pilot systems, and eventually to full-scale deployment.

2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.

Superhero Capital is an early-stage venture capital firm based in Helsinki, Finland. The firm also has team members in Estonia and Latvia. Founded in 2015, Superhero Capital manages €50M across two funds and focuses on seed investments in Finland and the Baltics. The firm’s portfolio consists of companies such as Fractory, Leadfeeder, Singa, Valohai, and Zadaa.

Printful and Printify, two pioneering technology platforms that enable a wide variety of customers to build eCommerce businesses utilizing the power and efficiency of production-on-demand, have today announced that they will merge. Printify is the portfolio company of EstVCA members Siena Secondary Fund and Change Ventures.

The merger will open new prospects for accelerated growth for both companies and offer millions of customers broader opportunities to develop their online businesses on a global scale. Both platforms will continue to operate as separate brands, strengthening Riga's position as an innovation center and a strategic target for tech investment.

"This is an exciting moment for everyone. Printify is a business that we have long respected and I believe that there is a natural fit between the two companies. As our discussions progressed, we found that our cultures are very similar, while our businesses are even more complementary than we initially believed. I’m excited to see our two great technology companies combine strengths and provide our customers with ever improving opportunities to fulfill their business goals," says Alex Saltonstall, CEO of Printful.

"Our combined company will give our merchants more. More top-quality products, more places to sell, more innovative solutions, and more growth and profit. We’re also going to be able to provide best in class learning, talent density, and development opportunities for our teams. In recent years, the Latvian tech and entrepreneurial scene has caught up with our neighbors in the Baltics and Eastern Europe. This merger will not only help to crystallize that position but also give us the platform to be a destination for top talent from around Europe and the world," asserts Anastasija Oļeiņika, CEO of Printify.

Today the two companies serve hundreds of thousands of clients, including individuals running side-gigs, entrepreneurs creating their own brands, and some of the world’s largest entertainment companies using creative merchandise to engage their fans. This merger will provide e-commerce sellers worldwide with the strengths of both Printful’s in-house production facilities, and Printify’s network of more than 85 third-party production partners. By providing print and other on-demand manufacturing services, the companies aim to replace mass production, both enabling the efficient growth of customers' businesses and reducing the harmful effect of overproduction on the planet.

Read more here: https://techcrunch.com/2024/11/05/printful-and-printify-ink-a-merger-deal/

Miros, the leading visual AI e-commerce search solution, has raised a €6 million pre-Series A investment led by EBRD Venture Capital and Tera Ventures. Former Estonian President Toomas Hendrik Ilves also participated in the round as an Angel Investor. Miros will use the funding to enhance R&D, further develop the technology, and expand market reach. To date the company has raised €8M.

Miros, the leading visual AI e-commerce search solution, has raised a €6 million pre-Series A investment led by EBRD Venture Capital and Tera Ventures. Former Estonian President Toomas Hendrik Ilves also participated in the round as an Angel Investor. Miros will use the funding to enhance R&D, further develop the technology, and expand market reach. To date the company has raised €8M.

Miros’ approach tackles the $2 trillion problem facing e-commerce: lost sales due to customers unable to find what they’re looking for. Using visual AI technology, Miros can predict shoppers’ intent, enabling users to find what they are looking for faster than traditional online search.

According to Google research, online shoppers can’t find what they’re looking for 60 percent of the time, especially when it comes to visually complex products that are hard to describe using words and categories (2).

Miros’ visual search technology offers retailers a competitive advantage by addressing this pain point. By offering customers a method to communicate their search ideas visually, Miros offers higher success rates, both in terms of product discovery and conversion. Neither Amazon, Google, nor Algolia have been able to offer a search based on images that someone can’t articulate. Miros’ clients have seen revenue increases of over 31 percent and 90 percent in customer loyalty.

Miros understands the context of products from the product images, even when product metadata is insufficient. Its AI recognizes shopping patterns and mirrors users’ wishes to help them find the intended item in 60 seconds or less.

“The world doesn’t lack products. Finding them is the problem. We’ve all wasted hours online, endlessly scrolling and searching for the perfect item. At Miros, we’re building the new online shopping experience where you can find a product in less than 60 seconds. Even when the products are so visually complex that the words fail us, the shop understands us nevertheless. The experience feels magical. Why would I shop anywhere else and spend hours searching for products?” – Heikki Haldre, Co-Founder and CEO at Miros

Jomashop, a leading US-based luxury goods retailer, has successfully implemented Miros’ AI-powered visual search technology. Since adopting Miros, Jomashop has experienced a remarkable 3.6 percent increase in gross merchandise value (GMV) and a 1.3 percent lift in average order value (AOV).

“Miros has been a game-changer for our business. By empowering customers to discover products effortlessly, we’ve seen a significant improvement in sales and customer satisfaction.”- Isaac Montaine, VP of Product Management at Jomashop

“As a strong supporter of innovation in technology, especially using artificial intelligence, I was particularly impressed by Miros’ ability to address a fundamental challenge in e-commerce – the frustration of not finding what I am looking for on existing internet search engines. It took just 17 minutes to decide I wanted to invest when I saw firsthand how Miros’ powerful AI-powered visual search technology can completely change and revolutionize online shopping globally. I am always thrilled to see Estonian entrepreneurs at the forefront of innovation.” Toomas Hendrik Ilves, former President of Estonia and Angel Investor.

Before Miros, Co-Founders Heikki Haldre (CEO) and Paul Pallin (CTO) co-founded Fits.me, a bio-robotics technology for fashion e-commerce which Tera Ventures also led the pre-seed and seed rounds for. This was acquired by Rakuten, Japan’s answer to Amazon. They are joined by Mart Parve, Chief Product Officer, as the third Miros Co-Founder.

Created in the leading European computer vision AI research institution, the University of Tartu, Miros’ retail technology has yielded significant improvements for its clients. The company reports revenue growth of 9.8 percent across the board, with customers Jomashop and REVOLVE experiencing 3.6 percent and 4.5 percent increases in gross merchandise value (GMV), respectively.

For more information, visit www.miros.ai

From January, the Estonian Private Equity and Venture Capital Association (EstVCA) will be led by Madis Lehtmets, who boasts a wealth of experience in both the start-up sector and as an investment advisor.

In the role, Lehtmets intends not merely to maintain but to strengthen the association’s position as the spokesperson for the sector, and to foster relations with EstVCA members, lawmakers and the representative organisations of other sectors in Estonia and abroad. “Boosting Estonia’s position as an attractive place for investment is incredibly important,” the incoming Managing Director said. “I want to do my bit towards Europe becoming an ever more unified and globally competitive market as well.”

Kaari Kink, who chairs the management board of EstVCA, says that as the organisation representing the industry in Estonia, the association is focused on the sector’s development in cooperation with the state and market players, and on building international trust. “The private equity and venture capital sector has come along in leaps and bounds in the last decade, and local funds have demonstrated their competence as partners with a wide range of experience and international networks of contacts for portfolio companies, advancing the Estonian economy and innovation through business growth and development,” she said. “We are expecting Madis to further enhance international cooperation and to bolster the reputation of the New Nordic region in the eyes of international investors.”

Lehtmets is a Forbes ‘30 under 30’ entrepreneur who ran Remato – the construction software company he co-founded – for more than four years. He has been working as an advisor for the last two years, assisting entrepreneurs in raising investments and managing their finances. He is also involved in the organisation of one of the biggest business festivals in the Baltic States, sTARTUp Day, the 2025 edition of which will be taking place at the end of January.

Lehtmets says that to date, he has mostly been involved in building up companies. "But over time I have gravitated more towards the capital markets, helping companies raise capital and establish better relationships with investors. So joining EstVCA seems like the logical next step for me, since it will give me the chance to contribute on a larger scale, not just through supporting individual companies.”

EstVCA, which recently marked 15 years of operations, is currently focused on strengthening international cooperation, further developing the regulatory environment and boosting the proportion of private capital in Estonian funds.

EstVCA is also working to more broadly promote its field and to foster the next generation therein by partnering with universities and Nordic foundations. As in previous years, it continues to gather statistics and publish annual reports on the private and venture capital markets in the Baltic States, highlighting investments, active funds and the assets they manage.

BPM Mezzanine Fund SICAV-SIF, SCA (BPM) supported the CEO of DenEesti in acquiring the company back in March 2018. The exit, which took place through refinancing from a local bank, marks a logical step in the development of the company.

Commenting on the deal, Partner of BPM Capital, Mr. Martin Reinson, noted that we would like to thank the CEO of DenEesti, Ryan Jenkins and his team for dedicated effort in managing and developing the company through rather turbulent times in the Baltic cruise industry. I am confident that DenEesti will continue to grow and lead the industry in this region.

CEO of DenEesti, Mr. Ryan Jenkins added: we thank BPM for this journey and appreciate very highly their responsiveness, professional approach and flexibility. With the help of BPM, we have managed to continue toward our goals of supporting sustainable cruise tourism, and we put ourselves on a strong foundation to develop the company further.

For further enquiries, please contact:
BPM Capital: Martin Reinson, tel: +372 605 0072, e-mail: martin.reinson@bpmcapital.eu
DenEesti: Ryan Jenkins, tel: +372 683 0790, e-mail: ryan@deneesti.ee

More information about BPM Capital
BPM Capital (www.bpmcapital.eu) is an independent investment manager operating out of two offices, in Tallinn and Warsaw. It has been founded and is managed by Kalmer Kikas, Martin Reinson, Paweł Zabrzycki and Priit Veering. BPM is supported by prominent international and domestic institutional investors. BPM was originated through the Baltic Innovation Fund initiative created by cooperation between Estonia, Latvia, Lithuania and the European Investment Fund.

