Tech Headlines Dec. 4: Latvian Telegram-Based Dating App Is a Hit with 3.5M Users

LATVIA

💌 Latvian Dating Service Raised $219K from Investment Firm

Flirtu, a Riga’s dating platform, secured $219,000 (€200,000) from Latvian investment firm Aifp Capital. With over 3.5M users across Western Europe, Asia, and Latin America, Flirtu is a Telegram messenger-based app, offering matches based on user-generated profiles. The investment will support Flirtu’s app development and expansion into new markets. The app supports English, Russian, Uzbek as well as French, Italian and Spanish languages. [Source: BalticVC]

🔋Latvian EV Wireless Charging Startup Raised $120K

Meredot, a Riga-founded startup, specializing in wireless charging solutions for diverse electric vehicles, secured a $120K investment from US accelerator Techstars. Meredot’s technology accommodates misalignment of up to 10 cm, offering versatile charging for electric scooters, wheelchairs, and other vehicles. Their system includes remote battery management and customizable software integration. Operating across Ukraine, the US, and Riga, Meredot participated in Techstars’ Alabama Energytech program, receiving investment, mentorship, and networking opportunities, standing out as the sole European representative among twelve startups in the cohort. [Source: BalticVC]

LITHUANIA

💰 Lithuanian Expected To Increase Venture Investment in 2023

Lithuania is projected as one of the few European countries and the sole Baltic nation set to increase venture investments in 2023, positioning 15th in European venture capital investment, surpassing Estonia by two spots, as per the 2023 State of European Tech report by UK-based Atomico. Estonia leads in unicorns per million inhabitants (4.5), while both Estonia and Lithuania exhibit enhanced success in total capital invested from 2021-2023 compared to the preceding three years. [Source: BalticVC]

💵 Lithuanian Startup Received $100K from Google

Vecticum, a Lithuanian company, secured a $100,000 investment from Google through the Google Cloud for Startups Program. Founded in 2018 by Tomas Masiulis and Jaroslav Gil, Vecticum specializes in a platform for employee self-service and business process automation, serving around 800 companies across Lithuania and Europe, aiming to revolutionize process management systems for modern businesses. On top of financial support, this deal provides the company with an opportunity to interact with Google engineers from various fields. [Source: ain.capital]

ESTONIA

💰Estonian DeepTech Firms Garnered 11% of Total VC Funds Since 2018 

According to Amsterdam-based Dealroom.co database annual report, Estonian deep tech companies received 11% of the country’s total venture investment from 2018 to 2023, surpassing Denmark, the Czech Republic, and Belgium, securing the 16th spot out of 19 European nations. Estonian startups also ranked 14th in creating deep tech spinout value, with Tallinn emerging as the 19th European deep tech hub, outperforming cities like Amsterdam and Barcelona with $0.1 billion in venture investments per city. Additionally, in 2023, Estonian novel energy startups, notably Skeleton Technologies, attracted substantial funding, surpassing the UK, France, Italy, and Germany. [Source: BalticVC]

🌿 Estonian Firm Invested in Danish Sustainability Startup

Superangel, an Estonian investment firm, joined forces with Danish Ugly Duckling Ventures to lead a $2.06 million (€1.9 million) round in Copenhagen-based startup BeCause. Founded in 2021, BeCause utilizes AI to help hotels streamline sustainability data management, boasting partnerships with over 22,000 hotels and 50+ certifiers, including major entities like Booking.com, easyJet, and Google. The company intends to use the investment to expand further into corporate travel and other travel segments. [Source: BalticVC]

📝 Estonian Sales Management Platform Laid Off Dozen Employees

Pipedrive, an Estonian sales management platform, recently let go of a dozen employees as part of a restructuring initiative aimed at enhancing customer service, alongside changes in team reporting structures and employee promotions. Founded in 2010, Pipedrive serves over 100,000 companies globally, aiding small and medium-sized sales teams in contact management, deal tracking, revenue forecasting, and expediting deal closures across 150 countries with offices in multiple locations, employing over 850 individuals, including 441 in Estonia. [Source: BalticVC]

