Tech Wrap Oct. 23: Techstars Backs Estonian AI Grid Optimization Startup


💰Largest Baltic Private Equity Launches Second Sustainability-Focused Fund

BaltCap, the largest Baltic private equity fund manager, has launched its $212 million ( €200 million) Infrastructure Fund II, focusing on sustainable investments under the EU Sustainable Finance Disclosure Regulation. The fund will support infrastructure projects with positive environmental and social impacts, including renewable energy projects, energy efficiency improvements for local municipalities, and the development and renovation of social infrastructure in the Baltic countries and Poland, addressing an infrastructure funding gap. [Source:]

💰Estonian AI-Powered Grid Optimization Startup Secured $120K From Techstars

Enzum, an Estonian startup that offers an AI-powered grid optimization solution, secured $120K in funding from the U.S.-based accelerator Techstars. Enzum’s platform uses machine learning models to analyze data and provide energy companies with customized optimization strategies to reduce overproduction, minimize wastage, and optimize energy distribution, aiding the shift from carbon-intensive to renewable energy sources. [Source: BalticVC]

🌐 Estonian Accelerator Exited From Cyber Tech Startup

Startup Wise Guys, an Estonian accelerator, exited the Tallinn-based cyber tech startup TRAPMINE, which specializes in anti-malware solutions. TRAPMINE was acquired by an undisclosed US cybersecurity company, with the accelerator having invested in the startup in 2017 and having participated in the Startup Wise Guys’ SaaS program, during which TRAPMINE received $21.2K (€20K). The company has offices in Tallinn, Riga, and Izmir, Turkey. [Source: BalticVC]

💶 Estonian Tind Ventures Led $2.2M Seed Round of On-Demand Service Marketplace

Trind VC, an Estonian VC firm,  led a $2.2 million (€2.1 million) seed round for Webel, a Madrid-based on-demand services marketplace. Other investors in the round included Czech ZAKA Ventures, Spanish Decelera, German investment firm Tiburon Ventures, and business angels. Webelapp will use the funding to expand into the Italian and UK markets while increasing the services offered to up to 1 million per year. [Source: BalticVC]

🏘️ Estonian Building Solution Bisly Raised €3,6M

Bisly, an Estonian startup offering intelligent building solutions to reduce energy consumption raised $3.8 million (€3.6 million). Belgian VC Aconterra led the round with the participation of the Estonian SmartCap Green Fund, family office Pinorena Capital, US Second Century Ventures, VC REACH UK, and several angel investors. Bisly’s solution connects various building systems, such as heating, ventilation, air-conditioning (HVAC), lighting, security cameras, and motion sensors, to a single platform, allowing clients to control and optimize energy usage remotely. The company works with commercial and residential properties and plans to expand into European markets, like Nordics, the DACH region, and the UK.

[Source: BalticVC]

🚗 Siena Secondary Fund Acquired Stake in Estorian Mobility Unicorn

Estonian-based Siena Secondary Fund has acquired a stake in Estonian mobility unicorn Bolt, marking its third investment. The amount and the previous investor who sold their stake remain undisclosed. Bolt, founded in Tallinn in 2013, offers a range of mobility services, including ride-hailing, shared cars and scooters, and food and grocery delivery, and has over 100 million customers across Europe and Africa. [Source: BalticVC]

🎨 Estonian Trind VC Invested in Finnish Marketing Platform

Trind VC, an Estonian venture capital firm, has invested in the Helsinki-based marketing and content creation platform Boksi, which recently closed a $7.4 million (€7 million) funding. The funding round was led by Vienna-based VC 3TS Capital Partners and Finnish investment firm Nexit Ventures, with participation from other investors. The startup wants to use the investment to expand into the Central European market, focusing on German and DACH regions. [Source: BalticVC]


🔎 Ukrainian Job Aggregator Invested In Freelance Recruiter Service

Jooble, a Ukrainian job aggregator, has invested in Teraz Work, a freelance recruiter service enabling access to many overseas mass recruitment job opportunities. With over 800 registered recruiters, Teraz Work plans to expand in Europe, offering a platform for freelance recruiters to tap into a vast pool of job orders, serving as an efficient bridge between employers and skilled recruiters needing freelance projects. [Source: InVenture]

💵 Hypra Fund Invests $10M in Ukrainian-Founded Trinetix

The Hypra Fund, a joint-venture capital fund, has made its largest-ever investment of $10 million in Trinetix, an international Ukrainian-founded service company. This substantial investment signifies growth prospects for Trinetix, including expanding its technical talent pool, acquiring new clients, and tripling its size over the next four years. The Hypra Fund intends to use this investment to help Trinetix expand into new markets and launch offices, primarily focusing on Latin America, the United States, and the European Union. [Source: TechUkraine]

📚 Startup Development Program Launches Series of Entrepreneurship Trainings

The Founders2Founders program, supported by the EIT Community and the Center for Innovation and Entrepreneurship /nnov8, offers five one-day practical training sessions in multiple Ukrainian cities, featuring successful founders and entrepreneurs who provide insights and guidance to innovative startups. This initiative is designed to elevate Ukrainian technology startups to new levels of development by focusing on product development, business modeling, investment attraction, market entry strategy, and pitching skills.