More information about DenEesti
DenEesti is a secure shoreside and port services provider for the cruise industry, specializing in the Baltic Sea ports. The Company offers a complete array of shore services for cruise ships, including shore excursions, shuttle bus operations, ground handling for turnarounds, and port agency. DenEesti believes strongly in the positive impact of tourism and is Travelife Certified.

We are very excited to announce that the largest VC investor in the region – Plural - joins EstVCA. Plural is an early-stage venture capital fund that backs the most ambitious founders on a mission to change the world through technology.

PHOTO: Plural investment team

We are very excited to announce that the largest VC investor in the region – Plural - joins EstVCA. Plural is an early-stage venture capital fund that backs the most ambitious founders on a mission to change the world through technology. Plural launched in June 2022 with the aim to give serious founders in Europe investors with experience to match their ambition. Based in Tallinn, Estonia, and London, UK, Plural’s mission is to have GDP-level impact on Europe, address systemic risks and reduce the opportunity gap worldwide through the companies it backs.

https://pluralplatform.com

Verner Uibo, Plural: “Two of Plural's five partners are Estonian and have been active investors in and champions of the Estonian startup ecosystem since well before Plural launched in 2022, so it was only a matter of time before Plural joined EstVCA as a member. We're happy to do this now and continue supporting the Estonian ecosystem in any way we can,” said Verner Uibo from Plural.

Kaari Kink, EstVCA:“Plural, representing the largest fund in our region, is in many ways a remarkable milestone for our small ecosystem. With their pan-European commitment and unparalleled experience as top-tier founders and entrepreneurs, they’re a fantastic example of high-impact capital. We are thrilled to welcome Plural as a member of EstVCA and work together to ensure Estonia and Europe can compete on a global scale.

Key contacts for EstVCA members:

Verner Uibo
Sandra Värk

The SEB Baltic Venture Debt program has made its first investment in the Estonian technology company CybExer Technologies, which provides advanced cybersecurity testing and training solutions for organizations worldwide.

CybExer Technologies is a category leader in cyber preparedness, specializing in advanced cyber ranges and AI-driven solutions to train and assess security and IT teams globally. With a strong focus on innovation and growth, CybExer became the first recipient of SEB Baltic Venture Debt, reflecting its trusted role in enhancing cybersecurity resilience worldwide.

“We were impressed by the scale of the projects CybExer is performing and the world-renowned names on their client list. After interviewing CybExer’s international customers, it became clear that the company stands out in its industry, and CybExer’s Cyber Range service is one of the best globally. We are pleased to have such a high-profile partner for our first venture debt investment,” said SEB board member Ainar Leppänen.

“We are excited to be one of the first companies to receive the SEB Baltic Venture Debt. Over the past few years, we have demonstrated steady growth, and this financing allows us to accelerate our progress even further. We believe this marks the beginning of a great collaboration between SEB and CybExer Technologies,” said Andrus Kivisaar, CEO of CybExer Technologies.

SEB's innovative financing program, Baltic Venture Debt, launched this spring, enables growth companies to raise funding without relinquishing their shareholding. The total volume of the program in Estonia and the Baltics is 20 million euros, with financing of up to 2 million euros available per company. The technology company CybExer is the first to receive financing under this initiative. SEB partnered with Nasdaq Baltic CSD in Estonia and Ellex Raidla for this deal.

The Estonian state fund of fund Smartcap has announced that SmartCap Defence Fund has launched its investments for fund managers, with the aim of making investments in a select number of venture capital and private equity funds that invest in military and dual-use companies.

Refined investment strategy focused on defence and security companies.
Experienced investment team with relevant expertise, a proven track record, and the capacity to execute the strategy.
Competitive investment terms and suitable legal framework aligned with best market practices.
Strong fundraising ability and outlook, with clear fundraising agenda to raise at least 30% funding from independent private investors at the fund level.

SmartCap invests alongside and on equal terms with private investors. Their aim is to make investments ranging from €5 to €20 million per fund. The investment period for the fund will remain open until there is availability of allocated resources for fund investments.

Please find additional information on SmartCap webpage: https://smartcap.ee/defence-fund/
In case of questions, please reach out to: investments@smartcap.ee

Join the main event for deals industry players in the Baltics! This year, the Baltic M&A and Private Equity Forum will be held on 22 April in Tallinn, Estonia, at the Nobel Hall in the vibrant Noblessner district.

Take advantage of the special early bird registration rate for EstVCA members before January 17 and join the list of attendees.

Special rate: EUR 319 + VAT
Promo code: ESTVCA
Code active until January 17
Register HERE.

This year, the program will focus on the following topics:

Market outlook: European growth financing – a global perspective
Transactional market in 2025 and beyond: Will deal flow continue accelerating, and what drives the market
Fundraising in focus: PE funds' views on raising capital
LP's view: How evolving standards are shaping future expectations for the performance and governance of funds
Exits under the spotlight: Lessons from 2024 and expectations for 2025
Inside Defence Tech: Key drivers in defense technology investment and investor insights on risks and rewards
Notable recent Baltic transactions

As always, the forum will provide abundant networking opportunities. All guests will be invited to the Baltic M&A and Private Equity Awards ceremony in the Proto Invention Factory right after the event.

The forum is organized annually by a dedicated team from Sorainen, business media (Äripäev, Verslo žinios), and Baltic venture capital associations.

Siena Secondary Fund, which focuses on VC direct secondary investments into high-growth late-stage startups by providing liquidity to early investors, (ex-)employees, and founders, launched its fund II and made its first deal by acquiring a stake in Katana.

Katana - a cloud inventory platform, offering built-in inventory, production, and reporting features to provide companies with an end-to-end inventory management solution for modern businesses. Estonian by origin, the Tallinn headquartered startup services businesses around the globe with significant markets in the USA, Canada, the UK, and Australia, while most of the staff create value from the renowned “Nordic Silicon Valley”.

Katana’s mission has not gone unnoticed by the top investors in the field, with the company having received investments from the likes of Atomico, Northzone, and 42CAP. In addition to investor approval, Katana has received recognition from the community and press being nominated as one of the most probable next unicorns from Estonia as well as being named by Sifted as one of the most promising European and Israeli B2B SaaS startups in 2024.

General Partner of Siena, Rando Rannus, commented:“We are pleased that our new Fund II is coming to market when capital and liquidity solutions are much needed in the ecosystem, and are especially happy that Katana is the first investment that kicks off our portfolio. We strongly believe that Katana has the full potential to follow the footsteps of our Fund I first investment, Bolt, to become yet another Estonian success story.”

For the fifth year in a row, we welcomed the EstBAN, Estonian Founders Society, EstVCA, Invest Estonia, and Startup Estonia representative members to hear their conclusions for 2024 and encouraging perspectives for 2025.

📸 EVENT PHOTO GALLERY
🎥 EVENT RECORDING

The anniversary event was held on January 9 at the Von Krahl Theatre and engaged over 150 Estonian innovation ecosystem members to vibe together and hear what is happening in the startup, venture capital, and angel investment landscape. The discussion, moderated by Vaido Mikheim from Startup Estonia, featured Lauri Antalainen from the Estonian Business Angels Network (EstBAN), Hedi Mardisoo from the Estonian Founders Society, Kaari Kink from the Estonian Private Equity and Venture Capital Association (EstVCA), and Joonas Vänto from the Estonian Investment Agency.

2024 in a nutshell

The sector has stabilized since peaking in 2021 – and despite 2024 proving to be a challenging year for founders and investors alike, there is as much interest as ever in putting money into the sector, and capital is available. The market itself, meanwhile, has become more aware.

Kaari Kink, the chairman of the Estonian Private Equity and Venture Capital Association (EstVCA), opened the now traditional Estonian Startup Ecosystem Annual Fireside Chat by saying that 2024 was a successful year for venture capital funds and that local funds are currently well capitalized.“Investments in our local ecosystem have grown, too: the amount that Estonian venture capital funds have been putting into the local market has tripled since 2019. For example, last year around 70 million euros was invested in Estonian companies.”

Hedi Mardisoo, a member of the management board of the Estonian Founders Society, agreed that raising investments has become more challenging and that startup growth has tailed off. “Efficiency was the keyword in 2024, and those who survived the year are definitely in better shape and more mature for it,” she said.

Estonian Business Angels Network (EstBAN) president Lauri Antalainen added that things have changed since the clear overheating on the market in 2021. “It’s stabilized since then,” he said. “The volume of angel investments has indeed dropped off a bit in the last couple of years, but that’s Europe-wide. It’s not a major problem, because the aim isn’t just to invest money but to make money, and investors are a lot more clued-up than they used to be.”

Director of Estonian Investment Agency Joonas Vänto raised the point that although Estonia’s ecosystem is one of the best in the world, fierce competition makes it vital to attract entrepreneurs from other countries. “2023 was a record-breaking year for Estonia in that regard, but you can’t set new records every year,” he said. “The results for 2024 being more modest is pretty much what everyone expected. Sure, there were setbacks during the year, but there’s still a lot of interest among investors looking to come here. We have a few potential €100-million-plus investment projects in the pipeline at the moment. I’m sure we’ll be hearing good news from the investment scene in 2025.”

Highest-ever startup death rate

Last year saw the highest-ever closure rate of startups. However, the overall picture shows that lots of startups have done an amazing job in turning themselves into so much more efficient, many are in breakeven or close to breakeven. “So from that point of view, everybody who has survived is in a much better shape and form,” said Hedi Mardisoo. But it’s not just the death rate we should be worried about. Over the last 12 months, the number of new companies hit an all-time low during the year.“How to help people launching start-ups has become a major structural issue. The risks are big in the sector and the environment isn’t at its most conducive at the moment, which is sure to impact people, mentioned Hedi Mardisoo.”