🚀 Estonian Startup Wise Guys Invested in Six Startups During Web3 Accelerator

Startup Wise Guys, an Estonian accelerator, aims to invest $163,208 (€150,000) in six startups during its first Web3 acceleration program in Lisbon, Portugal, offering $125,137 (€115,000) in cash and $38,085 (€35,000) for program participation, with potential for $326,446 (€300,000) in follow-on investment. Diverse startups like Scorestars.io for basketball fans, EneftyApp for video creators, and others from Turkey, France, and Peru are part of this initiative led by Gilles de Clerck, in collaboration with Lisbon-based VC firm 3Comma Capital. [Source: BalticVC]

🤝 Siena Secondary Fund Acquired 0.55% Stake in Estonian Battery Developer

Siena Secondary Fund acquired a 0.55% stake in Skeleton Technologies, an Estonian supercapacitor developer, while entrepreneur Heldur Meerits purchased 0.18% and Aivar Linnamäe sold 0.73%, retaining a 5.35% stake. Skeleton Technologies, founded in Tallinn in 2009, specializes in high-performance supercapacitors utilizing curved graphene, recently securing $118 million (€108 million) in funding from Siemens Financial Services, Marubeni Corporation, MM Grupp, and CBMM. [Source: BalticVC]

UKRAINE

👥 AI Startup Raised $3M in Investment

AiSDR, a Ukrainian AI startup, has raised $3 million in funding from investors including Y Combinator and Flyer One Ventures. Co-founded by Yuriy and Oleg Zaremba, AiSDR focuses on an AI-powered tool for personalized email marketing campaigns and customer meetings. The company aims to expand its team and achieve a $2 million ARR within the next year, with an impressive 65% average monthly growth rate in income. [Source: ain.capital]

🏢 Marketing Startup Raised $400K from Presto Ventures

Getpin, a Ukrainian SaaS startup, secured $400,000 in Seed funding from Czech venture capital fund Presto Ventures to scale its online marketing tool across Central and Eastern Europe (CEE) and venture into Latin American markets. Founded by Volodymyr Leshchenko in 2019, Getpin’s tool assists over 100 SMEs by managing business locations on digital maps, handling customer reviews, and sharing company news centrally. With plans to grow its team, including local representatives in CEE and LATAM, Getpin aims to leverage the investment to expand its global footprint. [Source: ain.capital] 

🛡️ Ukrainian Defense Tech Cluster to Invest $39M in Startups

BRAVE1, a defense tech coordination platform, has already awarded 84 grants worth $1.53 million to Ukrainian startups in 2023, with plans to allocate over $39 million for grants in 2024, aiming to enhance support amounts to $50,000, $100,000, and $250,000, reveals Nataliia Kushnerska, Project Lead. The initiative has undergone rigorous selection, with over 780 applications received, and up to 420 startups passing the expertise phase by the General Staff of the Armed Forces of Ukraine, accelerating innovative solutions for defense. [Source: TechUkraine]

KAZAKHSTAN

💰 Kazakh Angel Investors Contributed $1.5M in Startups in 2023

In 2023, UMAY, a Kazakhstani venture investor club, invested over $1.5 million in startups through a syndicate model, showcasing the crucial role of angel investors in local startup growth. UMAY’s co-founder, Alim Khamitov, highlighted their expansion across Central Asia, increased investment interest, and emphasized the growing participation of women in shaping technological innovation within their inclusive community.

🚀 Global Outsourcer Programs Ends in Astana Hub with Contract Worth $158K

Astana Hub concluded the first phase of its Global Outsourcer program, supporting 15 innovative IT outsourcing teams in Kazakhstan, resulting in 73 export contracts valued at $158 thousand. This initiative helped companies expand into 27 countries, with 80% of participants entering global markets for the first time, leveraging platforms like Upwork to strengthen Kazakhstan’s exports, according to Tanat Uskembaev, the Managing Director of Astana Hub. [Source: DigitalBusiness]

