Tech News March 4: EU Business Hub to focus on Ukrainian AI, Baltic investors fund Scottish robotics startup


🇺🇦 EU Business Hub Investment Platform Launched to Support Ukrainian Projects

The EU Business Hub, launched in Brussels, aims to foster Ukrainian projects by featuring an investment platform, a business club, and the Seven Camp acceleration program, focusing on AI and dual-use technologies. The initiative, supported by UVCA and AVentures Capital, seeks to enhance collaboration between Ukrainian and European businesses, with an emphasis on promoting dual-use technologies and providing opportunities for startups to access funding. [Source: InVenture]

🇪🇺 Climate Tech Company Secured $1.6M from EIC Accelerator

Carbominer, a Kyiv-based modular direct air capture technology provider, has secured around $1.6 million (€1.5 million) grant from the European Innovation Council (EIC) Accelerator Fund, aiming to raise an additional $8 million (€7.5 million) in equity. Founded in 2020, the startup offers sustainable CO₂ direct air capture devices for indoor farmers. With previous funding from Ukrainian fund SMRK VC and Swiss Business Angel, marking the second Ukrainian startup to receive financing under the new EIC Accelerator program. [Source:]

🤝 Ukrainian platform for Hiring Designers Opens a New Office in San Francisco

Awesomic, a Ukrainian startup known for its platform connecting companies with graphic designers, has expanded its operations to the U.S., opening its first office in San Francisco, California, as announced by founder and CEO Roman Sevastyanov. With a focus on strengthening ties with local startups and investors, the team plans to host events and engage with the community, leveraging the potential of their new location while continuing normal operations with 25 specialists in their Kyiv office. [Source:]

🏦 Crypto Startup Raised $2.25M for DeFi Adoption

Arkis, a London-based crypto startup founded by Ukrainians in 2022, has raised $2.25 million in a funding round led by American gumi Cryptos Capital, with participation from Ukrainian VC fund Roosh Ventures, G1 Ventures, and Psalion VC. Arkis operates in the decentralized finance (DeFi) market, offering clients the ability to raise funds for on-chain cryptocurrency operations, with its algorithm classifying and valuing assets to facilitate transactions and loans. It aims to increase capital efficiency in decentralized finance. [Source:]

📉Value of Grammarly Co-Founders’ Shares Declines

According to Forbes, the revised net worth of Grammarly’s Ukrainian co-founders Oleksiy Shevchenko and Maksym Lytvyn indicated a decrease in their shares’ value by nearly 14%, leaving each with assets worth $1.9 billion, down from $4 billion each in 2021. The drop in value is attributed to a general downturn in the startup market, a decrease in venture capital investment, and layoffs at Grammarly.[Source:]


🌱 Baltic Investors Fund Scottish Robotics Startup

Lithuanian Iron Wolf Capital, Estonian Specialist VC, and Scottish Enterprise have jointly invested around $1.7 million (€1.6 million) in Glasgow-based robotics startup Kingdom Technologies, known for designing smart electric lawnmowers. Founded in 2018, the company plans to expand its fleet to more than 1,000 robots and develop a new model capable of handling rough terrains, aiming to raise $25.1 million (€23.3 million) in a Series A by the end of 2024. [Source: BalticVC]

📑 Estonian ProTech Startup Raised $1.9M

Rendin, a Tallinn-based PropTech startup, has secured around $1.9 million (€1.8 million) in funding, led by Estonian venture capital firm Tera Ventures, with participation from 100 Rendin landlords via Startup Wise Guys fund. Founded in 2019, Rendin offers an insurance-backed rental contract platform, aiming to expand its operations in existing and new markets while preparing for a Series A round. [Source: BalticVC]

🩺 Latvian MedTech Raised $54K in Investment

SepsiScan, a Latvian medtech startup, secured around $54,000 (€50,000) in funding from the Latvian accelerator Commercialization Reactor. Founded in 2023 in Riga, SepsiScan develops hyperspectral imaging devices for early sepsis diagnosis in hospitals and military settings, using optical technology and fast analysis software with the support of the University of Latvia and accelerator programs. [Source: BalticVC]

🤝 UK-based Djinn Technologies Buys Lithuanian Spacial Software Startup

UK-based Djinn Technologies has acquired Lithuanian and UK-based EF EVE Ltd, a developer of volumetric and spatial capture software, rebranding its platform as SpatialScan3D. Founded in 2013, the company’s algorithms enable high-quality volumetric and spatial video capture and live streaming, focusing on affordable sensors and lossless compression codecs. The acquisition aims to enhance Djinn’s product offering and accelerate 3D scanning, capture, and streaming growth. [Source: BalticVC]


🏥 MedTech Startup Announced Changes 

eGabinet, a Polish medtech startup, has appointed Karol Sadaj, known for his executive roles at Uber, Revolut, and Aion Bank, to its supervisory board, according to AIN.Capital. Founded in 2020 by Piotr Strychalski, eGabinet’s software for clinic management has seen significant growth, doubling its user base and increasing appointments by over 40%, with plans to introduce new features like a financial and accounting module for medical facilities. 


