Tech Wrap Sept. 11; The Baltic startups raise $555M this year, Polish deep tech company wants to make high-speed trains more accessible


🔊Estonian, Lithuanian and Latvian Startups Raised $555M as of September 2023 Startups from Estonia (€220M), Lithuania (€59M), and Latvia (€65M) raised a total of  $555M (€516M) of venture capital investment as of September 2023, according to a new report released by Lithuanian firm Wolf Capital and The report further indicates that Baltic countries are the leading in venture investments cumulative and per capita in Central and Eastern Europe with 400 investment rounds since 2022. The Baltic deep tech is one of the fastest-growing segments in Europe. [Source: BalticVC]

⚡VOOL Secured $1.4M from Specialist V, Amalfi and other investors Talliann, Estonia-based startup VOOL, which provides charging solutions for EVs, raised a total of $1.4 (€1.3M) from Estonian venture capital firm Specialist V, VOOL’s employees, Milrem Robotics Kuldar Väärsi, Astrigroup, Amalfi and other investors. The startup will use the investment towards scaling up its EV charger production and hiring more employees. [Source: BalticVC]

📡 Scale Wolf To Invest $18M into Defense and Security Startups Scale Wolf, a Lithuanian fund focusing on AI, IT, lasers, optics, cybersecurity and virtual reality announced that it will invest $18.3M (€17M) into Lithuanian startups developing defense and security solutions. From Sept. 20, the fund will aid startups with building teams, developing business models, and make initial investments, which will be followed by a selection of the best team for the acceleration program by Oct. 30. Additionally, the fund’s expansion follows a broader trend in the investment landscape, with more mutual funds including defense and civil products in their portfolios due to changing geopolitical dynamics. [Source: BalticVC]

🚀 WeSky Raised $1.2M From Lithuanian Coinvest VC and Others. Lithuanian-based aerospace tech startup WeSky, developing in-seat power systems for commercial aircraft, raises $1.2M (€1.1M) from Coinvest VC, Baltic Sandbox VC and syndicate of business angels LitBAN. The startup plans to use the investment towards developing and testing onboard power solutions, while also expanding sales globally. [Source: BalticVC]

💰Three Startups Win Equity Investment during Startup Fair 2023 During the Lithuanian startup ecosystem event Startup Fair 2023, three startups emerged as winners, securing a total of €345,000 in equity investments. Axiology, a Lithuanian fintech startup, received an investment offer of up to €125,000 from Baltic Sandbox Ventures, along with a €5,000 prize from Cloudvisor. Micapass, another Lithuanian fintech startup, earned the opportunity to receive €70,000 in investment and participate in the acceleration program offered by Firstpick VC. Estonian startup Glassity secured €150,000 in investment and entry into an accelerator program provided by StartupWiseGuys. The event, organized by Startup Lithuania, featured 140 pitch applications from 28 countries and drew the participation of over 400 investors, culminating in a pitch battle where founders presented their innovations to a jury of investors and an international audience. [Source: BalticVC]

🛴 Bruntor Secures $107K From Buildit Accelerator Latvian-based Bruntor, an electric 4-wheel cargo scooter for parcel delivery, secures $107K (€100K) from Latvian hardware and IoT startup Builtit Accelerator, which provides €10K to €50K of pre-seed investments and up to €250K of seed investments. Bruntor expects to get another €3M valuation during the round and raise €500K in the round this year. [Source: BalticVC]

🩸Revolab Announced Bankruptcy  Lithuanian-based health tech startup Revolab, which offered customers a home blood testing kit, announces bankruptcy, according to its founder Ovidijus Balinas. Despite gaining some traction after winning the 2020 EIT Digital Venture Program and securing €300K in May 2021, the startup ran out of funding. [Source: BalticVC]


✈️ Deep-Tech Firm Plans to Make High-Speed Trains More Accessible A Poland-based startup Nevomo aims to revolutionize high-speed trains by adapting maglev technology for conventional tracks. While their MagRail technology has shown promising results, some railway experts remain skeptical about the integration and practicality of such a system within existing rail networks, citing concerns about compatibility, congestion, and capacity. Despite these challenges, Nevomo is committed to further research and development, with plans to commercialize MagRail for freight transport in 2024 and potentially transform rail transportation in Europe. [Source: Emerging Europe]


🗒️ Pluspoint Raises $400,000 from Pragmatech Ventures Ukrainian-founded start-up Pluspoint, a platform simplifying the review management process by enabling local businesses to engage with customer and user reviews on various online platforms, has secured a $400,000 investment from the venture capital firm Pragmatech Ventures. In the wake of the conflict in Ukraine, the company expanded into new markets, including the USA (where its headquarters is now located), Portugal, Spain, and Brazil. Pluspoint plans to allocate 70% of the investment to expanding its geographic reach and the remaining 30% to product development. [Source: InVenture]

💵 YZR Capital and Ukrainian Startup Fund Launch Program For Health Tech Startups A new support program for health tech startups launches under YZR Capital, a €100M Munich-based investment company and Ukrainian Startup Fund. The key investment areas of the fund include digital med tech, digital health, and digital health services. The investment will be provided to pre-seed, seed, or series A startups and range from 250k – 12,5m EURO depending on the proposed solution. The deadline for submissions is October 1, 2023. [Source: TechUkraine]

🇹🇷 Turkish Investment in Ukraine is On The Rise  Despite the war in Ukraine, Turkish companies continue to keep their existing investments and invest in new ones. According to Burak Pehlivan, the chairman of the International Turkish Ukrainian Business Association, five years before the war Turkey was the top investor in Ukraine, with the country’s investment totaling more than $4.5B. He also added that the opening of the land market in Ukraine may accelerate the inflow of Turkish investments. [Source: UkraineBusinessNews]