Weekly Digest

VC news

🇪🇪 Askel.ai raises €380K to develop AI automation for SaaS task management. The Tallinn-based startup, backed by Superangel, enables users to manage workflows via natural language, reducing manual effort.
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🇪🇪 Bauhub acquired by Admicom for €6M to expand into the Baltic markets. The Estonian construction software will integrate with Admicom’s tools by 2025, offering an AI-powered project management platform.
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🇱🇻 Sellz acquired by theIntelligent VC founder Andrei Doktoroff. The Telegram store creation app will relaunch as a startup, focusing on improved customer support and fundraising.
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🇱🇹 Freya Cultivation Systems raises €500K to build a demo greenhouse near Kaunas. The agtech startup’s Aeroframe system optimizes crop growth with ultrasonic misting. Coinvest Capital and BSV Ventures led the round.
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🇱🇹 Masiva Group acquires Contribee, a fan subscription platform. This exit benefits Coinvest Capital, Startup Wise Guys, and angels who invested €250K. Masiva will continue Contribee’s operations with a new team.
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🇫🇮 Aisti raises €29M to produce sustainable acoustic tiles from wood fibers. Backed by Voima Ventures, Maki.vc, and others, the Jyväskylä-based company will build a factory in Kitee to launch Aisti Teno tiles by 2026, supporting eco-friendly construction.
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🇫🇮 Arctic Instruments secures €2.35M to advance quantum computing. The VTT spinout, backed by Lifeline Ventures, produces near-quantum-limited amplifiers crucial for scaling quantum computers with accurate qubit readouts.
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🇸🇪 Mynt raises €22M to expand SME spend management across Europe. Led by Vor Capital, the Stockholm fintech offers corporate credit cards and spend solutions, growing its customer base from 3K to 12K SMEs in a year.
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🇸🇪 Anyfin raises €13.5M to expand its loan refinancing services. The Stockholm-based fintech, valued at €250M, raised the round from existing investors to support growth despite a 25% drop in valuation since 2023.
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🇸🇪 Novatron Fusion secures €3M for fusion energy research. Backed by the EIC Pathfinder Program, the TauEB project combines magnetic, ambipolar, and ponderomotive confinement to enhance plasma stability for scalable fusion reactors.
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🇸🇪 The Intelligence Company raises €2.2M for AI-driven credit scoring. Founded by Jens Nylander, the funding from CoFounded Kapital and others will be used to acquire public data for smart business solutions.
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News (economy, finance & tech) and indicators this week by fff.vc team:

💰 Meta, Amazon, and Tech CEOs Invest $1 Million in Trump’s Inauguration – Tech giants are backing President-elect Donald Trump’s 2025 inauguration with $1 million donations. Notable contributors include Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, and OpenAI’s Sam Altman. Elon Musk, who invested $277 million in Trump’s campaign, remains a key ally. This shift marks a significant warming of relations between Trump and the tech industry.
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🚗 Amazon Officially Launches Online Car Sales with Amazon Autos – Amazon has entered the online car sales market with Amazon Autos, starting with Hyundai vehicles in 48 U.S. cities, including Atlanta, Los Angeles, and New York. Customers can browse, finance, and purchase new cars directly through the platform, with transparent, no-haggle pricing. Trade-ins are also handled, and more automakers and cities will join in 2025.
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📱 Apple Launches ChatGPT Integration with Siri – Apple has rolled out software updates for iPhone, iPad, and Mac, introducing ChatGPT integration with Siri. When Siri encounters complex questions, it will offer to use OpenAI’s GPT-4o model with user permission. The integration features privacy protections, and users don’t need an OpenAI account unless opting for premium upgrades. This marks a significant step for Apple Intelligence, potentially driving iPhone sales and positioning Apple as a leader in consumer AI.
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🏦 BlackRock’s Private Markets Push Set to Continue After $28 Billion 2024 Buyout Spree – BlackRock, the world’s largest asset manager, plans to expand further into private credit, real estate, and infrastructure after a year marked by major acquisitions, including HPS Investment Partners for $12 billion. With private markets becoming a strategic focus, BlackRock aims to compete with Blackstone and Ares Management in alternatives. Analysts predict “opportunistic” future acquisitions to bolster growth, though private equity may take a back seat for now.
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🔋Global EV Sales Hit Third Consecutive Record High – Global sales of fully electric and plug-in hybrid vehicles surged 32% year-on-year in November, reaching 1.83 million units. China led the charge, accounting for 70% of sales, while Europe saw a slight decline. The growing competition from China poses challenges for Europe and the U.S. auto markets.
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📉 Nvidia Falls Into Correction Territory, Down Over 10% from Record Close – Nvidia shares have entered correction territory, slipping 11% from their November high. Despite a 166% rally this year due to AI excitement, recent declines suggest profit-taking and market rotation. Meanwhile, competitors like Broadcom surged to record highs, highlighting shifts in investor momentum.
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VC news

🇪🇪 Sunly raises €60M to develop hybrid renewable parks in the Baltics. The Tallinn-based energy producer, backed by EBRD, Mirova, and Vardar, will expand its 30.3 GW solar and wind portfolio. Projects include a 244 MW solar park in Estonia and 553 MW of solar parks in Latvia, integrating wind and storage solutions.
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🇪🇪 Taavet+Sten rebrands to Skaala to reflect its growth and broader investment plans. Founded by Taavet Hinrikus and Sten Tamkivi, the Tallinn-based firm offers private equity, venture capital, and loans. Skaala partners with Plural for early-stage tech investments.
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🇪🇪 Dark Math Games secures investment from Margus Linnamäe’s MM Grupp to develop XXX Nightshift, a detective RPG. Founded by former Disco Elysium developers, the studio will use the seven-figure funding to enhance the project’s quality and artistic vision.
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🇱🇻 Capitalia invests in Estonia’s Siena Secondary Fund, facilitating access for private investors via a feeder fund. Siena’s €50M fund provides liquidity to early investors and founders of New Nordic growth startups.
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🇱🇻 Outlast Fund debuts new VC fund to support Baltic and Nordic startups. Founded in 2024, it focuses on pre-seed and seed investments in SaaS, fintech, cybersecurity, and e-commerce, with ALTUM as an anchor LP. 🚀
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🇱🇻 Lightspace Group acquired by Summa Defence Oy for its AR technology. The deal provides an exit for investors like BaltCap and HansaMatrix. Lightspace, known for AR glasses for defense and healthcare, will continue operations under its name.
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🇱🇹 Tech Zity Vilnius secures €37M to develop Europe’s largest tech hub. Backed by Bigbank, EfTEN, and private investors, the funds will support the first phase of the campus, set to open in 2025, offering 16.5K sqm of space for startups and tech firms.
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🇱🇹 Repsense raises €425K to scale its AI-powered reputation tracking platform, Adler. The Vilnius-based startup, backed by Coinvest Capital, Iron Wolf Capital, and BSV Ventures, helps businesses analyze media, detect fake news, and predict online perceptions.
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🇫🇮 Liquid Sun secures €4M to develop Finland’s first sustainable aviation fuel (eSAF) demonstration facility. The Tampere-based startup, backed by Voima Ventures, Failup, and Business Finland, converts CO₂ and water into synthetic aviation fuel using its proprietary low-temperature electrolyser. This technology supports EU goals for 70% sustainable aviation fuel by 2050.
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🇫🇮 Zero raises $2.7M to revolutionize CRM with AI-powered, zero-click automation. Founded by ex-Smartly.io execs, the Helsinki-based startup automates lead enrichment and outreach, replacing fragmented B2B growth tools with a unified platform. Backed by 20VC, the funds will refine its intuitive CRM solution.
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🇸🇪 Big Audience Machine lands €350K to streamline AI-driven content creation for small marketing teams. The Stockholm-based startup, led by Adam Chrigström, uses a proprietary “Playbook” system to ensure on-brand, engaging content at scale. Backed by Antler and other investors, BAM aims for a broader rollout in 2025.
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🇸🇪 Novatron Fusion Group secures €3M to advance fusion energy tech. Backed by the EIC Pathfinder Program, the TauEB project integrates magnetic, ambipolar, and ponderomotive confinement to enhance plasma stability. Collaborating with KTH, UKAEA, and EIT InnoEnergy, Novatron aims to make fusion energy commercially viable.
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🇸🇪 Telness Tech powers new MVNO in Nigeria through a multi-year partnership with VAS2Nets and Lebara. This venture combines Telness Tech’s automated platform, VAS2Nets’ local expertise, and Lebara’s brand to deliver affordable mobile services in one of Africa’s fastest-growing markets.
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🇸🇪 Emission Twin raises €800K to expand its platform for tracking and reducing greenhouse gas emissions. The Malmö-based startup uses digital twin technology to help businesses meet stricter EU sustainability reporting standards under CSRD.
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🇸🇪 Talentium secures €3.5M to revolutionize AI-powered recruitment. The Stockholm-based hiring platform, led by Sebastian Hjärne, raised pre-seed funding from EQT Ventures and angel investors. Talentium automates talent searches and candidate pipelines, reducing manual effort and ensuring GDPR compliance. The funds will drive international expansion and platform development.
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📈Baltic Public Markets Update:

Week 49 in the Baltic financial markets includes Lietuvos Respublikos Vyriausybė’s ongoing government securities auction and EfTEN Real Estate Fund’s public offering. Apranga and Tallink Grupp will release sales figures. Infortar has scheduled its dividend ex-date and record date, with the dividend payment date on December 12. Modus grupė has a coupon payment date, and SAF Tehnika will hold its annual general meeting. AUGA group has an extraordinary general meeting planned. Linda Nektar’s dividend payment date is set for December 5, while Arco Vara’s dividend ex-date and record date are on December 5 and 6, respectively.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🛰️ Ukraine Gains Access to SpaceX’s Secure Starshield Network – Through a Pentagon contract, Ukraine’s 2,500 Starlink terminals will now connect to Starshield, SpaceX’s encrypted military satellite system, enhancing security against hacking and jamming. The deal, signed in August, aims to bolster Ukraine’s communication capabilities through 2025.
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⚖️ Microsoft Faces £1 Billion UK Lawsuit Over Cloud Licensing Practices – Microsoft is accused of overcharging customers who use Windows Server on rival cloud platforms like AWS, Google Cloud, and Alibaba Cloud. The lawsuit alleges Microsoft’s pricing favors its own Azure cloud service, stifling competition. Thousands of UK businesses could be eligible for compensation if the case succeeds.
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🎥 OpenAI Launches Text-to-Video Model Sora for ChatGPT Plus and Pro Users – OpenAI has released Sora, its AI model that generates videos from text, to ChatGPT Plus and Pro users. Competing with tools from Meta, Google, and Stability AI, Sora allows users to create 1080p videos up to 20 seconds long. The feature, named Sora Turbo, is available at no extra cost, with tailored pricing expected next year.
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🚀 Elon Musk’s xAI Raises $11 Billion in Record Time – xAI, Elon Musk’s AI startup, has secured over $11 billion within 16 months since its July 2023 launch, surpassing the growth pace of OpenAI and Anthropic. The funds will help xAI purchase 100,000 Nvidia chips for a new data center, crucial for competing in the costly AI infrastructure race. As demand for AI-specific data centers surges, xAI is leveraging Musk’s name to stay ahead.
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🌐 Italy to Test Starlink in January to Expand High-Speed Internet Access – Italy plans to begin pilot tests with Elon Musk’s Starlink in January to help meet its broadband targets under the EU Recovery Plan. The initiative aims to bridge gaps in remote areas by combining satellite and fiber connections, with results expected by March. Concerns about cybersecurity and reliance on a non-EU provider have sparked criticism from opposition parties.
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🚗 Nearly 100,000 Volkswagen Workers Strike Over Wage Cuts and Plant Closures – Almost 100,000 employees across nine Volkswagen plants in Germany staged strikes to protest potential wage reductions and site closures. The IG Metall union warns of escalating action if the automaker continues with cost-cutting measures aimed at saving €4 billion.
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⚛️ Meta Plans to Add Up to 4GW of Nuclear Power by Early 2030s – Meta is seeking nuclear power developers to support its AI-driven energy demands and sustainability goals. The company aims to secure 1GW to 4GW of new nuclear capacity in the US by the early 2030s. This move aligns with Big Tech’s increasing power needs and the push for cleaner, more reliable energy sources.
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VC news

🇪🇪 Startup Wise Guys gains a stake in Nigerian fintech Rise. Estonian accelerator receives equity in Rise after its portfolio company, Kenyan fintech Hisa, is acquired. Hisa will retain its brand and operations, with key leaders transitioning roles.
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🇪🇪 Plural invests $4.6M in Cambridge-based Molyon, advancing lithium-sulfur battery tech. Co-founded by Estonian entrepreneurs, Plural leads the round for Molyon, which tackles Li-S battery stability issues using metallic molybdenum disulfide (MoS2). Funds will support pilot production and team expansion.
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🇪🇪 Grunfin, Estonia’s green investment platform, shuts down. Despite 98% of portfolios showing positive returns, the team struggled to scale customer acquisition. Refunds will be processed in the coming weeks.
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🇪🇪 GSMvalve acquires Latvian Intelligent Systems SIA. The Estonian security and logistics company expands Navirec’s GPS and logistics platform to 22,000 vehicles and 10,000 customers. The deal boosts GSMvalve’s global reach in Africa, Australia, and the Netherlands.
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🇱🇻 Origin secures €4.5M from the European Defence Fund for advanced drone tech. The Riga-based startup will develop a compact ISTAR drone with NATO-compatible laser designation, aiming to reduce costs and enhance modern defence capabilities.
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🇫🇮 TactoTek raises $60M to advance IMSE technology. The Oulu-based startup, specializing in integrating electronics into 3D-molded structures, will expand global operations, enhance AI-driven software tools, and drive adoption across automotive, medical, and consumer sectors.
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🇫🇮 BIT ODD raises €17M to redefine mobile gaming with creativity and emotion. The Helsinki-based studio, led by ex-Supercell talent, prioritizes imaginative gameplay over data-driven design. Funds will enhance development and expand the team.
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🇫🇮 Finland to establish drone manufacturing plant with Ukrainian companies. Summa Defence Ltd. will partner with Ukrainian firms to produce airborne, ground, and maritime drones for Ukraine, the EU, and NATO, with mass production starting in 2025.
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🇸🇪 Acorai secures €4.28M to advance non-invasive heart failure management devices. With FDA Breakthrough Device Designation and EIC Fund backing, the Swedish company targets a 2026 launch to support over 60M heart failure patients globally.
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🇸🇪 Sitoo secures €26M investment from Verdane. The Swedish retail SaaS company plans to accelerate global expansion, building on its 100% ARR growth in two years (SEK 125M in 2024). Verdane’s backing aims to position Sitoo as a global leader in unified retail solutions.
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🇸🇪 Pocketlaw secures funding to accelerate AI-driven legal tech innovation. Backed by Atomico and new investor Willard Ahdritz, the Stockholm and London-based platform plans to enhance AI capabilities, meeting rising demand for legal automation. Pocketlaw reports a 1200% usage increase in six months, highlighting rapid adoption of its tools like contract review and data extraction.
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📈Baltic Public Markets Update:

Week 48 in the Baltic financial markets includes EfTEN Real Estate Fund’s public offering and Rīgas kuģu būvētava’s 9-month interim report. NEO Finance and AUGA group will hold extraordinary general meetings. Coupon payments are scheduled for UPP Olaines, DelfinGroup, Eleving Group, Sun Finance Treasury Limited, Longo Group, Sun Investment Group, Bigbank, Grenardi Group, Arsenal Industrial, Holm Bank, and Marijas 2. Maturity dates are set for Sun Investment Group and Longo Group. 9-month interim reports will be released by Attīstības finanšu institūcija Altum, Invalda INVL, Vilkyškių pieninė, Latvenergo, Augstsprieguma tīkls, Amber Beverage Holding, Latvijas balzams, iCotton, Citadele banka, and AUGA group. Additionally, Vilniaus baldai will publish its audited annual report.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🌐 Nvidia Invests in Nebius with $700M AI Cloud Services Deal – Nebius Group NV, rebranded from Yandex, raised $700M from investors including Nvidia and Accel Partners to expand AI-focused cloud services. The funding highlights Nebius’s pivot to AI cloud competition and ambitions for future capital growth.
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🌏 Japan Boosts Tech Investments with $9.9B Extra Budget – Japan is allocating ¥1.5 trillion ($9.9B) to accelerate chip and AI development, including support for Rapidus Corp’s moonshot foundry project and next-gen quantum computing. This highlights the nation’s focus on tech innovation and economic security.
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🌊 Sweden Seeks China’s Help in Baltic Sea Cable Sabotage Probe – Sweden formally requested China’s cooperation after tracking data linked a Chinese vessel, Yi Peng 3, to the disruption of two submarine internet cables in the Baltic Sea. The cables, severed days apart, are under investigation for suspected sabotage amid global concerns over critical infrastructure security.
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🧠 Nvidia Faces Scaling Challenge in AI Boom – Nvidia’s dominance, fueled by AI’s “scaling law,” is facing scrutiny as pre-training scaling shows diminishing returns. While Nvidia CEO Jensen Huang asserts its chips remain vital for post-training processes like inference, the industry’s focus is shifting toward tangible AI applications. The company’s future hinges on Big Tech’s ability to monetize massive AI investments.
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📸 Amazon Develops Advanced AI for Images and Videos – Amazon has created a new generative AI model, codenamed Olympus, capable of processing images and videos alongside text. This innovation, reportedly set for unveiling at the AWS re:Invent conference, aims to reduce Amazon’s reliance on Anthropic and rivals like Google and OpenAI.
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💻 Intel Secures $7.86 Billion CHIPS Act Grant – Intel and the U.S. Commerce Department finalized a $7.86 billion grant to bolster semiconductor manufacturing. This comes as Intel faces financial struggles, including a $17 billion quarterly loss and plans to cut 15,000 jobs. The funding supports factory expansions but reflects a reduced amount from initial estimates due to defense contracts and strategic uncertainties.
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🤖 Elon Musk Seeks Court Injunction Against OpenAI’s Profit Shift – Musk has filed for a preliminary injunction to block OpenAI from transitioning into a full for-profit entity, alleging anti-competitive practices and misuse of sensitive information. The move escalates a legal battle, with Musk claiming OpenAI and Microsoft are stifling competition while his AI startup xAI gains momentum.
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VC news

