Natalie Novakova
THE BALTICS
🌐 Lithuanian Nord Security Raised $100M at a $3B Valuation
Nord Security, a Vilnius-based digital security provider known for its NordVPN service, has raised $100M in funding at a valuation of $3B, led by New York-based growth investor Warburg Pincus. The company, founded in 2012, plans to utilize the investment to expand its product offerings globally, strengthen Nord Security and Surfshark’s presence in international markets, and potentially pursue an initial public offering (IPO). [Source: BalticVC]
🏘️ Estonian Property Management Software Raised Investment from MS Ventures Lab
Bidrento, a Tallinn-based rental property management software company offering solutions for built-to-rent, student housing, co-living, commercial real estate and self-storage, has secured investment from the recently expanded Morgan Stanley Inclusive Ventures Lab and other existing investors. The company operates in the Baltics, Central and Eastern Europe, with plans to utilize the investment for further expansion across Europe. [Source: BalticVC]
🚀 Estonian Accelerator Selected Six Startups for a Three-Month Program
Beamline Accelerator, an Estonian cleantech program, selected six startups to participate in the online and on-site three-month program. The startups–which include Riga-based WinGo Deposit, Tokyo-based Sustainability Page, Bulgarian-based ExSeed, Sofia-based Solumar, Tallinn-based Futugrid, and Amsterdam-based Cyan Reef–cover a range of sustainable solutions, from AI-powered recycling to air and carbon emissions removal. Selected startups will also receive $63K (€60K), including $26K (€25K) worth of business development services, and support from mentors. [Source: BalticVC]
🌿 Estonian Biotech Startup Raised Funds from Finnish VC
ÄIO, a Tallinn-based biotech startup, raised investment from Helsinki-based Voima Ventures during a Series A funding round. ÄIO utilizes fermentation techniques to produce plant-based oils and fats from local by-products, aiming to significantly reduce land use and water consumption compared to traditional palm oil and animal fat production, while also benefiting from a shorter production cycle. In addition to this investment, ÄIO already raised $1.06M (€1M) from government organization Enterprise Estonia, Finnish FoodTech VC, and other investors. [Source: BalticVC]
🪑German Marketplace Cocoli Received Investment from Lithuanian VC and Others
Cocoli, a German-based used furniture marketplace platform for selling and buying used quality design furniture, received investment from Lithuanian unicorn Vinted’s co-founder, Justas Janauskas, alongside investors like Adevinta, Ship2BVentures, and IBB Ventures. Cocoli plans to utilize the investment to expand its operations and business reach, offering a platform for buying and selling quality design furniture, lighting, and accessories while focusing on optimizing its processes and reducing its carbon footprint. [Source: BalticVC]
📊 Latvian Startup Acquired by Italian Marketing Technology Company
Roibox, a Latvian-based marketing data analytics startup that offers geospatial data analysis solutions to help brands identify target audiences and optimize advertising campaigns, has been acquired by Milano-based marketing technology company Jakala, with Jakala purchasing a 53% stake in the company. Roibox’s founders retained their stakes, while existing investors, including BlackSheep Ventures and Latvian business angel Aigars Kesenfelds, exited the startup. Jakala plans to expand its geospatial analytics services in advertising campaigns by combining spatial data with information from digital media platforms. [Source: BalticVC]
💻 Genus AI Raised $6M From Silicon Valley=Based Investors
Genus AI, a Lithuanian-founded AI startup based in Nashville developing generative advertising for US commerce companies, has secured $6M in funding from investors including Silicon Valley’s Aleph Holding, the CEO of Treasure Data, and the founder of Swedish digital marketing company Heep Agency. The funds will be used to enhance the company’s infrastructure and expand features on its AI platform. [Source: BalticVC]
💍 Lithuanian Wedding Marketplace Raised $2M in a Pre-Seed Round
Breezit, a Lithuanian AI-powered wedding marketplace providing couples with accurate pricing information about wedding services, has raised $2M in a pre-seed round, with Vilnius-based Practica Capital leading the investment alongside co-investors from the Lithuanian Business Angel Network (LitBAN). The startup plans to use the investment towards developing the generative AI capabilities of its venue and vendor marketplace in the US. [Source: BalticVC]
UKRAINE
🧑💻 Odesa IT Company Received Investment from Kyiv-based VC