The sectors to watch

The discussion also touched on the need for the Estonian start-up sector to pivot away from financial services and software development, which have been its primary focus to date, towards innovative areas that are likely to dominate in the future: deep and health technologies; defense and energy; and ever-topical AI which got a total of €11B worth of investments in Europe last year.

At the same time, the panelists acknowledged the shortfall in experts needed to develop knowledge-intensive enterprises in Estonia, said it remains vital to attract talent to the country, and urged people to look more to universities, encouraging cooperation between the startup sector and researchers and transfer of technology.

Record dry powder

Estonia has the tools to become a global pre-seed and seed funding hub. There has never been as much available capital in funds as we have today. “Estonian funds already have around a billion euros at their disposal for new investments, and local funds have grown to become international ones, opening offices abroad and looking outward much more than they did before,” Kaari Kink explained.

But with all this money, we have seen a shift in the investors' mindset. They have become increasingly selective. Lauri Antalainen also mentioned that the recent stories in the Estonian startup ecosystem have made investors smarter and more cautious.

Wishing exits and new founders for 2025

Predicting developments in 2025, all the panelists agreed that the Estonian startup ecosystem needs new exits as this will rejuvenate the whole ecosystem by bringing money back into the market, benefitting funds and startup founders alike. However, they also agreed that owners should not be pressured into selling, especially if market conditions are not conducive. Both Hedi and Kaari also pointed out that the goal for 2025 would be to convince at least one person to take the risk and become a founder: “The capital is out there. I hope the founders feel like it is there for them too, and they find the motivation and inspiration to build the next moonshot.”

The Estonian Startup Ecosystem Annual Fireside Chat is an exclusive gathering of the Estonian tech ecosystem, organized by EstBAN, Estonian Founders Society, EstVCA, Invest Estonia, and Startup Estonia.

Elcogen, a leading European manufacturer of technology that enables delivery of efficient, affordable green hydrogen and emission-free electricity, today announced that it has secured a €5 million investment from SmartCap, a venture capital fund supporting Estonian Greentech companies.

This strategic investment will fuel Elcogen’s growth trajectory, enabling the company to further expand operations, scale production capacity, and drive business development to better serve existing and new customers worldwide. Conceived and developed in Estonia, Elcogen’s technology is the tangible result of local innovation, driven by homegrown Estonian-Finnish R&D, producing a fully domestic product that is now being exported globally. This partnership reflects SmartCap’s confidence in Elcogen’s strong growth potential and future prospects.

“Elcogen is the first scale-up company in the SmartCap Green Fund portfolio, receiving capital that complements the prior strategic investments from Baker Hughes and HD Hyundai to further support the development and construction of Elcogen’s new factory in Tallinn. The new plant will significantly increase the manufacturing capacity of solid oxide fuel cells and solid oxide electrolyzer cells — technologies we see as key drivers of the green transition in industrial processes and enablers of energy security. The expansion reflects the growing need for highly efficient hydrogen technologies, such as Elcogen’s technology,” said Sille Pettai, CEO of SmartCap and Fund Manager of SmartCap Green Fund, funded by the European Union’s NextGenerationEU.

Founded in 2001, Elcogen is a manufacturer of clean energy technology that delivers affordable green hydrogen and emission-free electricity. We are a European business with a proud Estonian heritage and a global customer network delivering flexible core solid oxide technology. Elcogen has its registered office in the UK and manufacturing facilities in Estonia and Finland that have served 160 customers in 30 countries.

“We are delighted to welcome SmartCap as a strategic investor,” said Enn Õunpuu, CEO of Elcogen. “Elcogen is well-positioned to capitalize on the global shift toward clean energy and hydrogen technology, supported by over 25 years of expertise, proven solid oxide cell technology, a strategic presence in rapidly emerging hydrogen markets, and the invaluable backing of our key investors and partners. We look forward to working closely with SmartCap as we build on our momentum.”

For more information, visit: https://elcogen.com/elcogen-secures-e5-million-investment-from-smartcap-to-accelerate-growth/

Fusebox secures €2.6 Million to strengthen the European energy market. This follows a successful funding round in December 2022, led by the venture arm of Dutch sustainable energy supplier Eneco and Poland’s largest bank, PKO Bank Polski. These strategic investments have been instrumental in Fusebox’s growth and expansion efforts.

Fusebox, an Estonian startup and the leading flexibility provider in the Baltic states has secured €2.6 million in funding to accelerate its expansion across Europe. The investment, led by Soulmates Ventures with participation from SmartCap and existing shareholders Eneco Ventures and PKO Bank, will fuel Fusebox’s growth, enabling the company to enhance its SaaS offering, hire new talent, and scale its presence in the EU energy market.

The Fusebox team is transforming energy production and distribution with its cutting-edge technology of Virtual Power Plants and Energy Management Systems delivering tangible results to its customers – from reducing energy costs to stabilizing grids and integrating renewable resources. Fostering a profitable, sustainable, and future-oriented energy industry, Fusebox has proven success through its scalable model in the Nordics and Baltics with over 3,600 connected assets. It is now expanding across Europe and beyond.

We are proud to have led this investment round to support a company with an outstanding product and an experienced team that consistently goes the extra mile,” says Michal Sikyta, Investment Director at Soulmates Ventures.

Sille Pettai, CEO of SmartCap, which the European Union’s NextGenerationEU finances, also shared her thoughts:“Fusebox offers a fully integrated SaaS product for power utilities and behind-the-meter clients to optimize energy asset management. Their solution enables CO2 reduction by optimizing energy use and integrating renewable energy assets, energy storage, and demand response, which gives consumers greater control over their energy usage and helps them meet sustainability goals.”

Fusebox’s Founder and CEO, Tarvo Õng, highlighted the significance of the funding: “This investment marks a major milestone for Fusebox. In just two years, we’ve expanded to 13 global markets, showing the strong demand for our solution. What makes us unique is that we don’t compete with our clients in the ancillary market. Instead, we offer them a modular toolkit to build their own flexibility business. With this funding, we’re ready to scale quickly and strengthen our presence across Europe.”

For more information, visit: https://fusebox.energy/fusebox-secures-2-6-million-to-strengthen-european-energy-market/

Gridio, a Tallinn-based software platform for smart charging of electric vehicles and distributed energy devices, has secured €2.4M in funding, led by Neokapital, with support from Encevo, SmartCap, Renergy, and existing investors.

The new funding round will push the scale of automated optimization of energy usage for EVs and other energy devices to ease the load on energy grids with smart charging schedules, ensuring stability and efficiency.

“Already today, we have tens of millions of electric cars, batteries and solar panels that are active on the grid, but are not used when it makes most sense for the consumer and the grid,” said Konrad Hanschmidt, Co-founder and CEO of Gridio.“The market incentives are there, but the complexity of energy markets for ordinary consumers, combined with a patchwork of different devices, brands and apps, means that this huge opportunity is simply left under-utilised.”

According to Gridio, high and volatile electricity prices are causing alarm across economies, particularly in Europe, where the rapid adoption of renewable energy is outpacing the energy market’s ability for price stability and energy security. At the same time, millions of consumers are investing in connected energy devices such as electric vehicles, solar panels, batteries, and heat pumps.

Gridio is excited to welcome three new major investors to its shareholder group in Neokapital, an Estonian Family office with deep roots in bioenergy; Encevo, a leading and sustainable energy player in Luxembourg and the Greater Region; and Smartcap, a fund investing in Estonian Greentech innovators, backed by the Estonian Government and funded by the NN.

“We are backing Gridio, as the success of its ambitious roadmap would not only result in a transformed and more cost-effective energy system but also unlock further potential for other clean energy solutions,” added Sille Pettai, CEO and Fund Manager at SmartCap.

With the new funding, Gridio will roll out its smart charging product across Europe and expand its plug-and-play platform for energy providers.

“Our mission is to simplify energy decisions for everyone—consumers and providers alike,” said Konrad Hanschmidt. “This funding allows us to bring our vision to life at scale, helping millions of households and energy providers benefit for being actively part of the energy markets, with no hassle.”

Gridio has more than 30,000 users of its service across mobile apps and aims to quadruple that by next year.

Gridraven has raised €4 million in funding from leading European venture capital firms, including Icebreaker.vc and 42CAP, to fuel its international expansion.

Gridraven, whose AI-driven Dynamic Line Rating technology addresses grid bottlenecks and unlocks up to 30% more grid capacity annually, proudly announces its official expansion into the United States and €4 million funding round. This strategic move underscores the company’s commitment to scaling operations and serving a growing international clientele.

As part of this expansion, Gridraven’s CEO, Georg Rute, is preparing to relocate to Austin, Texas, to spearhead the company’s US operations in one of the world’s most dynamic energy markets.

”The US and especially Texas are seeing significant load growth from electrification and data centers. More grid capacity is needed on day-ahead energy markets to power this growth. Our software solution boosts grid capacity with zero additional hardware, helping utilities service this load growth. We’re setting up in Austin, Texas, to be close to our customers,” comments Georg Rute.

The funding will be directed toward scaling operations, growing the team, and accelerating the rollout of innovative solutions designed to address the evolving challenges of the global energy sector.

Aleksi Partanen, Icebreaker.vc: “Having supported the founding team from the idea stage since late 2023, we have witnessed their ability to build world-class technology. We will continue to support Gridraven throughout their progress.”

For more information, visit: https://www.gridraven.com/news/gridraven-expands-to-the-united-states-and-secures-eu4-million-funding

ParcelSea, a technology startup based in Estonia that specializes in smart mailbox solutions for e-commerce customers and last-mile delivery services has been acquired by a Ukrainian company JetBeep.