🇪🇪 Frankenburg Technologies raises €1.5M from Shellona, valuing the company at €55M. The Estonian defense firm specializes in innovative air defense systems, including drone-targeting missiles.
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🇱🇻 LongeVC invests in U.S.-based Glyphic Biotechnologies, advancing single-molecule protein sequencing for proteomics and diagnostics. The investment supports groundbreaking tools for biomarker identification, drug discovery, and tailored healthcare solutions.
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🇱🇻 Indemo secures €556K to expand its real estate-backed investment platform, targeting retail investors with accessible debt opportunities. The funds will enhance platform features, including a secondary market and new asset-backed investment products.
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🇱🇹 BSV Ventures raises $15M to fuel Baltic and European deep tech startups. Backed by NATO Innovation Fund and ILTE, the fund focuses on early-stage investments in dual-use technologies, biotech, and AI.
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🇱🇹 Turing College secures €2.5M EIC grant for AI-driven digital skills training. The funding will enhance personalized education tools, tailoring curricula to learners and matching graduates with employers.
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🇱🇹 isLucid raises €265K pre-seed funding to expand AI tools for contact centers. Backed by Coinvest Capital and angel investors, the Vilnius-based startup will enhance operations in Scandinavia and beyond, optimizing customer interactions with its AI platform.
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🇫🇮 Keto Software secures €8.4M led by Emerald Technology Ventures to expand its AI-powered platform for Strategic Portfolio Management globally. The no-code solution helps businesses optimize R&D and innovation investments for better ROI and strategic alignment.
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🇫🇮 Serviceform raises €2.45M to expand its marketing platform, enhancing lead generation tools for SMEs and strengthening its position in the automotive and real estate sectors. Funds will also support scaling into new industries and exploring M&A opportunities.
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🇫🇮 ŌURA secures $75M from Dexcom, reaching a $5B valuation. The funding will support integrating glucose monitoring with Oura Ring’s health metrics, enhancing insights into metabolic health. Integration and co-marketing to launch in 2025.
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🇫🇮 Taito.ai raises €2.5M to transform performance management with AI. Led by Accel, the funding will enhance Taito’s automated feedback, goal-setting, and performance tools ahead of its 2025 public launch.
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🇸🇪 Yazen Health raises €19.5M to expand obesity treatment platform. With backing from Evli Growth Partners and Helsana HealthInvest, the Swedish healthcare startup will scale into Spain, Norway, and the Netherlands while enhancing its app and care model.
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🇸🇪 Liquid Wind secures €44M to scale eMethanol production for maritime decarbonization. The Series C funding led by Uniper, HYCAP, and Samsung Ventures will drive the rollout of 10 eFuel facilities by 2027, addressing global shipping’s urgent transition to sustainable fuels.
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🇸🇪 Candela secures €13.3M to scale hydrofoiling electric ferries, entering the US market with the P-12 on Lake Tahoe. The funds will boost production in Stockholm, supporting global expansion and sustainable waterborne transport.
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🇸🇪 Kodiak Hub secures €6M led by Oxx to expand its AI-driven Supplier Relationship Management platform globally, including growth in the US and the Netherlands. Funds will enhance its product and support strategic procurement leaders in managing supplier quality, risk, and compliance.
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📈Baltic Public Markets Update:

Week 47 in the Baltic financial markets includes Rīgas kuģu būvētava’s continued audited annual report and Lietuvos Respublikos Vyriausybė’s ongoing government securities auction. Longo Group and KALVEIPO continue their public offerings. Interim reports will be released by Latvijas Jūras medicīnas centrs, Akola Group, Grigeo Group, and Siguldas ciltslietu un mākslīgās apsēklošanas stacija. Linda Nektar announces dividend ex-date and record dates, and Citadele banka, Šiaulių bankas, and 4finance schedule coupon payments. Investor events are hosted by Akola Group and LHV Group, with INVL Baltic Real Estate and Rīgas kuģu būvētava holding extraordinary general meetings.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🧪 NVIDIA and Google Quantum AI Partner to Advance Quantum Computing – NVIDIA’s CUDA-Q platform and Eos supercomputer are enabling Google Quantum AI to simulate quantum processor physics at unprecedented scale. These efforts aim to tackle noise challenges in hardware, paving the way for scalable quantum computing.
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⚖️ Apple Seeks Dismissal of US Smartphone Monopoly Case – Apple has urged a federal judge to dismiss the DOJ’s antitrust lawsuit, arguing it lacks evidence of monopoly power and that its restrictions foster innovation. The case challenges Apple’s policies limiting third-party interoperability.
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📈 Business Spending on AI Soars 500% to $13.8 Billion in 2024 – Enterprise spending on generative AI has skyrocketed, with OpenAI and Anthropic leading the market. AI agents and code generation are emerging as dominant use cases.
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🎮 Sony Reportedly Developing New PlayStation Portable – Sony is rumored to be working on a handheld console that can play PS5 games natively, aiming to compete with the Nintendo Switch and upcoming Xbox handhelds.
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📉 Intel’s CHIPS Grant Reduced Amid Delays and Struggles – The Biden administration cut Intel’s $8.5 billion CHIPS Act grant to under $8 billion, citing investment delays, weak performance, and competition from Taiwan Semiconductor Manufacturing Co. (TSMC).
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💡 Chinese Startups Face Survival Crisis Amid IPO Freeze and Redemption Rights – China’s IPO freeze and economic slowdown have led to a surge in investors exercising redemption rights, threatening 14,000 startups with potential refunds worth $1.2 trillion. The strain highlights challenges to China’s push for innovation and technological self-reliance.
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VC news

🇪🇪 Qminder raises €3M to enhance its queue management platform, streamlining in-store customer service and boosting sales for clients like Hertz and Delta. Led by Practica Capital, the funding will expand Service Intelligence capabilities and drive customer experience innovation.
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🇪🇪 Plural leads investment in The Exploration Company as part of a €151.6M round, backing the development of Nyx, a reusable spacecraft for Earth orbit and lunar missions. This aligns with Plural’s commitment to transformative technologies.
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🇪🇪 Sera secures pre-seed funding to advance its AI platform for automating lead qualification. The Tallinn-based startup, backed by Specialist VC and angel investors, aims to deliver highly accurate prospect lists and optimize its product further.
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🇱🇹 Ligence raises €3M to enhance its AI-powered cardiac echo software, improving diagnostics for heart disease. Backed by Simpact Ventures, Coinvest Capital, and EIC, the funds will expand clinical trials and scale operations globally.
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🇱🇹 AISPECO secures €2.4M from the EIC to launch AI-powered geospatial data solutions. The funding will drive next-gen product development and expand global market reach.
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🇱🇹 CyberUpgrade raises €2.5M to advance its AI-driven cybersecurity compliance solutions, streamlining security tasks for CTOs and CISOs. The funding will enhance its CISO Copilot and CoreGuardian tools, boosting SMEs’ compliance with EU cyber regulations.
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🇫🇮 Maki.vc launches €100M fund to back early-stage tech startups in the Nordics and Northern Europe, focusing on deep tech and environmental impact. The fund targets pre-seed and seed investments from €300K to €3M, with six startups already onboard.
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🇫🇮 NordicNinja VC leads €11M seed round for Munich-based tozero, advancing lithium-ion battery recycling in Europe. The fund supports sustainable solutions to secure critical materials and boost the circular economy.
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🇫🇮 In Parallel raises €2.8M led by Lifeline Ventures to transform strategy execution with AI. The funding supports expansion in Europe and innovation in adaptive corporate strategy.
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🇸🇪 Klarna confidentially files for U.S. IPO, with details on shares and pricing yet to be determined. The IPO will proceed after SEC review, following Klarna’s recent strategic changes and product expansions.
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🇸🇪 Nordic Air Defence secures €1.2M to advance drone defence tech, led by SNÖ Ventures and private investors, accelerating the Kreuger 100 dual-use interceptor development. Funds will support R&D and testing as the startup scales in the European defence ecosystem.
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🇸🇪 Forsway secures €2.3M from ESA to develop Xtend 5G, a hybrid satellite-terrestrial system for seamless and secure connectivity across critical sectors like government, defense, and energy.
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🇸🇪 Almi Invest leads SEK 18M funding in DB24, a Swedish SaaS company specializing in automated SQL Server database management, enabling optimized performance, security, and regulatory compliance.
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📈Baltic Public Markets Update:

Week 46 in the Baltic financial markets includes Rīgas kuģu būvētava’s continued audited annual report and Lietuvos Respublikos Vyriausybė’s government securities auction. Banga Ltd has a coupon payment, while EfTEN United Property Fund schedules a dividend payment. Interim reports will be released by Tallinna Sadam, Eleving Group, Novaturas, INVL Baltic Farmland, Ignitis grupė, SAF Tehnika, KN Energies, and Pro Kapital Grupp. Novaturas, Eleving Group, Arco Vara, and Baltic Horizon Fund host investor events. Coop Pank, LHV Group, and Enefit Green announce sales figures, and Longo Group initiates a public offering.
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News (economy, finance & tech) and indicators this week by fff.vc team:
📺 Netflix Reports 70M Ad-Supported Viewers Monthly – Netflix announced a sharp rise in ad-supported viewers, now at 70 million monthly, nearly double since May. Over half of new subscribers choose the ad-supported plan, signaling its success in 12 countries. Ads are becoming a key revenue stream, with live events like NFL games and shows like Squid Game attracting top sponsors.
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📈 Japan’s M&A Boom Spurs Talent Hunt by Global Investment Firms – Carlyle, Warburg Pincus, and others are ramping up hiring in Japan as private equity deals surge, now accounting for 30% of Asia-Pacific’s total value. However, a talent shortage is becoming a bottleneck, with firms scrambling to fill roles.
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🔓 US Accuses China of Cyber-Espionage Targeting Telecom Networks – Chinese state-sponsored hackers allegedly breached US telecoms, accessing sensitive call records, wiretapping systems, and targeting government officials. The FBI and CISA are investigating, highlighting major national security concerns.
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🛒 Amazon Launches Discount Store to Compete with Temu and Shein – Amazon unveils “Amazon Haul,” offering items under $20 with delivery in two weeks or less. Targeting budget-conscious shoppers, the store features low-cost goods imported directly from China.
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🏦 ECB Urges Banks to Enhance Private Equity Risk Management – The European Central Bank plans to introduce new guidelines for eurozone banks to better manage risks tied to private credit and equity markets, citing concerns over opaque exposures and data scarcity.
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🥊 Netflix’s Live Broadcast of Jake Paul vs. Mike Tyson Suffers Glitches – Despite attracting over 120M viewers globally, Netflix faced widespread streaming issues during the highly anticipated fight, highlighting ongoing challenges with live event broadcasts.
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💵 Samsung Shares Surge on $7B Buyback Announcement – In a bid to stabilize its stock amid challenges in the AI market, Samsung unveiled a surprise $7.2 billion stock buyback plan, sparking a 7.5% share price jump. Analysts see the move as a potential aid to the founding family’s control and a step toward regaining investor confidence.
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VC news

🇪🇪 Estonian startup Miros raises $6M pre-Series A led by EBRD Venture Capital and Tera Ventures to advance its AI-powered e-commerce search, focusing on fashion and furniture. Funds will support R&D and expansion in the US and Europe.
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🇪🇪 Estonian startup Fairown partners with iSpot Poland and BNP Paribas to launch iSpot upgrade+, promoting affordable and flexible Apple device ownership through a circular economy model. Consumers pay monthly for usage, with options to upgrade or return devices after a few years, supporting sustainability in consumer tech.
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🇪🇪 Startup Wise Guys invests in Turkish energy management startup Lumian Energy with a $400K pre-seed round, alongside Turkey’s DOMiNO Ventures and StartupFon. Lumian, founded in Istanbul in 2023, leverages IoT and AI for real-time energy tracking and analysis, serving 1,250 facilities across 60+ clients. The funding will support product research and development to scale operations.
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🇪🇪 Estonian marketplace Ringy raises new investment for electronic buy-back solution. Tallinn-based Ringy, a platform for refurbished electronics, secured investment from Trind Ventures and several Estonian firms. Funds will support the development of a new buy-back solution, enhancing its offerings for device refurbishment and resale.
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🇪🇪 Estonian Ampler Bikes secures €300K from Pipedrive co-founder Ragnar Sass to boost its lightweight electric bike production and tech features, including GPS tracking. Founded in 2016, Ampler designs and assembles bikes in Tallinn and integrates app connectivity for location and travel history tracking.
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🇱🇻 Latvian on-demand production leaders Printful and Printify merge to enhance global reach and product offerings. The companies will retain their brands but combine resources to provide e-commerce sellers with expanded fulfillment solutions and sustainable growth opportunities. This merger is set to solidify Riga’s tech ecosystem and reduce the environmental impact of overproduction.
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🇱🇹 TransferGo Lithuania to receive investment from Hard Yaka Ventures. Silicon Valley-based Hard Yaka will acquire a 10-20% stake in the Lithuanian money transfer company, subject to Bank of Lithuania approval. TransferGo, launched by Lithuanian founders in the UK in 2012, supports transfers in 22 currencies across 160+ countries, serving 7 million users globally.
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🇱🇹 Vilnius-based Broswarm raises €800k from ScaleWolf to advance its X-Ray Eagle sensor for mine detection, enhancing safety in demining operations with AI and drone-mounted 3D imaging. Funds will support R&D, patenting, and prototype production for broader deployment in conflict zones.
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🇫🇮 Finland’s Valo Therapeutics partners with NASDAQ-listed Lisata Therapeutics to evaluate a combined therapy approach for melanoma. The collaboration will combine Lisata’s certepetide drug with Valo’s PeptiCRAd technology, aiming to boost immune response in tumors and address challenges like drug resistance and metastasis.
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🇫🇮 Finnish startup Quanscient secures €5.2M, led by Crowberry Capital, to advance its multiphysics simulation platform, integrating quantum computing to speed up product development. The funds support launching its first quantum-powered Computational Fluid Dynamics (CFD) tool in 2025.
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🇸🇪 Swedish greentech startup DREM secures €1 million to expand its AI-driven heat pump technology into France, Europe’s largest heat pump market. Led by Peak, byFounders, Redstone, and Futurum Ventures, the funding will also support further European growth. DREM aims to simplify heat pump purchasing with digital solutions that optimize heating efficiency, despite industry challenges.
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📈Baltic Public Markets Update:

Week 45 in the Baltic financial markets includes Rīgas kuģu būvētava’s continued audited annual report and Lietuvos Respublikos Vyriausybė’s government securities auction. Modera and Nter Asset Management will hold extraordinary general meetings. CrossChem has a coupon payment and maturity date, while Integre Trans and UAB Legal Balance also have coupon payments scheduled. Interim reports are expected from Infortar, INDEXO, DelfinGroup, Nordecon, Merko Ehitus, Baltic Horizon Fund, IuteCredit Finance S.a r.l., LITGRID, and Amber Grid. Additionally, Apranga, Tallink Grupp, Bigbank, and Vilkyškių pieninė will release sales figures, with Infortar and IuteCredit Finance S.a r.l. hosting investor events.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🔗 OpenAI has acquired the domain Chat.com, now redirecting to ChatGPT. Previously owned by HubSpot co-founder Dharmesh Shah, who purchased it for $15.5 million, the domain was sold to OpenAI, reportedly in exchange for shares. This acquisition adds to OpenAI’s collection of high-profile domains.
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📈 Trump’s team considers Robinhood’s Dan Gallagher and Republican regulators for top financial agency roles. Gallagher, a favored choice among crypto leaders, is in the running for SEC chair, with discussions also focusing on easing bank regulations. The transition team is assembling a shortlist for major financial agencies, signaling potential policy shifts.
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🤖 Salesforce to hire over 1,000 employees for its new AI-driven platform, Agentforce, enabling autonomous business task management. CEO Marc Benioff cites strong customer demand as the catalyst for this hiring push, highlighting Salesforce’s commitment to automation in business processes.
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🚗 Tesla Hits $1 Trillion Market Cap Following Trump Election Win – Tesla shares surged 8% Friday, driven by investor optimism over reduced regulation under a Trump administration. Elon Musk, a key Trump ally, has boosted Tesla’s position with support for policies that could favor the EV industry.
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💶 Apple Faces Fine Under EU’s Digital Markets Act – Apple is set to be fined by EU regulators for breaching the bloc’s new tech rules under the Digital Markets Act (DMA), marking it as the first company penalized under the legislation. The fine, expected this month, adds to Apple’s ongoing antitrust challenges in Europe.
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🧠 AI Firms Rush to Create New Testing Standards – With rapid advancements, current benchmarks for assessing AI models are becoming outdated, leading companies like OpenAI, Microsoft, Meta, and Anthropic to develop new internal benchmarks to evaluate reasoning and complex problem-solving abilities in their models.
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🚀 Bitcoin Surges Above $88,000 After Trump Win – Bitcoin hit a record high of $88,448 on Monday, fueled by optimism over Trump’s pro-crypto stance and the anticipated friendly regulatory environment. Analysts, including those from Bernstein, are urging investors to dive into the crypto market, setting a price target of $200,000 for BTC by the end of 2025.
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VC news

