About Metis Ventures:

• Metis Ventures is a data-driven early-stage investment platform focusing on Central Eastern Europe, the Baltics, and Turkey. The team behind Metis Ventures has been investing in tech companies for over a decade and deployed $2 billion in public and private markets in total.
• Since 2020, the team has been investing together through three early-stage funds: TechOne Ventures, LogoVentures, and TwoZero Ventures. These funds are backed by private investors. In 2024, the team gathered its efforts under Metis Ventures.
• Their portfolio contains more than 55 companies across 27 countries, co-investing with over 100 global investors. They invested in Miros AI, Quin AI, Brand Defense, Kamion, Getmobil, and Cognitive, among others. Within 4 years, the portfolio has realized 4 exits, including BluTV’s acquisition by Warner Bros and Tridi’s acquisition by Xeometry.

Plans of Metis Ventures for the CEE:

Metis Ventures aims to focuses on 5 key AI-enabled areas:

• AI apps driving productivity;
• cybersecurity;
• fintech;
• climatetech;
• digital health.

To lead their CEE entering, Metis Ventures has recruited Mircea Ghita, SeedBlink’s ex-Country Manager in Romania. Ghita has been working in the startup investing field since 2018, and worked at Amsterdam-based VC henQ.

I joined Metis Ventures because I believe that together with this team we can achieve great things. I was drawn to the challenge of expanding and leading our presence in CEE and supporting the best tech entrepreneurs firsthand. My role will be to find top founders to partner with and support while establishing Metis Ventures as the top choice for early-stage rounds in CEE. We invest in entrepreneurs who are fun to work with, are on their way to dominating or creating their markets and who we can genuinely help, — says Mircea Ghita, the newly appointed Principal for CEE at Metis Ventures.

In addition, the fund will target seed and late-seed (early Series A) stages, with initial investments ranging from €500,000 to €3 million. Half of their funds are reserved for follow-on rounds to ensure continued support for portfolio companies.In CEE, the firm is looking to make 8-10 investments in 1 year.

• Aspichi was co-founded by Viktor Samoilenko and Maksym Goncharuk, as VR technology company specializing in psychological rehabilitation. Their flagship product, Luminify, offers immersive VR therapy solutions designed to treat various psychological disorders, enhancing the quality of life for patients and residents in care facilities.

• The startup is incorporated in Delaware, but its R&D is in Kyiv. Its founders both have more than 15 years of experience working in international companies around the world. In March 2023, Aspichi secured $500,000 from the SMRK fund.

• Rocky Mountain Care, a US-based provider of post-acute and long-term care services. Recently, the company conducted a study within their recreational activities program to evaluate the effectiveness of Aspichi’s Luminify VR therapy in treating psychological disorders such as anxiety, depression, and PTSD.

Key highlights of the study:

• A considerable reduction in anxiety and depression symptoms among residents who used the Luminify VR therapy as part of their recreational activities.
• The overall well-being of residents improved significantly, with many reporting increased feelings of calm, relaxation, and general happiness.
• The inclusion of Luminify VR therapy as a recreational activity not only provided entertainment but also served as an effective behavioral therapy tool, enhancing the overall recreational program.

We are proud to partner with Rocky Mountain Care to bring cutting-edge VR therapy to those in need. Our mission is to harness the power of technology to improve mental health outcomes, and this collaboration is a significant step forward in achieving that goal,

said Viktor Samoilenko, CEO of Aspichi.

After the study, Rocky Mountain Care has become a customer of Aspichi with the intention to expand the VR therapy solution to additional RMC post-acute care and assisted living facilities.

About the program:

Huge Thing is part of the SpeedUp Venture Capital Group, a group of venture capital funds in Poland. As a group, it invests in enterprises at the early stages of development.

Now, the Huge Thing team has prepared three specialized tracks for the Startup Booster program, according to the different stages of startup development and the so-called TRL, or Technology Readiness Levels:

While preparing the Huge Thing Startup Booster program, we decided to divide it into three tracks, perfectly tailored to startups at different stages of development. This way, the invited mentors, partners, and the prepared content will perfectly address their current situations and needs,

Maria Tyka-Majewska, Senior Program Manager at Huge Thing, commented.

Industry Test (corporate) (TRL 6-9):

The corporate track designed for startups with an already functioning product or service. Participants will receive grants of up to €80,000 and have the opportunity to collaborate with project partners, including Veolia, the City of Zduńska Wola, Saint Gobain, PKO Bank Polski, Rossmann, PZU, Alior Bank, Żabka, and Legimi. The goal of this track is to provide startups with the opportunity to test their solutions in a real business environment.

Go Global (TRL 8-9):

This track is designed for startups that have reached a higher level of technology readiness and have completed their initial market implementations. The program offers grants of up to €80,000 and focuses on supporting companies in their international expansion, particularly in Asian, American, and German markets. Participants will receive assistance with market entry strategies, establishing business contacts, and adapting their products and services to the specifics of local markets.

Sector Agnostic (TRL 5):

This track focuses on startups at an earlier stage of development, specifically at TRL 5. The program is designed to support the refinement of their product or service and prepare them for market entry. Participants can receive grants of up to €40,000 and will have the opportunity to collaborate with mentors and Huge Thing partners. Additionally, the initiative facilitates the establishment long-term partnerships.

Recruitment for Startup Booster program has already started and will be open until July 28th, here.

About Raft Capital

• Raft Capital invests in growth and expansion-stage companies across the Baltic States. It is a generalist investor, targeting multiple industries. The management team of Raft Capital Management is licensed by the Bank of Lithuania to engage in investment activities, and includes Artūras Gegužis, Andrejus Boicovas, Gintautas Galvanauskas, and Imre Visse (Estonia).
• According to Artūras Gegužis, the fund focuses on small and medium-sized firms in the Baltic region that growing. These include manufacturing companies that export, companies that innovate and create new products, service providers, and other businesses.

The fresh €50 million fund

• Raft Capital plans to invest between €2 and €10 million per company. The fund also claims these businesses should have sales of between €3 and €50 million and EBITDA of between €500,000 and €5 million.

Our primary investment region, the Baltic States, is seeing economic growth above the EU average, but there are less chances for business expansion due to a shortage of equity capital sources. Furthermore, in order to attain sustainable long-term growth and draw in the interest of reputable strategic and financial investors, the majority of Baltic enterprises must move into larger export markets,

Artūras Gegužis stated.

• In addition, Raft Capital would also consider investing in companies in the Nordic countries and Poland if these investments had clear synergies and benefits for the portfolio companies.
• Through Raft Capital Baltic Equity Fund, investments are made by the European Investment Fund, INVEGA, pension plans administered by Luminor investment management companies in Lithuania, Latvia, and Estonia, and other private investors.

In the future, Raft Capital also plans to launch the fund’s second round looking for additional €20-30 million.

• Founded in 2023, Radix is a new Poland’s VC fund with three general partners — Paweł Bochniarz, Wojciech Ratymirski and Michał Urbanowski. The firm has already engaged several tech investors in Romania, Hungary, and Ukraine as venture partners, responsible for operations in the key local CEE hubs.
• Radix’s portfolio consists of startups, including Booksy, ML System, Tresoit, Bitrise, Lerta.energy, and Noctiluca. The founders of VC have a collective 45 years of experience in technology ventures. To date, they have overseen 8 exits and made 38 investments.

The details:

The fund is supported by the European Investment Fund (EIF), a member of the European Investment Bank Group that aims to help Europe’s SMEs access financing, and PFR Ventures GreenHub, a fund of funds that invests in venture capital and private equity funds around Europe, as well as various angel investors.

This milestone marks a journey that began over four years ago, with the vision of a CEE-focused deep tech fund. Our goal is to raise at least €60 million to support 16-20 startups from all corners of CEE, investing at the late seed stage with tickets of app. €1-2 million.

Pawel Bochniarz, General Partner at Redix Ventures, commented.

Radix Ventures plans to guides 50% of the fund for follow-on investments in portfolio companies, focusing on energy, manufacturing, transport and mobility, and dual-use technologies with a positive environmental impact.

About KAYA VC

• KAYA VC manages over $300 million in assets across 4 funds. KAYA co-invests and partners with funds like the British-American Index Ventures, European Creandum, EQT, and US-European Goldman Sachs. Their advisory network includes founders like Tomáš Čupr of Rohlík, as well as Juraj Masár and Veronika Koleják of Better Stack.