ParcelSea offers a personal smart mailbox that allows for secure, contactless reception of packages from any courier service. It was founded in 2020 by Andres Sampka and Indrek Jurgenson.

This acquisition marks an exciting new chapter for Parcelsea, whose mission to revolutionize last-mile delivery has made home deliveries more efficient, convenient, and accessible. From pioneering personal household-based parcel lockers to launching community lockers with Omniva, the team has established a unique product portfolio for last-mile distribution.

Their expertise and IP align well with JetBeep's ambitions, making this acquisition a natural next step toward scaling the last-mile delivery networks in Europe and beyond. As a result of the deal, JetBeep will acquire the startup's intellectual property and customer contracts, while the Parcelsea team will become part of the new owner.

"We have been using Jetbeep electronics in our community parcel lockers for over a year. It was a logical step for us to join forces to grow faster. In addition, JetBeep was interested in Parcelsea's experience and expertise in building Close-To-Home parcel locker networks." co-founder Andres Sampka explains the reasons for the sale. Together, they will continue to develop Close-To-Home parcel locker networks in Europe and potentially in other regions.

“As we expand our open network, this acquisition is a crucial milestone, directly addressing key hardware challenges. The Community Locker developed by Parselsea offers a unique and innovative design solution, striking the perfect balance between proximity to the customer and operational efficiency for carriers. We believe this gives us a significant competitive edge and brings us closer to achieving our strategic goals. Additionally, we’re thrilled about the strategic partnership with Omniva, which further strengthens our position in the market” added Valery Chekalkin, the co-founder of JetBeep.

Atrandi Biosciences Raises $25M Series A Led by Lux Capital, with participation from Practica Capital, Vsquared Ventures, Metaplanet, and GRIDS Capital, to drive expansion in the U.S. and scale proprietary SPC technology.

Atrandi Biosciences, a life sciences company pioneering next-generation single-cell analysis technology, today announced a $25 million Series A funding round led by Lux Capital, with participation from Practica Capital, Vsquared Ventures, Metaplanet, and GRIDS Capital. This investment will accelerate the company's expansion into the U.S. market, support the growth of its semi-permeable capsule (SPC) technology, and advance new product development to enable breakthrough scientific discoveries.

“Atrandi was founded to bridge a fundamental gap in biological research - the need for high-throughput, scalable technologies to manipulate and analyze single cells with precision,” said Juozas Nainys, Ph.D., CEO & Co-Founder, Atrandi Biosciences. “Our SPC technology is a fundamental breakthrough born from a need to overcome the limitations of existing single-cell analysis tools, allowing researchers to generate rich datasets with unprecedented combination of throughput, multimodality, and data quality. This funding enables us to broaden our product portfolio, strengthen our U.S. presence, and better serve our customers. We’re here to deliver on our vision and help realize the full potential of the Century of Biology.”

“Biological research is entering a new era, and Atrandi is uniquely positioned to equip scientists with the tools to tackle the most complex biological challenges,” said David Yang, Partner, Lux Capital. “By advancing SPC-based workflows, Atrandi empowers researchers to unlock new biological insights that will reshape our understanding of life and disease.”

“We are living in the century of biology, where advances in life sciences are rewriting the rules of medicine,” added Lise Rechsteiner, General Partner, Vsquared Ventures. “Atrandi Biosciences is bridging the gaps between genetic data, molecular activity, and cellular behavior, enabling breakthroughs that will drive the future of human health.”

For more information, visit: https://atrandi.com/news/atrandi-biosciences-raises-25m-series-a-led-by-lux-capital

Karman+, an asteroid mining startup, has raised $20 million in seed funding led by Plural and Hummingbird. The funding will be used to develop its first technology demonstration and customer missions, which are expected in 2027.

Karman+ seeks to mine space resources from near-Earth asteroids to provide abundant, sustainable energy and resources in space and on Earth. This space frontier is on track to become a multi-trillion dollar economy, providing critical communications, intelligence, research, and manufacturing that impact our daily lives.

Karman+ is on a mission to make commercial asteroid mining a reality with scalable low-cost missions that reduce the cost of delivering material to customers by several orders of magnitude.

Teun van den Dries, co-founder and CEO of Karman+ said: “The idea of mining asteroids has moved out of science fiction and academic research into a commercial market opportunity that we can build for today. Over the next two years, we are building the technology and infrastructure to make it possible to access materials in orbit and transform them into rocket fuel to supply the space economy. We believe the Regolith Age, powered by abundant space resources, is an inevitability that we can accelerate and we’re delighted to have the support of passionate investors on this journey with us.”

Sten Tamkivi, Partner at Plural said: “Opening up the space economy will be essential in the long term to build our resilience here on Earth for solving challenges like climate change by accessing these critical materials. But many steps must be taken before we get there. Teun and Daynan are ripping up the space rulebook and using their previous startup experience to build a new type of asteroid mining company that will first tap into a great need: supplying water and fuel to existing space programs. I’m excited to partner with a successful, experienced founder on such a globally significant mission.”

Barend van den Brande, partner at Hummingbird said: “Karman+ is going to open up asteroid mining and provide the means to support the space economy, first for fuel and manufacturing in the future. The founders have an impressive track record and the momentum to break down barriers that have held this industry back from making an impact. We look forward to being a part of their exciting journey.”

For more information, visit: https://www.karmanplus.com/karman-raises-20-million-to-mine-asteroids-to-supply-the-space-economy-2/

Relay, a tech company transforming the backbone of e-commerce delivery for top e-commerce retailers, announced a $35M Series A round to scale their delivery network across the U.K. The funding round was led by Plural, including continued participation from its Seed investors, Project A, and Prologis Ventures.

Relay’s mission is to rewire the backbone of e-commerce delivery and turn a persistent cost center into a competitive advantage for retailers. Relay’s AI-powered platform enables a decentralized delivery model using hyperlocal nodes, moving away from the inefficient ‘hub and spoke’ model used by incumbents. By significantly reducing shipping distances, consolidating deliveries, and automating key workflows, Relay cuts operating expenses for itself and its merchants. Its technology-first delivery model is built for efficiency, scalability, and convenience, pairing flexible fleets of on-demand couriers with a distributed hyperlocal network model to reduce costs and improve customer experience.

“Logistics isn’t a transportation challenge – it’s a psychological problem grounded in complicated mathematics,” said Jonathan Jenssen, Co-founder and CEO of Relay.“At Relay, we’re using technology to build critical logistics infrastructure that brings down costs while improving delivery speed and reliability. We’ve already proven this model with some of the UK’s largest e-commerce retailers, and with support from our partners and investors, we’re ready to scale our network across the country and beyond.”

Philipp Werner, Partner at Project A, said: “Since leading Relay’s Seed round, we’ve consistently been impressed by the team’s execution capabilities. This new funding round is a testament to their achievements, enabling them to further invest in their technology and expand their impressive portfolio of top-tier clients.”

Taavet Hinrikus, partner at Plural, said why he’s so enthusiastic about the company: “Jonathan and Nicole are the perfect pair to do this, having lived and breathed the last-mile delivery revolution for almost a decade. Their asset-light model, optimized by AI, is already leading to delivery times that are a fraction of incumbents.”

For more information, visit: https://www.linkedin.com/pulse/relay-technologies-can-transform-delivery-industry-thats-hinrikus-w2zhe/

2C Ventures leads €1M pre-seed round to GaltTec to accelerate the company's mission to provide lightweight, long-lasting power solutions for drones and IoT devices, reducing reliance on conventional batteries.

GaltTec, an Estonian deep-tech startup developing micro-tubular solid oxide fuel cells (mSOFCs) for portable and off-grid energy solutions, has successfully closed its pre-seed funding round, raising a total of €1 million from private investors and grants. The investment will accelerate the company's mission to provide lightweight, long-lasting power solutions for drones and IoT devices, reducing reliance on conventional batteries.

"This investment allows us to accelerate the development of our next-generation fuel cell technology, bringing us closer to delivering lightweight, high-efficiency power solutions for drones and off-grid devices," said Glen Kelp, CEO and Co-Founder of GaltTec.

GaltTec already partners with leading drone manufacturers, including Skycorp Technologies, a European pioneer in hydrogen-powered drones, showcasing the real-world potential of its technology.

"GaltTec’s fuel cell technology has the potential to redefine how we power drones and IoT devices, offering a sustainable alternative to traditional batteries and fossil fuels," said Martin Koppel, Partner at 2C Ventures. "We believe their innovation is a game-changer for cleantech and energy resilience, and we’re excited to support their journey as they scale and expand into global markets."

For more information, visit: https://galttec.com/news-events/

Trind Ventures leads a €920k pre-seed funding to Bahn Express to advance its solution for faster, more cost-effective cross-border used car deliveries.

Bahn Express, a Helsinki-based logistics startup, has successfully closed a €920k pre-seed funding round from Trind Ventures and Innovestor, with participation from Wave Ventures and notable angel investors.

Founded in 2024 by Matias Blomberg and Atte Vesala, Bahn Express leverages technology and a driver-based network, reducing delivery times from an industry average of 10-30 days to just 2-5 days. In just one year, the company has grown from zero revenue to over €150k in monthly turnover, securing partnerships with Finland’s largest used car dealerships, which collectively account for over 70% of imported vehicles.

Matias Blomberg, Founder & CEO of Bahn Express, envisions a future where the company leads the European cross-border automotive logistics market: “Our mission is to create a seamless, reliable, and scalable logistics system for car transportation. By doing so, we’re not only helping dealerships increase their profits but also modernizing the entire process of car transportation to meet the needs of today. Our ultimate vision is to establish a European-wide driver network capable of delivering vehicles across borders within a few days, ensuring faster and more efficient logistics for the entire continent.”

