Iron Wolf Capital and Specialist VC invest in Scottish robotics startup Kingdom Technologies
Lithuanian Iron Wolf Capital, Estonian Specialist VC, founders of software developer Skype and Estonian mobility unicorn Bolt, and national economic development agency Scottish Enterprise have invested €1,6M in Glasgow-based robotics startup Kingdom Technologies.
Founded in 2018 by Estonian entrepreneur Joan Kangro, Kingdom Technologies designs electric lawnmowers that are smarter than traditional ones, preventing them from mowing the lawn in the same area several times. The startup uses mapping and positioning technology. Kingdom’s lawnmowers can be used on large areas and can cut up to 70K m² per week.
Over the past 1,5 years, the startup has grown its team to around 20 people. The company's solution is widespread in Florida, where customers use it to cut sports fields.
The company will use the investment to increase its fleet of robotic lawnmowers for large lawns and to develop a new model that can cut up to 100 mm of lawn and handle rougher terrains, for instance, in commercial campuses, parks and other large lawns in the US. The company plans to produce more than 100 machines in 2024.
By the end of 2024, the startup aims to raise €23.3M in a Series A and to grow its fleet to more than 1K robots.
As part of the deal, David Lane, who is a founder of SeeByte (provider of software solutions for Uncrewed Maritime Systems) and director of several businesses in the UK, US, Norway, and Hong Kong, will join Kingdom Technologies’ Board.
Among its previous backers are the founder of Estonian crypto company Change Kristjan Kangro, Estonian Superangel, and Jaan Tallinn’s fund Metaplanet. Kristjan Kangro is also a member of Kigdom's Supervisory Board.
Founded in 2018, Iron Wolf Capital is a Vilnius and London-based early-stage VC, that focuses on investment in AI, IoT, SaaS, Deeptech, Fintech startups, and marketplaces. The initial ticket ranges from €250K to €2M. The managing partners are Kasparas Jurgelionis and Zygimantas Susnys.
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. The founding partners are Riivo Anton and Gerri Kodres.