🇪🇪 Modash Raises $12M Series A for Influencer Partnership Platform: Tallinn-based Modash secured $12 million in Series A funding, led by henQ Ventures, to expand its creator partnerships platform, which helps brands discover and manage influencer collaborations. Founded by Avery Schrader and Hendry Sadrak in 2020, Modash offers a discovery engine with access to over 250 million creators and a campaign management suite for outreach, tracking, and payments without hidden fees. Key clients include Birkenstock, Victoria’s Secret, and NordVPN. Funds will enhance AI-driven creator discovery and bolster North American customer support with a new office in Ottawa.
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🇪🇪 Estonian DefSecIntel Secures €5M from Swedbank for Autonomous Surveillance Expansion: Tallinn-based DefSec Intel Solutions, a developer of AI-driven surveillance systems for defense and critical infrastructure, has secured a €5M overdraft loan from Swedbank. Founded in 2018, DefSecIntel specializes in autonomous medium- and long-range surveillance towers, used for monitoring military installations, border control, and environmental protection. With a team of over 80, operating in Estonia, Ukraine, and Germany, the company plans to boost its turnover from €30M to €120M. The loan will fund working capital, production expansion, and international growth.
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🇱🇻 Finfra Raises $2.5M to Expand Financial Services in Southeast Asia: Latvian-founded fintech Finfra, specializing in embedding financial services into tech platforms across Southeast Asia, has secured $2.5 million led by Cento Ventures. Founded in 2022 by Markus Prommik and Reinis Simanovskis, Finfra provides infrastructure for services like BNPL loans and payroll financing, facilitating credit access and payment flexibility in Indonesia. Partnering with Tyme Group, Finfra aims to enhance SME lending options across the region. New funds will support advancements in data analytics and risk assessment, expanding their customer reach.
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🇱🇻 Latvian Biotech PrintyMed Secures €800K Grant for Artificial Spider Silk Innovation: PrintyMed, a Latvian biomedical startup focused on 3D-printing artificial organs using biocompatible spider silk, has received €800,000 in grant funding from the Competence Center for Smart Materials and Technologies. Founded in 2023 by Sandra Treide, Jekaterina Romanova, and Kristaps Jaudzems, PrintyMed aims to address organ transplant shortages with a biomimetic technology that produces spider silk through protein-generating bacteria. This silk, compatible with the human body, is ideal for medical applications. The grant will accelerate the development of a heart valve prosthesis and support collaboration with Cellbox Labs for organ-on-chip tech.
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🇱🇹 Apple Acquires Lithuanian Image-Editing Platform Pixelmator: Apple has announced the acquisition of Pixelmator, a Vilnius-based developer of image-editing software for Mac and iPad, pending regulatory approval. Established in 2007 by Aidas and Saulius Dailide, Pixelmator offers popular tools like Pixelmator Pro for Mac and Photomator for Mac, iPhone, iPad, and Vision Pro, featuring advanced editing tools, AI-driven object removal, and support for over 750 RAW image formats. Following the acquisition, Pixelmator plans to maintain its current applications with no major changes.
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🇫🇮 Finnish Builderhead Secures New Funding for International Growth and Innovation: Finnish project management platform Builderhead has raised new funds, bringing on investors such as Korpun Siemen, Digital Heart Capital II (Sofokus Ventures), and angel investor Teemu Jokinen. Founded in 2018, Builderhead specializes in real estate project development software, aiming to improve collaboration and streamline processes for developers and property owners. The fresh capital will support Builderhead’s expansion into international markets, with initial deals already secured in the UK and France.
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🇸🇪 TXN Systems Secures $2.4M to Advance Novel Antibiotic Against Drug-Resistant UTIs: Solna-based biotech TXN Systems has raised $2.4 million in Series A funding, led by investors including Mikael Lönn, MD, Jens Mogensen, GU Ventures, and Vasa Angels. The funds will support preclinical studies and Phase I trials of EbsArgent™, a new antibiotic targeting multidrug-resistant urinary tract infections (UTIs) by combining silver ions with the compound ebselen. This innovative approach addresses rising antimicrobial resistance by disrupting bacterial thioredoxin systems without risk of cross-resistance.
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🇸🇪 Flower Secures €20M to Scale AI-Driven Renewable Energy Solutions: Stockholm-based energy tech startup Flower has closed a €20 million addition to its Series A round, bringing total funding to €100 million. Led by Northzone with participation from Giant Ventures, Sony Innovation Fund, and key angel investors, this investment will fuel Flower’s expansion across Europe and bolster its Battery Energy Storage Systems (BESS). Founded in 2020, Flower uses AI to stabilize energy grids and optimize renewable power, enhancing flexibility and predictability. CEO John Diklev stated that this milestone supports Flower’s mission to revolutionize energy systems and build a sustainable future.
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🇸🇪 Stockholm-based Yazen Health Raises €19.5M to Combat Obesity: Yazen Health, a Swedish healthcare platform tackling obesity, secured €19.5 million in a Series A round led by Evli Growth Partners and Helsana HealthInvest. This funding will fuel Yazen’s expansion into Spain, Norway, and the Netherlands, along with pilot programs in the UK and Germany. Yazen’s model integrates weight loss medication with lifestyle coaching from a multidisciplinary team, achieving a 70% retention rate in Sweden. The round also brings former Rovio CEO Mikael Hed as Chairman, steering Yazen’s next growth phase.
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🇸🇪 Sana Raises $55M at $500M Valuation, Acquires CTRL, and Introduces New AI Features: Stockholm-based AI leader Sana has raised $55M in a Series B round led by NEA, reaching a valuation of $500M. This funding, along with the acquisition of workflow automation startup CTRL, bolsters Sana’s mission to transform enterprise knowledge access. New features include agentic AI for seamless workflow management, allowing organizations to build custom AI agents without coding. Sana’s enterprise AI solutions are already benefiting clients like Merck and Hinge Health by significantly boosting productivity. The investment will fuel global expansion and enhance R&D.
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🇸🇪 Plagazi Secures €29.5M EU Grant to Scale Waste-to-Hydrogen Project: Gothenburg-based Plagazi AB has been awarded a €29.5 million grant from the EU Innovation Fund to advance its flagship waste-to-hydrogen initiative. Selected from 337 applications, Plagazi’s project converts non-recyclable waste into sustainable hydrogen, aligning with Europe’s circular economy and net-zero goals. CEO Soran Shwan highlighted the grant as a milestone, underscoring Plagazi’s role in Europe’s decarbonization efforts. This funding will allow Plagazi to scale operations, positioning Sweden at the forefront of sustainable energy innovation.
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🇸🇪 EvoluteIQ Secures $20M to Boost AI Automation Platform and Global Reach: Stockholm-based enterprise automation firm EvoluteIQ has raised $20 million in equity and debt funding led by Round2 Capital, with additional backing from Nordea Growth Fund, DCAP Select, and PH Ventures. The funds will enhance EvoluteIQ’s AI-powered automation platform and fuel its expansion, particularly in the U.S. East Coast. Founded in 2019 by Sameet Gupte, EvoluteIQ’s low-code/no-code platform combines generative AI, RPA, and data processing to streamline workflows for non-technical users, serving sectors like healthcare and finance.
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📈Baltic Public Markets Update:

Week 44 in the Baltic financial markets includes Lietuvos Respublikos Vyriausybė’s ongoing government securities auction and Rīgas kuģu būvētava’s audited annual report. Ekspress Grupp will hold an extraordinary general meeting, while Šiaulių bankas and Tallinna Vesi host investor events. Interim reports are expected from Vilniaus baldai, INVL Technology, Hepsor, Apranga, and Šiaulių bankas. Coupon payments are scheduled for Eleving Group, Pro Kapital Grupp, and Sun Finance Treasury Limited. Additionally, EfTEN United Property Fund announces dividend ex-date and record dates, and Snaigė will be delisted.
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News (economy, finance & tech) and indicators this week by fff.vc team:

💸 Russia Imposes $2.5 Decillion Fine on Google Over YouTube Bans: Russia has fined Google an astronomical 2 undecillion rubles ($2.5 decillion) for refusing to unblock pro-Kremlin media accounts on YouTube. The fine began as a daily penalty in 2020, doubling weekly, after Russian outlets Tsargrad and RIA FAN won lawsuits against Google. Though largely symbolic, Kremlin spokesperson Dmitry Peskov urged Google to “pay attention” to the ruling. Google’s Russian subsidiary filed for bankruptcy in 2022 amid Western sanctions.
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🔧 OpenAI Develops Custom AI Chip with TSMC and Broadcom: OpenAI is collaborating with TSMC and Broadcom to produce its first custom AI inference chip, abandoning earlier plans to establish its own foundries due to costs and time constraints. The chip is expected by 2026, though the timeline may adjust. This move aims to reduce OpenAI’s reliance on Nvidia’s GPUs, which are high in demand and costly. The company is also diversifying its hardware by incorporating AMD chips through Microsoft’s Azure platform, which already supports AMD’s MI300X accelerators.
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📉 Dropbox Lays Off 20% of Workforce Amid Core Business Slowdown: Dropbox announced it is cutting 528 jobs, or 20% of its workforce, citing reduced demand in its core cloud storage business. This round of layoffs follows an earlier reduction of 500 roles in 2023 as Dropbox shifted focus to AI, including its Dash AI search product. CEO Drew Houston stated that the company aims to streamline operations and boost efficiency. Severance packages for affected employees include 16 weeks of pay and other benefits. Dropbox’s Q2 report noted its slowest growth, with shares down over 20% this year.
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🌐 Taiwan Becomes Crucial Hub for AI Industry Growth: Taiwan is emerging as a pivotal player in the $1.3 trillion AI industry, with major companies like Nvidia, Microsoft, and OpenAI relying on Taiwanese firms for AI chip fabrication, servers, and cooling systems. Led by giants like TSMC, Taiwanese tech has become central to the AI boom, surpassing China in AI hardware exports and making Taiwan’s stock market Asia’s best-performing. However, rising demand and geopolitical tensions with Beijing bring both opportunities and risks to Taiwan’s key role in AI’s global trajectory.
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🌴 Florida Accidentally Blocks Banks from Selling Investments in the State: In a regulatory misstep, Florida unintentionally made it illegal for most major banks, including JPMorgan Chase and Bank of America, to sell securities in the state starting October 1. The new law, intended to boost local investments while preventing fraudulent actors from exploiting investors, inadvertently barred banks with prior legal troubles from conducting such transactions. This resulted in banks pausing sales of securities in Florida. Emergency action over the weekend temporarily lifted the ban, allowing banks to resume operations, with lawmakers planning a permanent fix.
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🔍 OpenAI Unveils ChatGPT Search to Compete with Google and Microsoft: OpenAI has launched a new search feature in ChatGPT, aiming to rival search engines like Google, Microsoft’s Bing, and Perplexity. This tool, first beta-tested in July as “SearchGPT,” provides real-time updates on sports scores, stock prices, news, and weather, and is driven by a refined GPT-4 model with integrations from news and data providers. CEO Sam Altman calls it his “favorite feature,” noting its intuitive query handling and ability to deliver complex information. Currently available to ChatGPT Plus, Team users, and SearchGPT waitlisted members, it will roll out to all users in the coming months.
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📈 Nvidia Joins Dow Jones Industrial Average, Replacing Intel: Nvidia will replace Intel in the Dow Jones Industrial Average on November 8, marking a significant shift in the semiconductor industry’s landscape. This change underscores Nvidia’s impressive growth as it benefits from the surging demand for AI chips. Nvidia’s shares have surged over 170% this year, reaching a market cap of $3.3 trillion, largely fueled by massive GPU orders from tech giants like Microsoft, Meta, and Google. Meanwhile, Intel faces manufacturing challenges and has lost market share, leading to a 50% decline in its share value this year.
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VC news

🇪🇪 Planet42 Proposes Split in Rescue Plan: Estonian car rental company Planet42 has put forward a restructuring plan to separate its South African and Mexican operations after suspending payments to investors in August. Under this plan, UK-registered P42 UK Ltd will acquire Planet42’s South African division from Estonian Inclusion OÜ for €1.8 million, making it a direct subsidiary of the UK company and shifting management predominantly to local investors. Estonian investors, however, will maintain their stake in the Mexican business. Founded in 2017, Planet42 helps customers with limited financing options access cars on a subscription basis. Previously, Planet42 raised $25 million in funding from sources like Naspers, Change Ventures, and Standard Bank, along with backing from Estonian entrepreneurs such as Bolt’s Martin Villig and Pipedrive’s Ragnar Sass.
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🇱🇻 Latvian Defense Tech Startup Origin Secures €4M for Precision-Guided Weapon Systems: Riga-based Origin has raised €4 million in pre-seed funding, led by Change Ventures with participation from Silicon Roundabout Ventures. Founded in 2022 by Agris Kipurs and Ilya Nevdah, Origin develops cost-effective, drone-launched precision-guided weapon systems, designed to deliver affordable solutions in modern warfare. Their product, the BEAK, combines ISR capabilities with autonomous flight and AI-driven precision, tested in NATO agreements. Funds will support expansion and product development.
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🇱🇹 Lithuanian Second-Hand Marketplace Vinted Reaches €5.4B Valuation Following €340M Secondary Share Sale: Vilnius-based Vinted has achieved a new valuation of €5.4 billion after closing a €340 million secondary share sale. Leading the transaction was private equity firm TPG, with participation from Baillie Gifford, FJ Labs, and other investors. While existing investors, including Accel and Lightspeed, retained some of their stakes, it remains unclear how much equity was sold.
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🇱🇹 SneakyBox Expands into Poland to Tap into Local Gamedev Talent: Lithuanian game development studio SneakyBox is expanding into Poland, seeking to recruit Polish talent as part of its strategy to scale operations in the European gaming sector. Established in 2012, SneakyBox specializes in game porting, remastering, VR/AR experiences, and interactive engineering solutions, having worked on over 500 projects with industry players like Atari and Untold Tales. This move includes establishing a Polish business unit and a physical office, enabling the studio to strengthen ties with local developers and build on collaborations.
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🇫🇮 Helsinki’s Avenue Biosciences Raises $2.5M for AI-Enhanced Protein Engineering: Avenue Biosciences, a Finnish biotech innovator, has secured $2.5 million in seed funding led by Voima Ventures, with Inventure and US business angels also participating. Founded in 2023, Avenue Biosciences focuses on AI-driven protein engineering to boost production of proteins for advanced therapies, such as cancer immunotherapies and mRNA treatments. Their technology uses machine learning to optimize protein delivery routes within cells, aiming to cut production times and costs for essential therapies.
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🇫🇮 DataCrunch Secures €13M to Expand Renewable-Powered AI Infrastructure in Europe: Helsinki-based DataCrunch, focused on sustainable AI computing solutions, raised $13 million in a seed round led by byFounders with contributions from J12 Ventures, Local Tapiola, Nordea, and prominent angel investors. Established in 2020 by Ruben Bryon, DataCrunch aims to be Europe’s first hyperscaler for AI, providing cost-effective, renewable energy-powered infrastructure. The funds will fuel expansion of data centers in Finland and Iceland, with upcoming deployments of advanced NVIDIA H200 servers and GB200 NVL72 clusters to meet rising AI demand.
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🇸🇪 Mavatar Secures SEK 40 Million for AI-Powered Precision Medicine: Swedish healthtech Mavatar raised SEK 40 million to advance its AI platforms, Mavatar-Mimer™ and Mavatar-Gemini™, driving breakthroughs in drug discovery and personalized treatment, particularly in oncology. CTO Fredrik Barrenäs stated this investment accelerates Mavatar’s goal to transform healthcare. Funds will support expansion, platform completion, and a planned 2026 launch.
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🇸🇪 Cascade Drives Secures SEK 40 Million for Sustainable Industrial Solutions: Swedish company Cascade Drives raised SEK 40 million in a funding round led by Almi Invest GreenTech, with participation from a U.S.-based corporate venture capital firm linked to a global construction machinery leader. The funding will accelerate Cascade Drives’ development of electric actuators, which aim to replace hydraulic systems in heavy machinery, advancing the industry’s transition to fully electrified solutions. CEO Kristian Floresjö highlighted this as a critical step toward global sustainability goals. Funds will drive commercialization in segments like material handling and steer-by-wire systems.
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🇸🇪 Royal Streaming Acquires Music in Brands and FitnessPlayer: Swedish SaaS company Royal Streaming has strengthened its position in the Scandinavian market by acquiring Music in Brands and FitnessPlayer, both founded by Anders Ekström. This acquisition aligns with Royal Streaming’s growth strategy and enhances its offerings in branded music solutions for businesses. CEO Gustav Nordlindh highlighted the company’s future plans for additional Nordic acquisitions, while Ekström will continue as CEO of FitnessPlayer, focusing on innovative solutions within the fitness sector.
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🇸🇪 Mine Storage Secures €22M EU Grant for Grid-Scale Energy Storage in Sweden: Stockholm-based Mine Storage received a €22 million grant from the EU Innovation Fund for a pilot energy storage project in Norberg, Sweden, aimed at boosting grid resilience. The project utilizes abandoned mines for energy storage, integrating renewable energy with minimal environmental impact and reduced costs. Founded in 2000, Mine Storage applies over 200 years of combined experience in hydropower and energy sectors to advance sustainable solutions. Their systems, which use water and gravity, cater to large-scale storage needs, positioning Mine Storage as a vital player in Europe’s green energy transition.
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📈Baltic Public Markets Update:

Week 43 in the Baltic financial markets includes extraordinary general meetings for INVL Baltic Farmland, INVL Baltic Real Estate, and INVL Technology. LHV Group, Harju Elekter Group, Arco Vara, EfTEN Real Estate Fund, Tallink Grupp, Telia Lietuva, and Bigbank release 9-month interim reports. DelfinGroup and Bigbank make coupon payments, and Tallink Grupp hosts an investor event.
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News (economy, finance & tech) and indicators this week by fff.vc team:

⚖️ Intel Wins Battle Over €1.06 Billion EU Antitrust Fine: Intel has succeeded in overturning a €1.06 billion fine imposed by the EU for alleged anticompetitive practices in the x86 computer chip market. The European Court of Justice upheld a 2022 decision by the General Court of the EU, which found the antitrust case against Intel was insufficiently substantiated. While Intel now faces a reduced fine of €376.36 million, it plans to challenge this new penalty as well.
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📜 Ireland Fines LinkedIn €300 Million for GDPR Violations: LinkedIn has been fined €300 million by Ireland’s Data Protection Commission for breaching GDPR rules related to data processing. The inquiry, which began in 2018, revealed issues in LinkedIn’s handling of user data, specifically around behavioral analysis and targeted advertising, citing deficiencies in lawfulness, fairness, and transparency. LinkedIn is required to adjust its data practices to comply with GDPR regulations.
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🔍 OpenAI Ends AGI Readiness Team as Advisor Departs: OpenAI has dissolved its AGI Readiness team, responsible for assessing preparedness for advanced AI technologies, following the departure of team lead Miles Brundage. Brundage, citing a desire for unbiased research, announced plans to continue AI policy work externally. This move comes after the May disbandment of OpenAI’s Superalignment team, which aimed to control AI’s superintelligence risks, reflecting OpenAI’s shifting safety priorities.
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📱 Indonesia Blocks iPhone 16 Sales: Apple is barred from selling its iPhone 16 in Indonesia due to unmet local content requirements. Despite a $95 million investment, Apple fell short of the necessary domestic production target, instead prioritizing developer academies over local manufacturing. Around 9,000 iPhones have entered Indonesia via personal imports but remain limited to personal use only.
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🚀 Generative AI Startups Attract 40% of Cloud VC Funding Amid ChatGPT Buzz: Venture capital investment in generative AI startups surged to represent 40% of all cloud funding across the U.S., Europe, and Israel, driven by increased interest in AI tech. This year, cloud startups raised $79.2 billion, marking a 27% year-over-year increase, largely due to the generative AI boom. Accel reports Big Tech is investing heavily, with firms like OpenAI, Anthropic, and xAI raising billions for foundational AI models.
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🖥️ Google Developing AI ‘Computer-Using Agent’ Called Project Jarvis: Google’s new AI project, reportedly codenamed “Jarvis,” could preview in December. Designed to automate web-based tasks, it allows users to delegate actions like product purchasing or booking flights. Built specifically for Chrome and powered by the upcoming Google Gemini version, Jarvis interprets web page elements to execute tasks. The project aligns with efforts by major tech companies to offer AI-powered assistance across various applications.
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💹 Nvidia Tops Apple in Market Cap Amid AI Demand Surge: Nvidia briefly surpassed Apple as the world’s most valuable company, with a market cap of $3.53 trillion, slightly ahead of Apple’s $3.52 trillion. The jump is driven by soaring demand for Nvidia’s AI-focused chips, while Apple faces slower iPhone sales, particularly in China. Nvidia’s revenue growth is projected at 82% compared to Apple’s 5.55%, reflecting contrasting trajectories in the tech landscape.
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VC news

🇪🇪 Estonian startup Symmetrista secures €120K to empower women with innovative bras: Tallinn-based Symmetrista raised €120K to enhance production of its Signature bra, tailored for women experiencing breast asymmetry post-breast cancer. Founded by Merlin Seeman, the brand addresses overlooked needs in the lingerie industry, focusing on comfort and a tailored fit. The funds will boost manufacturing and expand market reach in the US, UK, and Europe. Symmetrista aims to secure additional investment for further growth and product development.
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🇪🇪 Estonian streaming platform Fairmus acquires digital distribution platform Distrus: Fairmus, founded in 2020, has expanded its services by acquiring Distrus, an Estonian music distribution platform. The acquisition follows a €120K seed funding round earlier this year. Fairmus operates on a unique model, distributing subscription fees directly to musicians based on listener activity. This move continues the company’s growth, following its 2023 acquisition of music copyright marketplace Fanvestory.
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🇪🇪 Trind Ventures backs Finnish genetic testing company Evogenom: Estonian early-stage investor Trind Ventures has invested in Evogenom, a Finnish company specializing in genetic testing for wellness and lifestyle insights. Founded in 2016, Evogenom offers at-home genetic tests, analyzing traits like sleep, diet, and exercise. The funding will support product refinement, market growth, and international expansion. Trind Ventures typically invests €100K–€1M initially, with follow-ons up to €5M.
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🇱🇹 Mano Daktaras acquires pincetas.lt: Lithuanian health platform Mano Daktaras has acquired patient feedback site pincetas.lt. Founded in 2013, Mano Daktaras allows online appointment booking with over 1,100 doctors. Pincetas.lt, established in 2017, enables patients to find and review doctors, serving 100K users. The acquisition will integrate pincetas.lt’s reviews into Mano Daktaras, with plans for online booking features and a combined audience of around 400K unique monthly users.
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🇱🇹 The Nter Asset Management acquires 80% stake in Orion Leasing: Nter Asset Management has acquired an 80% share of Orion Leasing for €2.5M. Orion Leasing, founded in 2021, provides leasing services across sectors like agriculture, healthcare, and IT, operating in the Baltics with a portfolio of nearly €20M. Nter’s move aligns with its strategy to expand its Alternative lenders and private equity fund, targeting a portfolio value of €300M-€500M.
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🇱🇹 Lithuanian field service management provider Frontu is acquired by Everfield: Frontu, a field service management software company, has been acquired by German investor Everfield, marking its first acquisition in Lithuania. Founded in 2013, Frontu supports companies in sectors like agriculture and construction, serving clients like John Deere and JCB. The acquisition aims to expand Frontu’s leadership in the European industrial equipment market while allowing the team to maintain its brand and continue growth.
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🇱🇹 WhiteBridge secures $500K to enhance AI-driven online reputation management: Vilnius-based WhiteBridge, specializing in AI-powered digital identity reports, raised $500K in a pre-seed round led by FIRSTPICK. The funds will be used to expand brand awareness, hire software engineers, and ensure legal compliance. The platform aggregates data from over 30 sources, helping users manage their online reputation in a market expected to reach $440 billion by 2030.
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🇫🇮 Finnish foodtech startup Munchfam secures €600K to support restaurants: Helsinki-based Munchfam raised €600K in a funding round led by Pitchdrive and Genesis, with backing from Nordic Makers and industry veterans from Wolt, Just Eat, and others. Founded by restaurant industry experts, Munchfam offers a platform with digital tools, plug ‘n’ play brands, and premium ingredients to help restaurants adapt and thrive across dine-in, delivery, and takeout channels. The funds will drive expansion in Finland, Germany, Denmark, and Sweden.
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🇫🇮 Helsinki-based DataCrunch.io raises €12M to scale AI computing in Europe: DataCrunch has secured €12 million in seed funding, led by byFounders, to expand its AI computing infrastructure and position itself as Europe’s first hyperscaler. Founded in 2020, the company aims to meet the growing demand for cost-effective AI resources with enhanced computing capacity. The funding will support infrastructure expansion, including Nvidia H200 servers, and boost services across Europe. DataCrunch leverages data centers in Finland and Iceland, using renewable energy to offer affordable, scalable AI solutions.
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🇫🇮 Cambri secures €8M to expand AI-powered consumer insights platform: Helsinki-based Cambri has raised €8M to scale its AI-driven market research platform. The funding, led by Octopus Ventures and S4S Ventures, aims to boost Cambri’s platform, which delivers consumer insights and predicts product success for major brands like Coca-Cola and Nestlé. The funds will support expanding operations and improving prediction accuracy, driving continued growth in the market research sector.
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🇫🇮 TheStorage raises €1M to advance fossil-free industrial heat solutions: Finnish startup TheStorage secured €1M in funding, led by 2C Ventures and Superhero Capital, to develop scalable sand-based thermal energy storage technology. The solution allows industries to store renewable energy as heat, enabling a transition from fossil fuels, cutting costs, and reducing emissions. The funds will support building a proof-of-concept system and expanding its team for large-scale deployment.
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🇸🇪 Swedish startup Aira secures €63M to accelerate the shift to clean heating: Stockholm-based Aira has received an additional €63 million from investors Temasek, Statkraft Ventures, Kinnevik, and Altor, extending its €145 million Series B round. The clean energy-tech company specializes in intelligent heat pumps and solar installations to replace fossil fuel heating, Europe’s third-largest CO₂ source. The funds will support expansion in Germany, Italy, and the UK, enhancing its product offerings and workforce to boost residential electrification and sustainability.
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🇸🇪 Swedish startup CorPower raises €32M to commercialize wave energy technology: Stockholm-based CorPower Ocean has secured €32 million in Series B1 funding, led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, to advance its wave energy converters. The investment supports scaling projects across Europe, addressing key challenges like storm resilience and efficient energy production. CorPower’s technology demonstrated its durability against Atlantic storms while generating power, signaling wave energy’s readiness for wide-scale adoption and its role in the global energy transition.
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🇸🇪 EQT Ventures leads $11.9M investment in Dottxt for AI-structured generation: The U.S.-based company Dottxt has secured $11.9 million to enhance its tools for structured AI generation, enabling large language models to produce structured outputs like valid JSON. EQT Ventures led the $8.7M seed round in August 2024, following a $3.2M pre-seed round led by Elaia in 2023. Emerging from the popular open-source project Outlines, Dottxt aims to accelerate the adoption of structured generation to integrate AI into traditional software development workflows.
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📈Baltic Public Markets Update:

Week 42 in the Baltic financial markets features Novaturas’ sales figures, Eleving Group’s initial listing, and EfTEN Real Estate Fund’s Extraordinary General Meeting. Attīstības finanšu institūcija Altum has coupon payment and maturity dates, while VIRŠI-A and Coop Pank release 9-month interim reports. Additional events include Rīgas kuģu būvētava’s ongoing audited annual report and the Lietuvos Respublikos Vyriausybė’s government securities auction.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🔋 Google to Power AI Data Centres with Small Nuclear Reactors: Google has partnered with US-based Kairos Power to use small modular reactors (SMRs) for powering its AI data centres, marking the first corporate deal of its kind. The plan aims to generate up to 500 MW of carbon-free electricity by 2035, with the first reactor expected online by 2030. This move seeks to support growing energy demands in AI while advancing clean nuclear technology.
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⚡ Amazon Embraces Nuclear Energy for AI Expansion: Amazon has unveiled agreements to back nuclear power projects, including small modular reactors (SMRs) with Dominion Energy in Virginia. The company also invested $500 million in X-energy, aiming to bring over 5 gigawatts of power online by 2039. This move supports AI development and addresses growing energy needs. Initial projects include a 320-megawatt facility in Washington state and a co-located data center next to a nuclear plant in Pennsylvania.
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🤖 OpenAI and Bain Expand AI Partnership: OpenAI is broadening its collaboration with Bain to deliver industry-specific AI solutions, including ChatGPT, to Bain’s clients across sectors like retail and life sciences. The partnership, which started in 2023, aims to develop custom AI tools for businesses with complex needs. Bain has allocated 50 staff members to this joint effort, while OpenAI has grown to 1 million paying business customers, reflecting increased demand for its AI offerings.
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⚖️ EU Weighs Including Musk’s Companies in Potential Fine for X: European regulators may factor in revenues from Elon Musk’s businesses, like SpaceX and Neuralink, to calculate a potential fine for X under the Digital Services Act. The move would significantly increase the fine if X is found to have violated regulations, especially concerning illegal content and disinformation. The decision follows ongoing scrutiny but no final penalty has been determined yet.
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🍽️ Meta Fires Staff Over Misuse of Meal Credits: Meta recently dismissed about 24 employees in Los Angeles for using $25 meal vouchers to buy non-food items like toothpaste and wine glasses. The investigation found that some staff even sent food home while not at the office. While minor offenders received warnings, the crackdown aligns with Meta’s cost-cutting efforts after laying off 21,000 employees in 2022-2023.
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VC news

🇪🇪 Fintech Monese merges with UK-based Pockit: London-based fintech Monese, founded by Estonian entrepreneur Norris Koppel, has merged with Pockit. As part of the deal, Monese’s shareholder, Tera Ventures, will take a stake in Pockit, and Pockit will invest £15M in the integration. The combined company will serve over 3M customers across 30 countries, continuing to provide banking services in the UK and EU. Pockit will benefit from Monese’s e-money and lending licenses, expanding its product offerings.
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🇪🇪 Estonian Uptime acquires majority stake in Spanish software developer Unatec: Estonian IT company Uptime has acquired a majority stake in Madrid-based Unatec. The acquisition will expand Uptime’s team by nearly 40 people and enhance its portfolio with several large energy clients. Founded in 1992, Uptime specializes in custom software solutions for various industries. Unatec, established in 2006, focuses on software for the energy sector, including renewable energy and energy distribution optimization.
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🇪🇪 Estonia leads global climate fintech innovation with the highest per capita startups and female founder rate: Tenity VC’s Climate Fintech Report 2024 places Estonia as a global leader in climate fintech. Estonia stands out with a 24% funding increase for climate fintechs in 2023, defying the global downward trend. Notably, 44% of Estonian climate fintech startups have female co-founders, the highest rate worldwide. Estonia also leads in climate fintechs per capita, showcasing its strength in digital investment solutions and carbon offset markets.
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🇱🇹 Lithuanian unicorn Surfshark acquires California-based online privacy company Ironwall: Surfshark, a leading cybersecurity company from Vilnius, has acquired Ironwall, a U.S.-based firm specializing in removing personal information from the Internet. Ironwall’s clients include judges, law enforcement, and victims of stalking. The acquisition will help Surfshark expand into the U.S. government sector. Surfshark, founded in 2018, provides services like VPN, antivirus, and data protection tools.
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🇱🇹 RedTrack raises $3.2M to enhance AI-driven analytics platform for media buyers: Vilnius-based RedTrack secured $3.2M in a Series A funding round led by Lead Ventures, with participation from InstaVC, Iron Wolf Capital, and angel investor Balazs Gandera. RedTrack’s platform helps small and mid-sized businesses optimize digital marketing by tracking and analyzing ad performance across platforms like Facebook, TikTok, and Google. The funds will boost product development and expand RedTrack’s presence in the U.S., which accounts for 45% of its users.
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🇫🇮 MONCYTE Health raises €1M to develop personalized cholesterol treatments: Helsinki-based startup MONCYTE Health has secured €1M in a seed funding round led by Inventure, alongside Almaral and Athensmed. MONCYTE Health’s proprietary technology measures individual lipid uptake and storage, aiming to improve cholesterol treatments and reduce the risk of cardiovascular diseases. The funds will support the company’s go-to-market strategy, collaborating with pharmaceutical firms and health clinics to advance personalized therapies for high cholesterol.
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🇫🇮 LOUHE.ai raises €3M to advance cyber-physical security solutions: Oulu-based LOUHE.ai has secured €3M in a funding round led by Lifeline Ventures, aiming to accelerate international expansion. The startup specializes in gathering data from buildings and campuses to create intelligent situational awareness through machine learning and Explainable AI. LOUHE.ai’s solutions predict security threats before they occur and continuously develop new features, including virtual agents and machine vision technology.
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🇫🇮 Synergi lands €2M to drive energy flexibility in Europe: Helsinki-based Synergi has secured €2M in seed funding, led by Greencode Ventures, to expand its platform for optimizing energy use through smart software and the Synergi app. The platform enables households and utilities to benefit from energy flexibility, helping consumers save on costs and supporting grid resilience. Synergi aims to grow its presence across the Nordics and Central Europe with this investment.
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🇸🇪 Quartr secures €5.4M to revolutionize public market research: Stockholm-based Quartr has raised €5.4M from Altos Ventures to further expand its market share in the financial services industry. Quartr, founded in 2020, provides investor relations (IR) professionals with tools for qualitative public market research. The company’s flagship product, Quartr Pro, is used by hedge funds, asset managers, and Fortune 500 firms. The investment from Altos will accelerate Quartr’s growth and solidify its global presence.
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🇸🇪 Uppsala’s Altris raises €13.2M to propel sodium-ion battery technology forward: Swedish battery developer Altris secured €13.2M in a Series B1 funding round, with new investors Clarios and Maersk Growth. This investment will finalize the company’s pilot production facility, advancing its sodium-ion cathode material production. Altris aims to meet growing demand for sustainable batteries in grid storage, low-voltage vehicles, and marine sectors, leveraging its Prussian White technology.
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🇸🇪 AirForestry raises €10.3M to develop fossil-free aerial forestry: Uppsala-based AirForestry has secured €10.3M in seed funding led by Northzone, with contributions from Sveaskog, Kiko VC, and others. The funding, which includes €1.7M from the Swedish Energy Agency, will be used to develop their innovative electric drone technology for aerial tree harvesting. AirForestry’s solution reduces CO2 emissions by eliminating heavy ground machinery and promoting healthier forests through selective thinning. The company aims to revolutionize sustainable forestry globally.
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🇸🇪 Voi issues €50M in its first-ever bond issuance: Swedish micromobility operator Voi has raised €50 million through its first bond issuance, under a €125M framework. The proceeds will fund the expansion of Voi’s 110,000 e-scooter and e-bike fleet, refinance debt, and cover corporate needs. The bond, with a four-year tenor and floating interest rate, attracted strong demand from Nordic and international investors. Voi’s successful performance in 2024, marked by a 50% cost reduction and improved profitability, positions the company for further growth in the micromobility sector.
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📈Baltic Public Markets Update:

Week 41 in the Baltic financial markets includes public offerings from Eleving Group and Citadele banka, with Šiaulių bankas making a coupon payment. Tallinna Sadam, Enefit Green, and Vilkyškių pieninė will release sales figures, while DelfinGroup reports 9-month activity results. Rīgas kuģu būvētava continues its audited annual report, and Lietuvos Respublikos Vyriausybė holds a government securities auction.
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News (economy, finance & tech) and indicators this week by fff.vc team:

