Estonian CryptoSwift raises €510K

Estonian startup CryptoSwift has raised €510K in a pre-seed round. The round was backed by early stage investors Startup Wise Guys, Tenity, DEPO Ventures and a group of business angels. CryptoSwift will use the funds raised to expand its team and accelerate the adoption of its platform in the EU.

CryptoSwift is a startup founded in Tallinn, Estonia in 2022 by Indrek Ulst. It provides Travel Rule compliance solutions for the crypto industry. The platform developed by CryptoSwift enables secure data transfer between virtual asset service providers (VASPs) and helps to comply with FATF guidelines and MiCA regulations. The startup has already partnered with industry players such as AML Watcher, Global Ledger, Scorechain and Fraud.com. Early customers include Change Invest, Crypto2Cash, Crypto Voucher and others.

Founded in 2015 in Zurich, Tenity is an investment platform that backs fintech startups and also offers innovation services to large companies. It runs incubation programs in Zurich, Madrid, Singapore, and Tallinn. Tenity invests in fintech, insurtech, regtech, deep tech, web3, sustainable finance, legal tech, or crypto finance startups with solutions or use cases for the finance or insurance sector.

Launched in 2012, Estonian Startup Wise Guys is an accelerator that invests in early-stage startups from the Baltic, Central European, and Africa n regions. Startup Wise Guys typically invests up to €500K per company through multiple funds that manage €45M and are backed by more than 150 investors. The CEO of Startup Wise Guys is Cristobal Alonso.

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.