Reima Linnanvirta, Partner at Trind Ventures: “I first came across the Bahn Express team when they were in the Ignite acceleration program run by Aalto ES. Back then, I already noted their drive and determination and decided that this was a team to keep an eye on. They moved from that project to Bahn Express, and seeing what they have been able to build during the early days of the company confirms my belief that this is a team that truly can execute.”

Petri Laine, Partner at Innovestor, highlighted the company’s ability and the growing demand for faster-used car logistics: “The used car market is evolving rapidly, with demand rising and customers expecting faster deliveries and cars matching exactly to their needs, Bahn Express has identified this fast-growing need and, with outstanding execution, has introduced an innovative solution. We truly believe in the company’s potential to become a major player in transforming Europe’s multi-billion-euro used car logistics market.”

For more information, visit: https://trind.vc/trind-invests-in-bahn-express/

This year, the EstVCA Funds on Stage event took place on February 19 in Tallinn. The representatives of 18 funds gave insightful overviews of last year's journey and activities while opening up about their plans for the upcoming year.

📸 EVENT PHOTO GALLERY

This year, the EstVCA Funds on Stage event took place on February 19 in Tallinn. The representatives of 18 funds gave insightful overviews of last year's journey and activities while opening up about their plans for the upcoming year.

The Estonian Private Equity and Venture Capital Association (EstVCA) CEO Madis Lehtmets says that the private and venture capital funds operating in Estonia actively seek new investments locally and abroad. “Last year, funds expanded their teams, opened offices in other countries, and attracted international talent to boost their presence on foreign markets and grow their expertise, including to invest in new sectors,” he explained.

The fund managers noted that there is growing confidence when it comes to investing in innovative fields. For example, opportunities are more actively being sought in sectors like green and deep technologies, defense, energy, and medicine.

Speaking about the economic environment, the participants agreed that although investing continues to be influenced by the economy and surrounding environment, people are optimistic about the overall investment climate. Karma Ventures co-founder and partner Margus Uudam says the market is picking up again after a rather sluggish 2024. “There are clear signs of improvement in what are turning out to be very interesting times,” he said. “Our strategic interest lies in seeing more portfolio companies reaching sales this year.”

Discussing expectations for 2025, the participants remarked that people are hoping to see new exits bring capital to the market for funds and experienced start-up founders. However, they also sounded a note of caution, adding that there should be no rush to sell portfolio companies if the economic environment is unfavorable.

On the topic of development needs, the fund managers said that very few new start-ups were established in Estonia in 2024, forcing local investors to more actively seek investment opportunities further afield. Veljo Otsason, a partner in Superangel, says that with such a limited number of start-ups having been established of late, the expectation is that new quality players will emerge in 2025. “That said, our fund’s focus this year will be on new investments,” he added.

Last year, the funds made active investments in new start-ups, but also follow-on investments in companies in their portfolios to help them grow. The participants noted that in 2024 portfolio companies were successful in raising capital from foreign investors. That trend is likely to continue this year, as an increasing number of local start-ups are reaching a more mature stage and will need capital from new and existing investors in Estonia and abroad to expand their operations.

Regarding the focus for 2025, partners from the private and venture capital funds operating in Estonia revealed that they are also actively investing in the next generation of founders and that working with young people has become an important part of what they do.

Cino's €3.5M seed round was led by Balderton Capital with participation from Tera Ventures, Connect Ventures, and angels, including the founder of Cleo. The funding will be used to fuel their expansion to the UK.

Tera Fund II company Cino has raised a €3.5 million seed round led by Balderton Capital with participation from Tera Ventures, Connect Ventures, and angels, including the founder of Cleo.

The real-time shared payment app allows a group to split the bill and pay their share directly from whatever bank account or wallet they choose. After emerging from Tallinn, Estonia, and operating in continental Europe since 2023, Cino will now use the funding to expand to the UK.

Led by co-founder and CEO Elena Churilova (formerly of Bumble and Booking.com) and COO Lina Saleh (ex-Cornell University), Cino appears to be making waves among Gen Z, who dislike “financial awkwardness” and among whom joint bank accounts — for payment of things like shared household bills — are going the way of the dinosaur. The app also leverages the network effect to scale, as every new Cino user can invite two to four others for free within their first six months of joining.

Cino’s journey began when Churilova was working at Bumble and started splitting expenses with colleagues: “I tried every single tool out there possible to figure out how to make my weekends not into accounting exercises,” she said. “Then I just had this moment of thinking, like why is no one building a way to pay together?"

“For too long, people have accepted standard bill-splitting, debt tracking, and repayment requests as the only way to manage shared expenses – simply because there was no alternative. Cino’s viral growth demonstrates that there is an alternative which users love. We’re excited to support Elena and Lina as they redefine how money moves between people and groups,” Balderton Capital partner Greta Anderson said.

For more information, visit: https://www.balderton.com/news/cino-raises-e3-5m-to-revolutionise-shared-payments-with-the-first-virtual-card-that-splits-and-pays-group-bills-instantly/

SmartCap Green Fund joins Stargate Hydrogen’s Series A funding round, supporting the company in its efforts to make affordable green hydrogen a reality.

Stargate Hydrogen, a manufacturer of innovative electrolyzer stacks and systems, announces the successful completion of its series A funding round, raising €11M in equity investments from strategic customers and financial investors.

Affordable green hydrogen is the key to decoupling the production of chemicals and commodities (like steel) from CO2 emissions. Stargate Hydrogen is developing reliable production equipment that will radically bring down the cost of green hydrogen by operating at higher efficiency compared to the existing solutions. Instead of precious metals, Stargate is using ceramic-based catalyst material that allows for lower energy consumption while keeping the investment needs low.

"We are thrilled to have SmartCap and Giga joining our ownership structure, along with additional investment from UGI," said Marko Virkebau, CEO of Stargate Hydrogen. "To have strategic customers investing in the company is the strongest testament to the progress we made. This funding gives us the firepower to execute our roadmap, enhance our production capabilities, and provide our customers with electrolysis technology that allows significant cost-down on the price of green hydrogen. Our view is that only companies with unique, proprietary technology will survive through the current green hydrogen market cycle."

"We decided to invest in Stargate Hydrogen due to their highly innovative approach to green hydrogen production, accompanied by an impressive list of customers and strong unit economics. Funding the scale of manufacturing of innovative green technologies is central to the green transition and our strategic objectives, as it enables wider adoption of sustainable energy solutions," said Sille Pettai, CEO of SmartCap.

For more information, visit: https://stargatehydrogen.com/news/stargate-hydrogen-raises-11-million-euro/

SparkReceipt, a Tampere-based pre-accounting software provider, raised an undisclosed round from Trind Ventures to accelerate their international expansion.

SparkReceipt, a Tampere-based pre-accounting software provider, raised an undisclosed round from Trind Ventures with support from the European Union under the InvestEU Fund and Business Finland to accelerate their international expansion.

We founders think that since accounting is not the sexiest industry, the brightest minds choose to do something else. But as the old saying goes, the more boring the industry and customer segment, the bigger the opportunity. Building pre-accounting software for micro-businesses on a global scale will tap that box. Now, with LLMs, AI agents, and a massive decrease in the cost of AI tasks, we can automate all tasks for small business owners and accountants globally. As proof, today, we already have customers from almost 100 countries, most from the US and Canada, and we have been cash flow positive for some time already.

“With my background in the most boring industries like accounting, legal, and tax, I am always excited to see BoringTech startups transforming these industries. Knowing the team from the past and what they can deliver and seeing the strong early customer traction, I trust SparkReceipt will change the way millions of entrepreneurs handle their accounting, freeing their time for building their businesses,” comments Reima Linnanvirta, Partner at Trind Ventures.

For more information, visit: https://sparkreceipt.com/blog/trind-ventures-investment/

Startup Wise Guys SaaS portfolio company Adact has successfully exited through an acquisition by Optimove, a global leader in AI-driven marketing innovation. This acquisition marks their 22 portfolio exit.

Startup Wise Guys SaaS portfolio company Adact has successfully exited through an acquisition by Optimove, a global leader in AI-driven marketing innovation. This acquisition marks their 22 portfolio exit.

“Startup Wise Guys’ mission has remained unchanged for 13 years: helping founders become entrepreneurs and build great international tech companies. Adact has gone through this journey. It was a privilege to see Kalev joining us as a founder and witnessing him grow into a strong entrepreneur, building a sustainable and valuable business. It is a privilege to work with such founders, and we are more than happy to see his success.” - Alexandra Balkova, Head of Portfolio at Startup Wise Guys.

Optimove will integrate Adact's no-code gamification technology into its Positionless Marketing platform, enabling brands to create interactive experiences like lotteries, quizzes, and prediction games—without complex technical implementation. This expansion brings gamification marketing to a wider range of industries, from iGaming and sports betting to financial services and beyond. By combining gamification with AI-driven personalization and customer analytics, Optimove aims to enhance engagement, retention, and conversion rates, with proven results showing up to an 80% increase in user interaction.

As part of the transition, Optimove is establishing a development center in Tallinn, Estonia, where Adact's founder, Kalev Kärpuk, will lead its gamified solutions division. This ensures that Adact's expertise and vision continue shaping the future of gamification marketing on a global scale.

For more information, visit: https://startupwiseguys.com/news/portfolio-exit-adacts-acquisition-by-optimove-signals-a-new-era-for-gamification/

Led by Dawn Capital, with support from existing investors at Tera Ventures, MMC Ventures, Expeditions Fund, and Red Dawn Ventures, Blackwall’s Series B funding will be used to double headcount and accelerate growth as the company expands further into the U.S. and APAC, and strengthens global channel partnerships.

