Lithuanian tech startup Traxlo raises €1.6M

Lithuanian technology startup Traxlo has raised €1.6M from Coinvest Capital, Bad Ideas Fund, Plug and Play, NGL, DEPO Ventures, and existing investors. The funds will be used to expand the startup's infrastructure in Central and Eastern Europe.

Traxlo is a platform company that allows people to earn money by performing small tasks at nearby grocery stores. The startup works with 60% of Europe's largest retailers, including brands such as REWE Group, Zabka and others. Traxlo was founded in Vilnius, Lithuania in 2019. The founders of the startup are Paulius Vėželis ir Almantas Zemblys.

Coinvest Capital, an early stage venture capital fund established in 2018 by the national development bank ILTE, invests EU and Republic of Lithuania public funds, in promising Lithuanian startups. The managing director of Coinvest Capital is Viktorija Trimbel.

BADideas.fund is a Latvian fund, launched in April 2022 by Raimonds Kulbergs. It focuses on pre-seed and seed-stage startups from Baltics and CEE region. The typical ticket size is €50K-150K. The fund has more than 40 business angels, founders, executives, and employees of Bolt, Vimeo, Printify, PandaDoc, Pipedrive, and others.

Plug and Play Tech Center is an American venture capital firm founded in 2006. The fund's goal is to promote technological development by connecting startups, corporations and investors around the world.

NGL Ventures was founded in April 2024 in Lithuania by former LitBAN Managing Director Justinas Pasys and Ieva Dargyte-Pasiene as a family business. There are 92 members in the network. NGL has placed eight advisory board members in four startups.

DEPO Ventures is a venture capital firm founded in 2016 in Prague, Czech Republic. The company invests in early-stage startups in Central and Eastern Europe and the Baltic region.