Startups from Estonian county Ida-Viru increased their turnover by 107% in H1 of 2024

Startups from Estonian county Ida-Viru have increased their turnover by 107% in the first half of 2024 compared to the same period in 2023. 25 startups from this county achieved a turnover of €2.7M.

DGTal Solutions, a provider of legal, technology, and reporting solutions for content creators, had the highest turnover at €1.2M. PROSW Analytics, which develops a media scanning tool that helps companies extract risk-related news about their clients/counterparties, and the travel startup RHOMTRIP achieved a turnover of €400K. Gaming platform Friedegggames - €200K.

Compared to Ida-Virumaa, startups from Tartu and Parnu counties had a significantly lower turnover. In Tartu, the total turnover of startups in the first six months of 2024 increased by only 8% to reach €111.7M, while in Parnu County it even decreased slightly by 3% to €4.7M.

Startup Estonia is a government initiative that supports the development of the startup ecosystem, participates in organizing events, educates local investors, and attracts foreign investors to Estonia.

More

Tallinn-based provider of subscription service for variety of business ventures Fairown raises €5.7M

Image
Tallinn-based provider of subscription service for variety of business ventures Fairown has raised €5.7M in a seed extension round. The funding round was led by Munich-based VC BonVenture, with support from existing investors Neosfer (the early-stage investor and innovation unit of German Commerzbank Group), STIHL Ventures (the corporate venture arm of STIHL), and Austria’s Gateway Ventures. Founded in 2018 in Tallinn by Hendrik Roosna and Taivo Turnpu, Fairown provides a solution that allows banks, brands, and retailers to offer their products through a subscription-based model, with a pay-later approach. This system helps companies transition to a product-as-a-service model, allowing customers to access products regularly without having to purchase them outright. Additionally, Fairown facilitates the management of product renewal cycles by encouraging customers to return used products to the seller instead of sending them to landfills or reselling them. For instance, customers who wa
Read more »

Lithuanian AI-powered digital math tutor Alfa Space raises €315K

Image
Lithuanian AI-powered digital math tutor Alfa Space has raised €315K from Lithuanian business angels. Founded in 2024 by Paulius Serva, Vilius Jastremskas, Tomas Sipko, and Emilija Platukite, Alfa Space is developing a personalized math tutoring platform based on artificial intelligence.  Alfa Space helps to coordinate the math learning process and answers students' questions. The virtual assistant also explains the rules and presents the solution to the task or the desired topic, including the topic of the VBE (standardized math exam for high school students in Lithuania). The platform contains motivational content, videos, theoretical presentations, and others. It can assess the child's skills, identify gaps, and shape the learning process. In addition, the platform provides recommendations for the development of specific skills. The Alfa Space platform can also be used by teachers for free lesson preparation, homework, test writing, and other functions. According to the co
Read more »