• Since the launch, it has more than forty companies in its portfolio, with the value of their shares reaching €300 million. KAYA’s portfolio includes two unicorns: the Czech online grocer, Rohlík, and the Polish Docplanner, a global platform managing healthcare practices and scheduling.

We support big dreams and ambitious plans. We help create the best conditions possible for our entrepreneurs, enabling them to overcome challenges more easily. We connect them with other successful entrepreneurs for advice and back their belief that the Central European Region is a fertile ground for building global companies that can win in their respective markets,

Tomáš Obrtáč, one of four equal partners in the fund, says.

More on the Fifth Fund launch

Now, the firm is preparing to launch its fifth private investment fund, which will have 80 million at its disposal.

KAYA expects their investor composition for their fifth fund to be similar to the previous one, where the majority of finances came from institutional investors and about three-quarters of the capital originated from the private sector. The minimum investment in KAYA is expected to be €1 million.

The fund also added that it does not specialize in a specific segment, category, or mission of startups. But KAYA aims to invest primarily in Czech, Slovak, and Polish companies.

About Wolt and finmid

• Wolt is a company known primarily for its food delivery platform. Founded in Helsinki in 2014 by Miki Kuusi, Juhani Mykkänen, Elias Aalto, and Oskari Petas, Wolt operates an app-based platform that connects users with restaurants for food delivery and takeaway services. Users can browse menus, place orders, and track deliveries in real-time through the app.
• In 2022 Wolt joined forces with DoorDash, which operates in 29 countries today, 25 of which are with the Wolt product and brand.
• Founded in 2021, finmid is headquartered in Berlin. It is a financial infrastructure provider to B2B platforms. The company claims it enables any B2B software platform to offer financing to their customers at scale, driving revenue and customer retention. The finmid API also allows B2B software platforms to build financing solutions with best-in-class user experience.
• The Berlin-based fintech company recently secured €35 million to expand and enhance its services across Europe. This funding was also aimed at supporting the scaleup of embedded financing services like Wolt Capital​.

Wolt Capital

In 2023, Wolt partnered with finmid to introduce Wolt Capital as a financial service designed to address the issue of lack of financing for small merchants the company partnered with. Initially, the solution was launched in Finland, where it demonstrated its great potential. Later the solution scale to Denmark and Sweden.

After embedding the product into the Wolt interface, the service also launched in Poland, aiming to scale across more markets soon. This expansion ensured that Wolt can continue to support its merchant partners, helping them overcome financial barriers and achieve sustainable growth.

One of finmid’s key strengths is our ability to adapt to the diverse needs of platforms and merchants alike. We believe that all merchants should have easy access to financing through the tools they use daily. Partnering with Wolt enables us to provide this vital support to thousands of restaurants,

Max Schertel, co-founder of finmid, said.

Since the launch in Finland, over 80 NPS with hundreds of live merchants used Wolt Capital’s solution.

Dmytro Dubrovskyi talked with the Editor-in-Chief of AIN.UA about how the fund will operate and where and how much they are planning to invest.

Dmytro, not long before our conversation, you have released a statement about Uklon Co-Founders’ first big-check investment in a defense tech startup called Buntar Aerospace. Can you share some details of this deal with us?

We have invested $200,000 in a seed round. The startup produces vertical take-off and landing surveillance UAVs that can fly for 60 km and intelligence-mission planning and operating software that automates a UAV operator’s planning effort by 90%. They are currently being tested on a training ground and soon will be their first combat use.

If I am not mistaken, was it your first external investment as Uklon Co-Founders? Or did you mean Defense Tech?

We didn’t invest in external companies, but this year, we decided to open such a track and raise $2 million within our fund for defense tech development in Ukraine. The average check is $200,000 to $500,000. We are interested in startups during seed rounds. Now, we plan to get 8 to 10 companies in our portfolio.

Are you going to invest in non-military startups as well?

Not now. We have a clear goal at the moment.

Have you used private funds for this foundation, or did you also invite some external investors?

It was only private funds of co-founders from Uklon dividends. We invested in the foundation according to our company shares.

Buntar Aerospace was only the first company in our portfolio. Now, we consider another ten projects that passed due diligence.

What requirements do you have for defense tech startups? Do you prefer software or hardware projects? How important is having the BRAVE1 status?

Having the BRAVE1 status is very useful. We also expect that a startup will raise an intelligence component. So, it should not be limited to FPV assembly of Chinese parts supplied by the state or volunteers.

We look for unique tech advantages. That’s why we consider hardware plus software. We also appreciate when startup products have already passed a testing stage and are prepared for combat use so that we can receive feedback from military units. And the third point is secure sales.

In any case, we also study the project team. We check whether there is a legal structure, the financial statements are clear, etc. If not, we can consult them on optimizing these processes.

Do you participate in product development elsewhere than in consulting and financial support? Maybe you share your expertise in sales or development?

For sure, we can share our expertise. We might give a hand of help in marketing, sales, and back-end development. In addition, we have a long list of contacts, including deftech developers, military, and volunteers. We can aid with testing, getting feedback, and developing the product. However, we are investors in the first place, so finance is our primary contribution.

Do you seek advice from the Ministry of Defense or the General Staff regarding startups you would invest in?

We have no ties with higher military command, but we may always request feedback from some famous volunteer funds and formations involved in testing.

We have friends in the Ministry of Defense and Special Forces, too. So, a lot of feedback flows to us from different sources.

Let’s speak about Uklon. Recently, you have exited Azerbaijan. Did it change your expansion plans somehow? Which markets are you going to enter next?

In one way or another, the war influences our plans. Indeed, the joint co-founder’s investment in defense tech is of value from the perspective of emotions and national consciousness powered by a desire to invest in Ukraine’s victory. Expanding into new markets became a bit complicated for our product.

We don’t cancel any of our plans, but there is no need to rush. We are developing Uzbekistan and successfully pushing a Russian competitor from the stage there.

Indeed, we have left Azerbaijan due to a tense situation with unpredictable legislation changes. Our local partner also decided to cease investing in this country.

Recently, Uklon joined the Diia City special taxation mode, and it was relatively late compared to other product companies. How satisfied do you feel about it? What benefits and underwater stones do you see?

Actually, we like it very much. We also joined the Diia City United Association, which aims to preserve the rules of this unique space.

Can you comment on the consequences of the newest claims anonymous Telegram channels published against Uklon? Did you find out what and in whose interest has it been done?

Most likely, in the interest of exacting money. One day, we just decided not to dig deep into that kind of pretty typical media attacks, which became more and more usual, unfortunately. You can see both businesses and politicians attacked. Sometimes, such media activities are accompanied by law enforcement bodies’ actions. Now, we are focused on building a defense strategy for the event of new attacks.

Do you participate in side projects besides the Uklon ecosystem?

I am involved in the Defense Builder Accelerator as a mentor. We will share our experiences with startups so that they are ready to comply with our investor requirements.

Speaking of GR as one of the Diia City United Association’s functions, a member of which you are, what would be the most painful problems Ukrainian businesses face nowadays, in your opinion, as the ecosystem member? Is the government attentive to your concerns?

For instance, there are ongoing discussions about the necessity of employee reservation from the mobilization. In particular, Oleg Gorokhovsky, Co-Founder of monobank, posted on this topic on Facebook. What do you think about this?

For sure, employee reservation and a more transparent mobilization procedure are the things the businesses are lacking. There must be an option to reserve key employees at least to keep the company working. I like the concept of employee reservation by MP Dmytro Natalukha.

I understand that such a decision would be unpopular among our people, but our country really needs it. Hopefully, the government will act in favor of this instead of only raising taxes. It looks simple on the first look. However, many don’t see that the economy would shrink without employee reservation, and the businesses would not survive, especially by having to react to all those blackouts.

Should we meet again in a year; what news would you like to share with me? What strategic goals do you want to achieve?

I dream that Ukraine would be victorious then, and defense tech startups supported by us would grow into big companies and unicorns. The whole world saw the aggression of an autocracy and its imperial ambitions. So, NATO member states and other democracies have to invest more in the defense industry.

I also would like to speak with you about new markets Uklon entered as a truly international company.

The fund is also chaired by Rui Falcao, co-founder of COREangels, a global community of angel investors, startup mentors, entrepreneurs and industry experts. He will ensure quality and process control.

• Angels for Ukraine brings together Ukrainian and international business angels.
• The fund will invest in innovative projects and promising startups.
• In addition to providing funding and resources, it will also help them grow and enter the international market.
• Investors will have access to the COREangels global network of active business angels from around the world.
• With COREangels capabilities, investors can invest through local portfolio funds.
• Investors will be able to directly influence the selection of startups for investment, evaluating their potential and prospects.

