Natalie Novakova
THE BALTICS
🔋Hydrogen Technology Developer Raised $33M from US Energy Company
Elcogen, an Estonian hydrogen technology developer, has secured around $33 million (€31 million) in funding from US energy company Baker Hughes and South Korean Mirae Asset Global Investments to scale its solid oxide electrolysis cell technology. With plans to establish a new factory in Tallinn, Estonia, and collaborate with partners like HD Hyundai, the company aims to advance its technology for applications, including green hydrogen production and renewable energy storage. [Source: BalticVC]
💰Estonian VC Firm Metaplanet Backs US-based Empathic AI Platform
Metaplanet, led by Jaan Tallinn, joined a $46.2 million investment round in New York-based Hume.ai, a platform integrating emotional intelligence into artificial intelligence (AI) applications, with Swedish EQT Ventures leading the funding. [Source: BalticVC]
🤝 Estonian Software Development Firm Acquired by Net Group Consulting Company
Outl1ne, an Estonian software development boutique known for its expertise in language models and custom business software, has been acquired by Estonian Net Group. Operating as a separate entity, Outl1ne brings its team of 25 employees and proficiency in technologies like React and Node.js. This merger enhances Net Group’s AI capabilities, with plans to establish a specialized unit for large language models to provide seamless integration solutions for businesses. [Source: BalticVC]
✅ New Nordic Ventures Backs Latvian Verification Financial Platform
Riga-based New Nordic Ventures has invested in the Latvian verification platform Verifeye.online, specializing in facilitating remote customer onboarding for financial institutions. Verifeye.online’s technology enables quick identity verification within 60 seconds using biometrics from uploaded IDs and selfies while offering additional services like risk assessment and fraud reports. [Source: BalticVC]
🌐 Estonian Data Platform Raised Over $2.1M in Pre-seed Funding
Supersimple, a Tallinn-based B2B SaaS data platform, has secured over $2.1 million (€2 million) in pre-seed funding led by Tera Ventures, with backing from prominent investors including Tiny VC and industry experts. Supersimple empowers B2B SaaS teams to navigate complex datasets effortlessly, offering AI-generated insights and enabling data-driven decision-making without the need for coding. The startup plans to use the investment to increase its customer base and strengthen its data-searching algorithms. [Source: BalticVC]
📉 Estonian FinTech Laid Off Employees and Split Operations Into Two Companies
Monese, an Estonian fintech, has reduced its workforce by laying off 36 employees out of 175. Furthermore, it decided to split its operations into two separate companies: Monese, which focuses on retail banking, and XYB Monese, which provides an end-to-end coreless platform for banks and other companies. XYB’s development involved a partnership with Indian company HCL Technology, and many former Monese employees have transitioned to HCL’s staff. [Source: BalticVC]
📚 Education Platform Raised $690K of VC Investment
Education platform Edurio, with operations in Latvia and the UK, has secured around $690,000 (€636,000) in funding from Practica Capital and various business angels from Latvia, UK, and Australia, including Twino. The investment will fuel Edurio’s expansion efforts in the UK market, where it generates 85% of its revenue. It will enable the startup to enhance its survey management platform and integrate AI solutions while continuing to provide research-backed surveys for schools and multi-academy trusts. [Source: BalticVC]
💵 Estonian UX Copilot Received $1.08M Grant
Flowstep, a Tallinn-based user experience (UX) copilot, secured an approximately $1.08 million (€1 million) grant from Enterprise Estonia to accelerate its AI and Design research. Founded in 2022, Flowstep’s innovative UX library boasts users like Meta, Spotify, and DoorDash. With the grant, the company plans for further expansion and development with the grant capital. [Source: ain.capital]
UKRAINE
🧳 Travel Company Eurotrips Raised $282K in Investment from UK VC
Day8, a British tourism holding company, has invested around $282,000 (€260,000) in Ukrainian travel company Eurotrips, known for its tailored routes targeting the 20-30 age group. The investment will bolster Eurotrips’ expansion efforts into new markets and marketing initiatives. With Day8’s backing, Eurotrips wants to tap into new opportunities and grow its team, capitalizing on its expertise in youth-oriented travel experiences. [Source: InVenture]
💰Ukrainian Startups Received $42M in 2024
Ukrainian startups have garnered at least $42 million in investments since the beginning of 2024, according to data compiled by Vestbee, Uniqa Ventures, and Cogito Capital Partners. With notable investments in companies like Viseven and Carmoola, along with increased activity from both local and international investors. [Source: Vestbee]
📑 Ukrainian IT Export Reached $518M in February 2024
In February 2024, Ukraine’s IT exports stood at $518 million, with a decrease of $29 million compared to February 2023, according to the National Bank of Ukraine report. However, there was a slight increase of $10 million compared to January 2024, making IT services exports account for over 37% of total exports. Despite fluctuations, the USA, UK, Malta, Israel, and Cyprus remain Ukraine’s main partner countries. There has been a decrease in exports to other countries like Poland and Estonia. Overall, Ukrainian IT service exports reached $6.7 billion in 2023, an 8.4% decrease from the previous year’s $7.3 billion in 2022. [Source: ain.capital]