RUSSIA

🍕Dodo Brands Appoints New CEO

The CEO of Dodo Brands announced the passing of the CEO position to Alena Tikhova on January 1st, 2024, emphasizing the importance of preserving the company’s foundational knowledge and experience to achieve new milestones. Instead of writing a book, the CEO plans to share insights through a series of lectures for the team, covering business approaches, principles, and essential experiences, aiming for a quicker and more accessible knowledge transfer within the company. [Source: LinkedIn]

AUSTRIA

🖥️ Data Capture Startup Raised $12.08M in Series A Funding

JENTIS, a Vienna-based data capture startup,  secured $12.08 million (€11 million) in Series A funding led by Bright Pixel Capital and 3TS Capital Partners, with participation from existing investor Pragmatech Ventures. Founded in 2020, JENTIS develops a platform enabling businesses to independently capture web data, ensuring enhanced accuracy for insights while adhering to global privacy regulations. The investment will fuel geographic expansion across key European and US markets and bolster product development initiatives for the company. [Source: ain.capital]

📹 Hololight Startup Secured $11.9M to Develop Streaming Platform

Hololight, an Innsbruck-based AR/VR developer, raised $11.9 million (€10.9 million) in funding led by Flatz Hoffmann, with EnBW New Ventures, Bayern Kapital, and Future Energy Ventures participating. Their XR streaming platform, Hololight Hub, enhances content quality and access for 150+ clients, including BMW, Nokia, and global aerospace firms. With the investment the company aims to expand its platform and onboard customers across automotive and aerospace sectors. [Source: ain.capital]

CZECHIA

🩺 Medtech Startup Raised $1.6M in Seed Funding

KARDI AI, a Czech medtech startup, secured $1.6 million (€1.5 million) in seed funding aimed at revolutionizing preventive heart monitoring. Backed by Purple Ventures, DEPO Ventures, Cleverage.vc, Soulmates Ventures, Garage Angels, and other angel investors, KARDI AI, founded in 2022, utilizes wearable heart monitors and mobile phones for early health condition diagnosis, employing Artificial Neural Network technology to interpret ECG data faster and improve sample rates. The funding will propel the company toward goals such as EU MDR 2a compliance, product enhancement, and market expansion. [Source: ain.capital]

💰Self-Service Operations Platform Closed a $32M Series A Round

Keboola, a Prague-based self-service data operations platform, secured a substantial $32 million Series A investment led by Viking Global Investors. Established in 2017, Keboola’s cloud-based data preparation platform aids various industries in capturing and analyzing critical data for internal analytics projects. The funding aims to propel the company’s expansion in European and UK markets while preparing for future growth in the US in 2024. [Source: ain.capital]

POLAND

🌱 Carbon Footprint Management Platform Raised $1.51M in Funding

Envirly, a Polish platform specializing in managing carbon footprint, secured approximately $1.51 million (€1.38 million) in a fresh financing round, with Bank BNP Paribas among the investors. Founded in 2020, Envirly’s SaaS solution aids organizations in ESG and carbon footprint management, focusing on sustainability reporting, automation, and facilitating decarbonization and green transformation for entrepreneurs. The funding will primarily fuel technology development and team expansion efforts. [Source: ain.capital]

🙏 Wellness Startup Raised $500K from Investors

Evidose, a Polish startup, raises $500,000 from Inovo VC and 500 Emerging Europe to validate dietary supplements’ effectiveness. Founded in 2023, Evidose’s platform aids manufacturers in scientifically confirming wellness products’ impact by leveraging objective data from wearables, blood tests, and cognitive assessments. The funding will facilitate its expansion into European markets and platform development, targeting functional foods, cosmetics, and wellness devices. [Source: ain.capital]

OTHER

👩‍💼 EmpoWomen Program Launched To Support Female Founders

Sploro, in partnership with TechUkraine, Startup Wise Guys, and Business Angels Europe, unveils EmpoWomen, a 2-year EU-funded initiative aiming to support female entrepreneurs in deep-tech startups. The program offers exclusive backing, non-repayable funding totaling $1.235 million (€1.125 million), mentorship, and connections to angel investors and VCs to empower women-led deep-tech companies, addressing gender disparity in European entrepreneurship and fostering diversity and innovation in the tech sector. [Source: TechUkraine]