The fund will operate on a permanent basis and the first meeting of the investment committee will be held on July 5, 2024.

Startups seeking funding from €50,000 to €500,000 can apply via the link. The deadline is June 21, 2024.

Business angels are also invited to join the committee and support Ukrainian entrepreneurship. To do so, you need to fill out the form.

• The fund was designed back in 2016, but it took years “to harness difficulties and reach a point of readiness”. It allows to invest capital in local funds through an intermediary. This is not a donor or charity program.
• FoF plans to launch an ongoing program aiming to strengthen the private investment, venture capital, and technology ecosystem in Ukraine. The main goal is to become the first institutional anchor investor to provide 30%+ Limited partners commitment, so that general partners have more chances to attract the remaining 70%.
• Currently, there are 16 Ukrainian funds that are actively raising money and are the main goals of the Fund of Funds. Together, they have a total investment potential of about $800 million.

Among them are:

• AVentures Capital;
• ICU Ventures;
• Freedom One VC;
• Digital Future;
• Flashpoint;
• One Way Ventures;
• FfVC;
• Ukrainian Phoenix;
• ZAZ Ventures;
• Network VC;
• 3X Capital;
• Flyer One Ventures;
• SID Venture Partners;
• 1991 Ventures;
• Rada Capital;
• Green Flag Ventures;

The FoF structure is fully independent, without government involvement. In the future, however, a state may invest in FoF on par with the rest of the participants. The Ukrainian Fund of Funds is led by Manager Ertan Can, a venture capital fund of funds pioneer in Europe, and Founder and Managing Partner of Multiple Capital. 

About Ruta.vc

• The fund’s team includes two people: Dmytro Bondarenko, the general partner of Ruta.vc, who is also the general director of the LIGA group of companies, and Olena Pshenychna, the managing partner, an entrepreneur, and business angel.

During my active career as an investor and entrepreneur, I saw the number of requests to the market in sports technology. And this is an incredible amount. I saw what a voluminous ecosystem can be built. Due to the large number of international connections, there is an opportunity to help our projects reach the international level,

Dmytro Bondarenko, the fund’s general partner, said.

• The fund will focus on software and hardware projects at the pre-seed and seed stages, that is, already showing sales. Partners of the fund will also provide mentoring and incubation assistance.
• Ruta’s team didn’t disclose specific check amounts. According to its website, $22 million was invested in sport tech across nine projects.

The sport technologies sphere is not only fitness applications with a virtual trainer or gadgets. These are sports business management, augmented reality, Esports, statistics for sports and working with data. The trend is growing in the world. In 2023 year, 34 new funds were launched. And we want to be the guide that will help Ukrainian startups enter international markets and be a solid platform for them,

Olena Pshenychna commented.

The Precision hackathon focuses on:

• advanced targeting systems, including the development of targeting algorithms and innovations in machine learning models;
• integration of sensors and real-time data analysis to create a comprehensive and accurate targeting image;
• smart munition capable of adjusting their trajectory in flight to engage dynamic or partially concealed targets;
• simulators and educational software, specifically virtual and augmented reality (VR) applications, training military personnel in precision targeting, as well as simulators for practicing aiming skills;
• autonomous and semi-autonomous systems equipped with high-precision targeting capabilities;
• network-centric tools for combat operations, including instruments for improving data exchange for targeting and enhancing command and control systems.

Registration started on May 27 and will continue until June 8, via the registration form. Ukrainian and foreign developers, engineers, military, experts, scientists, students, startups, and others can participate.

The hackathon will be held in three stages. First, there will be an online session where teams will be formed and solutions will be proposed. Then an offline session where they will work through this solution with consultants. At the end — testing of solutions on the training ground and awarding of winners.

About Liki24

• Liki24 is a healthtech company that develops a platform that aggregates medicines from thousands of pharmacies, offering fast delivery and accessibillity. It was founded in 2017. Now, the company is valued at up to $50 million.
• In 2021, the startup launched in Romania and Poland (the latter office has been shut down), in 2022 – in Italy. The platform reached 200,000 users in Romania in 2023. According the co-founder Anton Avrynskyi, the turnover on these markets increased by 100% in 2023.

Launch details

Liki24 has announced the launch in the German market after testing its services there for three months and achieving operational profitability. To enter the new market, the company invested $100,000.

The test period was successfully completed, and the service is already used by thousands of people throughout the country. So, from now on, Liki24.com in addition to Ukraine, is available in three EU countries: Italy, Romania, and Germany!

Anton Avrynskyi, the CEO & co-founder of Liki24.com, commented on his LinkedIn

• Early Game Ventures (EGV) was founded in 2018 by Cristian Munteanu, and its primary focus is on startups in emerging markets in Europe. According to EGV, its first fund invested in 28 Romanian technology companies in various fields such as AI, cyber security, enterprise software, edtech, or consumer apps. EGV Fund I has announced 4 exits, with an internal rate of return of 45%.

About Early Game Ventures Fund II:

• The new fund will invest in 25-30 early-stage technology startups, continuing the thesis of the first Early Game fund. It will focus on areas such as cyber security, enterprise software, and AI applications. 60-70% of the investments will be in Romanian startups, with the rest in Europe or further. Their ticket is up to €6 million. 
• The fund benefits from an investment of €30 million from the Recovery Equity Fund, managed by the European Investment Fund and financed by the National Plan for Recovery and Resilience within the Next Generation EU. The other 50% of the fund was provided by private investors. 

“We are looking for founders who live in the future, and we focus our efforts on giving them fuel to achieve their goals. Fuel means not only money but also networking, support, guidance to avoid mistakes, asking the right questions, finding clients, and raising the next round of investments,

shared with the Recursive, Dan Călugăreanu, EGV Partner.

Dan Calugareanu continues his activity as a Partner in both funds managed by Early Game. Florin Visa joined Early Game at the start of negotiations for this second fund.

About Quantum-Systems and its operation in Ukraine

• Founded in 2015, Quantum-Systems specializes in the development, design, and production of small Unmanned Aerial Systems for security, defence, public safety, commercial, and GIS operations customers. The company is headquartered at Special Airport Oberpfaffenhofen, with business locations in the US, Australia, and Ukraine.
• Quantum-Systems have been in use in Ukraine since May 2022. So far, 212 systems have been made available through the German Enablement Initiative. In Ukraine, the company already operates a local service, support, training, and logistics center with 25 Ukrainian employees. They train drone pilots and implement technological advancements in the reconnaissance systems directly on site.

Ukraine has trusted our systems since the beginning of the war. With our own plant, we want to express our trust in Ukraine and our conviction that the future of drone technology is being written here,

Florian Seibel, CEO of Quantum Systems, commented.

Plans for the future

• The plant opening took place on 18 April in the presence of the Ukrainian Minister of Strategic Industry, Olexander Kamyshin. It will employ around 100 people by the end of 2024. Quantum Systems also plans to invest up to €6 million in the plant over the next two years.
• By the end of the year, a total of 500 Quantum Systems reconnaissance drones plans to have been delivered to Ukraine. The new production facility is expected to increase production capacity to up to 1,000 drones yearly including spare part production.

• Founded in 2016 by Maciek Balsewicz, bValue is a growth equity firm focused on high-growth and profitable companies in the CEE region. In the interview for AIN, Maciek Balsewicz said that bValue aims to invest in companies that look for full exit within 3-5 years and want to achieve profitable growth without further outside financing.

• The firm has been managing a €100 million growth equity fund for entrepreneurs in CEE and an early-stage fund of €20 million. They have already made 36 investments and exited 12 companies. Its portfolio includes companies like Tidio, More Growth, Spin.ai, Aggero, Your KAYA.
• bValue Growth is bValue’s third and largest fund. BVG aims to invest sums of €5 million — €15 million in a single ticket for an equity stake of 20-40%. In addition, it will also acquire majority stakes. The fund is focused on fast-growing companies from CEE with a significant technological component.

bValue’s strength lies in using the language of technology to build strong relationships with entrepreneurs. Our experience and organizational culture enable us to act as a valuable minority partner capable of adding tangible value,

Maciek Balsewicz, bValue Fund Managing Partner, says.

Roughly half of the capital raised during this phase comes from financial institutions, including the European Investment Fund and the Polish Development Fund. The rest of the capital came from private investors, including Polish and foreign family offices. It was also made possible via the European Scale-up Action for Risk capital (ESCALAR) programme which supports investments in scaleups.