[Source: TechUkraine]

🇯🇵 Japanese Company to Build a Construction Disposal Plant in Ukraine Miyamoto International, an internationally renowned Japanese company known for its expertise in post-disaster recovery, will assist the Kyiv Region in establishing a system for recycling construction waste. The project, already initiated with international funding, requires further development, technical and economic validation, and financial support to enable the modern recycling of construction waste for potential reuse. [Source: Ukraine Business News]

🦄 Sigma Software Labs and USF Announce UNICORN Contest Sigma Software Labs and the Ukrainian Startup Fund have jointly launched the UNICORN startup contest, inviting startups from Ukraine and the EU that have raised no more than $530,000 (€500,000) to participate. The contest focuses on B2B projects in various fields, excluding those connected to Russia and Belarus. It offers participants educational webinars, networking events, pitch opportunities, and the chance to win no-equity grants ranging from $1,060 to $3,181 (€1,000 to €3,000). [Source:]


🏦 Eurasian Development Bank To Offer Startup Funding

Startups can secure funding from the Eurasian Development Bank’s Digital Initiatives Fund, which is hosting a digital project competition for the third time in a row. The competition, accepting applications until November 20, 2023, offers winners the chance to receive grants or loans without any restrictions on the field of activity, with the submissions requiring a project presentation, commercialization plans, and company information. Winners of the competition will be announced in April 2024. [Source:]


💡ICTWeek Uzbekistan 2023 to Host Startup Summit Tashkent, the capital city of Uzbekistan, will host a Startup Summit as part of ICTWeek Uzbekistan 2023, aiming to introduce attendees to the local startup ecosystem and innovative companies, with participation from foreign experts. The event will feature the official launch of the Startup Base platform, panel discussions on expanding Uzbekistan’s startup ecosystem, and presentations of programs from the Sturgeon Capital fund and the European Bank for Reconstruction and Development, offering opportunities for networking and collaboration between startups and venture funds. [Source:]

💰Silk Road Investment Fund to Increase Capital By $11M China has announced plans to increase the capital of the Silk Road Investment Fund by nearly $11 billion as part of the Belt and Road project, with a focus on multi-level transport network development connecting the Eurasian continent through railway and road corridors. China will also accelerate the Trans-Caspian corridor, support the China-Europe express railway service, invest in the maritime and air components of the New Silk Road, and promote an open world economy. [Source:]


👚 Female-led Circular Fashion Tech Startup Raised $1.06M

NOLD, a Bulgarian-founded female-led circular fashion tech startup, has successfully raised $1.06 million (€1 million) in a seed round led by Tilia Impact Ventures, with participation from Depo Ventures, Czech Founders, Sofia Angel Ventures, New Vision 3, and four angel investors. NOLD offers a peer-to-peer resale platform for the luxury industry, primarily targeting the UK market, with a unique revenue-sharing model with partner brands, and aims to impact the fashion resale sector in Central and Eastern Europe. [Source:]


🧀 Food Startup SERio Secured Around $235K From Business Angels

SERio, a Polish startup specializing in plant-based cheeses, has secured approximately $235,000 (PLN 1 million) in funding from business angels associated with COBIN Angels. The funding will support the development of plant cheese recipes and the expansion of SERio’s market presence by collaborating with small and chain stores in Poland. [Source:]

🌍 Acceleration Zone Offers Grant for Life Science and Maritime Startups

Acceleration Zone introduced a new acceleration program focused on Life Science and the Maritime Industry, offering Polish startups the chance to win over $24,390 (PLN 100,000). Life Science supports startups with innovative solutions in biotech, medicine, health, food, and related fields, providing financial rewards and access to various resources. At the same time, the Maritime Industry path caters to startups involved in ship communication systems, navigation, robotics, and other areas, offering financial rewards and access to mentoring and resources. The applications are open until October 31, 2023. [Source:]

💻 Data Startup Raised $4.7M For International Development

CTHINGS.CO, a Polish startup specializing in 5G, IoT sensor networks, and cloud applications, has secured $4.7 million (€4.5 million) in funding from investors, including Orlen VC, PKO VC, Freya Capital, and Level2 Ventures. The company’s solutions enable real-time data collection, local processing, and analysis from distributed IoT sensor networks. The startup will use the funding to expand in foreign markets and develop its products further while establishing international partnerships in the 5G technology ecosystem. [Source:]


🛒 Retail Greentech Startup Secured 7-Figure Investment

SaaS, a Vienna-based startup inoqo, has secured a 7-figure investment after transitioning to a B2B business model, offering a retail solution that allows grocery retailers, food and beverage brands, and suppliers to assess the environmental impact of their products and supply chains. The funding round received support from prominent family offices and angel investors, with the exact amount remaining undisclosed. [Source:]

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