Blackwall’s Series B was led by Dawn Capital, with support from existing investors at Tera Ventures, MMC Ventures, Expeditions Fund, and Red Dawn Ventures. The funding will be used to double headcount and expand globally, focusing on the U.S. and APAC markets. They will also continue innovating with new infrastructure and security products to better serve their partners.

Nikita Rozenberg, Co-founder and CEO of Blackwall (fka BotGuard) commented: “With Blackwall, we are taking our mission to the next level—delivering gold-standard infrastructure protection to SMBs that have traditionally been overlooked. This funding enables us to scale globally and continue innovating for the businesses that need it most.”

Founded in 2019 by Nikita Rozenberg (CEO) and Denis Prochko (CTO), Blackwall defends web ecosystems from malicious automated threats, being already in use across more than 2.3 million websites and applications. According to Blackwall, around 50% of all global web traffic stems from bots, 66% of which are malicious. Traditional solutions are priced and designed for enterprises, leaving SMBs – subject to 43% of all cyber attacks – potentially vulnerable.

Andrus Oks, General Partner at Tera Ventures commented: "As initial investors who witnessed their journey from day one, this milestone is particularly meaningful as it also marks the largest cybersecurity funding round in Estonia in past years. From our first meeting, Nikita Rozenberg and Denis Prochko's vision to combat sophisticated AI-powered bot attacks struck us as both ambitious and essential. Their approach to bot detection and prevention has proven transformative, with Blackwall now protecting over 23M websites daily."

Norman Fiore, General Partner at Dawn Capital commented: “It is rare to see a business targeting SMBs which has such a broad offer, of which each component is best of breed. Blackwall’s innovative technology provides exactly that. Nik and Denis have devised a winning, channel-first strategy for their excellent product, and relentlessly executed on their bold vision. Blackwall has only scratched the surface of the expansive opportunity in North America and APAC, and we are confident that the company is uniquely positioned to transform how SMBs access advanced security solutions. We’re thrilled to be supporting the team as they further scale and pioneer a new approach to infrastructure protection.”

Eesti Era- ja Riskikapitali Assotsiatsioon (EstVCA) jätkab koostöös TalTechi ja Estonian Business Schooliga tudengitele ning investeerimismaailma huvilistele era- ja riskikapitali õppeaine õpetamist.

Varasemalt palju populaarsust kogunud õppeaine alustab neljandat korda ning tänaseks on seda läbinud 320 tudengit, sealhulgas 65 osalejat täiendkoolituse raames. Tänavu kevadeks on õppeaine nii TalTechis kui ka EBSis deklareerinud üle 80 tudengi.

Era- ja riskikapitali õppeaine eesmärgiks on anda terviklikud, aktuaalsed ja praktilised teadmised, mida tudengid saaksid hilisemas karjääris rakendada. Kursusel jagavad oma kogemusi tunnustatud fondijuhid ja investorid, pakkudes osalejatele ainulaadset võimalust õppida otse tegijatelt. Programm on üles ehitatud nii Eesti kui ka rahvusvahelise turu parimate praktikate ja uusimate trendide põhjal.

“EstVCA üks eesmärkidest on pakkuda valdkonda toetavat haridust ning muuta riski- ja erakapitali sektorit laiemale avalikkusele mõistetavaks. Haridusprogramm koostöös ülikoolidega on selleks suurepärane võimalus, toetades samaaegselt talendi pealekasvu,” sõnas EstVCA juhatuse esimees Kaari Kink.

Nii TalTech kui ka Estonian Business School rõhutavad õppeaine olulisust just akadeemilise hariduse ja praktiliste kogemuste ühendamises. Era- ja riskikapitali kursus aitab tudengitel mõista ja rakendada finantseerimisvõimalusi, mis on olulised ettevõtete kasvu ja arengu jaoks.

“See koostööprojekt peegeldab TalTech´i pühendumust pakkuda haridust, mis vastab kaasaegse majanduse ja ettevõtluse vajadustele.Õppeaine on meie rahanduse magistrantide hulgas jätkuvalt hinnatud ja populaarne. Valikuna on seda õppeainet sellel semestril deklareerinud sisuliselt kogu kohort,” kommenteeris TalTech´i majandusanalüüsi ja rahanduse instituudi õppejõud Kalle Ahi.

EBSi projektijuht Margit Kattai tõi välja, et antud kursuse teeb eriliseks asjaolu, et seda viivad tervikuna läbi oma ala praktikud, kes igapäevaselt riskikapitali investeeringutega tegelevad.“Kursus on jätkuvalt üks populaarsemaid valikaineid EBSi rahvusvaheliste tudengite seas. Neil on võimalus lahendada põnevaid kaasuseid, mis aitavad paremini mõista, kuidas investeerimisotsuseid tegelikult tehakse,” ütles EBSi projektijuht Margit Kattai.

TalTechi ja Estonian Business Schoolis saab era- ja riskikapitali õppeainet õppida neljandat korda ning kursus on pakkunud tudengitele suurt huvi, olles üheks populaarsematest õppeainetest. Sel õppeaastal jagavad tudengitega oma teadmisi sellised valdkonna tipptegijad nagu Kristjan Kalda (BaltCap), Heidi Kakko (UniTartu Ventures), Hendrik Reimand (2C Ventures), Mihkel Kolk (Deca Legal), Allar Karu (PwC Advisory), Kalle Ahi (TalTech), Maarja Pärs (Livonia Partners), Linda-Riin Võeras (Karma Ventures), Martin Kõdar (BaltCap), Indrek Kaldoja (eAgronom), Kristjan Laanemaa (Karma Ventures).

EBSis alustas ainekava 5. märtsil ning TalTechis alustab õppeaine 2. aprillil. Kursus kestab mõlemas ülikoolis kaheksa nädalat ja koosneb seitsmest teemaplokist, mille eesmärgiks on anda ülevaade era- ja riskikapitali fondide toimimisest ning rollist eri arengufaasis ettevõtete arendamisel ja kasvatamisel nii teoreetiliste metoodikate ja tehnikate kui ka praktiliste case study-de näitel.

Icebreaker.vc has invested €800,000 in FleetBrains to support the company's efforts in building and expanding its AI-driven solutions that address critical challenges in the automotive industry.

FleetBrains, an Estonian AI startup focused on optimizing automotive inventory management, has started its operations and secured €800,000 in funding from Icebreaker.vc. The investment will help the company to build and expand its AI-driven solutions that address critical challenges in the automotive industry.

Founded by Martin Piirmaa, Rutmar Silde (an AI expert with 10 years of experience), and Tauno Laja (ex-Bolt Drive), FleetBrains has developed a platform that uses artificial intelligence to transform how automotive businesses manage their vehicle inventories and fleet operations.

“Our solution forecasts in real-time when, which, and at what price companies can most profitably buy or sell vehicles to maximize profits. The system identifies model versions or configurations in higher demand in the market and flags vehicles at risk of remaining unsold in warehouses,” explained Martin Piirmaa.

According to Piirmaa, FleetBrains has already analyzed nearly 300,000 vehicle sales transactions worth approximately €10B, which now allows it to make highly accurate market forecasts.

The investment from Icebreaker.vc will help to solidify the initial success. As part of its growth strategy, FleetBrains will also begin collaborating with the University of Tartu‘s Institute of Computer Science starting next month, further enhancing its AI capabilities and research efforts. Estonia, which has been recognized as Europe’s best AI ecosystem, offers an ideal environment for leveraging academic research and industry expertise.

Clock&Cloud, a Helsinki-based startup developing an AI-powered geopolitical intelligence platform, has raised €1.5 million in a pre-seed funding round led by Danish Ugly Duckling Ventures, with participation from existing investor Icebreaker.vc.

Clock&Cloud has raised €1.5 million to advance its AI-powered geopolitical intelligence platform. The Helsinki-based startup, led by former Finnish Defence Forces officer Riku Hellgren, helps companies turn geopolitical insights into actionable business insights. The new funding will fuel product development and expansion as shifting global dynamics make geopolitical awareness more business-critical than ever. The funding round was led by Danish Ugly Duckling Ventures, with participation from Icebreaker.vc.

Founded in 2023 by experts in geopolitical intelligence, military strategy, business development, and software engineering, Clock&Cloud bridges the gap between global events and business impact. Unlike traditional intelligence platforms that focus solely on situational awareness and security, Clock&Cloud delivers business-relevant geopolitical insights in a digital format, providing speed and scale that traditional consulting firms cannot match.

“Geopolitical instability is no longer a distant concern. It is a defining force shaping business decisions today," says Riku Hellgren, CEO and Co-Founder of Clock&Cloud. "The need for proactive geopolitical insight will only grow in the coming years as the global order undergoes fundamental shifts. If history is any indication, businesses must prepare for volatility and uncertainty. Our platform goes beyond the security-focused intelligence tools currently on the market by providing actionable business insights shaped by global geopolitical dynamics.”

Riku Seppälä, General Partner at Icebreaker.vc, adds: “Clock&Cloud team has impressed us with their strong expertise, vision, and strong execution since we first invested a year ago. They are building a unique dataset and capability by combining business data with geopolitical analysis which allows companies to make the right decisions at the right time increasing resiliency and boosting profits. We're thrilled to continue working with the team.”

For more information, please visit: https://www.clockcloud.ai/news/clock-cloud-secures-eu1-5-million-pre-seed-to-advance-ai-powered-geopolitical-intelligence-platform

WunderGraph has raised $7.5 million in a Series A round of funding from Karma Ventures, eBay Ventures, and Aspenwood Ventures to unify APIs across decentralized systems with their open-source GraphQL federation platform.

