Estonian Xolo raised €3M

Estonian business software for freelancers and individual entrepreneurs Xolo (former LeapIn) raised €3M from existing investors Estonian investment firm Karma Ventures, Finnish Vendep Capital Fund, Jaan Tallinn’s investment firm Metaplanet, and 15 other investors. Xolo secured financing in the first and second quarters of this year.

Karma Ventures backed the startup with €700K, Vendep Capital Fund - with €416K, and Metaplanet - with €300K. The startup expects to raise more investments this year.

Founded in Tallinn in 2015 by Mikko Teerenhovi, Urmo Pärg, and Erko Hansar, Xolo offers its users six business solutions. One of them, Xolo Go allows users to generate VAT-compliant invoices in several currencies, send invoices from the Xolo business dashboard, collect payments, reimburse business expenses, and withdraw earnings to their personal bank account.

The company’s clients are freelancers, such as software developers, IT experts, business consultants, marketing and sales professionals, designers, writers, and translators. Xolo has 130K clients from 150 countries. It employs more than 100 people.

Founded in 2016 by Kristjan Laanemaa, Margus Uudam, and Tommi Uhari, Karma Ventures is an early-stage venture capital firm, investing in late seed and A-series European startups. The firm injects up to €5M in the initial round and also makes follow-on investments in later rounds.

Metaplanet is an early-stage investment firm of Skype’s founder Jaan Tallinn. Its portfolio comprises 175 AI, biotech, crypto, healthcare, transportation, and other companies.