• According to the agreement, Reticulate will become a supplier of Himera’s communications systems in the US and key global government customers.
• In a comment to AIN, the co-founder of Himera Radios, Misha Rudominski, said that the partnership with Reticulate Micro is an opportunity to combine unique Ukrainian expertise, with all variations and application conditions, and the experience of a large company.

We realized that combining our practices would help make a much better product — both for the Ukrainian defense forces and for the global market. The distribution agreement provides an opportunity to generate additional funding and revenue, which on the one hand will go towards expanding the team and improving the technology, and will allow us to continue to maintain the minimum price that we fixed at the beginning on the Ukrainian market. And, of course, taxes in Ukraine and foreign exchange earnings,

Misha Rudominski says.

• Also, the co-founder of Himera Radios shared that he expects significant revenues after entering the US market: “Potentially we are talking about millions, tens of millions of dollars and more in the long term.”
• Currently, Himera Radios communication systems will be used by the military. However, cooperation with other industries is planned.

Currently, our main focus is the Defense Forces of Ukraine, that’s what we were created for. Creating products specifically for other markets is a dispersion of our attention, which is why we offer a product to the global market that is minimally different from what we do in Ukraine. However, over time, we plan to work with the police, ambulances, rescuers, and firefighters

Misha Rudominski added.

• Previously, Himera Radios raised $525,000 in investment, which they planned to spend on increasing production and speeding up the release of new, higher-quality versions of products supplied to the Armed Forces of Ukraine.

About Himera Radios

The Himera Radios startup was founded in 2022 by Misha Rudominski and Oleksiy Oliynyk. The project was placed first in the IT Arena 2023 startup competition, which represents the defence tech direction and is held in partnership with the Startup Depot team. Lviv Business Incubator.

HIMERA is a universal secure communication system for civil and emergency applications. It can be used as part of an operational awareness system and it’s resistant to EW due to PPRC technology. HIMERA has the ability to easily set up with Bluetooth via smartphone without learning specialized programs.

Recruitment for Female Startup Pre-accelerator has already started and will be open till May 31th, 2024, here.

About Huge Thing

• Huge Thing was established in 2012 by SpeedUp Group to support the development of the startup ecosystem in Central and Eastern Europe. It was one of the first operational acceleration program operators for startups in Poland.
• Huge Thing has prepared a series of four programs educational and developmental programs targeted at female founders, including three editions of the Female Founders Fundraising Academy and the Female Startup Pre-accelerator program, lasting until the end of 2026. The first Female Founders Fundraising Academy (FFFA) program was launched in December 2023.

About the second program

• The fresh pre-accelerator program will support 25 women entrepreneurs offering comprehensive knowledge, support from experts, and tools to build and scale their startups. The program will last over two month.
• Participants will engage in workshops covering topics such as testing business hypotheses, product development, building marketing strategies or preparing for valuation and fundraising. In addition, participants will receive individual expertise from mentors and tutors.

Through the Female Startup Pre-accelerator program, we want to support female entrepreneurs from Poland and Ukraine who are at the idea or pre-seed stage on this path. We hope that the knowledge and tools provided to them will allow them to successfully build and scale their companies,

Maria Tyka-Majewska, Senior Program Manager at Huge Thing, commented.

Program timeline

Participants will be able to present their ideas to the jury during the Demo Day. Ten finalists will receive a $10,000 equity-free grant to start a company and further develop their business.

• Interactive Venture Partners is a US-based fund and fund management company, complemented by a Budapest-based team. Interactive Venture Partners provides early-stage investments in companies across industries in CEE, preferring some technology-based differentiation.
• The initial capital commitment of the fund is €50 million. For now, the fund has already made 6 investments, two of which were already announced: Mitzu.io and Captiwate. The fund will announce further investments soon.

We offer entrepreneurs US family office style investing with founder-friendly terms, mentoring, a long-term view, quick decision making, deep financial capacity for follow-on funding (if appropriate), as well as an international network,

Laszlo Czirjak, Managing Partner, Interactive Venture Partners, stated.

• According to Interactive Venture Partners, it supports startups seeking to grow by gaining access to larger markets and to a broader network. Additionally, Interactive Venture Partners is an affiliate of the Interactive Brokers Group of Companies, and its managed fund is supported by entrepreneur Thomas Peterffy, founder and Chairman of Interactive Brokers Group, Inc. 

The team of Interactive Venture Partners also claims that their mission is to create entrepreneurial wealth in the region, encourage more serial entrepreneurship, attract more institutional investment, and thereby bolster and grow the CEE startup ecosystem.

Franchise main features

• Fully electric fleet: 20 Renault Zoe, Honda MNV, Volkswagen ID.3, and BYD Dolphin electric cars.
• The company is considering the possibility of adding several cars with internal combustion engines.
• During the pilot launch, daily rates will be available to users, and hourly and minute rates will be available a little later. However, the insufficient amount of charging infrastructure in Chisinau makes it difficult to introduce the last two.
• Private investors will be able to place their cars for rent immediately in the application.
• The park and development of the service will be fully managed by the Moldovan franchisee — in particular, they are responsible for charging electric cars.

Prospective market

Currently, Moldova has only one car sharing operator with only 10,000 users. The company says that the demand for car sharing comes from both local residents and Ukrainians traveling in transit. Getmancar expects that within the first year of operation, 10,000 users will use the service in Moldova.

To rent a Getmancar car in Moldova, you need to download the application from the App Store, Google Play or Huawei AppGallery, register and choose a nearby car.

About Getmancar

Getmancar is the first Ukrainian car sharing service operating in the Ukrainian cities of Kyiv and Dnipro, as well as in Georgian Batumi and Tbilisi. Users can rent a car by the minute, by the hour, or by the day. Additionally, investors can earn by renting out their cars through the application, or by investing in the purchase of vehicles.

• Purple Ventures’ Fund I was launched in 2018 by Jan Staněk. Currently, its total funding amount is €15 million. Purple Ventures is focused on backing startups in the pre-seed and seed stage. The fund has supported over twenty companies in six years. A few of them are CEE startups such as Hedepy, Tatum, Choice, and Kardi AI.

About Fund II

The second fund will be open to external investors. It will focus on startups from the CEE region with teams in the EU. The ticket size will be from €250,000 to 750,000.

The fund plans to invest in various emerging segments such as:

• Digital Health;
• SaaS;
• EnergyTech;
• Creator Economy;
• Security;
• EdTech;
• E-commerce;
• Deep Tech;
• IoT.

In the past six years, we have been able to identify a number of interesting companies. However, we can clearly see that the potential of the market is many times greater and that with the help of external finance we can achieve many more interesting opportunities,

Jan Staněk, co-founder and Managing Partner of Purple Ventures, commented.

Purple Ventures plans to invest the first €14 million this year, while the rest is going to be collected within the next two years. In addition to the funding, Purple Ventures will continue offering guidance to the startup founders, acting as mentors and advisors. The first exits are planned after 2028. 

• 1991 Ventures is a London-based seed venture fund founded by Ukrainian brothers, Denis and Viktor Gurskyi, who are better known for running incubation and accelerator programs inside Ukraine. The Gurskyi brothers previously backed more than 200 startups between 2016 and 2024, via their incubator Social Boost and their 1991 Accelerator.

• In 2019, the Gurskyis created 1991 Mariupol. It is a technology startup center, launched with Ukrainian President Volodymyr Zelenskyi present — served as an outpost of East Ukrainian innovation, giving the frontline port city hope. 

About the new 1991 Fund

1991 Ventures plans to invest in over 40 companies across the fund’s lifecycle and will build on the incubation and accelerator programs the Gurskyis have been running from Kyiv and now London, which have seen a third secure funding. It is also backed by UK’s limited partners Venrex and Samos Investments, early institutional investors in Seedcamp and Entrepreneur First. 

It’s very hard for Ukrainian founders to tap into London. So we would like to provide them with pre-seed or seed funding so that they can… access larger rounds in the future and understand how the U.K. can be a springboard to global funding,

Denis Gursky, founding partner of 1991 Ventures, commented.

• Founded by Alexandra Gylfe, Anssi Uimonen, Jari Strandman, and Matti Hautsalo, NSI is a capital investment fund specializing in university spin-out companies during pre-seed, seed, and Series A funding rounds. NSI is committed to advancing scientifically-driven research with the goal of fostering economic growth and societal improvement.

