Riga-based logitech startup Viangoo raised €57K from Latvian state-owned development finance institution Altum

Latvian bulk cargo shipping delivery platform Viangoo raised €57K from state-owned development finance institution Altum.

Founded in Riga in March 2023 by Pēteris Kļaviņ, Viangoo is a platform for ordering and delivering construction materials. The platform allows construction companies to organize their freight traffic, and retail or business customers make orders for materials and track them through the platform or an application. The startup helps organize the transportation of sand, crushed stone, dolomite, black earth, granite, building rubble, and other construction materials. 

After registering in Viangoo, the customer has to specify the type and volume of cargo, select the type of transport, delivery address, and due date. Then, he should select the most suitable offers, confirm the order, and track the order in the application. The customer can see the location of the cargo, loading time, exact volume, freight shipping documents, and delivery time. After each order, he will receive a cargo delivery report that can be converted to PDF. 

According to the company, Viangoo has 150 vehicles and 2,4K users registered on the platform. It has achieved €1.6M of turnover since launching the platform.

The startup will use the investment to develop its mobile application. In 2024, it plans to expand to Lithuania and Estonia.

Altum is a state-owned development finance institution, which invests in venture capital funds and offers loans, credit guarantees, etc. Recently, Altum announced the selection of a startup capital fund manager and a growth stage fund manager, which will invest in Latvian and European Union startups. The startup capital fund manager will invest €12.4M in startups and the growth stage fund manager will finance growth-stage companies already operating and working for profit with €24.8M.