Digis, an Odesa-based software development company founded by Nikita Nagatkin in 2015 and providing outsourcing services to accelerate clients’ business growth worldwide, received investment from Kyiv-based InSoft.Partners. With around 200 employees and a client base mainly in the USA and Europe, Digis has notable clients such as Hubspot, BlaBlaCar, Rockwell Trading, and Wetal. The investment aims to enhance Digis’ already successful business with the accumulated experience of InSoft.Partners in company transformation and development. [Source: InVenture]
💰Ukrainian VC Among Participants in Seed Round for Rollstack
Rollstack, a New York-based startup that automatically creates and updates slide decks and documents using BI tools, CRMs, and data warehouses, has successfully raised $1.9M in a seed round with the support of investors like Ukrainian-based Roosh Ventures, Y Combinator, UpHonest Capital, Kima Ventures, Goodwater Capital, and Monte Carlo Capital. Rollstack is experiencing a 50% monthly customer growth rate and collaborates with businesses of all sizes. [Source: InVenture]
🛣️ Ukrainian eTOLLs EU Raised $475K in Funding
eTOLLs EU, a Ukrainian driver service that allows you to receive up-to-date information about toll roads on route to avoid paying fixes in the EU, has secured $475K (€450K) in funding from Imperia Holding, with an estimated valuation of €3 million. As of today, 50% of sales in eTOLLs EU come from Ukrainian drivers, followed by Germany, Poland, Denmark, Lithuania, Sweden, the Czech Republic, and Latvia. [Source: InVenture]
💵 Horizon Capital Raised $298 to Invest Into Ukrainian Startups
Horizon Capital, an American private equity firm, has increased its Growth Fund IV (HCGF IV) to $298M, a substantial increase from its initial target of $125M, with a significant portion intended for technology businesses in Ukraine and Moldova. While this is a substantial sum, Horizon Capital will continue to engage potential investors until the end of December 2023, indicating that the fund’s size may still expand further. [Source: TechUkraine]
🏢 Ukrainian MacPaw Opened a New Boston Office
MacPaw, a Ukrainian IT company developing apps that make Mac life easier through solving tasks with one tool, has officially opened its Boston office as part of its global expansion strategy, aiming to become closer to customers and partners, particularly in the US, which represents a significant portion of its user base. By 2025, MacPaw intends to expand the Boston office to accommodate 30 specialists. [Source: dou.ua]
KAZAKHSTAN
🏦 Kazakh Freedom Bank Plans to Digitize Lending For More Businesses
Kazakhstan-based Freedom Bank is planning to digitize its lending process for large and medium-sized businesses, following its success in online lending for small and micro-businesses, where decision-making time was reduced from 14 days to 24 hours, and loan issuance costs dropped significantly. The bank is exploring the integration of tax data from the State Revenue Committee, online evaluation of commercial real estate, and blockchain technology for commercial real estate registration to simplify scoring procedures and automate decision-making in corporate lending, potentially making rates more affordable for businesses in the corporate sector. [Source: Digital Business]
🖥️ A New IT Hub Opened in Kokshetau
A new Aqmola IT Hub, established in Kokshetau, Kazakhstan, aims to foster IT startups, train IT professionals, and support the local IT community. The hub will offer training programs, conferences, and events to enhance the skills of local IT specialists, with plans to train 40 students in programming and data analytics as part of the Tech Orda program, providing grants of up to $1250 (600K KZT) for IT education. It will become the tenth regional IT hub in the country. [Source: Digital Business]
KYRGYZSTAN
🗣️ Kyrgyzstani Startups Present at TechCrunch Disrupt 2023 in San Francisco
Two Kyrgyzstani startups, Doki and WIOT Technologies, made appearances at the TechCrunch Disrupt 2023 conference in San Francisco, where they showcased their innovative solutions. Doki focuses on automating travel processes for businesses, while WIOT Technologies specializes in smart meters and sensors to help companies manage their resource consumption more efficiently, with both startups demonstrating promising potential.
[Source: Economist.kg]BULGARIA
🇧🇬 Bulgarian Expansion Bridge Plans to SImplify Startups International Expansion
Bulgarian Expansion Bridge (BEX), a non-profit initiative, has been established to assist Bulgarian startups in their international expansion efforts, beginning with London. BEX aims to simplify the process by providing advisory services, structured programs, and community membership opportunities, with a focus on addressing the challenges that startups face when entering the London market, such as market positioning, network establishment, and sustainable operations, while also leveraging the knowledge and expertise of the Bulgarian diaspora in London. [Source: The Recursive]
Daria Solovieva
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