Danish Nordic secondary fund acquires a stake at Estonian Cleveron for €3,5M

Danish Nordic secondary fund acquired a stake at an Estonian technology company Cleveron for €3,5M. Founded in Tallinn in 2007 by Arno Kütt, Cleveron offers robotics-based parcel terminals and last-mile click-and-collect pickup solutions for rental and logistics sectors. In addition to developing hardware and software, it also provides training, support, and remote and on-site maintenance to its clients worldwide. 

One of the company’s solutions is Cleveron 501, which helps deliver groceries ordered from the online store in different locations. The retailers can install a robot next to the grocery store, in traffic hubs, or in business districts, so consumers can pick up their groceries easily.

Cleveron's clients are Inditex/Zara, H&M, Falabella, UPS, and DHL. The company has approximately 180 employees. In July 2023, Arno Kütt sold most of his shares at Cleveron. 

According to the open sources, 19,7% belongs to Cleveron's co-founder Peep Kuld through his company OSAÜHING Bagira, 17,6% - to Estonian investment company Sibo Invest (one of the owners is co-founder of Trind VC Ivar Siimar), and 15,6% - to Estonian investment firm Tera Ventures. 

Nordic secondary fund is a Danish fund established in 2018 by Peter Sandberg and Frank Lyhne Hansen. NSF buys secondaries (minority and non-public stakes) in Nordic and Baltic companies that completed series A, so the founders or early investors can realize their investments without relying on a future IPO or acquisition. N2F has already bought secondaries in the Baltics for more than €30M. Some of them are Lithuanian digital health & wellness company Kilo Health and Estonian Eurora, which develops an e-commerce suite of customs compliance tools, Estonian-Finnish real estate startup Bob W, Estonian investing platform Funderbeam, Riga-based loan platform Mintos, and others.

NSF invests from its €90M second fund, which it raised in April 2022. Over its history, NSF has secured more than €140M from 300 private investors/entrepreneurs and Family Offices in the Nordic/Baltic region.