⚖️ Google Must Open Android to Third-Party Stores: In a major ruling, Judge James Donato ordered Google to allow third-party app stores on the Google Play platform, starting November 2024, for three years. Google must also let rival stores access Play Store apps and stop requiring its billing system for app purchases. The decision, seen as a victory for Epic Games, is aimed at increasing competition in the Android marketplace. Google is planning to appeal this decision.
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🔍 US Antitrust Case Against Amazon Advances: A U.S. federal judge ruled that the FTC’s case, accusing Amazon of anti-competitive behavior in online retail, will proceed. However, claims from several states, including New Jersey and Pennsylvania, were dismissed. The FTC alleges that Amazon’s past practices, like a pricing algorithm, inflated costs for U.S. households. Amazon denies the claims and argues that there is no evidence of consumer harm, but the judge dismissed their defense at this stage.
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📈 Chinese Chip Stocks Surge Amid Stimulus Talk: Chinese chipmakers, led by Semiconductor Manufacturing International Corp. (SMIC), saw a significant rally, gaining $13 billion in market value. This surge comes as investors anticipate Beijing’s potential policy support for the semiconductor industry, a crucial area in China’s geopolitical rivalry with the U.S. SMIC shares soared by 28%, with smaller competitors like Hua Hong Semiconductor and Shanghai Fudan Microelectronics also experiencing strong gains. The market momentum reflects optimism in China’s economic recovery strategies.
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💡 Biotech Startups Raise $400M in U.S. IPO Boom: Three healthcare startups, including Upstream Bio, CAMP4 Therapeutics, and CeriBell, are aiming to raise up to $400 million in U.S. IPOs amid growing investor interest. This surge in biotech listings follows strong IPO debuts from companies like BioAge Labs and Bicara Therapeutics. With improving market conditions and interest rate expectations, these companies are capitalizing on current momentum ahead of uncertainties tied to the upcoming U.S. presidential election.
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🚨 Hindenburg Shorts Roblox Over Alleged Inflated Metrics: Hindenburg Research disclosed a short position in Roblox, accusing the gaming platform of inflating user numbers and engagement metrics. The report claims Roblox’s daily active users (DAUs) include bots and alternate accounts, inflating the metric by 25-42%. Roblox denies the allegations, but its shares dropped 9% following the news. Hindenburg’s findings add to its list of high-profile targets, including Carl Icahn and Gautam Adani.
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🚀 SpaceX Successfully Catches Starship Booster: For the first time, SpaceX launched and caught the Super Heavy booster with giant “chopsticks” at its Texas Starbase site during Starship’s fifth test flight. This groundbreaking event is key to SpaceX’s plan for rapid reusability, essential for future missions to the Moon and Mars. The test also involved a successful controlled reentry of the Starship upper stage into the Indian Ocean. SpaceX continues to refine these techniques to revolutionize space access.
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🛡️ OpenAI Plans Public Benefit Structure to Prevent Hostile Takeovers: OpenAI is considering a transition to a public benefit corporation (PBC) structure to protect itself from unwanted acquisitions and shield CEO Sam Altman from external interference. This change would balance shareholder interests with public good, aligning with OpenAI’s mission. The restructuring comes amid rapid growth, a $150 billion valuation, and internal challenges like leadership transitions. The PBC structure also reflects a growing trend in AI companies like Anthropic and Musk’s xAI.
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VC news

🇪🇪 Estonian logistics startup Waybiller raises €500K: The Tallinn-based startup, founded in 2019, has developed software to create digital waybills, automate shipments, and integrate warehouse and accounting processes, reducing costs for logistics companies. The recent funding, led by Gorilla Capital and Ambient Sound Investments, will be used for market expansion, product development, and team growth.
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🇪🇪 Planet42 sells off the South African car rental fleet to repay debts: The Estonian car rental company is liquidating its South African fleet to address debts owed to institutional investors. Co-founders Eerik Oja and Marten Orgna have resigned from the board under investor pressure. With secured loans and equity investments totaling over €91M, Planet42 faces challenges in satisfying all creditor demands, including those of Estonian creditors.
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🇪🇪 Startup Wise Guys invests in Italian automated delivery startup Vado: Estonian accelerator Startup Wise Guys leads a €440K seed round for Turin-based Vado, an automated delivery solution. Vado’s technology integrates with delivery apps like Glovo and UberEats, allowing 24/7 operations through vending machines. The funding includes €394K in equity from private investors and a €50K loan from Banca Sella.
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🇪🇪 Plural invests in LLM technology developer Oriole Networks: Plural, co-founded by Estonian entrepreneurs Sten Tamkivi and Taavet Hinrikus, has invested in Oriole Networks as part of a £17.5M Series A round. Oriole, spun out of University College London, develops technology to increase data transfer speeds between GPUs, using light beams over fiber optic cables. This innovation aims to make data centers more energy efficient, with plans to market the technology within a few years.
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🇱🇹 Lithuanian renewable energy developer Green Genius raises €100M: Green Genius secured its first external equity investment from the European Bank for Reconstruction and Development (EBRD), becoming a minority shareholder. The Vilnius-based company, a subsidiary of Modus Group, will use the funds to expand renewable energy projects in Europe, targeting over 2 GW in the Baltics, Poland, Romania, and beyond.
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🇱🇹 Vilnius-based Sort A Brick secures €1.15M to help people reuse their LEGO bricks: The Lithuanian startup offers a unique service that cleans, sorts, and repackages customers’ LEGO bricks into original or custom sets. With the investment from Firstpick and business angels, Sort A Brick aims to launch in Germany and expand across Europe. The funding will be used to develop prototype machinery and enhance their AI-powered sorting technology.
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🇱🇹 Lithuanian Flanco raises investment from Trafi co-founder Martynas Gudonavičius: Real estate tech platform Flanco, known for streamlining workspace management, has secured an undisclosed investment from Gudonavičius, joining as a significant shareholder. Founded in 2018, Flanco automates office operations, from access control to tenant billing, and operates in Lithuania, Latvia, Poland, and the Czech Republic. The investment surpasses Gudonavičius’s usual ticket size of €30K-€50K.
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🇱🇹 Lithuanian regtech startup lands €2.35M seed to advance anti-financial crime solutions: Vilnius-based AMLYZE secured €2.35M in seed funding to bolster its growth. Specializing in anti-financial crime tech for banks, FinTechs, and VASPs, AMLYZE focuses on transaction monitoring, customer risk assessment, and compliance screening. The funds will aid the development of a cross-border information-sharing platform using AI and synthetic data, enhancing compliance processes globally.
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🇫🇮 Finnish entrepreneurs gain access to Mobal’s tools through partnership with Suomen Yrittäjät: Helsinki-based Mobal has partnered with Suomen Yrittäjät, Finland’s largest entrepreneur organization, to offer digital marketing and review management tools at discounted rates. This collaboration aims to help small and medium-sized businesses improve their online presence, manage customer reviews, and drive more foot traffic to their physical locations. Mobal provides AI-driven analytics and local marketing tools tailored to enhance SMEs’ digital footprint.
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🇸🇪 Stockholm-based Lovable raises €6.8M to make everyone a software engineer: The pre-seed round, led by Hummingbird and byFounders, will support Lovable’s GPT Engineer—a platform allowing users, regardless of technical skill, to create software through AI-generated code. With a waitlist of 27,000 and 52,000 GitHub stars on its open-source version, Lovable aims to bridge the coding skills gap, fueling further industry growth.
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🇸🇪 Mastercard to acquire Swedish subscription management startup Minna Technologies: Mastercard announced it will acquire Gothenburg-based Minna Technologies, which simplifies managing and canceling subscriptions. This move aims to help consumers consolidate all their subscriptions, from Netflix to Amazon, in one place via their banking apps. Minna’s technology, already partnered with major financial institutions, aligns with Mastercard’s expansion into tech services like pay-by-bank payments. The transaction’s financial details are undisclosed and await regulatory review.
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🇸🇪 Sweden’s OmMej raises €350K to drive profitability and support children’s mental health: Malmö-based OmMej, a platform aiding public agencies in assessing children’s mental health, has secured €350K in a seed round led by Gorilla Capital. Founded in 2018, OmMej enables children to share their stories and assists adults in understanding their needs. With this funding, the company aims to achieve profitability and expand its services across Sweden, focusing on early identification and effective interventions for children’s mental health.
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🇸🇪 Swedish Cocoon Airbag Protection secures grants to enhance child bicycle safety: Lund-based startup Cocoon has received grants from the Women TechEU program and Vinnova to develop an AI-powered airbag system for child bicycle seats. This innovative system offers full-body protection for children during accidents. Founded in 2019 by Emma Garatea, Cocoon aims to address safety concerns in child bicycle transportation, and the new funding will accelerate prototype development and market readiness.
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📈Baltic Public Markets Update:

Week 39 in the Baltic financial markets includes Rīgas kuģu būvētava’s ongoing audited annual report and Lietuvos Respublikos Vyriausybė’s government securities auction. Ignitis grupė declares a dividend ex-date and record date. DelfinGroup, Inbank, AB Agathum, and Eleving Group have multiple coupon payment dates. Panevėžio statybos trestas holds an extraordinary general meeting.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🚨 UN: Telegram Facilitating Criminal Marketplaces in Southeast Asia: The UN report indicates that Southeast Asian crime networks are leveraging Telegram to conduct large-scale illicit activities, including trading hacked data, cybercrime tools, and money laundering services. With over 1 billion users, Telegram’s encrypted channels have limited moderation, making it an attractive hub for organized crime. Despite recent actions by CEO Pavel Durov, concerns persist over data security and the platform’s role in criminal activities. The app’s involvement has reignited discussions about digital privacy and law enforcement.
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💰 SoftBank to Invest $500M in OpenAI: SoftBank, led by Masayoshi Son, is set to invest $500 million into OpenAI as part of a $6.5 billion funding round valuing the start-up at $150 billion. The investment comes through SoftBank’s second Vision Fund, which is now mostly backed by Son’s personal wealth. This round includes participation from Thrive Capital and Microsoft. OpenAI is navigating restructuring and senior executive exits, including CTO Mira Murati’s departure. Despite challenges, investors are confident in OpenAI’s competitive edge in AI technology.
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🎮 Epic Games Accuses Samsung and Google of Blocking Rivals: Epic Games filed a lawsuit against Google and Samsung, accusing them of restricting competition by using Samsung’s “Auto Blocker” feature to deter app downloads outside Google’s Play Store and Samsung’s Galaxy Store. Epic claims this violates antitrust laws by limiting consumer choice. Samsung disputes the claims, arguing that Auto Blocker is designed for security and privacy. Epic also plans to raise concerns with EU regulators, aiming to challenge app market dominance further.
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🚗 Tesla Stock Slips After Missed Delivery Estimates: Tesla reported 462,890 deliveries for Q3 2024, falling short of analysts’ estimates ranging from 463,310 to 472,000. The stock dropped 3.7% after the report. Tesla faces rising competition, particularly in China, from companies like BYD and Nio. U.S. rivals such as Rivian, Ford, and GM are also ramping up their EV efforts. Tesla hasn’t given specific delivery guidance for 2024, and investors await its earnings report later this month.
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🤖 Character AI Shifts Focus After $2.7B Google Deal: Following the exit of its founders to Google in a $2.7 billion deal, Character AI has abandoned plans to build large language models (LLMs). Interim CEO Dominic Perella stated that LLM development became “insanely expensive,” prompting the startup to focus on its chatbot consumer product instead. The shift reflects the challenges startups face in AI development due to high costs and competition from tech giants like Google, Microsoft, and Amazon.
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🤝 Nvidia and Accenture Partner to Boost Corporate AI Adoption: Nvidia expands its collaboration with Accenture to drive AI adoption in businesses. Accenture is forming a dedicated Nvidia Business Group and has trained 30,000 experts to facilitate rapid deployment of Nvidia’s AI tools for clients. This move aligns with Nvidia’s goal to extend its AI technology beyond large data centers. Accenture’s AI Refinery, powered by Nvidia, allows businesses to build custom AI models.
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📱 Apple Slowly Moves Away From Annual Product Releases: Apple is shifting from its traditional annual product upgrade cycle towards a more flexible approach. The company is opting to release products when ready rather than sticking to a strict fall schedule. This change comes as the product lineup expands, including multiple iPhones, iPads, and Macs, making annual updates impractical. By adopting a staggered release strategy, Apple aims to reduce strain, improve innovation, and diversify revenue outside the holiday quarter.
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VC news

🇪🇪 Estonian startup ÄIO raises €6.1M to reduce palm oil dependency: Tallinn-based biotech startup ÄIO secured €6.1 million in funding from Voima Ventures, 2C Ventures, SmartCap, and Nordic Foodtech VC. The investment will fund the construction of a demo plant in Estonia to produce sustainable oils and fats using yeast fermentation from wood and agricultural residues. Founded in 2022 as a TalTech spin-off, ÄIO aims to offer eco-friendly alternatives to palm oil and animal fats, cutting land use by 97%. The startup plans to scale production by 2026 and has attracted significant interest from the food, cosmetics, and household products industries.

🇪🇪 Tallinn-based fintech Mifundo raises €10M to build a unified EU credit platform: Mifundo has secured €10 million to create a cross-border data platform for portable credit profiles in the EU. The funding includes a €1.2 million pre-seed round led by Tera Ventures, with additional participation from Opus11 VC and angel investors. Furthermore, Mifundo obtained a €2.5 million grant and €6.3 million in matched funding from the European Innovation Council (EIC) Accelerator. The startup aims to develop a unified credit market across the EU, enhancing financial accessibility for European citizens and reducing financial inequality.

🇪🇪 Estonia to double €50M defense industry fund: The Estonian government has approved the proposal to double its defense industry fund from €50 million to €100 million by 2025. The fund, managed by state-owned SmartCap, will invest in companies developing defense-related and dual-use technologies, focusing primarily on startups operating in Estonia. The additional funding aims to support new private sector funds targeting defense industry companies and enhance Estonia’s security while also aiding Ukraine. The first investments are expected in early 2025, with Estonia planning to allocate €400 million over four years for military aid to Ukraine.

🇪🇪 Estonian medtech startup Certific raises €700K: Tallinn-based Certific has secured €700,000 in funding from Lithuanian VC and accelerator Firstpick, Estonian Change Ventures, Berlin-based HEARTFELT_VC, and previous investors. Founded in 2020 by TransferWise co-founder Taavet Hinrikus, Jack Kreindler, and Liis Narusk, Certific developed a platform enabling patients to communicate with healthcare professionals, request prescriptions, and discuss health issues. The platform streamlines clinical information gathering, reduces consultation times, and shortens calls to clinics. The funding will support product development and expansion into new markets. Taavet Hinrikus and Jack Kreindler remain as advising investors following recent management changes.

🇱🇻 Latvian investment platform Mintos secures €2M in debt financing: Riga-based Mintos has raised €2 million in debt financing from Latvian fund FlyCap to further develop its platform and attract new investors across the EU. Founded in 2015, Mintos offers fractional bond investments and loan-secured notes to over 500,000 registered investors, managing assets exceeding €600 million. In 2023, Mintos reported a 30% revenue increase to €11.4 million and a net profit of €650,000, marking a significant turnaround from its 2022 loss. The company operates in several European markets, including Latvia, Poland, Germany, and France.

🇱🇹 Ovoko secures €20M Series B: Vilnius-based startup Ovoko, specializing in the e-commerce of used car parts, has raised €20 million in a Series B funding round, marking Lithuania’s largest startup investment of 2024. The round was led by U.S. venture capital firm Smash Capital, making their first investment in Lithuania. Ovoko’s platform streamlines the sale of car parts across the EU, with France as its largest market. The funds will support product development, market expansion, and team growth as Ovoko aims to dominate Europe’s used car parts e-commerce sector.

🇱🇹 Lithuanian startup Deverium secures €2M funding for identity verification platform: Lithuanian software company Deverium, in partnership with Corner Case Technologies, has raised €2 million in EU funding to develop a reusable digital identity platform. The platform aims to solve the international identity verification challenges in e-commerce, which currently cost European financial departments over €5.7 billion annually. Founded in 2019, Deverium operates in Lithuania, the UK, and Sweden and plans to use this funding to develop a minimum viable product and scale the platform globally. CEO Erika Maslauskaite emphasizes the platform’s potential to make identity verification faster and more secure.

🇫🇮 Innovestor invests €10M in Finnish spinouts addressing neurological disorders: Finnish investment company Innovestor has invested €10 million in three university spinouts: Polku Therapeutics, Kasvu Therapeutics, and Soihtu DTx. These early-stage companies focus on treating neurological disorders like Parkinson’s, Alzheimer’s, and depression. The funding comes from Innovestor’s €90 million Life Science Fund, which has backed research-driven companies since 2022. Polku Therapeutics is developing small molecule drugs for neurodegenerative diseases, Kasvu Therapeutics is working on neuroplasticity enhancers, and Soihtu DTx is creating a game-based treatment for depression. The companies have attracted notable international interest, showcasing Finland’s growing role in the life sciences sector.

🇸🇪 Swedish startup BrainLit raises €5M to scale natural daylight solutions: Lund-based BrainLit secured approximately €5 million in a funding round led by an undisclosed U.S. fund, with support from existing investors. The funds will drive expansion of their “BioCentric Lighting” system, which simulates natural daylight to enhance health and well-being, particularly in healthcare, office spaces, and sports arenas. Founded in 2012 by Tord Wingren, BrainLit aims to shift towards a software-centric business model, addressing the growing issue of indoor lifestyle health impacts.

🇸🇪 Qura raises €2.1M to build LLM-structured legal databases: Stockholm-based legal tech startup Qura has secured a €2.1M seed round led by Cherry Ventures, with other investors including senior Swedish lawyers. The funding will enhance the platform and expand its legal data collection. Qura’s AI search engine, used by over 50 legal teams, allows rapid navigation of millions of legal documents. Co-founder Erik Nordmark, alongside technical co-founders, developed the platform to address the inefficiencies in traditional legal databases, aiming to become a leader in legal information retrieval.

🇸🇪 LRF Ventures invests in Swedish horse tech startup HayHay: LRF Ventures, the investment arm of Lantbrukarnas Riksförbund, has invested over €1.3M in HayHay, a Swedish horse tech company. HayHay offers AI-powered, research-based guidance through its app, combining expertise from trainers, veterinarians, and an AI assistant named Stella. The app, launched in 2022, provides horse owners with tailored advice. Recently, HayHay partnered with Agria, the leading Nordic horse insurance company, to provide access to select customers. LRF Ventures’ investment supports the company’s goal of advancing the horse industry through digital innovation.

