BalticVC

Estonian fund Sunly Future Ventures (SFV), established by Erki Ani (co-founder of Estonian cleantech accelerator Beamline) and Rasmus Udde, has ceased its operations. According to Erki Ani, there were two reasons for this. The fund did not achieve the investment phase (first close) at the right time, although the founders raised €30M out of a target size of €50M. €20M was committed by its anchor investor Estonian SmartCap Green Fund, €5M - by Estonian independent electricity producer Sunly and the founders of Sunly Future Ventures, and about €5M - by other investors.

Tallinn-based platform Fusebox has raised €2.6M in its follow-on investment round from Estonian SmartCap , Czech Soulmates Ventures, and existing shareholders including Eneco Ventures (an investment arm of Netherlands-based energy group Eneco), and Poland’s bank PKO Bank Polski. 

Vilnius-based AI startup nexos.ai has raised €7.7M from lead investor London-based Index Ventures with participation from Swedish early-stage venture capital firm Creandum, UK-based Dig Ventures, CEO of Datadog Olivier Pomel, CEO of Klarna Sebastian Siemiatkowski, CEO of Supercell Ilkka Paananen, and CEO of Wix.com Avishai Abrahami.

Lithuanian Contrarian Ventures has participated in an €8.7M round of the Swiss developer of cleaner fuels for the aviation industry Metafuels . The round was led by London-based Celsius Industries, US RockCreek, Australia's Fortescue Energy Ventures, and Zurich-based Verve Ventures. The US investment platform Energy Impact Partners also joined the round.

Lithuanian payments provider ArcaPay  was acquired by financial technology company Ebury .

Estonian Elcogen has raised €5M from Tallinn-based SmartCap Green Fund. SmartCap Green Fund financial support complements the prior strategic investments of the US energy company Baker Hughes and South Korean Mirae Asset Global Investments in Elcogen. They backed the Estonian company with €31M in April 2024. 

After a successful 2024 edition in Malta, the EU-Startups Summit is excited to announce its return to the Mediterranean island for 2025! Mark your calendars for April 24-25, as the historic Mediterranean Conference Centre in Valletta will once again host Europe’s brightest entrepreneurial minds for two action-packed days of innovation, networking, and learning.