Estonian Bilance raised €300K

Bilance, an Estonian financial services company, raised €300K at the end of 2023. Estonian Specialist VC и Thorgate Ventures invested money in the project. Alvar Lumberg, co-founder of the Estonian startup Grünfin, also participated in the deal. The money will be used to continue its international growth and expand its technical team.

Bilance is an AI-powered mobile app that helps users automatically track their spending habits and take steps to improve them. The app is securely compatible with more than 1,000 banks across Europe, including all major banks in Estonia. The startup was founded in Tallinn in 2019 by Erik Vetemaa and Mihkel Vetemaa. Thorgate Ventures invested in Bilance in January, 2023.

Specialist VC is a venture capital fund supporting companies from the Baltic region, Finland and Ukraine. Usually, it starts financing from €250K. The fund started its work in Tallinn in 2017. At the beginning of 2022, Specialist VC launched a new €50M, which gets support from Estonian LHV pension funds and the European Investment Fund through the European Guarantee Fund and the Baltic Innovation Fund 2.

Thorgate Ventures is a seed-stage venture capital arm of Thorgate. It makes up to four investments per year. The amount of financing is usually up to €50K. The company co-invests with Estonian accelerator Seedcamp, Vestman Energia (invests in green technologies), and Alesco Ventures. Thorgate Ventures was founded in Tallinn in 2014.