📈Baltic Public Markets Update:

Week 38 in the Baltic financial markets includes DelfinGroup’s Extraordinary General Meeting and LHV Group releasing sales figures. Modera and Eesti Vabariik have initial listings/admissions. Several companies, including REFI Energy, Bigbank, and Storent Holding, have coupon payment dates. Rīgas kuģu būvētava continues with its audited annual report period, and Lietuvos Respublikos Vyriausybė conducts a government securities auction.
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News (economy, finance & tech) and indicators this week by fff.vc team:

🔋 Northvolt to Cut 25% of Workforce in Sweden: Northvolt announced plans to reduce its global workforce by 20%, with 1,600 jobs cut in Sweden, including 1,000 positions at its Skellefteå factory. The strategic action aims to focus resources on large-scale cell manufacturing at Northvolt Ett. The company will also suspend plans for expansion, citing a challenging macroeconomic climate. All redundancies are subject to union negotiations. CEO Peter Carlsson stated these decisions are necessary for Northvolt’s future.
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📢 Google Files Complaint Against Microsoft Over Cloud Practices: Google has filed a complaint with the European Commission, accusing Microsoft of anti-competitive practices in its cloud platform, Azure. Google claims that Microsoft charges a 400% markup for running Windows Server on rival platforms and locks customers into using Microsoft’s services like Teams. This follows a 20-million-euro settlement by Microsoft in July over cloud licensing practices. Google argues that regulatory action is needed to ensure fair competition in the cloud market.
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🧑‍💼 Sam Altman Addresses Equity Stake Rumors Amid OpenAI Changes: At an all-hands meeting, OpenAI CEO Sam Altman denied plans to receive a “giant equity stake” in the company. OpenAI Chairman Bret Taylor confirmed discussions but said no figures have been finalized. This meeting followed the board’s consideration of restructuring OpenAI into a for-profit business. Meanwhile, several key executives have recently left, with Altman stating the departures are not related to the potential restructuring. OpenAI is also pursuing a funding round valuing it at over $150 billion.
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🇨🇳 China Urges Companies to Use Local AI Chips Over Nvidia: Beijing is pushing Chinese companies to buy domestically produced AI chips instead of Nvidia’s H20 products, aiming to boost its semiconductor industry and counter US sanctions. The policy, however, is not an outright ban, as China allows companies to use foreign chips if necessary. Local manufacturers like Huawei and Cambricon are encouraged to expand market share. Despite US restrictions, Nvidia’s data center revenue in China grew significantly in the past year.
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📢News and insights around private & public markets in the Baltics & Nordics by fff.vc team 🟠:

🇪🇪 Superangel secures new investment from SEB for its second fund: Tallinn-based Superangel has raised additional investment for its second fund, boosting its total potential to nearly €40M, with financial group SEB joining as a key investor. Superangel, founded in 2018, focuses on pre-seed and seed investments in AI, robotics, energy, and mobility across the Baltics and Nordics, with typical investments ranging from €300K to €800K. SEB’s participation enhances Superangel’s reach in supporting early-stage tech companies in the region.

🇪🇪 Fractory raises investment from SmartCap Green Fund: Estonian metal fabrication platform Fractory secured an undisclosed amount from the Estonian SmartCap Green Fund, comparable to last year’s €4.8M round. Founded in 2017, Fractory offers on-demand metal fabrication services, including laser cutting, bending, and CNC machining. The investment will fuel Fractory’s growth in the UK and Scandinavian markets and expand its teams. The startup also plans to develop digital tools to track the environmental impact of orders.

🇪🇪 MX Labs secures investment to expand AI health platform: Estonian healthtech startup MX Labs, based in Tallinn, raised an undisclosed amount from Tilia Impact Ventures, Simpact Ventures, and Superhero Capital. The company, co-founded by Remigiusz Kościelny and Przemysław Jaworski, is behind Shen.AI, an AI-driven system that monitors vital signs and helps detect conditions like hypertension. The funds will advance Shen.AI’s technology, aiming to improve health outcomes globally by partnering with telemedicine providers in over 20 countries.

🇪🇪 Trind Ventures invests again in Your.Rentals: Estonian venture capital fund Trind Ventures has reinvested in Danish short-term rental management platform Your.Rentals, contributing to a €1.7M funding round alongside existing investors. Your.Rentals, founded in 2016, streamlines property management by automating bookings, marketing, operations, and payments. Trind Ventures first invested in the platform in 2023 with €2.7M. The company has offices in Sweden and Vietnam and is part of Trind’s portfolio, which focuses on early-stage investments across various sectors.

🇪🇪 Patchstack secures $5M to enhance WordPress security: Estonian cybersecurity startup Patchstack has raised $5M in a round led by Karma Ventures, with G+D Ventures and Emilia Capital participating. Founded in 2017 by Oliver Sild and team, Patchstack offers a security tool that scans websites, particularly WordPress plugins, for vulnerabilities and automatically applies virtual patches to address them. The tool scans over 10 million websites daily. With clients like GoDaddy and Digital Ocean, Patchstack plans to extend its solution to other CMS platforms.

🇱🇻 THEO Growth secures investment from theIntelligent VC: Riga-based AI-powered context management platform THEO Growth raised an undisclosed investment from theIntelligent VC, with the fund’s typical ticket size up to $250K. Founded in 2023, THEO Growth streamlines the structuring of marketing-related information into a comprehensive knowledge base within 60 minutes. The startup will launch a closed beta in October 2024 for testing, with a public release expected by Q4. THEO Growth targets teams working with marketing, branding, and positioning tasks.

🇱🇹 Kevin declared bankrupt by Vilnius Regional Court: Lithuanian fintech Kevin, known for its account-to-account payment solutions, has been declared insolvent by the Vilnius Regional Court. The decision came after five plaintiffs, including AV Holding doo and Cloudvisor, filed for bankruptcy proceedings. Founded in 2018 by Tadas Tamosiunas and Pavel Sokolovas, Kevin previously raised €65M in Series A funding from Accel and Eurazeo. The court has appointed IS Group as the insolvency administrator to oversee the process.

🇱🇹 Practica Capital exits Softneta: Lithuanian VC Practica Capital has exited its investment in medtech company Softneta, where it had invested €1M in 2016. Softneta has become part of Bregal Unternehmerkapital’s healthcare IT portfolio. As part of the deal, MedDream, a Softneta subsidiary developing diagnostic medical software, was spun off as MedDream UAB. Founded in 2007, Softneta’s MedDream Viewer is used globally, with over 500 partners. Practica Capital, a Baltic-focused VC, manages four funds with over €130M AUM and supports early-stage startups.

🇱🇹 AISPECO raises €1.45M to enhance geospatial solutions: Lithuanian geospatial startup AISPECO has secured €1.45M in funding from angel syndicate NGL and existing investors Innovestor and Superhero Capital. Founded in 2020, AISPECO develops multi-sensor data collection systems for power line inspections and sectors like forestry, mining, and defense. The investment will be used to develop their AI-powered HELIUX FOCUS stabilization system, which allows for precise image capture during aerial data collection. The company serves clients across the US, Canada, LATAM, and the EU.

🇱🇹 MISHKAY Biotech secures tripled investment from Tesonet: Lithuanian startup MISHKAY Biotech, specializing in medicinal mushroom-based supplements, has received a tripled investment from Tesonet. The funds will support the completion of its R&D lab and expand production capabilities. MISHKAY Biotech focuses on developing high-quality, science-based products, addressing the problem of low-grade, counterfeit supplements in the market. The investment will also facilitate the development of a B2B product line and foster innovation in the biotech sector, promoting sustainable and zero-waste practices.

🇱🇹 Airvolve secures €825K to develop tactical aircraft: Lithuanian startup Airvolve has raised €825,000 from Coinvest Capital, Baltic Sandbox Ventures, and business angels to develop a tactical transport aircraft. Featuring a horizontal-axis propulsion system, the aircraft is designed for defense and commercial missions like autonomous cargo delivery and casualty evacuation. With €510,000 from Coinvest Capital, the funds will accelerate the development of a prototype, expected to complete by 2025. Airvolve’s innovation aims to reduce operating costs by 10 times compared to traditional helicopters.

🇱🇹 Kloosive raises funding to improve accessibility for disabled users: Vilnius-based Kloosive, founded in 2023, secured investment from the Startup Lithuania Accelerator powered by Plug and Play. Kloosive’s AI-driven solution enhances accessibility for individuals with vision impairments, motor disabilities, and ADHD by allowing them to modify web interfaces and mobile apps to suit their needs. The platform complies with standards like WCAG, AODA, and ADA, offering adjustments for color settings, font sizes, and more. The investment amount was undisclosed.

🇫🇮 QMill raises €4M to develop practical quantum algorithms: Espoo-based quantum computing startup QMill has secured €4 million in seed funding from Maki.vc, Antler, and Kvanted, alongside a €1 million grant from Business Finland. QMill focuses on developing quantum algorithms to address immediate industrial challenges in sectors like finance, energy, and logistics. With this funding, QMill plans to expand R&D, hire top global talent, and scale its services, aiming to make quantum computing more practical for real-world applications.

🇫🇮 Gosta Labs secures €1.2M pre-seed funding to streamline healthcare documentation: Finnish startup Gosta Labs raised €1.2M in pre-seed funding from Cor Group and angel investors to enhance its AI-driven tool that automates healthcare documentation. The software listens during medical appointments and drafts clinical notes, reducing the time doctors spend on paperwork. Following a successful trial at a Western Uusimaa health center, the funding will accelerate product development and adoption in more healthcare systems.

🇸🇪 Stegra (H2 Green Steel) secures €104.4M state aid to build low-carbon steel plant: Stegra, previously known as H2 Green Steel, has received €104.4M in state aid from the Swedish Energy Agency to build the world’s first large-scale, low-carbon steel production facility. The funds, provided under the Swedish government’s Industrial Leap programme and approved by the European Commission, will support the plant’s construction, which will produce 2.1 million tonnes of sponge iron and 2.5 million tonnes of steel per year. The plant will use fossil-free hydrogen and renewable electricity, reducing CO2 emissions by 93% compared to traditional methods. This initiative supports Sweden’s goal of becoming fossil-free by 2045.

🇸🇪 Alight secures €110M debt financing from Rabobank for solar expansion in Sweden: Stockholm-based solar power producer Alight has closed a €110M senior debt portfolio financing deal with Dutch lender Rabobank. The funding will support the construction and operation of approximately 220 MW of small to medium-sized solar parks across Sweden. This marks the first such facility in the Nordics and highlights the growing appetite for green energy financing. The first projects financed under this deal include a 4 MW site in Halland, a 6 MW site in Södermanland, and a 15 MW site in Uppland. Alight aims to accelerate Sweden’s renewable energy transition amid rising electricity demand.

🇸🇪 Navigare Ventures invests nearly €12M in SweGaN for semiconductor growth: Swedish investment firm Navigare Ventures, a subsidiary of Wallenberg Investments AB, led a nearly €12M equity raise for Linköping-based semiconductor company SweGaN AB. The funding will support strategic collaborations and material development for SweGaN’s GaN-on-SiC epitaxial wafers used in power device markets. Global investors from Taiwan, South Korea, and the US also participated in the round. Navigare Ventures’ involvement includes bringing new board members to SweGaN, signaling strong support for the company’s long-term growth in the European semiconductor industry.

📈Baltic Public Markets Update:

Week 37 in the Baltic financial markets highlights include Enefit Green and Vilkyškių pieninė releasing sales figures, while Latvenergo and MADARA Cosmetics hold investor events. BluOr Bank also has a public offering and investor event. Ignitis grupė and LITGRID host extraordinary general meetings. Coupon payments are expected from Mainor Ülemiste, Summus Capital, and Bigbank. Arco Vara issues a dividend payment on September 13.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

⚖️ Brazil Fines Musk’s X for Breaching Platform Ban: Brazil fined Elon Musk’s social media platform X and his internet firm Starlink $920,000 each after some users regained access to X despite a ban. The breach occurred due to a change in network providers, which X claims was an unintentional restoration. The Brazilian Supreme Court blocked X for failing to meet legal requirements, marking a continued legal feud between Musk and the Brazilian judiciary. Musk’s companies have faced repeated fines and threats of license revocation.

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📊 India Surpasses China in MSCI Stock Index for the First Time: India has overtaken China in the MSCI All-Country World Index, with a 2.33% share compared to China’s 2.06%. This shift is driven by strong liquidity in Indian companies and increasing global investor demand, as India’s stock market reaches record highs. Despite concerns over high valuations, with India’s MSCI index reaching a forward price/earnings ratio of 24.7, investor confidence remains robust. The rise in India’s market share reflects both its economic momentum and China’s declining performance amidst economic challenges.

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🚨 Amazon Implements 5-Day In-Office Work Week: Amazon CEO Andy Jassy has announced that corporate staff will be required to return to the office five days a week starting January 2025. This marks a shift from the current three-day policy, aimed at fostering collaboration and maintaining the company’s unique culture. Along with the new office policy, Amazon plans to flatten its corporate structure by reducing the number of managers. These changes are part of broader efforts to improve efficiency and strengthen organizational culture.

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🚀 OpenAI’s $6.5 Billion Funding Round Oversubscribed: OpenAI’s latest funding round, aiming to raise $6.5 billion, has attracted more investment offers than needed, according to Bloomberg. Key potential investors include Microsoft, Nvidia, and Apple, while some participants may be excluded due to oversubscription. Thrive Capital is reportedly leading with a $1.25 billion commitment. Sequoia Capital is notably absent, having backed a competing AI startup. This round could raise OpenAI’s valuation to $150 billion, cementing its status as one of the world’s most valuable startups.

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🇪🇪 Fairown raises €5.7M for expansion in Germany: Tallinn-based Fairown secured €5.7M in a seed extension round led by BONVENTURE and supported by neosfer, STIHL Ventures, and Gateway Ventures. The funds will fuel Fairown’s expansion into Germany, focusing on the household appliances market and partnerships with brands like Bosch and Apple Premium Reseller FundK. Fairown’s subscription model promotes sustainable consumption by enabling consumers to access and return products easily, supporting a circular economy. The service operates across nine European countries, emphasizing recurring sales and customer loyalty.

🇱🇹 Deverium secures €2M EU grant for digital identity platform: Lithuanian company Deverium has raised €2M in EU funding to develop a cross-border digital identity platform based on eIDAS standards. Partnering with Corner Case Technologies, the platform aims to solve inefficiencies in current ID verification systems, reducing onboarding costs and enhancing data privacy. The solution will leverage cryptographic methods to streamline identity verification for businesses, cutting verification time and improving user control over personal data, with plans for global scalability.

🇱🇹 AgroSync raises €140K for farm field management platform: Lithuanian startup AgroSync has secured €140,000 in funding from Budapest-based Fiedler Capital. Founded in 2023 by Lukas Grigaravicius and Karolis Paulikas, AgroSync provides farmers with data on soil health, climate conditions, and crop well-being through multispectral satellite analysis. The platform helps optimize nitrogen fertilization, potentially reducing fertilizer use by up to 20%. The new funds will support further platform development, enabling better farm management and decision-making.

🇱🇹 Contrarian Ventures invests in cleantech Beebop.ai: Lithuanian Contrarian Ventures, alongside Angular Ventures, led a $5.5M seed round for Belgian AI-powered Beebop.ai, a company developing software for power grids. Founded in 2023, Beebop uses home devices like EV chargers and solar panels to optimize energy savings for households by up to 50%. The company plans to manage over 100K assets by 2025. Contrarian Ventures, based in Vilnius, focuses on climate startups across Europe and Israel.

🇫🇮 ŌURA acquires Veri to enhance metabolic health tracking: Finnish healthtech company ŌURA has acquired Veri, a startup specializing in metabolic health through continuous glucose monitoring (CGM). Veri’s expertise will integrate into ŌURA’s Ring ecosystem, expanding its capabilities beyond sleep and activity tracking. This acquisition allows ŌURA to provide users with insights into how food impacts health, promoting holistic well-being. ŌURA plans to introduce a new “Meals” feature for tracking meal timing and its effects on health metrics like sleep and stress.

🇫🇮 Zefort raises €1M for international expansion: Finnish AI-powered contract management platform Zefort, based in Kaarina, has raised €1 million from investors Asko Schrey and Timo Larjomaa, who now hold a 40% minority stake. The funding will accelerate Zefort’s expansion in the Nordics and Northern Europe. Zefort provides a cloud-based contract management solution used by a wide range of sectors, including banks, tech companies, and small businesses. The company aims to grow its international presence, with clients already in 11 countries.

🇸🇪 Starhive raises $3M to expand no-code platform globally: Stockholm-based no-code app builder Starhive secured $3M in seed funding, led by node.vc, to enhance its platform and fuel international growth. Founded by Tommy Nordahl and Mathias Edblom in 2022, Starhive allows businesses to build custom apps without coding expertise. With growing global demand for no-code solutions, the company targets sectors like enterprise service management and project management. The funds will help scale operations and innovate Starhive’s data platform and automation tools.

🇸🇪 Baseload Capital closes €53M to scale geothermal energy projects: Swedish geothermal energy company Baseload Capital raised €53M in a Series B round led by ENGF, with contributions from Ingka Investments, Baker Hughes, and Breakthrough Energy Ventures. The funding will drive geothermal project commercialization and expansion in markets like Iceland, the US, Japan, and Taiwan. Baseload Capital integrates oil and gas technologies to unlock the world’s untapped geothermal potential, aligning with global emissions reduction goals and supporting stable, carbon-free energy sources.

🇸🇪 Wingbits raises €3.1M to enhance flight tracking with blockchain technology: Stockholm-based startup Wingbits has raised €3.1M in a seed round led by Borderless Capital and Tribe Capital, with support from Antler and angel investors. Wingbits operates a decentralized flight tracking network, compensating users for contributing data via antennas using blockchain. With the new funds, the company plans to expand its engineering team and grow its product and marketing efforts, aiming to further develop its community-driven approach to reliable flight tracking.