💵 Raised $500K from German-Polish VC, a Łódzkie-based company, has secured a pre-seed funding round of $500,000 from German-Polish Sunfish Partners to enhance its SaaS solution aimed at improving cybersecurity within Microsoft 365 environments. The company’s platform addresses permission management challenges, collaborating with German cybersecurity firm CISOCON to extend capabilities in mitigating permission creep and improving visibility and control over access rights. The company plans to use the funding to expand its team and accelerate product development. [Source:]

🍝 FoodTech Startup Secured Extra $502 in Funding

Restimo, a Warsaw-based startup specializing in applications for the gastronomy and q-commerce industry, has secured around $502,000 (€465,000) in investment to drive restaurant digitization. Founded in 2019, the company already acquired over 200 restaurants, processed 3 million orders, and is present in 30 cities in Poland. It offers a solution that integrates multiple systems to streamline operations for restaurants and shops. With support from investors, Restimo aims to expand internationally into CEE and Scandinavia and focus on enhancing sales and operational efficiency for its clients. [Source:]


🍽️ Hospitality Startup Raised $2.5M in Investment

Choice, a B2B SaaS platform for restaurants, has secured $2.5 million in investment led by J&T Ventures, a Prague-based VC fund. Founded in 2021 by Ukrainian entrepreneurs, Choice offers a comprehensive subscription-based solution that digitizes restaurant operations, integrating website creation, online menus, table reservations, CRM systems, and more to enhance customer retention and satisfaction. The funding will be used to scale its service across Central and Eastern Europe and continue growing in current markets, including Poland, Czechia, Slovakia, Estonia, Latvia, and Ukraine. [Source:]

✨ HealthTech Secured $3.25M for Operations and Product Development

Upheal, a Prague-based healthtech startup, has secured $3.25 million in a seed round led by KAYA VC, Credo Ventures, and Inovia Capital to grow its mental health platform. Founded in 2021, Upheal’s AI-powered platform streamlines clinical workflows for therapists, saving time on administrative tasks, with claims of processing 90,000 sessions and saving mental health professionals 21,000 hours in the last year. The company plans to use the funding to expand its AI capabilities, improve its platform, and support marketing, engineering, and further product development. [Source:]


✈️ Aviation Startup Received $21.6M in Funding

CycloTech, a Linz-based company specializing in flight propulsion technology, has secured around $21.6 million (€20 million) investment from Breeze Invest and Konos Holdings to develop its CycloRotor propulsion system prototype further. CycloTech’s 360° thrust vector control system aims to enhance aviation Vertical Take-off and Landing (VTOL) capabilities, offering precise maneuverability and stability. With the fresh funding, it plans to prepare the CycloRotor for certification by the European Aviation Safety Agency (EASA) to develop a marketable product by 2030.[Source:]


❌ Leaves London Stock Exchange has announced its decision to delist shares and global depositary receipts (GDRs) from the London Stock Exchange (LSE) due to insufficient trading volume, with no impact expected on American depositary shares on NASDAQ. After initially listing on the LSE in 2020 and subsequently conducting an IPO on NASDAQ in January 2024, the company seeks to streamline its listings and optimize its capital structure. [Source: DigitalBusiness]

🏦 Beksar Startup To Help Businesses Interact with Banks

Kazakh startup Beksar has partnered with 5 banks to integrate installment plans into its retail business platform, ShopUchet, enabling SMEs to offer plans without registration. Beksar also facilitates business loans without extensive documentation or collateral, marking a unique Central Asian service. [Source: DigitalBusiness]


👨‍👩‍👧‍👦 FAMS SECURED $400K from SMOK Ventures

FAMS, a Belarusian-founded parenting app, has raised $400,000 in pre-seed funding led by SMOK Ventures and other investors. Co-founded by Helene Malyutina and Darya Kolkovskaya, FAMS provides personalized parenting advice and rituals, aiming to tap into the $91.4 billion parenting psychology market. SMOK Ventures sees FAMS as a potential global community for parents in a crowded market of parenting apps. [Source: itlogs]


💵 Who Can Take Part in IT Park’s Zero Risk Program?

Uzbekistan plans to simplify the admission process for subsidiaries of foreign IT companies to resident status in the technology park as part of the Zero Risk program. This initiative aims to attract IT exporters to various regions of Uzbekistan by offering them free premises for up to a year, equipment buyback options, salary fund compensation, and support for retraining staff and hiring qualified specialists, with up to around $7.9 million (100 billion sums) allocated for the Zero Risk and Local to Global initiatives in 2024. [Source: Spot]


🔥 Romanian GapMinder VC Launched a New $86M Fund

GapMinder VC, a Romanian VC firm specializing in IT software and services startups in Central Eastern Europe, launched its second fund worth around $86 million (€80 million) to support Romanian tech startups. Backed by the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD), the fund will focus on seed and Series A investments in deeptech startups. It plans to support mainly companies from Romania, Moldova, Serbia, Croatia, Slovenia, and Bulgaria in sectors such as fintech, cybersecurity, and enterprise automation. 


💰A $2.5M Grant Program Launched by Ukrainian Startup Fund and WNISEF

The Ukrainian Startup Fund, in partnership with the Western NIS Enterprise Fund, has launched a new grant program with a $2.5 million budget to support Ukrainian technology companies. The applications are accepted until December 31, 2025. The program offers grants of up to $25,000 for 48 projects at the pre-seed stage and up to $50,000 for 26 projects at the seed stage, aimed at early-stage companies with specific criteria for eligibility. 


💬 Creator Ventures Invested in Building on WhatsApp

UK-based Creator Ventures has invested early in two (soon three) companies Building on WhatsApp, both experiencing rapid growth – one surpassing $1 million in ARR and the other exceeding $10 million. Doubling on this theme, the VC released a comprehensive blog post covering the history, product, monetization, and future outlook of the significant platform shift represented by Building on WhatsApp, along with a sign-up link for the upcoming founder/investor community focused on this space. [Source: LinkedIn]

Add comment