Kazakhstan Launches $1 Billion Venture Fund of Funds to Accelerate Its Startup Space

ESTONIA

Estonian AI Startup Askel.ai Lands €380K to Streamline SaaS Workflows

Tallinn-based Askel.ai has raised €380,000 in pre-seed funding led by Superangel to develop its AI-powered workflow automation platform for SaaS products. The startup, founded in 2024, attracted investment from prominent tech executives including alumni of Checkout.com, Twilio, and Skype, and reports that its natural language-based system has helped pilot users complete tasks up to 10 times faster. The funding will support platform development and expansion to serve more SaaS companies looking to integrate AI automation without building complex systems from scratch. [Source: Vestbee]

UKRAINE

Ukrainian-Founded AI Home Platform Jome Lands $9.8M Series A, Eyes US Expansion

Ukrainian entrepreneurs Dan Hnatkovskyy and Sofia Vyshnevska’s startup Jome has secured $9.8M in Series A funding led by Geek Ventures, bringing its total funding to $16.5M. The Austin-based company, which uses AI to aggregate new construction listings across 16 major US cities and has served over 100,000 buyers since 2020, will use the funds to expand its market presence and enhance its AI-powered home-buying platform.

Ukraine Opens World’s Second Global GovTech Hub

The World Economic Forum has launched its second Global Government Technology Centre (GGTC) in Kyiv, Ukraine, marking a significant milestone in the country’s digital transformation journey and adding to its network of 21 Centres for the Fourth Industrial Revolution. Led by social entrepreneur Zoya Lytvyn and supported by Deputy Prime Minister Mykhailo Fedorov, the center will serve as a hub for collaboration between governments, businesses, and tech companies, focusing on areas such as GovTech Observatory, Innovation Gateway, and FutureGov Education while building on Ukraine’s successful Diia digital governance platform.

Ukraine Tests Jamming-Proof Fiber-Optic Controls for Military Drones

Ukrainian developers have developed new fiber-optic control systems for military drones that are immune to electronic warfare interference and provide high-bandwidth communication at a fraction of traditional costs. The DRONARIUM team showcased various applications including FPV drones and bomber copters, with the technology offering 100-1000 Mbps bandwidth and stable control despite enemy jamming, marking a potential turning point in drone warfare despite minor challenges with fiber durability.

Global Tech Contest Showcases Seven Clean Energy Solutions for War-Hit Ukraine

A worldwide competition called Tech4Good Challenge has selected seven innovative energy projects from different countries to help Ukraine combat widespread power outages caused by war damage to its infrastructure. The winning solutions, ranging from Greece’s biomass converter to Iceland’s storm-resistant wind turbines, are now seeking funding and regulatory approval for deployment in Ukraine, with support from the Ukrainian Embassy in Spain and several tech organizations. [Source: TechUkraine]

LATVIA

Latvian Pet Tech App Dosty Lands Azerbaijani VC Investment

Latvian pet tech startup Dosty has received investment from Azerbaijan’s Caucasus Ventures to advance its mobile app that helps dog owners manage daily care routines and access expert advice through a chat assistant. The Riga-based company, founded in 2022 by Ayaz Ahmadov and Javid Garayev, was recently recognized as Startup of the Year 2024 by the Innovation and Digital Development Agency. [Source: BalticVC]

Food Waste App ‘Portsia’ Launches in Latvia

Startup Portsia is developing a mobile platform to connect businesses with surplus food to cost-conscious consumers, offering discounts of up to 50% on products approaching their expiration date. Founded by Elvijs Šalajevs, the app aims to reduce food waste by partnering with bakeries, restaurants, and food stores across Latvia, with testing set to begin in November 2024 following successful models like Too Good To Go in other European markets. [Source: Labs of Latvia]

Funding Gap Tops Startup Challenges in Latvia, LIAA Survey Shows

A new survey from Latvia’s Investment and Development Agency (LIAA) reveals that 46% of entrepreneurs cite access to funding as their primary business challenge, with most relying on personal savings or state support rather than private investors or bank loans. The study, conducted through LIAA’s Ideas Cup competition, also found that 65% of participants plan to start companies, with three-quarters intending to reinvest all initial profits into growth, while over 80% seek additional state support services for their ventures.

KAZAKHSTAN

Kazakhstan Unveils $1 Billion Venture Fund of Funds to Boost Startup Growth

Kazakhstan has launched a $1 billion Venture Fund of Funds, with an initial $130 million in private sector backing, aiming to drive innovation and support growth-stage startups. The fund seeks to bridge a key gap in the market by offering crucial funding to scaling companies, which have historically struggled to access later-stage capital. The initiative will also facilitate global partnerships, bringing cutting-edge technologies and expertise to Kazakhstan’s emerging entrepreneurial ecosystem. [Source: LinkedIn]

LITHUANIA

Lithuanian Banking Analytics Firm Torus Gets Swedish VC Backing

Fintech Torus has received investment from Swedish Goose Valley Ventures to advance its banking analytics SaaS platform, which helps financial institutions optimize card scheme fees and analyze transaction profitability. The Vilnius-based company, founded in 2021, previously raised €30,000 from Startup Wise Guys at a €6 million valuation in June 2023. Torus’s platform provides banks and paytechs with detailed insights into transaction fees and market positioning, enabling them to enhance their operational efficiency. [Source: BalticVC]

Lithuanian AgTech Startup Secures €500K for Novel Greenhouse Tech

Lithuanian agtech startup Freya Cultivation Systems secured €500,000 in seed funding from Coinvest Capital, BSV Venture, and private investors to build a demonstration greenhouse showcasing its 3D Aeroframe crop production system. The company, which uses ultrasonic misting technology for plant cultivation, will construct the facility near Kaunas and aims to boost sales to €3 million. Freya already operates globally, with projects including a World Bank-funded tomato cultivation initiative in Djibouti and biotech operations in South Africa.

POLAND

Polish Fund Manager PFR Ventures Deploys €63M Across Five VC Funds

Polish fund-of-funds manager PFR Ventures has invested €63 million across five venture capital funds, bringing their total capitalization to €94 million and targeting investments in approximately 65 Polish startups. The investment, part of the European Funds for the New Economy program, includes funding for 4growth VC, Aegis Capital, iif VC, Kogito Ventures, and Lowercap, each focusing on different sectors and stages from pre-seed to growth. The move builds on PFR Ventures’ existing portfolio of over 80 funds and 900 investments, reinforcing its role in developing Poland’s startup ecosystem. [Source: Vestbee]

ROMANIA

Romanian Medical AI Startup Parol Raises €1.2M for Real-Time Transcription Platform

Romanian healthtech startup Parol has raised €1.2 million in seed funding led by GapMinder Fund to develop its AI-powered platform that transcribes doctor-patient conversations and generates automated medical records. Founded in 2022, the company reports its technology saves doctors 5 minutes per patient while reducing charting time by 30% and clinician burnout by 70%. The funding will be used to further develop Parol’s AI models to improve medical transcription accuracy and efficiency. [Source: Vestbee]