• NSI provides financial capital, mentorship, networking opportunities, and assistance with commercialization efforts to help university teams develop their inventions into viable market solutions. The company’s mission is to facilitate the commercialization of research results, encouraging partners to envision and achieve ambitious goals in unlocking the potential of scientifically transformative research.

Nordic universities constantly produce world-class innovations and breakthrough technologies that can at best solve even major social problems. However, research-oriented deep technologies face common early-stage commercialization challenges. Also, many investors may shy away from projects that they perceive to be complex, for example in terms of transferring intangible rights or forming teams. We want to be involved in turning the revolutionizing insights of researchers into commercial success stories,

Jari Strandman, CEO and co-founder of NSI, says.

• Tesi, a Finnish Industry Investment firm, was among the LPs who participated in the first closing. The firm claims that NSI not only fills a financial gap but also has the potential to attract new international investors who have previously overlooked research-based innovations in the Nordic region.

MITS objectives 

• To become a driver of Ukraine’s defense tech ecosystem.
• To help young tech companies find partners and scale up.
• To provide the Armed Forces of Ukraine with access to the best defense technology products.

What MITS offers to startups

An investment of $200,000: $100,000 in direct investment in the company and $100,000 in acceleration through the MITS international defense tech accelerator.

A business program developed jointly with American University Kyiv and Arizona State University:

• Business Thinking Development;
• A practical component taking into account the peculiarities of the defense industry, including access to a global network of highly qualified mentors and specialists.

Post-accelerator support:

• Preparation for export;
• Attracting foreign investment;
• Cooperation with the BRAVE1 defense technology cluster and the Ministry of Defense of Ukraine.

Categories of startups supported by MITS:

• Terrestrial robotic systems;
• Unmanned aerial vehicles;
• Unmanned ground vehicles;
• Unmanned underwater vehicles;
• Electronic warfare (EW) equipment;
• Communication, optical and acoustic reconnaissance means;
• Military transport;
• Mine action/de-mining;
• Software and AI;
• Ammunition;
• Equipment of the “soldier of the future”.

Applications for participation in the acceleration are being accepted from February 23 to March 14, 2024 via the link.

The team:

• Founders: a group of U.S. investors with significant defense and investment experience, led by Perry Boyle.
• Supervisory Board: Dr. Philip Karber, former Strategic Advisor to the US Secretary of Defense, NATO Secretary General and governments, and Ernest J. Herold, former Deputy Assistant Secretary General for Defense Investment at NATO.
• Board: David Bonfili, Monique Brown, Anton Melnyk, Alina Lovchynovska.
• Strategic partner: American University of Kyiv.
• Coordinators: Lyudmyla Dolgonovska and Yuriy Bots.

Ukrainian startups can apply to the grant program lasting until 31 December 2025.

• The program will provide grants of up to $25,000 for 48 projects at the pre-seed stage and up to $50,000 for 26 projects at the seed stage. USF is responsible for managing and implementing this grant program, while WNISEF is acting as a financial partner, contributing to the program’s implementation.

The initiative was developed with a particular focus on early-stage companies. Based on the experience of implementing a similar USF programme launched in 2019, we are convinced that strategic investments in early-stage projects will not only push Ukrainians to create new innovative products and services but will also provide ready-made technology companies with the ability to compete effectively in international markets,

Pavlo Kartashov, Director of Ukrainian Startup Fund, said.

Who can apply:

• Business entities registered in accordance with the procedure established by law and carrying out activities aimed at generating profit and/or achieving social effect.
• No investments, grants or state support exceeding $500,000 in the equivalent for the entire period of activity.
• The total income does not exceed $500,000 in equivalent as of the date of application for the last year of operation.
• The applicant is not actually located and does not carry out activities in the territories of Ukraine temporarily occupied by russia, and is not included in the sanctions list and is not subject to special restrictions (sanctions) in accordance with the laws of Ukraine.

Not eligible for participation:

• Projects that have been funded under the BRAVE1 and Seeds of Bravery grant programs from the European Innovation Council.
• Applicants who manufacture/create equipment, materials, products, goods and/or other military products.

• GapMinder VC is a Romanian venture capital firm focused on seed and Series A investments into local and regional startups that have the potential for global expansion in IT software and service-related sectors.
• The investment strategy of the fund is to support deeptech startups at seed and late seed stages, making first investments of up to €2.5 million, with significant follow-on capabilities. The fund became active on February 14th after its first closing and will shortly announce its first transaction.
• It was raised with the support of the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD). The capital injection consists of two parts:
  • EIF supported GapMinder Fund II with an aggregate of €30 million via two initiatives, namely the European Union program InvestEU and the Recovery Equity Fund, part of The National Recovery and Resilience Plan co-financed by EU via Next GenerationEU. 
  • EBRD invested €10 million in this fund. This is the first investment of EBRD in a fund launched by a team of Romanian partners.
• According to the fund, it aims to support startups from Romania, Moldova, Serbia, Croatia, Slovenia, and Bulgaria, operating in the fintech, cybersecurity, enterprise automation, and data/analytics verticals.

Tech startups are invited to apply to the Spring Accelerator 2024 that starts on March 21 and ends with a pitch event – Demo Day – at the end of May.

What can the startups get?

• As starting a technology company is a difficult challenge, AceON team set for themselves the goal to bring an international 2-month intensive program to founders, which is full of lectures with experts, on valuation, finance, developing MVP, pitching tips, term sheet, marketing, ESOP, and more.
• Furthermore, participants will have an opportunity to ask mentors for advice regarding, for example, software development, financial planning, fundraising, etc.
• AceON Accelerator is also an investor and can offer money to the best who will finish the program and meet the accelerator’s criteria. The amount of this investment is undisclosed, but the Autumn program offered up to €70,000 for startups.

Who can apply?

AceON seeks to support startup founders who aren’t afraid of challenges and hard work, are flexible,
and understand that to build a successful startup they need to find out what their customers really
want and accept the fact that the market changes constantly. What they look for:

• teams from Czechia, Slovakia, or Romania,
• committed teams or solo founders hungry for success,
• software or non-software solutions with a strong problem proposition,
• a scalable product with the potential for rapid growth in the global market,
• startups mainly in the pre-seed stage, but also idea-stage startups with a proven
  concept.

About the program

• D2SCALE is a transformative EU-funded project that aims to establish a sustainable scaling program, with a focus on deep tech and digital ventures in 10 market opportunities. The consortium recognizes the key challenges faced by ventures in their path to scale up and make an impact.
• Thus, the program will help companies address such challenges as access to pan-European growth funding, markets and internationalization, connecting to lead customers and procurers in both corporate and public sectors, team management assessment, etc.

The first open calls for startups, ventures, and stakeholders will start March 11, 2024. Before that the consortium is planning to announce the first 5 of market opportunities it will focus on.

Who is behind D2SCALE?

D2SCALE is launched by a consortium of 13 partners from all over Europe: Tech Tour, BRYCK, Maritime Street, NürnbergMesse, UNIMOS, Corporate Ventures Advisory, Zaz Ventures, AnyChange, The Recursive, Aalto University School of Business, Athens University of Economics and Business, as well as Miles Ahead.

• Currently, the SMG Capital fund has managed to raise almost 50% of the planned amount from the own funds and from its partners. It was created on the basis of three venture funds from the USA, Europe, and Ukraine.
• The investment focuses on companies with Ukrainian founders, focused to scale and develop in the US market. In total, the team plans to invest in 100 early-stage tech startups.

In addition, we are currently launching a three-month program for Ukrainian startup enthusiasts. Its purpose is to provide participants with the necessary knowledge, skills, and resources to successfully launch their own startups, join existing projects or form teams for future startups,

Oleksandr Shinkarev explains.

SMG Builder offers the following opportunities for startups:

• an investment of $25,000;
• the opportunity to become a co-founder of a startup;
• a chance to find a team to launch a startup;
• a recommendation for completing an internship from an international company.

Future partners of the builder can become startup co-founders, mentors, or consultants to help them enter the US market.

• CapitalBox’s new collateral lending program provides loans from €100,000 to €1 million for SMEs. These types of loans will be used for purchasing such as machinery and other assets required for entering new markets, developing new products, and meeting increased customer demand. 
• This product combines CapitalBox’s existing installment loan product with an additional real collateral security in order to significantly lower the unrecoverable default risk. According CapitalBox, it can now present more competitive offers that will both lower APRs and provide greater loan amounts to high-grade SMEs.

We’ve made these loans as competitive and customisable as possible, which is exactly in line with our overarching mission to make lending as seamless as possible for the SMEs we serve. I predict this will bring more types of SMEs into the CapitalBox fold. We’re ready and waiting to make their lives easier and their businesses more successful,

Mantvydas Štareika, CEO of CapitalBox, said.

