Natalie Novakova
LITHUANIA
📊 Lithuanian Data Analytics Platforms Acquired by US-based Unicorn
Devtodev, a Vilnius-based data analytics platform for gaming and app developers, has been acquired by US-based unicorn AppsFlyer. With around 25 employees, Devtodev’s team will continue working in the merged company, bringing its expertise in analyzing user behavior and enhancing revenue and engagement to AppsFlyer’s suite of SaaS marketing solutions. [Source: BalticVC]
☁️ Lithuanian-American Cloud Optimization Platform Secured $35M
CAST AI, Vilnius and Miami-based cloud optimization platform, secured $35M in a funding round led by Israeli Vintage Investment Partners VC, with participation from Swedish firm Creandum and US Uncorrelated Ventures. Founded in 2019, CAST AI’s platform uses machine learning algorithms to analyze and optimize cloud infrastructure resource allocation for enterprises using Amazon Web Services, Google Cloud Platform, and Microsoft Azure, collecting real-time data every 15 seconds. The investment will be utilized by the company for product development and expanding the team. [Source: BalticVC]
ESTONIA
🌱Estonian Sustainable Packaging Startup Raised $3.37M
RAIKU, an Estonian sustainable packaging startup, raised $3.37 million (€3.15 million) from European Innovation Council (EIC) and undisclosed private investors, accompanied by a $2.67 million (€2.5 million) grant from EIC. RAIKU specializes in eco-friendly wooden springs as an alternative to traditional packaging. The company plans to use the funds for technological development, constructing its first factory, and global expansion. In a previous funding round in July 2023, RAIKU secured over $1.17 million (€1.1 million) from investors, including Tallinn-based Kaamos and the Estonian Little Green Fund. [Source: BalticVC]
🖥️ Estonian Amalfi Invested in Finnish Internet of Thing (IoT) Company
Amalfi, a Tallinn-based family office, has invested in Finnish Internet of Things (IoT) company Wirepas as part of a $22 million funding round led by London-based VC Highland Europe. Wirepas, founded in 2010, employs decentralized mesh technology and algorithms to connect up to 16 million networks, each supporting 4 billion devices simultaneously, with minimal use of the wireless spectrum. Wirepas operates currently in Australia, France, Finland, Germany, India and the US, and has over 160 partners. The company will use the investment to scale up its global presence. [Source: BalticVC]
⚙️ Estonian Metal Fabrication Platform Raised $5.1M
Fractory, Estonian on-demand metal fabrication platform, raised $5.1 million (€4.8 million) in a funding round led by Finnish VC Kvanted, with participation from existing backers including Estonian Trind Ventures and others. Founded in 2017, Fractory enables users to order metal fabrication online, offering services such as laser cutting, bending, threading, and powder coating. The company plans to use the investment to expand in existing markets in the United Kingdom and Scandinavia, focusing on increasing production capacity and volume. [Source: BalticVC]
📹 Estonian Video Feeds Analysis Platform Raised $2.1M From Global Investors
FymaAI, an Estonian urban analytics platform, raised $2.1 million in funding led by London-based Quadri Ventures, and Chicago-based Second Century Ventures. Fyma’s AI-driven computer vision technology analyzes real-time video feeds, providing anonymized data for commercial real estate development, enhancing property management, customer experience, and sales optimization. The investment will support product development and integrations with Large Language Models providers, using generative AI tools for quicker object detection learning. [Source: BalticVC]
UKRAINE
🍽️ Service Company Attracts Investment from InSoft.Partners
InSoft.Partners, an investment management company led by Vitaly Gorovoy, has made its fourth investment of 2023 by acquiring up to 30% of Vakoms, a company founded in 2010 that provides IT consulting and development services in IoT and Embedded niches. The terms of the investment are undisclosed. InSoft.Partners has transitioned from an investment management company to a Software Development Holding, with a portfolio including Linkup Studio, Indeema Software, Forbytes, Noltic, and Digis, totaling a capitalization of $60 million. [Source: InVenture]
📈 Roosh Ventures Invested in German Data Management Platform
Roosh Ventures, a Ukrainian venture capital fund, has invested an undisclosed amount in Berlin-based startup GlassFlow. The startup raised $1.1 million in a pre-seed round. GlassFlow, founded by Armend Avdijaj and Ashish Bagri, aims to democratize real-time data processing for Python engineers, enabling quick creation and modification of pipelines. [Source: InVenture]
🖨️ U.Ventures Fund Invested in Dutch Cloudprinter
Cloudprinter, a Dutch company, has secured undisclosed investments from Ukrainian venture fund U.Ventures, a venture capital arm of private equity Horizon Capital, that invests in early-stage startups focusing on e-learning, machine learning and fintech startups. Cloudprinter, founded in 2016, specializes in developing Print APIs for Web2Print providers, e-commerce solutions, enterprises, and publishers globally, and has built a network of over 170 partners with offices in the Netherlands, Denmark, and Lviv. [Source: InVenture]
💰Foreign Investors Plan to Invest in Most Attractive Ukrainian Industries