📈Baltic Public Markets Update:

Week 36 in the Baltic financial markets includes Apranga and Tallink Grupp announcing sales figures, and DelfinGroup and CleanR Grupa hosting investor events. Arco Vara has its dividend ex-date and record date. Augstsprieguma tīkls will also hold an investor event. Lietuvos Respublikos Vyriausybė continues its government securities auction, and DelfinGroup conducts a public offering.
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Global news in economy, finance & tech

🛒 Amazon Launches Budget-Friendly ‘Amazon Saver’ Line: Amazon introduced Amazon Saver, a new budget grocery brand aimed at helping Prime members save on essentials. Items like crackers, oats, and pizza sauce are priced under $5, with an extra 10% discount for Prime users. The new line joins Amazon’s existing private labels like Happy Belly, offering cost-effective alternatives as consumer goods prices have risen by 20% in recent years. Amazon Saver is available in-store and online, enhancing savings for budget-conscious shoppers.
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📉 Samsung Plans Global Job Cuts of Up to 30% in Some Divisions: Samsung Electronics is cutting 15-30% of its global sales, marketing, and administrative staff by the end of 2024, affecting regions including the Americas, Europe, and Asia. The move aims to reduce costs as the company faces slow recovery in its chip business and rising competition in smartphones. In India, around 1,000 employees may be laid off. Samsung cites weakening global tech demand as a key factor behind the cuts.
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🚀 SpaceX Launches First Private Spacewalk Mission: Billionaire Jared Isaacman and three crew members launched aboard a SpaceX Falcon 9 rocket for a five-day mission aiming to conduct the first private spacewalk. They will test new spacesuits and fly to an altitude of 870 miles, surpassing the International Space Station and Hubble Space Telescope. Isaacman’s mission, part of the Polaris Dawn program, marks a significant step in private space exploration, with further trips planned by SpaceX and Isaacman.
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💰 OpenAI Eyes $6.5 Billion Funding at $150 Billion Valuation: OpenAI is in discussions to raise $6.5 billion from investors at a $150 billion valuation, significantly up from its previous $86 billion valuation. Microsoft, Apple, and Nvidia are among potential participants, with Thrive Capital leading the round. OpenAI also seeks to secure $5 billion in debt through a revolving credit facility to strengthen ties with banks ahead of an eventual IPO. The company remains at the forefront of AI with products like ChatGPT.
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🇪🇪 Estonian healthtech startup Elnora AI raises €95K: Elnora AI, formerly known as Nora AI, raised €95K from US accelerators Boost VC, Plug and Play Tech Center, and Estonian business angels. The startup secured €30K at a €1.5M valuation from Startup Lithuania Accelerator and €50K from Boost VC for 2.5% equity with further investment options. Founded in 2023 by Karl-Oskar Masing and Carmen Kivisild, Elnora AI develops a platform for biomedical researchers to automate tasks, summarize scientific data, and predict drug candidates, streamlining drug development.

🇪🇪 Estonian AI-powered HR platform Wisnio acquired by Swedish Assessio Group: Swedish HR firm Assessio Group has acquired Estonian startup Wisnio, marking an exit for early Estonian investors such as Siena Secondary Fund, Spring Capital, Startup Wise Guys, and Metaplanet. Founded in 2015 by Alo and Tonis Arro, Wisnio specializes in AI-driven leadership assessments. The acquisition accelerates Assessio’s global expansion, particularly in the UK and US. Wisnio will integrate with Assessio’s scientifically validated HR tools, enhancing talent analysis and team development.

🇱🇻 Latvian startup Sorsera raises €1.27M: Sorsera, founded in 2020 by Georgs Vardanjans and Rūdolfs Kreicbergs, secured €1.27 million, including €950,000 from the EU, to develop AI solutions for the supply chain and procurement industries. Sorsera aims to streamline public procurement, making it easier for businesses to manage tenders and contracts. Their tools provide insights into market trends and enhance collaboration for the bidding process. The funding will further Sorsera’s efforts to link buyers and suppliers, ensuring a more efficient tendering experience.

🇱🇹 Lithuanian AI-powered digital math tutor Alfa Space raises €315K: Alfa Space, a Lithuanian startup founded in 2024, has raised €315K from local business angels. The AI-driven platform provides personalized math tutoring for students, offering explanations, solutions, and assessments to improve learning. It supports Lithuanian high school students preparing for exams and teachers with lesson planning. Since launching, it has helped over 2,000 graduates, and the recent funding will accelerate platform development. The platform is now fully adapted for students in grades 5-12.

🇱🇹 Lithuanian startup Airvolve raises €825,000: Deeptech startup Airvolve secured €825,000 from Coinvest Capital, Baltic Sandbox Ventures, and business angels to develop a tactical transport aircraft. The innovative aircraft, designed for civil and defense missions such as cargo delivery and search-and-rescue, is 10 times cheaper to operate than helicopters. Founded by a team with NASA and Ryanair backgrounds, the prototype took off in May 2024 after two years of R&D. This investment will support the development of a fully functional MVP, with pre-orders expected by late 2025.

🇱🇹 Pylon raises $17M led by Andreessen Horowitz: Lithuanian-founded B2B platform Pylon secured $17 million in Series A funding led by Andreessen Horowitz, raising total investment to over $20 million. Pylon integrates tools like ticketing systems and customer success platforms, enabling companies to manage customer conversations efficiently. Clients include Hightouch, Panther Labs, and Sardine. The new capital will enhance support for Pylon’s 250 customers, with plans to hire for various roles in San Francisco. Existing investors like General Catalyst and Y Combinator also participated.

🇫🇮 Finnish Resand secures €3M loan for sustainable sand recycling: Resand, a Finnish tech company focused on regenerating foundry sand, has secured a €3 million loan from Nordic Green Bank (Nefco). Founded in 2013, Resand’s Sand As A Service (SAAS) solution recycles foundry sand, reducing virgin sand usage by 75%. The funds will scale operations and support the development of its patented electric sand reclaimer. This initiative aims to lower the environmental footprint in the foundry industry, promoting resource efficiency and a circular economy.

🇫🇮 Helsinki and New York-based Behavix raises pre-seed funding: Behavix, co-founded by Hannu Verkasalo and Surath Chatterji, has closed a pre-seed funding round from senior executives at Nielsen, Rovio, and Unity. The company specializes in AI-powered, opt-in-based behavioral data collection, providing real-time insights into consumer behavior across digital touchpoints. With a focus on transforming the market research industry, Behavix aims to replace traditional methods with empirical, high-quality behavioral data, helping businesses make more informed decisions. The funds will be used to finalize their go-to-market strategy.

🇫🇮 Helsinki-Palo Alto-based Root Signals raises $2.8M: Root Signals, a startup developing an LLM-as-a-judge platform for GenAI reliability, has secured $2.8 million in funding from Angular Ventures and Business Finland. Root Signals provides enterprises with tools to measure, control, and monitor AI outputs, ensuring they are reliable, auditable, and scalable. The company aims to help businesses overcome challenges in deploying GenAI applications by automating complex measurements for better AI quality control.

🇸🇪 Foodtel raises funding to combat food waste with its cold chain platform: Swedish startup Foodtel has secured €2 million in investment from FoodBridge, part of Novax, to expand its platform, which assesses remaining food shelf life after temperature deviations. Founded in 2022, Foodtel has already saved over 225 tons of food, reduced CO2 emissions, and saved more than SEK 20 million in costs. This funding will help scale its efforts in preventing global cold chain food waste.

🇸🇪 Swedish medtech startup Amferia raises €1.2M to combat antibiotic resistance: Amferia, based in Mölndal, Sweden, secured €1.2 million in an oversubscribed round led by Chalmers Ventures. The funds will support the clinical development of Amferia’s hydrogel platform, which uses antimicrobial peptides to tackle resistant bacterial infections. Already applied in animal health, Amferia aims to expand into human health, advancing regulatory approvals and strategic partnerships. The company focuses on reducing antibiotic dependency by utilizing its innovative technology in healthcare.

🇸🇪 Palm raises €5.5M to streamline cash management for global businesses: Swedish-Dutch fintech startup Palm has secured €5.5 million in seed funding from Speedinvest, Target Global, and other investors. Palm’s platform helps treasury teams optimize cash management by providing real-time insights on cash flows across multiple bank accounts, reducing operating cash balances by over 30%. Founded by Gurjit Pannu and Christian Sobkowski, Palm plans to use the funds to expand its team and scale operations in Europe, the UK, and the US, improving treasury operations for large enterprises.

🇸🇪 Tiptapp secures €1M for Berlin expansion: Stockholm-based logistics startup Tiptapp has raised €1 million in non-dilutive funding via Gilion to expand its marketing efforts in Berlin. The app connects users who need help moving, recycling, or delivering items with those who have vehicle space, reducing single-purpose car trips and promoting sustainability. Tiptapp has partnered with Berliner Stadtreinigungsbetriebe (BSR) to streamline recycling, and plans to use the funds to increase brand awareness and user adoption in Germany, furthering its environmental impact.

🇸🇪 Amferia raises €1.2M to tackle resistant bacterial infections: Mölndal-based medtech Amferia secured €1.2 million from investors, including Chalmers Ventures, to advance its hydrogel platform targeting resistant bacteria. The technology utilizes antimicrobial peptides, mimicking the immune system to combat infections while avoiding harm to surrounding tissue. Amferia will use the funding for clinical development and regulatory work in human health. The company also inked a deal with Orkla Wound Care for animal health applications.

📈Baltic Public Markets Update:

Week 35 in the Baltic financial markets includes the 6-month interim reports from Rīgas kuģu būvētava, Latvijas Gāze, INVL Technology, Rokiškio sūris, Vilkyškių pieninė, and others. Lietuvos Respublikos Vyriausybė continues its government securities auction. Grenardi Group and Sun Finance Treasury Limited make coupon payments. Latvijas Gāze is delisted, and Altum releases its interim report. Further updates come from Amber Beverage Holding, Citadele banka, and Storent Holding.
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Global news in economy, finance & tech

🚗 Volkswagen Considers Closing German Plants to Cut Costs: Volkswagen is considering shutting two German factories to save billions as it struggles with the shift from fossil fuel vehicles to less profitable electric models. The closures would mark the company’s first in Germany, highlighting the challenges faced by European carmakers amid competition from lower-cost Chinese electric vehicle manufacturers. CEO Oliver Blume stressed the need for decisive action as Germany’s competitiveness declines. The move has sparked strong opposition from the company’s works council and unions, who vow to fight the closures, warning of potential job losses.
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🇧🇷 Brazil Supreme Court Upholds Nationwide Ban on X: A Brazilian Supreme Court panel unanimously upheld Justice Alexandre de Moraes’ decision to block Elon Musk’s social platform X nationwide. The block remains until X names a local representative and pays over $3 million in fines. The move follows X’s refusal to comply with de Moraes’ orders, escalating tensions between the platform and Brazilian authorities. Users are migrating to alternatives, while Starlink, Musk’s satellite provider, faces legal risks for not enforcing the block.
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💹 Foreign Investors Exit Asian Tech Stocks Over Valuation Concerns: In August, overseas investors sold $3.8 billion in Asian equities, particularly in tech-heavy markets like South Korea and Taiwan, amid concerns over high valuations and doubts about AI investments’ profitability. South Korea and Taiwan saw $2.1 billion and $4.2 billion outflows, respectively. In contrast, Indian markets had inflows driven by new issues, while Indonesian and Philippine stocks attracted $1.85 billion and $144 million, respectively. Investors are shifting focus to underperforming sectors ahead of potential Fed rate cuts.
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⚡ Volvo Scraps Plan to Go Fully Electric by 2030: Volvo Cars has revised its ambitious goal to sell only electric vehicles by 2030, now aiming for 90%-100% of sales to be fully electric or plug-in hybrids, with up to 10% allowing mild hybrids. The decision reflects shifting market conditions, cooling demand, and slower-than-expected development of charging infrastructure. Despite the change, Volvo remains committed to electrification but will adopt a more flexible approach. This follows similar moves from other automakers like Mercedes-Benz and Volkswagen.
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🎶 North Carolina Musician Arrested for AI-Assisted Streaming Fraud: Michael Smith, 52, was arrested for using AI to create hundreds of thousands of songs that were streamed billions of times, generating over $10 million in royalties. Smith allegedly created numerous accounts on streaming platforms to fraudulently boost streams and collect royalties meant for genuine artists. He faces charges of fraud and conspiracy, with a potential 60-year prison sentence. The scheme, which ran from 2017 to 2024, involved collaboration with an AI music company executive.
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🇪🇪 Estonian Startup Myceen Raises €2M in Grants, Eyes Expansion in Eco-Friendly Construction: Tallinn-based Myceen has secured over €2 million in grants this year, with an additional €1-1.5 million in seed investment anticipated. Backed by investors including the Mistletoe Japanese Impact Fund, EIT Climate KIC, and Enterprise Estonia (EAS), Myceen plans to use the funds to expand production capacity and develop industrial technology for mycelium-based building materials. As Europe pushes toward climate goals, Myceen’s sustainable insulation solutions offer a timely, eco-friendly alternative, aiming to capitalize on the growing demand for energy-efficient renovations.

🇪🇪 Estonian Company Sunly Raises €300M to Boost Climate Resilience in the Baltics and Poland: Sunly, a prominent green energy provider, has secured €300 million in debt financing to accelerate the development of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland. The funding was led by Rivage Investment and Copenhagen Infrastructure Partners (CIP), with additional participation from Norway’s KLP. Founded in 2019, Sunly is focused on enhancing regional energy stability and reducing reliance on imported fossil fuels through integrated hybrid parks. The investment will support key projects, including the 244 MW Risti solar park in Estonia and several hybrid solar farms in Latvia.

🇪🇪 Risk Management Platform Complok Raises €50K from Tenity Incubation Fund: Estonian startup Complok, specializing in compliance risk management for fintechs and banks, has secured a €50K convertible loan from Swiss-based Tenity Incubation Fund II as part of the New Nordics Challengers accelerator program. The program, based in Tallinn and Copenhagen, supports pre-seed fintechs with training, mentoring, and potential follow-on investments. Complok’s platform helps manage and automate compliance risks, including financial crime and GDPR. The convertible loan terms will be disclosed after an equity round, with a potential follow-on investment of up to €250K from Tenity.

🇪🇪 University of Tartu Acquires Stake in Better Medicine: UniTartu Ventures, the University of Tartu’s holding company, has acquired a stake in AI-powered cancer diagnostic developer Better Medicine in exchange for intellectual property. Over two years, the university will transfer R&D-derived intellectual property to Better Medicine. Founded in 2020, the startup specializes in organ-based AI models for cancer detection, including certified kidney and lung models. This marks UniTartu Ventures’ first investment as part of a long-term collaboration.

🇱🇻 Latvian Car-Sharing Company Carguru.lv Acquires OX Drive to Lead the Latvian Market in Sustainable City-Driving: Riga-based car-sharing service Carguru has acquired OX Drive, expanding its fleet with over 200 new electric vehicles, including Tesla and Audi models. This acquisition, which will be finalized on August 30, 2024, establishes Carguru as the largest electric car-sharing service in Latvia. The combined fleet, available exclusively through the Carguru app, will strengthen the company’s market position, providing customers with advanced and sustainable mobility solutions.

🇱🇻 ZGI Capital Exits Latvian Mobile Payment System Mobilly: Latvian investment firm ZGI Capital has exited its 9.17% stake in Riga-based mobile payment system Mobilly, joining other shareholders such as Citadele Bank, Vitolu Fund, Uldis Paberzis, and Girts Slavins in selling their shares. The transaction details remain undisclosed. Mobilly, founded in 2003 by Normunds Bergs and Janis Bergs, is a widely used payment system with over 400K users, supporting payments for various services like parking, public transport, and tickets. The new majority owner is Mobilly SPV, with Valdis Bergs holding 80.02%. Despite the change in ownership, Mobilly’s management and strategic focus will remain unchanged, continuing to expand in the Baltics and beyond.

🇱🇹 Lithuanian Startup CBRX Secures €275,000 in Pre-Seed Round from ScaleWolf VC and FIRSTPICK: Lithuanian cybersecurity startup CBRX, formerly known as Cyberalert, has raised €275,000 in a pre-seed investment round led by ScaleWolf VC and FIRSTPICK. Founded in 2023 by Kazimieras Sadauskas and Audrius Miknevičius, CBRX focuses on revolutionizing the cybersecurity field with AI-based solutions that automate up to 90% of Security Operations Center tasks. The funding will be used to expand the team, enhance technology development, and bring their product to market.

🇫🇮 Helsinki’s Jobilla Raises €6M to Enhance AI Recruitment Tools: Helsinki-based recruitment tech company Jobilla has secured €6 million in funding from Juuri Partners, Trind VC, Business Finland, and business angels, including Matti Vikkula, who now chairs the board. The investment will support Jobilla’s international expansion and further development of its AI-powered recruitment platform, which automates tasks like content localization and candidate screening. Jobilla, a leader in digital recruitment, currently runs over 8,000 campaigns annually across more than 50 countries, aiming to make hiring more efficient and cost-effective.

🇸🇪 Swedish DealPotential Raises $1 Million to Expand Investment Insights Platform Worldwide: Stockholm-based startup DealPotential has secured $1 million in seed funding from a confidential Family Office to advance its Investment Intelligence Platform. The platform, designed to enhance decision-making for investment professionals through real-time data analytics, aims to streamline investment processes. With the new funds, DealPotential plans to accelerate development and expand sales and marketing efforts in key global markets, including the USA, Southeast Asia, and Western Europe, as it works to become a leading name in the investment intelligence space.

🇸🇪 SmiLe Inject Capital Boosts Life Science Innovation with €800K Investment in Pioneering Startups: Sweden’s SmiLe Inject Capital has announced a strategic investment of €800K in three early-stage life science startups: Uman Sense, Nygen Analytics, and Aligned Bio. These investments bring the total number of companies in SmiLe Inject Capital’s portfolio to ten, reinforcing its commitment to advancing global health innovations. The funding supports Uman Sense’s Stroke Alarm wristband for stroke prevention, Nygen Analytics’ LLM-driven genomics data analysis platform, and Aligned Bio’s nanowire-based biosensor technology for disease diagnostics and genome sequencing.

🇸🇪 Swedish startup evroc raises €42M for sustainable hyperscale cloud: Evroc, a Swedish startup aiming to build a sustainable hyperscale cloud for European data sovereignty, has secured €42 million in a Series A round at a pre-money valuation of €110 million. The round saw participation from existing investors EQT Ventures and Norrsken VC, along with French firm Blisce. Founded in 2022, evroc previously raised €15 million in seed funding and is planning a €600 million investment for a flagship cloud center near Stockholm’s Arlanda airport.

