Daria Solovieva
Lithuanian used goods e-commerce platform Vinted Bags €340M in a Landmark Funding Round
REGION
Vestbee Launches Winter Pitch to Fuel European Startup Ecosystem
Vestbee is connecting 100 early-stage European startups with a global network of venture capital investors through its Winter Pitch program, offering personalized investor matchmaking and resources from tech giants like HubSpot, Notion, and Stripe. Startups at pre-seed, seed, and Series A stages can apply by November 26, 2024, with opportunities to secure funding and accelerate growth. [Source: Vestbee]
UKRAINE
Ukraine’s Wartime Tech Startups Face Talent Crisis as Defense Innovation Surges
Ukrainian defense tech startups are grappling with a severe shortage of specialized engineering talent even as military demand for their innovations grows, according to Vidar Systems CEO Denys Sobchyshak. Despite workforce challenges, the sector has developed an unusual “co-competition” model where rival companies collaborate to support the war effort, creating a unique ecosystem that blends patriotic mission with commercial development. [Source: Tech Ukraine]
US Video Giant Acquires Ukrainian AI Startup as War-Time Tech Deals Heat Up
Panopto, a major US video learning platform, has acquired Ukrainian AI startup Elai.io in a strategic move to integrate AI-powered avatar technology into its enterprise video solutions. The deal, which keeps Elai.io’s team in Ukraine, marks a significant milestone for the country’s resilient tech sector, with the startup’s enterprise contracts starting at $4,000 annually and expected to grow under Panopto’s umbrella. The acquisition of the Forbes Ukraine-recognized startup signals growing international interest in Ukrainian tech innovation despite the ongoing conflict. [Source: Dev.ua]
Ukraine Defense Startups Draw $25M Foreign Investment as Military Tech Surges Foreign investment in Ukrainian defense technology has quintupled to $25 million in 2024, with the country’s Brave1 defense cluster targeting $50 million by year-end, marking a dramatic shift in global appetite for military innovation. The trend is exemplified by Himera, a developer of electronic warfare-resistant communication systems, securing new funding for scaling production, and Swarmer, an AI drone swarm startup, raising $2.7 million from international investors.
Glovo Hosts a €35,000 Competition for Startups Amid War
Ukraine’s first PowerUp Ukraine Conference showcased nine innovative startups competing for international support, with Glovo playing its part in nurturing the country’s tech ecosystem. Despite ongoing conflict, Ukrainian entrepreneurs are scaling globally, attracting investor interest and proving the nation’s technological prowess through programs and initiatives like the Glovo Startup Lab competition. [Source: Silicon Canals]
ESTONIA
Modash Secures €11M to Expand AI-Powered Influencer Discovery Platform
Estonian startup Modash, an AI-driven influencer search tool founded in 2018, has raised €11M in Series A funding led by Dutch VC HenQ. The company, which boasts a database of over 200M creator profiles and serves 1.5K clients including Google and NordVPN, plans to use the investment to enhance e-commerce integrations and expand its North American operations. [Source: BalticVC]
DefSecIntel Secures €5M to Expand AI Surveillance Tech
Estonian defense tech startup DefSecIntel has received a €5M overdraft loan from Swedbank to support its expansion of autonomous AI-powered surveillance systems for national defense, border control, and critical infrastructure monitoring. The company, currently operating in Estonia, Ukraine, and Germany with 80 employees, aims to grow its annual turnover from €30M to €120M in the coming years by increasing production and entering new markets. [Source: BalticVC]
LATVIA
Latvian PrintyMed Nets €800k to Advance Artificial Spider Silk Organ Tech
Latvian biotech startup PrintyMed has secured €800,000 in grant funding to develop 3D-printed artificial organs using biomimetic spider silk technology, focusing on creating a heart valve prototype and advancing organ-on-chip applications. The company, founded in 2023, aims to address organ transplant shortages by producing biocompatible silk proteins through a unique bacterial process developed at the Latvian Institute of Organic Synthesis. [Source: Vestbee]
Latvian Origin Drone Tech Secures €4M for Defense Innovation
Riga-based defense technology startup Origin has raised €4M, including investments from Estonian Change Ventures and British Silicon Roundabout Ventures, along with EU grants and Latvian Ministry of Defense support. The company will use the funding to develop BEAK, a man-portable drone with AI-powered precision-guidance technology designed for intelligence, surveillance, and reconnaissance missions. [Source: BalticVC]
LITHUANIA
Vinted Bags €340M, Hits €5Bln Valuation in Secondary Funding
Lithuanian second-hand marketplace Vinted has secured €340M in a secondary share sale led by TPG Tech Adjacencies, maintaining its unicorn status with a €5Bln valuation. The company, which boasts over 80M registered members across 20 markets, plans to expand its platform to include electronics, books, toys, and video games while continuing to develop its shipping and verification services. [Source: BalticVC]
Orion Ventures Backs Finnish AI Market Analytics Platform Statzon
Lithuanian venture capital fund Orion Ventures has invested in Statzon, a Helsinki-based startup that aggregates market insights from over 70,000 data sources across robotics, automation, e-mobility, and energy sectors. The AI-powered platform provides more than 14 million market insights by consolidating data from research firms, government agencies, and industry associations, targeting companies seeking comprehensive market intelligence. [Source: BalticVC]
Finfra Secures $2.5M to Boost Financial Services for Southeast Asian Companies
Lithuanian accelerator Firstpick has invested in Finfra, a Jakarta-based fintech startup providing financial infrastructure for underbanked companies in Southeast Asia. The startup raised $2.5M from international investors, including Cento Ventures and Accion Venture Lab, and has partnered with digital banking group Tyme Group to expand credit access for Indonesian businesses. [Source: BalticVC]
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