In a notable recovery, economic activity in Ukraine increased in the second quarter of the year, marking a positive shift after a severe 29% reduction in 2022. The Chicago Atlantic company is poised to invest up to $250M in the country, with investors returning attracted by the opportunity to aid Ukraine’s struggle with Russia and acquire assets at favorable prices, focusing on partnerships with Ukrainian developers for affordable housing and long-term industrial projects. [Source: Ukraine Business News]
💡Forbes Names 200 Leaders of Ukrainian Economy
Forbes has released a ranking of leading private Ukrainian businesses in various sectors, including the IT industry. Notably, despite challenges, the combined annual turnover of the top 200 private companies, constituting 26% of Ukraine’s total business turnover, remained robust, with major IT players like SoftServe, EPAM Systems, GlobalLogic, and others showcasing positive dynamics in sales and profits for 2022. [Source: dou.ua]
KAZAKHSTAN
💵 Astana Hubs Reports $513M in IT Exports In Five Year Period
Since its inception in 2018, Astana Hub, the technology park in Kazakhstan, has seen significant achievements with 1,331 registered IT companies, including 372 with foreign involvement. The park has generated a total income of $1.6 billion, attracted $517 million in investments, and created over 20,000 jobs, positioning itself as a major player in the global technological transformation. [Source: DigitalBusiness.kz]
🩺 CerebraAI Recognized Best Innovative Project in Saudi Arabia
CerebraAI, a Kazakh medtech startup that aims to transform Critical Care Unit into a safer place, secured the top prize at the international startup competition Innov8, being recognized as the best innovative project of the year. Following the competition, the Ministry of Health in Saudi Arabia invited CerebraAI to integrate its service into the country’s healthcare system through an accelerated process within an innovation and legal sandbox, along with a grant of 200,000 rials (approximately 24 million tenge), while attracting interest from major investors in Saudi Arabia, Bahrain, and Kuwait. [Source: DigitalBusiness.kz]
📚EdCrunch X – Equal Access for Everyone To Be Held in Almaty
The 10th-anniversary international conference on digital technologies in education, “EdCrunch X – Equal access for everyone,” is set to take place in Almaty on November 15-16. With over 350 experts and 5,000 participants from 25 countries, the conference will focus on ensuring equal access to education and leveraging artificial intelligence in the learning process, aiming to address educational inequalities by utilizing digital technologies and AI to provide equal opportunities for students facing various challenges. [Source: DigitalBusiness.kz]
POLAND
🚀 VCleaders Highlights Poland As An Innovation Hub With Over 3,000 Startups
Poland’s startup landscape, housing over 3,300 startups, has shown consistent growth, with a total ecosystem value of $51.1 billion (€47.7 billion) in 2023. The report by VCLeaders delves into key sectors for investment, highlighting health, energy, and fintech as focal points, while emphasizing challenges such as fundraising difficulties and a perceived gap in deal flow quality. [Source: ain.capital]
🎒Schooling Platform Raised $3.36M From Inovo.vc
LiveKid, a Krakow-based preschool and nursery management platform, has secured $3.36 million (€3.14 million) in a funding round led by Inovo.vc. Founded in 2017, LiveKid offers a comprehensive platform for kindergarten management, including billing, staff management, admissions, and communication tools for parents, serving over 400,000 parents with children in more than 3,500 kindergartens and nurseries. The company plans to use the investment to expand further into Latin America, particularly Mexico. [Source: ain.capital]
⚡E-charging Startup Raised $723K In Funding
Eway, a Polish electric car charging station operator, has raised approximately $723,000 (PLN 3 million) in a recent funding round led by Rubicon Partners, with plans to install 50 stations by the end of the year. Eway’s charging stations, developed and manufactured in Poland, feature an integrated payment system without physical terminals, allowing contactless payments in seconds. [Source: ain.capital]
OTHER
🍕Dodo Pizza to Open Branches in Turkey
Dodo Pizza, founded in 2011 to operate delivery and dine-in pizza business by proprietary digital technology, has successfully entered the Turkish market with the simultaneous opening of three pizzerias in Mersin, Antalya, and Izmir. The company plans an ambitious expansion, aiming to launch 159 pizzerias in Turkey within 3-4 years, incorporating local twists in recipes to offer a global brand with a personalized touch. [Source: LinkedIn]
📈 I2BF Global Ventures Launched a Pre-Seed Acceleration Program
I2BF Global Ventures has launched a pre-seed acceleration program in collaboration with AltaIR Capital, Yellow Rocks!, and Smart Partnership Capital, targeting startups with MVP and initial traction in industries such as AI, B2B, SaaS, FinTech, Future of Work, Productivity Tools, Digital Health, and HR Tech, primarily focused on the USA market. The program offers investment, networking expertise, six months of initial support, and the potential for continued investment from the participating venture capital firms for startups demonstrating viability and promise. [Source: LinkedIn]
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