Estonian investment platform Grunfin ceases operations
Tallinn-based investment platform Grunfin is closing its operations, the platform's founder Triin Hertmann wrote on her social network. The startup plans to refund its customers their invested money in the coming weeks and will send information about the next steps by e-mail. Although 98% of the startup's portfolios showed positive returns, the team found it difficult to attract new customers at scale.
Founded in Tallinn in 2020 by Triin Hertmann, Karin Nemec, and Alvar Lumberg, Grunfin is an investment platform focused on “green” investments (climate change, companies with female board members, and health). It builds a personalized portfolio for each customer by selecting sustainable exchange-traded funds (ETFs). Grunfin screens, analyzes, and evaluates sustainable funds worldwide so the customer's portfolio is diversified within industries, across countries, and, exposed to many large, global companies with high sustainability scores.
The company's investors include Estonian Specialist VC, Lemonade Stand, Superangel, Honey Badger Capital, Norwegian Norrsken VC, UK Sie Ventures. In January 2023, Grunfin's founders also participated in the investment round of their company.