🚙 Getmancar Carsharing Entered Moldovian Market
Getmancar expands its services to Moldova, launching fully electric car sharing in Chisinau with plans to cater to both local residents and Ukrainian travelers. The company is managed under a franchise model with prospects of attracting 10,000 users within the first year. Getmancar introduces a diverse electric fleet and aims to address charging infrastructure challenges while offering investment opportunities for private car owners through its application. [Source: ain.capital]
🤝 Ukrainian Intellias Acquired American Tech Services Company
Intellias, a Ukrainian software engineering and digital consulting company, has acquired Bloomington-based tech services company C2 Solutions. It aims to bolster its Digital Health and Medical Devices offerings and accelerate expansion in the US. With a focus on diverse sectors like mobility, retail, and high-tech, Intellias operates globally, including recent expansions in Poland and India, while the undisclosed acquisition of C2 Solutions marks another strategic move to enhance its presence in North America. [Source: ain.capital]
💵 Ukrainian-UK JobCannon Acquired Ukrainian Marketing Company
JobCannon, a Ukrainian-British HR tech startup, has acquired Ukrainian marketing company Adsme, aiming to fully integrate its AI technology into JobCannon’s recruiting platform. Founded in 2022, Adsme’s AI algorithms analyze and predict ad effectiveness on social media platforms, while JobCannon, also founded in 2022, rapidly expanded with a recent pre-seed funding round and now plans to leverage Adsme’s technology to enhance its candidate matching mechanism and attract new customers efficiently. [Source: ain.capital]
🔮Data-Driven VC: VC Firm Introduces Lunar Horoscopes and Natal Charts
In a recent move, Flyer One Ventures announced the incorporation of lunar horoscopes and founders’ natal charts alongside traditional due diligence processes, aiming to develop a proprietary AI algorithm to identify the most successful zodiac signs for startup founders. This innovative approach signals a shift towards data-driven decision-making and enhanced efficiency in venture capital investments.
[Source: LinkedIn]
KAZAKHSTAN
🇺🇲 Cerebra AI Startup Moved to Silicon Valley
Kazakh startup CerebraAI relocated its head office to the United States, positioning itself at Silicon Valley’s Silkroad Innovation Hub while continuing its work on AI-based software for diagnosing acute ischemic stroke. Despite the move, the company emphasizes its international presence, maintaining its AI laboratory in Almaty, Kazakhstan, and aiming to enhance emergency department equipment globally without capital investments. [Source: Digital Business]
🎥 Kazakh Higgsfield AI Startup Raised $8M from US Investors
Former head of generative AI at Snap Inc., Alex Mashrabov, and AI researcher Yerzat Dulat have launched Higgsfield AI, a text-based video creation and editing platform. The startup has already secured $8 million in funding, with Menlo Ventures leading the pre-seed round. Their mobile app, Diffuse, offers unique text-to-video capabilities, including realistic movements and expressions, targeting consumers with a focus on mobile and social media. [Source: Digital Business]
💰Tumar Venture Fund 2023 Results Announced by Ministry of Digital Development
In February 2023, Kazakhstan’s Ministry of Digital Development announced the establishment of the Tumar Venture Fund, with key investors including the World Bank and ICRIAP, aiming to support regional startups, particularly from Kazakhstan. By the end of the year, the fund reviewed about 400 applications, selecting finalists like Codiplay, Zypl.ai, and JobEscape, and actively participated in regional events to expand investment opportunities. [Source: Profit]
REGIONAL ECOSYSTEM
🔥 Clutch Announced Top 100 Fastest-Growing Companies for 2024
Clutch, an American research company, has released its fourth annual ranking of the Top 100 fastest-growing companies, showcasing those with the highest revenue growth rates from 2022 to 2023. This year, the list featured 26 startups from the Central and Eastern European (CEE) region, predominantly from Poland, Ukraine, and Romania, highlighting their growth across various industries such as software development, mobile app development, and IT services. [Source: ain.capital]
BULGARIA
🚗 Second-hand Auto Parts Dealer Raised $379K in VC Funding
Krik.bg, a Sofia-based second-hand auto parts dealer, secures around $379,000 (€350,000) in funding from Sofia Angels Ventures and Vitosha Venture Partners Fund I, aiming to fuel its expansion into new international markets. With a focus on reshaping the automotive aftermarket sector, the company boasts an extensive inventory of over 14 million auto parts, catering to both B2B and B2C segments. It plans to leverage the investment to enter markets like Romania, Greece, Germany, and the Czech Republic, diversifying its revenue streams. [Source: ain.capital]
ROMANIA
📱Genezio Platform Received $2M in Pre-seed InvestmentRomanian startup Genezio, a serverless platform for web and mobile app development, secured a $2 million pre-seed investment led by GapMinder VC, aimed at fueling its go-to-market strategy and enhancing enterprise capabilities. Founded in 2023, Genezio’s platform simplifies coding and deployment for developers, offering a future-proof solution that maximizes productivity and minimizes bugs, with plans to expand its user base and develop enterprise features. [Source: ain.capital]
Daria Solovieva
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