• To acquire these loans, businesses need to provide CapitalBox the information about their collateral assets and their company’s financial position. Loans will then be dispersed after the verification of external valuation reports, a manual review conducted by CapitalBox’s internal credit committee, and confirmation by a verified external valuator.

About CapitalBox

The firm was founded in 2015 and headquartered in Finland. The lender also has offices in Sweden, Denmark, the Netherlands, and Lithuania. As part of Multitude Group’s growth platform, the company generally provides loans up to €2 million.

• One of the first components will be a thermal imaging camera that will enable nighttime flights. Those interested will be able to buy it for just $270/each, much cheaper than the available analogs. Over time, the price will be reduced many times over. You can already place your pre-order on the website.

“As many of us know, the Ukrainian sports FPV copter industry has experienced explosive growth in recent years. Thousands of people have taken up this new sport, and tracks are being laid all over the country. Together with my friends and partners at Petcube, we couldn’t help but join in to make Ukraine a world leader in FPV racing,”

Yaroslav Azhnyuk comments.

• Odd Systems aims to make Ukraine a world leader in this “sport”. The team of the company already has extensive experience in logistics, supplier relations, electronics mass production, quality control, capital raising, product cost reduction, scale management, and R&D.

The company is eager to work with investors and idea enthusiasts. Currently, Odd Systems is looking for talented people to join its team:

• operations director;
• general director / CEO;
• drone assemblers.

Earlier this year, Yaroslav Azhnyuk announced another company called The Fourth Law, which would delve into the development of autonomy modules for robotic systems.

How will WUT IF operate?

• In the next three to five years, WUT Investment Factory intends to support 18 startups — eight at pre-seed and 10 at seed stages — with tickets ranging from $120,000-260,000. It’s also an evergreen fund, as it provides more relaxed time frame on returning money to LPs.
• The team plans a first close of $5 million from external LPs and it doesn’t want to rely on money from the university. WUT IF’s will focuses on deeptech startups originating from universities (across the whole of Poland, not only from Warsaw University of Technology).
• The main thesis of the fund is: each team has to be founded by university graduates and will stay in Poland.

We’re offering an alternative: through our contacts with the school we have direct contact with world leading research teams. If there’s a synergy between a team and a startup then we can quickly help to solve this technical issue,

Robert Sitnik, general partner of WUT IF, commented.

• Apart from the capital, the VC fund will also provide the startups with expertise and access to university’s scientists and research groups.

About Warsaw University of Technology

The Warsaw University of Technology is one of the leading institutes of technology in Poland and one of the largest in Central Europe. The university is the co-founder of the VC fund, but it doesn’t have any power over its operations. The VC fund claims it will take from 5 to 20% equity in startups, and insists that it’ll be in the line with the market.

• Lezo.io is a platform that greatly simplifies the job search for companies and candidates. With the help of an AI algorithm, Lezo.io cuts out the superfluous and offers only those job offers or resumes that match the specific requests.
• Thanks to this, a company can find the right person by processing a much smaller number of profiles, and candidates are communicated with only when the vacancies meet their expectations and skills.

During the year of beta testing, Lezo.io achieved the following results:

• every seventh match ends with an invitation to an interview;
• 16,000 creative and tech talents in the base of various levels (from seniors to juniors);
• 550 partner companies seeking and returning candidates.

This is the embodiment of the skill-first approach in hiring, which is already a global trend. We launched a beta through a chatbot, thanks to which we can quickly improve the algorithm and give higher accuracy. By the end of the year, the match percentage will change from 1/7 to 1/5. And a convenient platform will appear,

Oleksandr Tregub writes.

The startup plans to enter one foreign market in 2024 and attract investors at further stages of development. Earlier, Project Institute announced its expansion into the Polish market. You can read the newspiece here:

• This wearable collar device connects to mobile networks, collects data and gives updates on your pet’s location, routes, activity goals straight in the app.

• With the help of the tracker, you can set up virtual fences, safe zones and get alerts if your buddy ventures too far.
• The Petcube GPS Tracker sports an LED light, a special beeper for extra cues. It is packed in a IP67-certified durable water-resistant body and wrapped up in a flexible silicon case that glows in the dark.

With the new device, Petcube is evolving beyond cameras and continues to build a holistic platform for modern parents, where hardware, data, and content meet. Pet parenting is better with tech,

Andriy Klen commented.

In November 2023, the company launched a new generation of compact cameras for animals, the Petcube Cam 360.

 Information about the final closing of Practica Venture Capital III

• Practica will continue to support early-stage tech startups in Lithuania, Latvia, and Estonia. The strategy is equipped to deploy up to €3 million in initial tickets and support winning companies up to €8 million over the fund’s lifetime. The fund has already deployed over €10 million and backed 6 companies, such as Heavy Finance, Sentante, Amlyze, and Breezit.
• The final closing was completed with the European Investment Fund joining as a lead investor. European Bank for Reconstruction and Development, SEB Investicijų Valdymas, and Investicijų ir Verslo Garantijos joined Swedbank Investicijų Valdymas and Swedbank Investeerimisfondid as anchor investors.
• Institutional capital comprised more than 80% and returning capital more than 70% of the commitments. The fund was also supported by many individual LPs, such as the co-founders of Lithuanian unicorns Vinted, Nord Security, and other tech companies, including several Practica Capital previously backed startups.

Practica Capital remains focused on technology investments in SaaS, marketplaces, and deep/industrial tech. To date, Practica Capital has an AUM of more than €130 million and has invested in over 60 companies.

The European Investment Fund is part of the European Investment Bank Group. It focuses on supporting Europe’s small and medium-sized enterprises by helping them access finance. The EIF designs and develops venture and growth capital, guarantees, and microfinance instruments that specifically target this market segment.

About SMOK Ventures II Fund

• SMOK Fund II has already invested in 12 startups from Poland, Ukraine, Czechia, Croatia, Bulgaria, Latvia, Serbia, and Bosnia. Among them are 57hours, a Croatian marketplace for tourists seeking non-standard trips, and Gotiva, a Polish-Bosnian graphic developer startup.
• The fund aims to supports startups from Central and Eastern Europe at pre-seed and seed investment stages which work in software development, game development, and artificial intelligence. The ticket amount is from $100,000 up to more than $1 million.
• According, to SMOK Ventures, the first close of Fund II was in 2022 and remained unannounced. The latest close of the fund was finalized on the 23rd of January. PFR Ventures, a Polish finance institution dedicated to fund investments, joined as a key limited partner.

We started deploying capital from the beginning of 2023, which means we are already working with teams. Over the past year, almost 300 Ukrainian teams entered our pipeline. In total, during 2023, we reviewed over 1,200 startups from the CЕЕ and have already made three investments in Ukrainian Finmap, Workee, Masthead Data.

Oleksandr Yatsenko, Principal at SMOK Ventures. 

• The main goal in 2024 for SMOK Ventures is to secure at least 10 new projects. Poland will remain its primary market.

PFR Ventures, part of the Polish Development Fund, fully owned by the Government of Poland supported SMOK II, and had previously invested in SMOK I. It claims that startups from the first fund’s portfolio are already generating over €31 million revenue annually and employing more than 650 people.

SMOK Ventures is one of the 20 most active Polish VC funds in 2023, according to AIN.Capital. Its global network of funds has over $400 million under management. The fund is co-managed by Paul Bragiel, Diana Koziarska, and Borys Musielak. 

• Established in 2023, modue is a modular control station designed to revolutionize the way users interact with their digital environment. The startup offers customization and control, allowing customers to tailor their interactions to their specific needs. The format of modue is a series of magnetically connected, customizable modules that aims to enhance efficiency and creativity in digital tasks.

The Kickstarter campaign offers various product combinations starting from €119 for the main module. The modules available during the campaign are:

• One Touch: module with touch screen and customizable widgets, main module;
• Slide: motorized linear potentiometer and touch screen for precise control;
• Click: equipped with four mechanical buttons with RGB LEDs and a magnetic switch;
• Spin: three knobs with RGB LEDs, with a click option.

Each module is designed with two-way connectivity, supporting both users who want it on the left or right side of their desk. This helps to adapt it to each workplace or entertainment.

The goal of the modue is to seamlessly integrate into users’ digital lives, making interactions with technology more intuitive and efficient. It is a kind of center for managing the universe,

Jakub Popowski, CEO of modue, said.

