The IPO of the shares of Estonian AI startup Grab2Go ended
The initial public offering of an Estonian autonomous store technology startup Grab2Go ended on 6 June 2023.
The company intended to sell 992K shares (1.091M if oversubscribed) for a total amount of €1,2-€1,32M and with the price per share amounting to €1,21. But during the offering, only 282,9K shares were subscribed by 872 investors for a total amount of €342,4K. So, Grab2Go's stock subscription was only one-third full.
Grab2Go was founded in Harjumaa in 2020 by Mart Viilipus, Reio Orasmäe, Ago Mõlder, and Lauri Kiivit. It has developed autonomous store technology based on artificial intelligence. In the automated store, one can buy things without the shop assistant, including age-restricted products. The owner can control the store at a distance on the customer’s portal, for adjusting and monitoring temperature zones or running video call logs.
The startup will use the proceeds from the offering to increase production and sales capabilities and develop the technology. Grab2Go's shares will be traded on the alternative stock exchange First North, and the first trading day will be on or about 13 June 2023.
Grab2Go's IPO is an exit for the previous investors of the startup, such as Madis Müür, and Jaak Roosaare. They participated in a €750K round of investments in February 2022. Among other investors are Estonithe a syndicate of EstBAN angel investors, with the leading investor Mait Sooaru (a Board Member of EstBAN). They backed Grab2Go at €300K in December 2022.
