Natalie Novakova
UKRAINE
🇺🇦 Ukrainian Minister Touts The Country’s Tech Ecosystem In an op-ed column for the Atlantic Council, Ukraine’s Minister of Digital Transformation Mykhailo Fedorov lauded the country’s tech sector as a potent tool in its conflict with Russia. As the country’s biggest tech cheerleader, Fedorov extolled Ukraine’s track record over the past 18 months, noting that “wartime conditions are accelerating evolutionary processes within the country’s tech sector that have been underway for more than a decade.” While he makes a pretty bold claim that this is going to make Ukraine “digital superpower,” the jury is still out on that and a lot will depend on the outcome of the war. Still, it’s hard to argue Ukrainians have demonstrated “capacity to implement new ideas in the tech sector with remarkable creativity and efficiency.” [Source: Atlantic Council]
🇦🇹 Austrian investor Eyes Ukraine’s Reconstruction Trafin, an Austrian consulting company, is pursuing multiple investment projects for implementation in Ukraine. The company aims to expand its real estate portfolio and investments to contribute to the nation’s restoration and infrastructure development. Vasyl Tolstunov, Trafin company director, highlighted Ukraine’s appealing business prospects and urged foreign firms to seize the opportunities, emphasizing the need for the government to adjust restrictions to enable investors to reinvest funds for new projects, job creation, economic growth, and increased tax revenue. [Source: Ukraine Business News]
₿ BitGo Bucks Raises $100M at $1.75B Valuation BitGo, a cryptocurrency company known for safeguarding crypto assets through private keys and physical vaults, has secured $100M in funding at a valuation of $1.75 billion–a substantial increase from its 2021 valuation. The fresh capital will be allocated for strategic acquisitions, with two deals already in progress. [Source: InVenture]
🇵🇱 Polish Logistics Company Moves €100M Assets from Russia to Ukraine and Invests €250M in EU-Ukraine Program The Polish Laude Group has relocated its assets from Russia and Central Asia to Ukraine. The company intends to allocate €250M for economic exchange programs between the EU and Ukraine, as well as for the acquisition of locomotives, wagons, and containers. Moreover, Laude aims to implement a training program for machinists from Ukraine. [Source: Ukraine Business News]
UZBEKISTAN
💵 KPI.com Receives $200,000 From AloqaVentures KPI.com, a startup offering ERP solutions for businesses, has secured $200,000 in funding from the AloqaVentures venture capital fund. AloqaVentures, a prominent venture capital fund in Uzbekistan, has supported approximately 20 startup projects to date. [Source: Spot.uz]
KAZAKHSTAN
⌨️ CodiPlay System Enters Market in Uzbekistan CodiPlay, a Kazakh ed-tech startup, plans to introduce its products in top five schools in Uzbekistan. This initiative aims to expand coding education in the country’s major cities and regions with the estimated reach of 2,000 educational institutions by May 2024. CodiPlay should contribute to fostering IT sector growth and train qualified future personnel. [Source: Digital Business]
THE BALTICS
🖥️ CNBC/Statista Feature Six Baltic Fintech Companies In Top 200 Businesses List Data platform Statista and TV channel CNBC have published a list of the top 200 businesses after analyzing over 1,500 companies from nine market segments, including digital payments, digital assets, digital financial planning, digital banking, and others. The list also features six fintech startups from the Baltics, including Bondora Capital based in Tallinn, Mintos and TWINO.eu based in Riga, Finbee, a Vilnius-based crowdfunding platform, and Wise, a money transfer service headquartered in London.[Source: BalticVC]
LATVIA
🚗 Logistics Startup Swotzy Raises €500K From Firstpick VC and Black Pearls VC Swotzy, an e-commerce shipping solution platform, has raised €500K from Lithuanian accelerator, early-stage investor Firstpick VC, and investment firm Black Pearls VC. The startup will utilize the investment to accelerate the company’s development, strengthen its position in the Baltics, and enhance its data analysis tools. [Source: BalticVC]
🇪🇺 EU Structural Fund To Allocate €93M Investment in Latvian Startups AltumLV, a state-owned development finance institution, intends to choose managers for establishing venture capital funds. Three early-stage funds will receive €55.8M, a seed-stage fund is set to receive €12.4M, and a growth-stage venture capital fund will be allocated €24.8M, with the goal of supporting a minimum of 300 startups by 2029. The new funds are also anticipated to secure extra financing from private and institutional investors. [Source: BalticVC]
ESTONIA
💶 Xolo Raises €3M From Investment Firm Xolo, a business software for freelancers and entrepreneurs, raised €3M from Karma Ventures, an early-stage venture capital firm investing in late seed and A-series European startups, and other venture capital firms including Vendep Capital, Metaplanet, and 15 other investors. Xolo, which offers multiple business solutions, aims to secure additional investments this year. [Source: BalticVC]
💰 Young Tech Companies Show Growth In Turnover By 17% to €1Bln In the first half of 2023, Estonian young tech companies demonstrated robust growth, achieving a 17% increase in turnover, amounting to €1 billion, compared to the same period in 2022. Prominent companies like Bolt (€592M), Veriff (€38M), Swappie (€32.4M), Viseven (€16.5M), and Crezu (€15.8M) led the way. Investments totaling €113.2 million were secured by Estonian startups in 22 deals with an average size of €5.1 million. According to Startup Estonia, startups now prioritize enhancing efficiency and ensuring profitability. [Source: BalticVC]
LITHUANIA
🏦 Plug and Play TC to Invest €5.9M Into 45 Lithuanian Startups Plug and Play Tech Center, a US accelerator, plans to invest €5.9 million and conduct five acceleration cycles for 60 Lithuanian startups until March 2026. Each acceleration program will accommodate 10 to 15 startups and run for 12 weeks. The program aims to assist entrepreneurs in establishing connections with foreign investors and global corporations, all while nurturing the growth of the startup ecosystem. [Source: BalticVC]
RUSSIA
🚀 Luna-25 Mission Failure Puts a Damper on Russia’s Moon Ambitions Roscosmos said Luna-25 spacecraft crashed after encountering an abnormal situation during its transition to a pre-landing orbit, ending an ambitious mission and Russia’s hopes for scientific breakthroughs on the moon ahead of its competitors. The incident occurred during a maneuver to adjust its trajectory, causing Luna-25 to switch to an off-design orbit and ultimately collide with the moon. [Source: Vedomosti.ru, Meduza]
OTHER FUNDRAISING NEWS
🌐 A New Monitoring Platform Launched by Highlight Raises $8M. Highlight, a startup simplifying web application observability for enterprises, has introduced a new flagship product: an open-source monitoring platform. With $8M in seed funding secured, led by Afore Capital and Craft Ventures along with several other participants, the investment will be directed towards enhancing Highlight’s product features, compatibility, and fostering community engagement initiatives. [Source: VentureBeat]
Daria Solovieva
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