The Kickstarter campaign for modue is set to go live on 23.01.2024 and will run for 34 days. This is limited-time campaign that offers an opportunity for backers to be among the first to experience modue and contribute to its final development stages.

As part of the fundraising, we raffled off prizes from our partners — Master of Code Global, Mate academy, and Uklon. The latter raffle — Apple MacBook Air 15.3″ M2 2023 — will last until February 26, we will also direct the additional funds collected to the needs of the strike drone company.

We will publish detailed statistics and a report on the transfer of drones after February 26.

The Ukrainian-made drones that we have purchased are called “Hummingbirds” made by TAF Drones. They have good protection against EW and, according to the soldiers, will help them with combat missions.

• You can donate via Monobank, by following the link.

This video shows an example of how “Achilles” is currently working on the Bakhmut direction in the Donetsk region. Your donation can bring the release of new videos closer — and the breakdown of the equipment and fortifications of the Russian occupiers.

About the fund

• The new fund will invest in cleantech startups in the Baltic and Nordic countries, but at first, it will focus on helping out Estonian companies. 2C Ventures will focus on startups developing new technologies in renewable energy, waste reduction, water management, circular economy, and other clean technologies.
• Initially, investment per company will range from €250,000 to €1 million, depending on the development stage of the company. According 2C Ventures, it aims to help the world tackle climate change, improve capital availability for cleantech companies, and establish climate-neutral economy as a competitive advantage for Estonia.

2C Ventures will be managed by four partners:

• Herty Tammo, the founder of Startup Wise Guys;
• Hendrik Reimand, the former investment specialist at Livonia Partners and head of finance of the Estonian Katana Technologies;
• Taavi Veskimägi, the former Minister of Finance and CEO of Estonian electricity and gas TSO Elering;
• Martin Koppel, the co-founder and CEO of Fortumo.

Research intensive companies, especially those with a hardware component, are key to developing new technologies to address climate change. However, such companies have a longer development cycle and are more capital intensive than software start-ups, which is why they have had a much harder time raising external capital. We see many strong teams with ambitious ideas in Estonia and the nearby countries and we want to help them reach the global market,

said Hendrik Reimand, a partner of 2C Ventures.

• SmartCap, the Estonian state investment branch, invested €20 million in 2C Ventures fund as an anchor investor. Other investors are mainly Estonian entrepreneurs from the technology, energy, construction, and forestry sectors.

• Launched in 2021 by Taavet Hinrikus, Ian Hogarth, Sten Tamkivi, and Khaled Helioui, Plural Platform is a European investment platform “set up for the unemployables”. The firm invests serious time and capital in a new wave of world leading tech companies from Europe.
• Since the launch, Plural has made a total of 26 investments into the startups, including:
  • Proxima Fusion, a German fusion energy company;
  • KOOS, a Tallinn-based SaaS platform;
  • Unitary, a London-based startup working in the field of visual content moderation;
  • Arbonics, an Estonian carbon and ecosystem platform.
• The firm focuses on such industries as: 31% are in AI, 16% are “frontier tech”, and 14% are climate tech. 23% of its portfolio companies have female founders and more than half of its portfolio is led by women or minority founders. The firm claims that each partner has been doing two investments per year, typically with an amount of €1 million-€15 million into early-stage European companies.

We’ve now raised €660 million in total to back important missions and have a GDP-level impact in Europe, address systemic risks and reduce the opportunity gap worldwide through the companies we back. Thanks to everyone who has been part of the Plural journey so far. We’re just getting started!

Plural team commented on their LinkedIn page.

Plural LPs include US and UK university endowments, US foundations and insurers, strategic family offices from Europe and the US, and global VC funds of funds. According to Plural, with their help the firm aims to achieve the goal it set out in 2022: having GDP-level impact on Europe.

The applications are free and open until the 31th of January, here.

What the participants get from the program?

• Knowledge to fast-track the growth of their business idea and learn from more experienced individuals;
• International experience in the EU;
• A financial support from the European Union during the exchange period to support travel and cover living costs.

Who can participate?

• New entrepreneurs: Ukrainian residents in Estonia, firmly planning to set up their own business or have already started one within the last three years.
• Host Entrepreneurs: Ukrainian and European experienced entrepreneurs residents in Estonia, who own (for more than 3 years) or manage a Small or Medium-Sized Enterprise in one of the participating countries.
• Participants must also provide a сurriculum vitae (preferably in English), motivation letter (also in English); and a business plan. The application process is online.

For the first time, Estonian Startup Wise Guys Foundation has been selected as a partner in a consortium that supports the goals of the EYE program. In particular, the Foundation has been selected for the cycle 14, project named “EYE TO THE FUTURE UKRAINE”, which aims to support Ukrainian future New Entrepreneurs, affected by the military aggression of russia.

In addition, Erasmus for Young Entrepreneurs promotes exchanges of Ukrainian new entrepreneurs via 5 specific projects.

• The web version of Incredible Tech already includes 95 promising IT companies and 22 IT products in the DefenceTech, AgroTech, CyberTech, EdTech, FinTech, HealthTech, GovTech, and other sectors.
• In general, the online version of the catalogue will allow to expand the list of project participants and quickly add new Ukrainian product IT companies or IT products made in Ukraine that meet the requirements.

“The Incredible Tech catalogue is proof that the technological landscape of Ukraine has a significant impact on the global IT market. Ukrainian IT companies are already part of the global technological world and offer sought-after and unique products and solutions that, even despite the war, attract investments and develop successfully. Our task is to support these Ukrainian companies, as well as to help potential investors make the right choice,”

Maria Shevchuk, Executive Director of the IT Ukraine Association, comments.

• The catalogue will continue to be actively presented among international partners, diplomatic institutions, and associations as well as at large-scale international IT events in 2024.

Incredible Tech was developed by the IT Ukraine Association jointly with the Ministry of Digital Transformation of Ukraine, the Top Lead agency, and Weblium.

• The initiative was launched by Unicorn Nest and Innov8 with the support and funding from the USAID program “Competitive Economy of Ukraine”.
• The purpose of the program: to select 10 Ukrainian startups who already have a market-accepted product.
• Target audience: startups with a monthly income of around $20,000-50,000 and a development strategy to grow faster through a round of $1 million and above.

What does Fundraising Lab offer?

One of the key problems that Fundraising Lab will deal with is the lack of investment due to the limited overview of funds and the lack of experience of Ukrainian startups. The initiators of the program are ready to provide selected startups with effective communication with approximately 200 target funds.

This is a great time to start preparing for the spring fundraising window (January — July 2024). The startups can apply by following the link here.

• Founded in 2014, Innovestor’s portfolio in the Nordics includes approximately 100 growth companies across multiple sectors of technology and life science & health. The fresh fund aims to support early-stage investments in Finland and fostering diverse Nordic investment ecosystem.

“Especially in today’s market climate, where there is a strong demand for financing, the introduction of a novel investment approach like the Angel CoFund couldn’t be more timely. This new fund enables us to greatly ease the early-stage funding landscape for emerging Finnish startups on a broad scale,”

 Wilhelm Lindholm, CEO of Innovestor commented.

Some key features of Kanssasijoitusrahasto fund:

• Business Finland Venture Capital joins the capital;
• Collaborative investments with groups of angel investors;
• A goal to invest in approximately a hundred Finnish seed-stage companies;
• Initial investments ranging from €50,000 to €300,000, aligning with the investment amounts of angel investor groups in the first round;
• Sector-agnostic, but with primary focus on companies promoting green transition and sustainable development;

In February 2022, Innovestor already launched €60 million fund to invest in Baltic and Nordic startups. It was the company’s fourер VC fund, worth a total of €190 million.

The first in line is the Female Founders Fundraising Academy (FFFA) program, a complimentary 8-week educational program, sponsored by Visa Foundation. It offers practical knowledge focused on fundraising, capital acquisition planning, preparation for discussions and negotiations with investors, developing startup valuations, and legal aspects related to this process. Each participant will have access to 25 hours of training and 6 hours of 1-on-1 mentorship.

Recruitment for Female Founders Fundraising Academy has already started and will be open till February 11th, 2024, here.

Who can apply?

• Female founders with Polish or Ukrainian citizenship.
• Have experience in running their own business.
• Have a startup that is ready to scale.

What can founders get?

“Through the educational programs we have prepared, we aim to support access to knowledge and thereby foster the development of entrepreneurial women from Poland and Ukraine,”

Monika Synoradzka, CEO of Huge Thing, comments.