WunderGraph has raised $7.5 million in a Series A round of funding from Karma Ventures, eBay Ventures, and Aspenwood Ventures to unify APIs across decentralized systems with their open-source GraphQL federation platform.

Founded in 2020, WunderGraph is the handiwork of CTO Dustin Deus, CEO Jens Neuse, COO Björn Schwenzer, and CCO Stefan Avram. While three of the company’s founding quartet are based in Germany, the company has been incorporated in the U.S. since its inception. WunderGraph is the core maintainer and contributor of its open-source effort. On top of Cosmo, the company sells hosting and premium support and services, which might include help with integrating databases, analytics, authentication, and observability.

With the fresh $7.5 million in the bank, WunderGraph is planning to grow its existing 20-strong workforce and double down on its open-source GraphQL federation with additional tools that help distributed teams work more smartly. This means better support for collaboration and governance for larger enterprises.

“Open source is the future of API management, and enterprises are demanding transparency, flexibility, and control. We’re building the essential plumbing for the world’s biggest platforms, and this funding allows us to scale while keeping our commitment to open-source development,” says co-founder Stefan Avram.

"APIs run the world’s biggest platforms, but at scale, they can turn into bottlenecks. WunderGraph cuts through the complexity - it’s efficient, scalable, and open. World-leading customer interest confirms its potential to redefine how modern applications are built. We’re excited to partner with the WunderGraph team as they set a new standard for the industry," commented Tommi Uhari, Partner at Karma Ventures.

For more information, visit: https://wundergraph.com/blog/series-a-announcement

BPM Mezzanine Fund II usaldusfond has made its next transaction from its second fund to support Medical Mazella's expansion in the medical sector, reinforcing the company’s market presence and growth potential.

BPM Mezzanine Fund II usaldusfond has provided financing for an MBI transaction in the rigid polymer packaging sector - an acquisition of Medical Mazella Sp. z o.o. – a Polish producer of specialized packaging solutions by the MBI Team led by dr Jakub Niestrój. Medical Mazella sp. z o.o is a leading manufacturer of PP/PET/PE rigid packaging for the pharmaceutical, laboratory, and e-fluid segments. The Company has a long history of growth and strong profitability and the new management team will embark on a scaling up path. This strategic financing supports Medical Mazella's expansion in the medical sector, reinforcing the Company’s market presence and growth potential.

Commenting on the deal, Jakub Niestrój, the CEO of Medical Mazella noted: “The buy-out of Medical Mazella is the first step in implementing an expansion strategy in the specialist packaging sector. We look forward to cooperating with the Company’s existing clients and vastly increasing the business and its client and product portfolio in the future. I believe that consolidation in this market is inevitable and we are in a good position to participate in this process forward.”

For the BPM team, it marked the next transaction from its second fund – BPM Mezzanine Fund II usaldusfond, which continues the mezzanine strategy of the first fund.

Paweł Zabrzycki, Partner of BPM, said: “We are very happy to be able to back an ambitious management team in this exciting expansion project. It is an outstanding opportunity to invest in a specialist packaging business with a prominent customer base and a great product quality reputation. We share the view of the management team that there is definitely room for consolidation in this sector in Poland and are very excited to back them in this process.”

Practica Capital's portfolio company Trafi has been acquired by Enghouse Systems, through a wholly-owned subsidiary. Trafi is the leading provider of Mobility-as-a-Service (MaaS) solutions based in Lithuania.

Practica Capital's portfolio company Trafi has been acquired by Enghouse Systems, through a wholly-owned subsidiary. Trafi is the leading provider of Mobility-as-a-Service (MaaS) solutions based in Lithuania.

Representative of Practica Capital commented: "As Trafi’s first investors, we've supported the company from its earliest days, through years of pivots, first revenue, first profit, 100+ people, 1B+ people using Trafi tech, and everything in between. This is not only a milestone for Trafi, but also another success story for the Lithuanian tech ecosystem - showing how ambitious ideas, backed by strong execution and persistence, can bring results. And it's a reminder that success is rarely an overnight story."

"We're excited to join Enghouse and combine Trafi's cutting-edge MaaS technology with their global footprint and deep expertise in ticketing solutions," said Damian Bown, CEO of Trafi."Together, we can accelerate and bring integrated, user-friendly mobility experiences to even more cities around the world."

"Trafi enhances our transportation mobility solutions portfolio by adding a robust MaaS platform that integrates multiple transport modes into a seamless user experience," said Steve Sadler, Chairman & CEO of Enghouse. "We are very pleased to welcome Trafi's customers, partners, and employees to Enghouse."

For more information, visit: https://markets.ft.com/data/announce/detail?dockey=600-202504140600CANADANWCANADAPR_C7672-1

EstVCA members - 2C Ventures and Startup Wise Guys - back Esgrid’s move into supplier management, bringing total pre-seed funding to €900K.

Tallinn-based Esgrid is expanding beyond ESG risk management to build the future of supplier management for small and medium-sized businesses. A new financing round – led by new investor 2C Ventures and supported by earlier backers Startup Wise Guys, Greenco Ventures, and Lemonade Stand – brings the startup’s total pre-seed funding to €900K. The investment will accelerate product development to cover a broader range of supplier workflows, with a strong focus on AI-supported automation.

Founded in 2023, Esgrid began solving the complexity of supplier ESG risk management in medium-sized businesses. Their AI-powered SaaS platform automates supply chain ESG data collection, analytics, reporting, and engagement while reducing costs by up to 90%. Esgrid has already secured dozens of flagship customers in Europe, including multiple publicly listed companies. Last year, the startup won a pitching competition at sTARTUp Day and received the Baltic Sustainability Award for best process.

The company has now raised additional funding to support expansion into the supplier management space, starting with supplier onboarding, evaluation, and engagement. The company has just launched the first feature of its supplier management platform – an AI-based supplier evaluation template generator. Users can create a custom supplier evaluation template with the help of Esgrid’s AI agent Grid in just 30 seconds.

Oksana Tolmatshova, Esgrid’s co-founder and CEO, commented on the product expansion: "Working with our first customers, we quickly proved that we can cut costs by replacing manual supplier processes with digital workflows. While we started with supply chain sustainability management, it was clear there was a strong demand for a broader solution, covering supplier evaluation, document management, and communication. That’s why we’re expanding into wider supplier management. Our AI-first product adapts to each company’s size and needs, delivering the right solution at the right cost."

Hendrik Reimand, the Founding Partner at 2C Ventures, explained why they decided to back Esgrid: “In an era of growing geopolitical uncertainty, supply chain resilience has never been more critical. Esgrid has built an impressive platform for supply chain ESG risk management, and we’re confident in their ability to expand beyond ESG into broader supply chain risk areas. We are excited to support this strong team as they take the next step in their journey."

Amberlo, the Lithuanian legal practice management platform backed by Iron Wolf Capital, has been acquired by stp.one, one of Europe's leading legal tech providers. Founded in 2017, the Kaunas-based company will now join stp.one's network of 400+ team members serving 8,000+ legal customers across 10 European locations.

Amberlo, the Lithuanian legal practice management platform backed by Iron Wolf Capital, has been acquired by stp.one, one of Europe's leading legal tech providers. Founded in 2017, the Kaunas-based company will now join stp.one's network of 400+ team members serving 8,000+ legal customers across 10 European locations.

"This partnership is all about giving customers more – more innovation, more support, and more possibilities," says Aidas Kavalis, Co-founder of Amberlo. The acquisition will accelerate Amberlo's growth while bringing advanced AI-driven solutions and enhanced integrations to its expanding European client base.

“Amberlo has developed an impressive, scaling SaaS solution for law firms in recent years. By combining our technologies and teams, we can accelerate our AI and cloud strategy and deliver an even more powerful product suite for legal professionals. In addition, Amberlo already has a strong presence in the European markets. The acquisition of Amberlo accelerates the realization of our mission to become Europe's leading legal tech provider. We are very pleased to welcome Amberlo as a member of the stp.one family,” commented Oliver Bendig, CEO of STP Group.

For more information, visit: https://www.stp.one/en/blog/stpone-acquires-amberlo

Helsinki-based IXI has raised a $36.5M Series A round, led by Plural, with participation from Tesi, byFounders, Heartcore, Eurazeo, FOV Ventures, Tiny Supercomputer, and existing investors. The startup’s previous investors, in addition to the Amazon Alexa Fund, include Maki.vc, First Fellow, firstminutecapital, John Lindfors, Illusian, and the Bragiel Brothers.

The funding will be used to create the future of eyewear, the world’s first autofocus glasses— adaptive, elegant, and powered by real-time eye-tracking and dynamic lens technology.

“These glasses represent the future of optical science, with a timeless silhouette. Backed by investors who see the scale of this opportunity, we’re ready to redefine what eyewear can be.” - Niko Eiden, co-founder and CEO of IXI.

The $200bn eyewear industry is ready for new technology. For 750 years, the core product to help the 2.2 billion people around the world who suffer from some kind of vision impairment—a pair of glass lenses in frames—has barely changed.

“Niko, Ville, and the team’s rare European hardware expertise puts them at the forefront of advanced optics and eye-tracking developments,” Sten Tamkivi, a partner at Plural, said in a statement. “They’re creating beautiful, literally invisible technology that pioneers a new approach to vision, which will finally improve human eyesight once and for all. By backing IXI, we’re not just investing in a company, but in a future where technology revolutionizes how we see the world.”

For more information, visit: https://techcrunch.com/2025/04/28/ixi-raises-36-5m-from-amazon-and-more-to-bring-the-concept-of-autofocus-to-prescription-glasses/

Medicum Group, a provider of general and specialized medical services, is bringing on Livonia Partners as a majority shareholder in its companies operating in specialized healthcare, rehabilitation, dental care, and home nursing services.

