The Week of Aug. 30: Estonian Firm Bets Big on Eastern European Green Energy

ESTONIA

Sunly’s €300M Boost: Estonian Firm Bets Big on Eastern European Green Energy

Estonian energy upstart Sunly has landed a €300 million debt deal to fuel its ambitious renewable projects. The company aims to develop 1.3 GW of solar and wind capacity across the Baltics and Poland, a bold move in a competitive market. With plans to break ground on Latvian solar parks, Sunly is betting big on Eastern Europe’s green transition – but success is far from guaranteed in this high-stakes energy play. [Source: BalticVC]

Estonian VC Trind Backs Jobilla’s €6M AI Recruitment Platform

Estonian venture capital firm Trind VC has participated in a €6 million funding round for Helsinki-based Jobilla, an AI-powered recruitment startup. The investment, which also includes backing from Juuri Partners and Business Finland, comes as Jobilla rolls out new AI-driven hiring tools. With this fresh capital, the Finnish startup aims to cement its position in the European market and advance its innovative recruitment technology, potentially transforming how companies across the continent approach talent acquisition. [Source: Startuprise.co.uk]

Estonian Fintech Complok Secures €50K, Looks to Disrupt Risk Management

Estonian risk management platform Complok has raised €50,000 in convertible debt from Swiss-based Tenity Incubation Fund II, with a potential follow-on investment of up to €250,000 on the horizon. The funding comes as part of Complok’s participation in the New Nordics Challengers accelerator program, where it stands out as the sole Baltic representative among ten pre-seed fintechs selected from over 200 applicants. Complok’s innovative platform, which automates compliance risk management for fintechs and banks, is poised for growth in the rapidly evolving financial technology sector. [Source: BalticVC]

LATVIA

Latvian Car-Sharing Giant Carguru Acquires EV Startup OX Drive

In a significant move for Latvia’s mobility sector, car-sharing pioneer Carguru has acquired electric vehicle rental startup OX Drive. The merger, set to complete by August 30, 2024, will add 200 electric vehicles to Carguru’s fleet, including premium Tesla and Audi models. This acquisition marks a notable exit for OX Drive’s investors and positions Carguru to dominate the growing eco-friendly transportation market in the Baltic region. [Source: BalticVC]

UKRAINE

Ukraine’s Tech Startups Turn Battlefield Innovation into Global Defense Solutions

Ukrainian tech companies are forging cutting-edge defense technologies, from AI-powered drones to secure communication systems. These innovations not only bolster Ukraine’s military capabilities but also position the country’s tech sector for significant growth in the global defense market, showcasing the resilience and ingenuity of a nation under siege. [Source: TechUkraine]

Ukraine Unveils Palyanytsia: Long-Range Rocket-Drone Hybrid 

Ukraine has introduced the Palyanytsia, a game-changing rocket-drone hybrid weapon with a range of up to 700 km, capable of striking deep into Russian territory. Costing less than $1 million per unit, this new weapon system is set for expanded production, with Ukraine’s government leveraging private sector innovation to further reduce costs and increase efficiency. [Source: Ukraine Business News]

Ukrainian AI-driven drone startup Swarmer secures $50k grant from BRAVE1

Ukrainian AI startup Swarmer has received a $50,000 grant from defense tech cluster BRAVE1 to advance its drone coordination software, which allows a single operator to manage multiple drones simultaneously. The funding will accelerate Swarmer’s expansion, enabling it to operate hundreds of drones across various platforms and potentially reshape the landscape of modern warfare through AI-driven swarm technology. [Source: Vestbee]

POLAND

Sunfish Partners’ €100M CEE Fund Focused on Health, Space and Defense Innovation

Berlin and Warsaw-based Sunfish Partners has unveiled its Sunfish CEE II fund, targeting pre-seed and seed-stage tech startups across Central and Eastern Europe. The fund, backed by prominent entrepreneurs and investors, will allocate half its investments to Polish startups and the remainder to other CEE countries, focusing on deep tech in health, data, space, and defense sectors. [Source: Vestbee]

KAZAKHSTAN

Kazakhstan Launches ‘Green Corridor’ to Fast-Track $50M+ Investments

Kazakhstan has unveiled a new ‘Fast Track’ or ‘Green Corridor’ system aimed at streamlining investment procedures for projects exceeding $50 million. The initiative, which includes a one-stop shop managed by Kazakh Invest, is designed to expedite project timelines by up to 50% and reduce costs by 20-30% during design and construction phases. Early adoption in the Aktobe Region has already seen 31 major projects from both domestic and international investors enter the program. [Source: Daryo]