• Founders will receive 25 hours of training divided into 3 areas: improving business mode, VC workshops, and creating a “go global strategy”.
• 6 hours of 1-on-1, where an experienced mentor will help assimilate the new knowledge and apply it strategically to your business.
• Access to Huge Thing Mentors, Experts, and Partners network, as well as other networking opportunities.
• Increased visibility in the CEE startup ecosystem.
• Invitation to Female Founders Club, a space for alumni where Huge Thing will provide extra activities

Program timeline

About Huge Thing

Huge Thing was established in 2012 by SpeedUp Group to support the development of the startup ecosystem in Central and Eastern Europe. It was one of the first operational
acceleration program operators for startups in Poland. Today, besides supporting
innovation creators in business development, the Huge Thing team utilizes its expertise to assist organizations from both the private and public sectors in innovation management.

• Failup Ventures was established by Jesse Heikkilä, Oscar Andersin, and Topias Soininen, and invests in US and Nordics based pre-seed and seed stage startups in future of work, software infrastructure, dynamic marketplaces, future of consumption and commercial climate tech. Failup Ventures has already made three investments into early-stage teams from its fund.
• The venture capital firm has offices in Helsinki and New York. Its first investment typically ranges from $200,000 to $1 million, with the possibility of greater tickets later on.

“We are thrilled to launch Failup Ventures as the first-ever Finnish VC fund to have its core foothold in the US as well, Our global approach and grassroots networks enable us to identify truly promising early-stage teams and support them from the start. Many of our previous investments have received follow-on investments from renowned firms like A16Z, NFX, General Catalyst, and Tiger Global. This is a testimony to our understanding of truly brilliant teams and efforts in grassroots work.”

Topias Soininen, co-founder and General Partner at Failup Ventures. said,

• Business Finland Venture Capital Oy acted as the anchor investor in Failup Ventures’ new fund. The fund’s target size has been set to €50 million.

• The first Nova Post office is located in Budapest at 1066, Teréz. körút 8;
• Customers can receive and send documents, parcels, and cargo up to 100 kg to Ukraine;
• The branch works every day. The delivery time from Ukraine to Hungary is from 5 days, and the cost is:
  • Documents — UAH 250;
  • Parcels up to 2 kg — UAH 400;
  • Parcels up to 10 kg — UAH 600;
  • Parcels up to 30 kg — UAH 1,200;
  • Cargo from 30 to 100 kg — UAH 40 per kilogram.

The company added that delivery by Nova Post couriers to any address throughout Hungary is also available. Customers can order a courier through the website or mobile application and pay for it additionally + UAH 100 for shipments up to 30 kg or + UAH 250 for every 100 kg.

Earlier, Nova Post expanded to Latvia, opening a branch in Riga. The company’s website also contains information that Italy, France, and Austria will be the following countries to be launched.

• Founded by Maria Wasastjerna, Eerik Paasikivi, and Axel Ahlström, Kvanted focuses on early-stage industrial technology startups in Northern Europe. With a mission of building a more sustainable and efficient industry, Kvanted connects traditional industries with innovative technology startups. 
• The firm invests in both hardware and software alike, as well as service companies developing new solutions for the industrial value chain, with a strong focus on industrial automation, sustainability, and supply chain resilience. Kvanted positions itself as one of the accelerators of the next industrial revolution.

“There has been no early-stage investor like Kvanted in the Nordic market, and we are responding to this demand with an industrial technology fund. Our goal is to quickly grow into the leading early-stage investor in the Nordics for technology companies that are transforming the industrial value chain.”

Maria Wasastjerna, Kvanted’s founding partner

Kvanted’s first investments from the new fund are €4.8 million round for Estonian Fractory and €1.5 million round for Dutch-Finnish Resoniks:

• Fractory has been trading since 2017 and was founded by Martin Vares, Joosep Merelaht, and Rein Torm. The company improves the metalwork production chain. Customers rely on Fractory for series manufacturing, project manufacturing, and prototyping. Fractory employs 80 people across its offices in Estonia, Finland, and the UK. The company aims to optimize machinery usage by distributing jobs based on manufacturer availability, lead time, expertise, and capabilities.
• Launched in 2022 by Felix Wassmann, Fabian Oberndorfer, and Isaac Kargar, Resoniks is a company developing AI-powered acoustic analysis of metal components. With Resoniks, companies, especially in automotive and maritime, can identify defects invisible to the human or machine eye, reducing waste and energy consumption. After the investment, Resoniks became the new brand name of SUPPLYZ.

“Our first investments, Fractory and Resoniks, are prime examples of industrial technology companies with mission-driven teams. Both companies are reinventing processes to enhance industrial efficiency and demonstrate immense potential in improving the industrial value chain. We are thrilled to work with the best entrepreneurs from the get-go”

Axel Ahlström, Kvanted’s founding partner

The fresh fund will invest in around 20 companies, with initial investments ranging from €0.5 to €3 million and a longer-than-average investment term to align with the longer development cycles in the industrial domain.

• Nova Post’s first office in Latvia is open daily at the address: Riga, Tērbatas iela 30, Centra rajons, Rīga, LV-1011. Through the office, Latvian customers can send and receive documents, parcels, and cargo of up to 100 kg.
• Delivery from Ukraine to Latvia will take five days or more, and the cost is:
  • Documents — UAH 250.
  • Parcels up to 2 kg — UAH 400.
  • Parcels up to 10 kg — UAH 600.
  • Parcels up to 30 kg — UAH 1,200.
  • Cargo from 30 to 100 kg — UAH 40 per kilogram.
• Nova Post also offers its courier delivery to any address across Latvia. Customers can order the courier through the website and mobile application. The delivery or pick-up of the shipment by courier from any address will be provided for an additional charge of +100 UAH for shipments up to 30 kg or +250 UAH for every 100 kg.
• Nova Post has already opened 68 branch offices in Latvia, Estonia, Lithuania, Poland, the Czech Republic, Romania, Germany, Slovakia, and Moldova.

Recently, one of the Ukrainian terminals in Kharkiv was attacked by a Russian rocket, killing 6 employees and injuring another 16:

• The USA is the third country after Ukraine and Spain where Preply has physical offices.
• The company has about 600 employees in 30 countries in Europe, Africa, Asia, Latin America, and the United States, the company told the journalists. According to the startup’s forecasts, at least 25 employees will work in the American office by the end of the year. The company added that since July 2022, their team has increased by more than 20%.
• Chief Brand Officer Sofia Tavares and Chief Revenue Officer Jerry Kingkade have joined the US office team.
• Preply plans to expand its presence in the US, writes Forbes, quoting Kingkade: “Up to 75% of working Americans believe that foreign language skills are important to their career opportunities. As we launch our US presence in New York, we look forward to gaining momentum, serving the needs of this working-age population, and playing a role in filling a specific vacancy in the labor market.”
• Currently, about 40,000 tutors with students from 180 countries use the platform. Most students are from the USA, Germany, Poland, Great Britain, and Canada.

Rebranding

In addition to launching the new location, Preply also announced a rebranding and a new visual style for the project. The new look of the brand was developed by the London agency Koto.

“Continuing with our brand idea, repetition has become a key component of our visual identity. We use it as a graphic tool to reinforce the concept of practice, progress, growth, and transformation. This is perfectly reflected in our logo, typography, and use of illustrations,”

Sofia Tavares, marketing director, commented on the new visual style.

What is the Preply valuation?

EdTech startup Preply, founded in 2013 by Ukrainians Kyryl Bigai, Serhii Lukianov, and Dmytro Voloshyn, has been growing rapidly. Over the past three years, the company’s revenues have increased tenfold due to user experience improvements for both teachers and students.

In July 2023, Preply raised $70 million in the form of equity and loan capital, these funds became part of the C round, the total amount of which is $120 million.

Despite the fact that the co-founders do not disclose the valuation of the company, according to the trusted website Pitchbook, it may be worth $440 million as of July 2023.

• The European service Dealroom indicates that Preply’s current valuation is $432 million. It is assessed considering the entire C round of $120 million.
• At the same time, CBInsights wrote that Preply’s valuation was close to $400 million as early as of 2022, after raising $50 million.

Earlier, the uninvolved investors were interviewed by the editors of AIN.Capital, reported that after the last round, Preply’s valuation exceeded $500 million and may be in the $500 million — $600 million range. According to one of the interviewees, the company’s valuation may even exceed $600 million. Considering the fact that Preply did not even have time to use the funds from the previously raised $50 million and is currently an attractive business for investors.