Medicum Group, a provider of general and specialized medical services, is bringing on Livonia Partners as a majority shareholder in its companies operating in specialized healthcare, rehabilitation, dental care, and home nursing services. The group will continue under its current management. Medicum's previous majority owner, Dr. Jaanus Vool, will continue as the owner of the Medicum family doctor network.

"We are pleased to support Medicum's next stage of growth in a fragmented healthcare market, enabling better access to services for Estonians and contributing to an increase in years of healthy life," said Maarja Pärs, Livonia Fund's Investment Director.

"We see great potential for Medicum to grow and expand in the local market by providing the best healthcare services close to patients. We value highly Dr. Jaanus Vool's contribution to the development of Medicum and look forward to continuing close cooperation with him," said Kaido Veske, founding partner of Livonia Partners.

"I feel confident knowing that Medicum, built with a dedicated team, will remain in good and caring hands," said Dr. Jaanus Vool, who has led and developed Medicum Group for 24 years.

"The involvement of an investor is necessary to achieve Medicum's growth and development goals as a major healthcare provider. We aim to develop further areas where access to healthcare services, such as rehabilitation and radiology, is currently insufficient. Medicum will continue to emphasize the synergy between its various healthcare services to support patients' health journeys comprehensively," said Tõnis Allik, who will continue as the CEO of Medicum Group.

According to Peep Jalakas, Head of Corporate Banking at SEB Bank, the financing partner for the transaction, Medicum has stood out with its strong business profile and established leadership. "We are pleased to support the healthcare sector, which has clear growth potential, and to back Medicum, a key healthcare provider with strong business fundamentals and clear growth plans," added Jalakas.

We are pleased to present the Baltic Private Equity and Venture Capital Market Overview 2024. Now in its sixth year, this report continues to track key developments across the region’s PE/VC landscape.

We are pleased to present the Baltic Private Equity and Venture Capital Market Overview 2024. Now in its sixth year, this report continues to track key developments across the region’s PE/VC landscape.

2024 market highlights include:

3.77B EUR raised since 2010

265M EUR raised in 2024

1.08B EUR dry powder as of the end of 2024

233 deals involving Baltic companies in 2024

151M EUR amount invested in Baltic companies in 2024

97 investments outside of the Baltics in 2024

173 M EUR outbound investments in 2024

106 active funds as of the end of 2024

In a milestone shift, 2024 was the first year where most (70%) of the capital raised by Baltic fund managers came
from outside the region, with 54% originating from beyond the EU, mainly North America. Over the long term (2019–2024), Baltic LPs have provided 47.2% of total capital raised.

Investment into local companies remained solid, with over 230 transactions, broadly in line with 2021 and 2022,
though 20% lower year-on-year due to 2023’s exceptional volume. Total invested capital in 2024 fell to €151 million, driven by a decline in larger PE deals, with average deal size down to €0.65 million. However, cumulative investment into Baltic-based companies (since 2019) has now surpassed €1 billion.

The market shifted towards earlier-stage activity: early-stage VC made up over 35% of total investments, while growth-stage volumes rose 15% year-on-year. Buyout activity declined.

Outbound investments reached a record €173 million—53% of total capital deployed—highlighting Baltic
managers’ growing global reach.

Dry powder stood at €1.08 billion at year-end, with early-stage VC funds holding the majority (€801 million),
suggesting continued momentum in that segment, while in the PE spac,e we may see more fundraising coming up.

Exit activity remained subdued but saw a rebound in trade sales. Notably, there were no secondary PE exits for the first time since 2017.

While 2024 presented a number of challenges, the outlook for 2025 is cautiously optimistic, with many fund
managers anticipating improvements in both fundraising and investment activity.

We would like to thank our partners at the Latvian Private Equity and Venture Capital Association (LVCA), Lithuanian Private Equity and Venture Capital Association, and KPMG Baltics for compiling this valuable report.

The Ukrainian startup Banani AI has raised €850,000 in a pre-seed round led by Specialist VC and the Polish venture capital firm Inovo VC.

The Ukrainian startup Banani AI has raised €850,000 in a pre-seed round led by Specialist VC and the Polish venture capital firm Inovo VC. Banani AI was also among 38 Ukrainian startups awarded funding by the Seeds of Bravery consortium, an EU-funded initiative under the European Innovation Council (EIC) to support Ukrainian tech startups.

“We also have great angels, including the first designer at WhatsApp and former employees of Canva. It was a long process, hundreds of calls, but in the end, we found partners who really believe in our vision and understand the product,” commented Vlad Solomakha, co-founder of Banani AI.

Banani AI is an artificial intelligence-based tool that allows users to create interface designs quickly and easily. The startup aims to make creating beautiful UIs accessible to everyone, including startup founders, project managers, and teams with limited design resources.

The Banani AI tool transforms textual descriptions of designs or ideas into fully functional interactive UI prototypes. You can edit it using simple language and share or export your designs in any format.

In terms of the next steps, Banani wants to become the central product-design hub for teams. While today it helps with early-stage design, it is also building layers to connect user insights, generate better flows, and eventually build a true design brain for companies.

For more information, visit: https://tech.eu/2025/05/19/banani-ai-is-building-the-canva-of-product-design-and-it-starts-with-a-prompt/

Crewpoint, a next-generation travel service designed to simplify and streamline maritime crew logistics, announced the successful closing of its first external funding round, led by Icebreaker.vc.

Crewpoint, a next-generation travel service designed to simplify and streamline maritime crew logistics, announced the successful closing of its first external funding round, led by Icebreaker.vc.

With over a decade of maritime travel experience at its core, Crewpoint is redefining the global crew movement by delivering instant, tangible value through a service-as-a-software model. This intelligent layer combines operational expertise with proprietary technology. The platform offers rapid travel quotes in under 10 minutes, transparent pricing with no hidden fees for changes, and around-the-clock support from maritime specialists.

"Our first funding round is an exciting step forward for Crewpoint. Partnering with Icebreaker.vc gives us the strategic and operational support to scale internationally, deepen our AI capabilities, and continue building a service that delivers immediate impact to maritime operations teams," said Marko Saul, Co-Founder and CEO.

Crewpoint is built for the real-world complexity of maritime logistics, from last-minute crew changes and complex multi-leg routes to visa compliance and documentation. Unlike generic tools, Crewpoint operates as an integrated service layer that actively solves customer problems in real-time, not just facilitates tasks.

This AI-enhanced approach enables automation, smart decisions, and continuous learning to improve reliability and speed, key needs for customers working under pressure. As the maritime sector modernizes, Crewpoint stands out as a practical, execution-focused solution that puts operators first while also supporting environmental goals through carbon offsetting initiatives.

The funding will accelerate Crewpoint's product evolution and global expansion, positioning the company as a leader in the shift from static software to responsive, intelligent services.

Vilnius-based deep tech venture capital firm Iron Wolf Capital has launched its newest EUR 100M early-stage Baltic deep tech and AI fund. Targeting 25 early-stage companies across Estonia, Latvia, Lithuania, and the Baltic diaspora, the fund will back deep tech startups in sectors such as AI, robotics, photonics, and space innovation.

Vilnius-based deep tech venture capital firm Iron Wolf Capital has launched its newest EUR 100M early-stage Baltic deep tech and AI fund. Targeting 25 early-stage companies across Estonia, Latvia, Lithuania, and the Baltic diaspora, the fund will back deep tech startups in sectors such as AI, robotics, photonics, and space innovation.

LPs in the new fund include Lithuanian state bank ILTE, as well as more than 40 family offices and high-net-worth individuals in Europe. 90% of the firm’s LPs from its €21m first fund re-upped.

The fund has also consciously worked on building a world-class team of the most international and diverse venture talent in the Baltics. The team currently spans London, Warsaw, Vilnius, and Tallinn, is equally split by gender, and is uniquely operator-led at a time when just 8% of European VCs have former founders at the helm.

Iron Wolf Capital will continue to lead and co-lead investments, maintaining a high-bar, low-volume approach, backing only 6 to 8 startups annually. For the new fund, the team aims to shake things up, focusing more on areas such as biotech, energy, space tech, and AI. It typically invests between €500K-€2M for initial cheques and plans to invest in 25 startups.

For more information, visit: https://sifted.eu/articles/baltic-deeptech-vc-fund-100m

Labrys has announced its $20M Series A round, led by Plural with participation from Superangel and AlbionVC. The investment will be used to accelerate the development of Axiom, a platform that helps organizations verify, manage, and pay their global workforce and globally dispersed teams.

Labrys has announced its $20M Series A round, led by Plural with participation from Superangel and AlbionVC, alongside its existing investors, Project A, Expeditions Fund, and MD One Ventures. The investment will be used to accelerate the development of Axiom, a platform that helps organizations verify, manage, and pay their global workforce and globally dispersed teams.

The founding team has roots in British Defence, Cyber, and National Security and is now working alongside world-class engineers to build the tools they wish they had.

Just a few years after its founding, Labrys emerged as a new UK challenger software provider in 2024, and Axiom has also been used to solve complex workforce and team coordination problems in fields such as logistics, risk, and humanitarian crisis response.

The team is tackling some of the most challenging technical problems in this space, including Command & Control AI-augmented planning, the design of real-time strategy gaming interfaces, compliant global digital payments, and resilient communications. The technology has already been battle-tested in situations where failure is not an option.

For more information, visit: https://www.thetimes.com/business-money/entrepreneurs/article/former-soldiers-defence-tech-platform-labrys-raises-20m-times-enterprise-network-99hzhvbvz