BalticVC

Venture capital firm Unmanned.vc funds tech startups that design and build drones. 

Details of the deal in the course of which Estonian fund Change Ventures acquired  7.4% of Latvian energy startup Engycell have become known. The startup has raised €420K, consisting of an initial investment of €250K from Change Ventures and €170K from European Union funds.

Estonian startup Muun Health , which deals with women's hormonal balance, has received €140K from the state to develop its biosensor system.

Markus Villig, founder and CEO of Bolt, has joined the board of directors of a Swedish fintech company Klarna . 

Estonian startup Blackwall (formerly BotGuard) has raised €45M in Series B, led by London-based venture fund Dawn Capital , with support from Estonian investment company Tera Ventures , UK-based MMC Ventures , Polish Expeditions Fund and Swedish Red Dawn Ventures .

Estonian sports club software development company MOBY   has announced a merger with Estonian software development service provider HEISI . 

Estonian startup Frankenburg Technologies has received  €4M in funding to develop anti-aircraft missiles. The investment came from two companies, Guernsey-registered fund Blossom Capital II LP and Cayman Islands-based Shellona Ltd., each invested €2M to the startup.

In the annual PitchBook 2024 Global League Tables ranking, Baltic venture funds FIRSTPICK , Coinvest Capital and Startup Wise Guys ranked  among the top three most active venture capital investors in CEE taking second and third place.

Estonian fintech startup Depowise has announced its expansion into the German market. 

Estonian fund Change Ventures has acquired a 7.47% stake in an energy storage solution provider Engycell . Change Ventures has not responded to BalticVC's editorial request for details of the deal.

Estonian fund Trind Ventures has invested in Finland-based accounting software provider SparkReceipt . The funding round was supported by the European Union through the InvestEU Fund and Business Finland. 

Estonian fintech company Hoovi   has received €8M from Finnish Multitude International Bank. The investment was made in the form of a structured bond issue, which will increase Hoovi's capitalization.

  Stargate Hydrogen , an Estonian manufacturer of innovative stacks and systems for electrolyzers, announced that it has successfully completed a Series A and raised €11M. The company's investors were Estonian state venture capital SmartCap Green Fund , Estonian UG Investments and Estonian real estate company Giga Investeeringud .  

Estonian fintech startup Cino   has raised €3.5M in a seed round led by London’s Balderton Capital. British Connect Ventures and Estonian Tera Ventures also participated in the round, alongside angels, including Barney Hussey-Yeo (founder of Cleo).

Israeli marketing software company Optimove has become the new owner of Estonian startup Adact . This is an exit for Estonian Business Angel Network  and Startup Wise Guys , which invested about $240K in Adact in several rounds. 

Estonian Startup Wise Guys has invested in Spanish Cloudtainer , which uses blockchain technology to control and track international shipments. In addition to Startup Wise Guys, Spain's Briseida Ventures, Nueso Group, Chile's Broom Logistic, Argentina's Koala Smart Business and private investors participated in the €218K funding round. 

GaltTec  from Tartu, a DeepTech startup, has successfully raised €1M. The round was led by the Estonian venture fund 2C Ventures with the support of Estonian companies DefCAP, Bitsick and ModulEnergy. In addition, GaltTec received grants from the Estonian Business and Innovation Agency, the European Space Agency Business Incubation Center, the Estonian Ministry of Defense, the State Shared Service Centre, and the NATO DIANA accelerator programme.

Estonian Trind Ventures has invested in Helsinki-based startup Bahn Express . The €920K funding round also included Finnish venture capital company Innovestor and renowned business angels. 

Venture capital fund Plural , founded by Estonian entrepreneurs Sten Tamkivi and Taavet Hinrikus, has led a $35M round in e-commerce logistics startup Relay . 

Estonian nanotechnology startup Gelatex has won second place in the international competition KPMG Global Tech Innovator 2024 . It beat out almost 150 competitors, but lost first place to Japanese company Thermalytica Inc.