Spring Capital invested in Estonian mobile car wash service UpSteam

Estonian Spring Capital invested in Estonian mobile car wash service UpSteam. A €150K extension round was backed by new and existing investors.

The first investment of the fund in Upsteam was in 2018. According to Spring Capital, the ticket size in follow-up rounds can be from €10K to €200K. The deal was closed in February. The funds were raised via a convertible note. In 2023, UpSteam plans to expand into 5 new European cities. 

In September 2022, the company also made a pivot from a mobile car wash service for private customers to a full-stack fleet care platform for shared mobility companies. Starting on March 21 it will completely close its old business model. The new model will offer the customers washing, fuelling, light maintenance, and other services.

Upsteam was founded by Martin Kristerson and Valjo Kütt in Tallinn in 2017. It operates in two Estonian cities, Tallinn and Tartu.

A venture company Spring Capital was established in Tallinn by Henry Treude in 2008. It has invested in Estonian-founded transportation company Bolt, Estonian-based smart pots Click and Grow, and Estonian solar-roof moduls Roofit.Solar and others. Recently it invested in Danish fintech Uniify. Spring Capital makes €75K-200K investments in startups from the Nordics and the CEE region.