Estonian startup Eurora's assets up for sale for €33M

Eurora's bankruptcy trustee Maire Arm has put Eurora's assets up for sale at the auction center: a customs technology platform - for €30M and its subsidiary company GTS - for €3M. Eurora's founder, Marko Lastik, has also been trying to broker a purchase or deal for these assets.

Founded in 2022 by Marko Lastik, Eurora develops an e-commerce suite of customs compliance tools. It simplifies all processes for small and medium-sized enterprises related to cross-border trade and logistics, tax collection and automation, and payment management. Eurora’s platform allows companies to fully automate global trade and compliance processes by assigning the correct Harmonised System (HS) code to e-commerce products through API integration. It calculates accurate sales and duties and generates electronic declarations for EU customs duties and other taxes.

In November 2023, the Estonian Harju County Court declared Eurora bankrupt. It had liabilities of at least €6.4M, including payroll liabilities. The management board estimated the market value of the assets at €2.5M. 

Eurora's subsidiary company GTS was active in logistics. In the summer of 2018, Marko Lastik made an offer of cooperation to Arle Mölder and Sergey Kolesnikov, the owners of Novira Capital, to become board partners as investors in GTS Group. The company had to manage freight trains operating from China to Estonia, which eventually didn’t start working. A subsidiary of Novira, Larix Partners, filed a lawsuit against Lastik’s company. It accused Lastik of using its investment for personal purposes and demanded the return of €400K it had invested in the company.