Week of Nov. 8: European startups unite under the ‘EU Inc’ plan

REGION

EU Startups Unite to Propel Bloc’s Global Competitiveness with “EU Inc” Plan

A coalition of European entrepreneurs and startups have launched the “EU Inc” initiative, seeking to establish a unified pan-European corporate structure that would standardize investment processes, simplify cross-border operations, and bolster the competitiveness of the region’s startup ecosystem against global rivals like the U.S. and China. [Source: Labs of Latvia]

How CEE Startups Can Break through Y Combinator’s Elite Network
Despite Y Combinator’s global reach, Central and Eastern European (CEE) startups remain scarce in its ranks. The Recursive’s Ana Marija Kostanic argues that more CEE founders need to overcome barriers like limited ambition and lack of local networking to tap into YC’s opportunities. By focusing on clear problem-solving, leveraging alumni networks, and strengthening storytelling, CEE startups can vastly improve their odds in YC’s highly selective process. [Source: The Recursive]

UKRAINE

AI Accelerator Challenger AI Launches Third Cohort, Offers $25,000 Grant

Challenger AI, an international acceleration program for AI startups, has opened applications for its third cohort, Challenger AI 3.0. The program offers comprehensive training, mentorship, and funding opportunities to help AI startups scale their solutions. [Source: TechUkraine]

Global Initiative Seeks Innovative Energy Solutions for Ukraine’s Winter Crisis

A global challenge called “Tech4Good Global Challenge #1: Energy for Ukraine” is inviting startups, SMEs, and innovators worldwide to submit energy solutions to help address the critical energy crisis in Ukraine. The initiative, organized by NGO TechUkraine with support from the Embassy of Ukraine in Spain, aims to source, fund, and deploy innovative technologies to provide energy security for Ukraine as it heads into the winter months. The first open call for submissions runs from October 15 to November 15, 2024. [Source: TechUkraine]

US Fund Green Flag Ventures Ready to Back Up to Six Ukrainian Startups in Early 2025

The American founders of venture capital firm Green Flag Ventures, Justin Zeefe and Deborah Fairlamb, are investing in Ukrainian defense startups. By the end of 2024, the firm plans to have made 5-8 investments, with check sizes ranging from $100,000 to $1.2 million. So far, Green Flag has invested in four Ukrainian startups – Himera (tactical communication systems), Kara Dag (UAV countermeasures), Swarmer (AI drone swarm management), and Astra Nav (navigation systems). They may make 1-2 more investments this year, focusing on battlefield management solutions and anti-EW hardware. [Source: Ukraine Business News]

Manufacturer Electro Cable Group Launches €19M Cable Production Plant in Poland

Electro Cable Group, a major Ukrainian manufacturer of non-ferrous metal products, has launched a €19 million cable production plant in Zabrze, Poland. The company was drawn to Poland by lower logistics costs and state support, and plans to ramp up the plant’s capacity to 6,000 tons per year by 2025, generating €60 million in annual revenue. [Source: Forbes.ua]

ESTONIA

Estonian AI Startup Miros Secures $6M to Rethink Visual Search in E-Commerce
Tallinn-based Miros has raised $6 million in a pre-Series A round led by EBRD Venture Capital and Tera Ventures to enhance its AI-driven e-commerce search platform. Founded in 2021, Miros specializes in visually-oriented sectors, using advanced AI to enable intuitive product discovery through its Discovery Bar and Wordless Search features. With backing from major partners like SAP and Nvidia, Miros plans to expand across Europe and the U.S., helping retailers increase engagement and conversion through personalized search experiences. [Source: Vestbee]

Refurbished Electronics Marketplace Ringy Raises Funds to Boost Buy-Back Platform
Ringy, an Estonian marketplace for refurbished electronics, has secured investment from Trind Ventures and several local businesses, with Trind acquiring a 6.29% stake. Founded in 2020, Ringy’s platform enables the resale of upgraded electronics, connecting refurbishers and retailers to extend device lifecycles. The funding will support the development of a new solution to streamline the buy-back of used electronics, leveraging Ringy’s tools for real-time pricing, diagnostics, and integrated sales tracking. This round brings strategic backing from Estonian investors, including Cargoservice and the Estonian Business School Group. [Source: BalticVC]

LATVIA

LIAA Aims to Attract €1 Billion in Annual Investment After 2030

The Latvian Investment and Development Agency (LIAA) has set a goal to attract €1 billion in investments annually starting from 2030, building on its existing efforts to support exports, innovation, and the country’s attractiveness for businesses. [Source: Labs of Latvia]

Mintos Offers BlackRock Money Market Fund to Latvian Retail Investors

Mintos, a leading multi-asset investment platform, is launching its Mintos Smart Cash product in Latvia, which provides retail investors access to the BlackRock ICS Euro Liquidity money market fund, offering the potential for stable returns up to 3.25% annually. [Source: Labs of Latvia]

Jeff App Named the ‘Fastest-Growing Startup’ in Eastern Europe

Jeff App, a Latvian fintech startup, has been named the fastest-growing startup in Eastern Europe and the Baltic States, according to a study by startup media outlet Sifted. The company, founded in 2019, has developed a platform that helps underserved populations access financial services by using alternative data for client assessment. [Source: Sifted]

RTU Launches Baltic-Focused Research Group to Pioneer Drone Tech Advancements
Riga Technical University (RTU) has formed an interdisciplinary academic group focused on advancing unmanned technology across air, land, water, and underwater applications. Bringing together experts in engineering, AI, and high-performance materials, the group aims to lead drone technology research in Latvia and the Baltic region. Partnering with prominent institutions like the Polytechnic University of Turin, RTU seeks to drive innovations for both civilian and defense applications, supporting national security, industry collaboration, and student involvement in groundbreaking drone research. [Source: Labs of Latvia]

LITHUANIA

Lithuanian Defense Startup Broswarm Secures €800K to Advance Mine Detection
Vilnius-based Broswarm has raised €800,000 from ScaleWolf VC to develop its innovative X-Ray Eagle sensor, designed to improve mine detection through advanced radio wave imaging technology. Founded in 2023, Broswarm combines drones, AI, and 3D imaging to make demining operations safer and more precise, addressing urgent needs in conflict zones like Ukraine. This funding will support further R&D, testing, and the deployment of Broswarm’s technology, which has already garnered NATO recognition for its potential to transform frontline mine clearance. [Source: Vestbee]

TransferGo Lithuania Secures Investment from Hard Yaka Ventures to Expand Globally
TransferGo Lithuania is set to receive a strategic investment from Silicon Valley’s Hard Yaka Ventures, which will acquire an indirect 10-20% stake in the company, pending approval from the Bank of Lithuania. Part of UK-based TransferGo Holdings, TransferGo Lithuania supports the company’s mission to offer seamless digital money transfers in over 160 countries. Founded by Lithuanian entrepreneurs in 2012, TransferGo serves 7 million users with a focus on efficient, cross-border transactions, backed by previous investments from global firms including Vostok Emerging Finance and Revo Capital. [Source: BalticVC]