📈Baltic Public Markets Update:

Week 34 in the Baltic financial markets includes the continuation of Lietuvos Respublikos Vyriausybė's government securities auction and Tallink Grupp's takeover offer period. Eleving Group and Šiaulių bankas announce interim reports, while Ignitis grupė and Rokiskio suris plan coupon payments. Harju Elekter Group and Tallinna Vesi will report their 6-month results. Additionally, Latvijas Gāze and Coop Pank declare sales figures, and Enefit Green hosts an investor event.
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Global news in economy, finance & tech

🎯 Meta and Spotify CEOs Criticize European AI Regulations: Meta's Mark Zuckerberg and Spotify's Daniel Ek expressed concerns over Europe's complex AI regulations, warning that they could hinder innovation and cause the continent to fall behind. Despite Europe having a strong base of open-source developers, the CEOs argued that inconsistent and overlapping regulations are stifling progress. They called for a streamlined regulatory framework to support the growth of open-source AI and prevent Europe from missing out on a major technological opportunity. Meta's upcoming AI models, like Llama multimodal, may be delayed in Europe due to these regulations.
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🇨🇦 Canada Imposes 100% Tariffs on Chinese Electric Vehicles: Canada announced a 100% import tariff on China-made electric vehicles, effective October 1, citing "unfair competition" from China. The country will also impose a 25% tariff on Chinese steel and aluminum starting October 15. These measures aim to "level the playing field" for Canadian industries, similar to actions taken by the U.S. and EU. China criticized the move, calling it a violation of WTO rules and threatening retaliatory actions. The tariffs could impact China's EV growth but are unlikely to stop it entirely.
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💼 Klarna Plans to Halve Workforce with AI Advances: Klarna, the Swedish buy now, pay later company, aims to cut its workforce nearly in half as it leverages AI to enhance efficiency. The company, which has already reduced its staff from 5,000 to 3,800, could drop to as few as 2,000 employees in the coming years. CEO Sebastian Siemiatkowski highlighted AI's role in reducing costs and improving revenue per employee, now at $700,000 annually, up from $400,000 a year ago. As Klarna prepares for a potential IPO in 2024, AI-driven cost savings are expected to be a major selling point. Despite credit losses rising, revenue increased by 25% in Q2.
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💻 Nvidia Earnings Rival US Economic Data for Market Impact: Nvidia’s upcoming earnings report is now as significant as key US economic data, with implications for tech stocks and overall market performance. As the chipmaker prepares to announce its Q2 results, analysts note that Nvidia’s earnings have become a critical event, influencing market reactions similar to those triggered by surprise US jobs or inflation reports. Nvidia’s share price, up 160% this year, reflects its pivotal role in the AI boom, with the company accounting for about 6% of the S&P 500. Analysts expect Nvidia to report $28.7 billion in revenue, but concerns about potential delays in its next-gen chips and a slowdown in AI chip spending linger.
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🇪🇪 UP Catalyst Secures Additional €2.36M to Scale Sustainable Carbon Material Production: Tallinn-based UP Catalyst has closed a €2.36 million seed extension round, led by Warsaw Equity Group and Estonia’s SmartCap. This brings the total seed funding to €6.36 million, aimed at accelerating the construction of an industrial production unit for carbon materials made from CO2 emissions. The company’s innovative technology significantly reduces the carbon footprint of graphite and carbon nanotube production, positioning UP Catalyst as a key player in the EV battery value chain.

🇪🇪 Estonian Nortal Acquires UK-Based Cybersecurity Consultancy 3DOT Solutions: Estonian digital transformation company Nortal has acquired UK-based cybersecurity consultancy 3DOT Solutions. Founded in 2012, 3DOT Solutions specializes in secure design, information architecture, and operations, serving clients including the UK Armed Forces and Intelligence Services. The acquisition strengthens Nortal's cybersecurity capabilities and expands its presence in the UK, Europe, the US, and the Gulf region. Nortal, established in 2000, is known for its digital transformation projects for governments and global enterprises.

🇪🇪 Estonian Hardware Startup Digital Sputnik Files for Bankruptcy: Digital Sputnik, an Estonian startup known for creating lighting solutions for the film and television industry, has filed for bankruptcy. Despite raising nearly €8 million through investments and crowdfunding platforms like Funderbeam and Indiegogo, the company struggled with insufficient revenue and investor reluctance to fund further production in China. CEO Kaur Kallas cited the challenging business environment for hardware manufacturing in Estonia as a key factor in the company's financial difficulties.

🇱🇹 Vilnius-based Tingit Secures €500k to Digitally Streamline the Repair Industry: Tingit, a Vilnius-based startup offering a zero-effort repairs marketplace, has raised €500k in a pre-seed round led by Lithuanian VC fund Firstpick, with additional support from BADideas.fund, PurposeTech, and Heartfelt Capital. The funding will be used to launch a Service Provider Gateway, enabling repair specialists to offer services through the platform, and to expand operations to other countries. Tingit simplifies the repair process by connecting consumers with specialists via an integrated app, promoting sustainable consumption in the growing repair economy.

🇫🇮 Finnish Company Vapaus Secures €10M Series A Investment Round: Helsinki-based employee benefits service provider Vapaus has raised €10 million in a Series A round led by Shift4Good, with participation from Tesi and Superhero Capital. Vapaus, founded in 2018, offers a platform that allows companies to rent bicycles as part of employee benefits, automating processes like payroll, invoicing, and logistics. The funds will be used for international expansion, particularly into Sweden, and to enhance platform automation and the PreCycled market concept for second-hand bicycles.

🇫🇮 Finnish Medtech Bone Index Raises Funding from Lynx Financial and Expands to Asia: Bone Index, a Finland-based medtech company specializing in osteoporosis diagnosis, has secured a significant investment led by Chinese fund Lynx Financial, with participation from European investors. The funding will support Bone Index's expansion into North America and Asia Pacific, enhancing its distribution and service capabilities for its portable bone health diagnostic tool, Bindex®. This move aligns with Bone Index's mission to improve early detection of osteoporosis globally.

🇫🇮 NADMED Raises €3.5M to Enter U.S. Market: Finnish biotech company NADMED has secured €3.5 million in Series A funding led by Nordic Science Investments, with contributions from Voima Ventures, University of Helsinki Funds, private European investors, and Business Finland. NADMED has developed a CE-marked testing kit that measures NAD and glutathione levels from fresh blood samples, providing crucial data on vitamin B3 deficiencies linked to age-related diseases. The funding will support NADMED’s expansion into the U.S. and other international markets, broadening access to their precise diagnostic technology.

🇫🇮 Return Entertainment Partners with Aethir for Smart TV Cloud Gaming: Finnish cloud-native gaming company Return Entertainment has teamed up with Aethir to bring high-quality, cinematic gaming to smart TVs using decentralized GPU infrastructure. The partnership aims to make immersive gaming more accessible by enabling users to play on smart TVs with their smartphones as controllers. This collaboration leverages Aethir’s scalable GPU cloud services to deliver low-latency gaming experiences, targeting nearly one billion smart TVs worldwide.

🇸🇪 Swedish Startup Flower Raises €25M for Battery Energy Storage: Stockholm-based Flower has secured €25 million in a Series A round led by Northzone, with 82an Invest and Zebkei Invest also participating. Founded in 2020, Flower integrates battery energy storage systems into the grid, enhancing stability and flexibility for electric car fleets, home batteries, data centers, and solar parks. The new funds will help Flower expand its reach across Europe and further develop its AI-driven solutions for grid predictability and revenue generation for renewable energy assets.

📈Baltic Public Markets Update:

Week 33 in the Baltic financial markets includes Lietuvos Respublikos Vyriausybė's ongoing government securities auction and the takeover offer period for Tallink Grupp. Key financial reports are expected from Coop Pank, Ignitis grupė, and Šiaulių bankas. Harju Elekter Group and Tallinna Vesi will announce 6-month interim results. Apranga and Latvijas Gāze declare sales figures, while Enefit Green will hold an investor event.
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Global news in economy, finance & tech

🚫 X to Close Operations in Brazil Over Content Orders: Media platform X, owned by Elon Musk, announced it will cease operations in Brazil "effective immediately" due to what it describes as "censorship orders" from Brazilian judge Alexandre de Moraes. X alleges that Moraes threatened one of its legal representatives with arrest if the company did not comply with orders to remove specific content. The platform shared a document signed by Moraes, indicating a daily fine and potential arrest of the representative if the orders were not fulfilled. X cited staff safety concerns as the reason for its decision.
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💼 PwC Fined £15 Million for Failing to Report Suspected Fraud at LCF: The FCA has imposed a £15 million fine on PricewaterhouseCoopers LLP (PwC) for not reporting suspected fraudulent activity at London Capital & Finance plc (LCF) during their 2016 audit. Despite encountering significant issues, including aggressive behavior from a senior LCF individual and misleading information provided by the firm, PwC suspected fraud but did not inform the FCA as required. LCF later collapsed in 2019, leading to an ongoing Serious Fraud Office investigation. This marks the first time the FCA has fined an audit firm.
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📜 Wall Street Regulator Approves Tougher Rules for Accounting 'Negligence': The U.S. Securities and Exchange Commission (SEC) voted 3-2 to approve new rules that make it easier for the Public Company Accounting Oversight Board (PCAOB) to hold individuals accountable for audit firm violations. The rule change, supported by SEC Chair Gary Gensler, lowers the liability standard from recklessness to negligence for those who significantly contribute to violations, including audit firm employees, partners, and contractors. Republican commissioners opposed the move, arguing that existing rules already allow for addressing individual misconduct.
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📉 Sweden’s Central Bank Cuts Key Rate to 3.5%, Plans More Reductions: The Riksbank lowered its key interest rate from 3.75% to 3.5%, marking the second rate cut this year due to a weakening economy and declining inflation. The central bank hinted at two or three more rate cuts by year-end if the inflation outlook remains stable. Sweden's inflation, which peaked at over 10% in late 2022, has dropped below the 2% target, with the economy contracting by 0.8% in Q2 2024. Despite concerns about weakening the Swedish krona, the Riksbank sees the overall economic situation as concerning, necessitating further easing.
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🛒 YouTube Expands Shopify Partnership to Compete with TikTok Shop: YouTube has expanded its Shopify partnership, giving creators access to more brands in its Shopping affiliate program. This move aims to challenge TikTok Shop's growing U.S. presence. The expansion also includes a new Chrome extension for easier product tagging. YouTube's focus on e-commerce comes as it seeks new revenue streams amid slowing digital ad growth.
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🇪🇪 Metaplanet Invests in Swedish Startup Kognic: Estonian fund Metaplanet has invested in Kognic, a Swedish company specializing in sensor fusion data annotation for AI products. Kognic, founded in 2018 in Gothenburg, raised €8.8M in a round that included existing investors Neudi Kapital and Stena Sessan. The platform is designed to enhance data reliability for industries like automotive, robotics, and manufacturing, particularly in developing self-driving cars and ADAS systems. Kognic offers annotation tools and performance analytics to optimize computer vision models. Metaplanet is an early-stage investment firm founded by Skype’s Jaan Tallinn.

🇪🇪 Swedbank Acquires Estonian Fintech Paywerk: Tallinn-based fintech Paywerk has been acquired by Swedish banking group Swedbank, which plans to integrate Paywerk’s technology into its infrastructure. Founded in 2021 by Jan Andresoo and Priit Poldoja, Paywerk developed a BNPL (Buy Now, Pay Later) platform that offers flexible payment solutions for European online stores. The acquisition marks an exit for Estonian investors, including Inbank Ventures, which held a 30% stake, and business angels such as Taavi Kotka and Rain Rannu. After the deal, Paywerk’s executives will step down from their roles.

🇪🇪 Plural Leads €6.5M Round in Dutch Startup VSParticle: Estonian entrepreneurs Sten Tamkivi and Taavet Hinrikus, through their fund Plural, have led a €6.5M investment in Delft-based VSParticle, a developer of nanoparticle technology. Helsinki's NordicNinja also participated in the round. Founded in 2014, VSParticle's VSP-G1 Nanoparticle Generator uses spark ablation to create materials at the atomic level, significantly reducing material discovery time. The funding will help expand its reach to research teams globally, including Japan, to accelerate innovative industrial solutions.

🇱🇹 Monitok Raises €420K in Pre-Seed Round: Vilnius-based crypto exchange Monitok has secured €420K in a pre-seed funding round, giving it a valuation of €10.5M. Founded in 2022, Monitok is an EU-regulated platform offering over 100 cryptocurrencies, a crypto debit card, and staking options. The exchange combines features of both centralized and decentralized exchanges, leveraging AI for predictive trading analytics. The funds will be used to enhance the platform, scale its hybrid exchange application, and grow its user base.

🇱🇹 Eany.io Secures €2M Seed Funding for B2B Marketplace Expansion: Lithuanian startup Eany.io has raised €2 million in seed funding to grow its B2B marketplace, which focuses on electronics, home items, and DIY products. The investment was led by Polish fund Market One Capital and Lithuanian Practica Capital. Eany.io, developed by 1ean, UAB, aims to simplify transactions and improve access to products for businesses across Europe. With over 200 suppliers already on board, the funding will help Eany.io streamline operations and prepare for significant growth.

🇫🇮 Collo Secures €5M to Advance IoT-Based Liquid Analyzers: Tampere-based Collo has raised €5M in a funding round led by SEB Greentech Ventures and FORWARD.one. Specializing in IoT-enabled liquid analyzers, Collo aims to optimize industrial processes by reducing waste and emissions. The funds will be used to enhance their technology and expand market presence, supporting industries like food and beverage in achieving sustainability goals.

🇸🇪 Minut Partners with Google Nest to Enhance Energy Efficiency in Rentals: Malmö-based Minut has teamed up with Google Nest to boost energy efficiency in short-term rental properties. This integration allows property managers to automate heating and cooling based on guest schedules, reducing energy use and carbon emissions. The partnership is part of Minut’s Pro+ package and aims to deliver sustainable and cost-effective property management solutions.

🇸🇪 Allicon Raises SEK 12M from Existing Investors: Stockholm-based platform Allicon, focused on digitalizing properties, has secured SEK 12 million (€1.02M) in a funding round led by existing investors, including Vargas, AMAVI Capital, and Ulf Ewaldsson. Founded in 2016 as Corporate Fiber, Allicon reported net revenue of SEK 10.4 million for 2023, with a loss of SEK 10.4 million.

🇸🇪 Swedbank has acquired Tallinn-based fintech Paywerk, integrating its payment technology into Swedbank’s infrastructure. The deal marks an exit for investors like Inbank Ventures and Estonian figures such as Taavi Kotka and Rain Rannu. Founded in 2021, Paywerk developed a platform that offers multiple payment solutions, including BNPL (Buy Now, Pay Later) options, for European online stores. The acquisition underscores Swedbank's strategic expansion in the fintech sector, although financial terms of the deal remain undisclosed.

🇸🇪 Gympak’s CEO Jone Sølvik Invests to Boost Growth: Helsingborg-based Gympak, specializing in gym bags, portable exercise equipment, and a training app for hotels, has secured over €86.9K from CEO Jone Sølvik’s personal investment. This funding will help Gympak manage rising orders and expand into new markets across Europe and internationally. The capital will also support the development of new products, enhancing Gympak’s presence in the hotel industry.

📈Baltic Public Markets Update:

Week 32 in the Baltic financial markets includes Lietuvos Respublikos Vyriausybė's ongoing government securities auction and the takeover offer period for Tallink Grupp. LHV Group, Eleving Group, and Coop Pank release 6-month interim reports. Ignitis grupė, Linas Agro Group, and Rokiskio suris have coupon payment dates. Šiaulių bankas, Tallinna Vesi, and Harju Elekter Group hold their annual general meetings, while Enefit Green hosts an investor event. Read More →

Global news in economy, finance & tech

🎢 Retail Investors Keep Buying Amid Market Volatility: Despite recent market swings, retail investors continued to buy U.S. stocks, particularly tech shares like Nvidia, Intel, and AMD, according to Vanda Research. Robinhood reported $1 billion in new deposits from retail clients in early August, with $500 million added during a significant sell-off. However, growing caution was evident as investors increasingly turned to Treasury bond ETFs and shifted 401(k) assets toward money markets and fixed-income products. This indicates a rising concern among individual investors about the market's outlook.
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🔍 U.S. Considers Breaking Up Google After Antitrust Ruling: The U.S. Justice Department is exploring the possibility of breaking up Alphabet Inc.'s Google following a court ruling that found the company monopolized the online search market. This could be the first major push to dismantle a company for illegal monopolization since attempts to break up Microsoft two decades ago. Potential actions include divesting Google's Android operating system, Chrome browser, or its AdWords platform, as well as forcing Google to share more data with competitors. The government might also seek to prevent Google from using content from websites for its AI products without consent. Google plans to appeal the ruling, and the final decision on any remedies will be made by the judge overseeing the case.
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📉 Global Investors Turn Bearish on Japanese Equities After Sell-Off: Overseas investors are pulling back from Japanese stocks following significant market turbulence last week. The Nikkei index, which had surged since 2023 due to yen-funded trades, faced a sharp downturn as volatility hit the yen, coupled with concerns over Japan's economic prospects and U.S. recession fears. The BOJ's recent actions and a stronger yen are expected to create headwinds for Japanese equities. Hedge funds have been selling Japanese stocks at the fastest rate in over five years, and even long-term investors are reducing exposure, waiting for upcoming economic data before making further moves.
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🇪🇪 Eleport Acquires TurboVolt to Expand EV Charging Network in CEE: Estonian EV charging network Eleport has acquired TurboVolt to expand into Croatia and Slovenia, enhancing its presence in Central and Eastern Europe (CEE). Eleport, the largest EV charging operator in the Baltics and fourth largest in Poland, aims to deploy 10,000 fast-charging points by 2030. TurboVolt, founded in 2022, focuses on high-powered EV charging hubs powered by renewable energy. The acquisition will launch 17 new hubs in Croatia and Slovenia, featuring high-speed chargers delivering up to 300 kW.

🇪🇪 Plural Leads €6.5M Round in Nanoparticle Tech Developer VSParticle: Plural, co-founded by Estonian entrepreneurs Sten Tamkivi and Taavet Hinrikus, has led a €6.5M investment in Dutch startup VSParticle, which specializes in nanoparticle technology to create new materials. Helsinki-based NordicNinja also participated. Founded in 2014, VSParticle's VSP-G1 Nanoparticle Generator uses spark ablation technology to produce pure particles for material creation, significantly speeding up the material discovery process. The investment will help expand its reach to research teams worldwide, including in Japan.

🇪🇪 Viacurrent Raises Investment from Rockstart and Kristjan Novitski: Estonian fintech Viacurrent has secured investment from Amsterdam-based accelerator Rockstart and Estonian angel investor Kristjan Novitski. Founded in Tallinn, Viacurrent enables employees to track shifts and access earned wages via an app. The company integrates with employers' payroll systems to fund and manage salary advances. Kristjan Novitski, an investor who recently exited Stebby, joins Rockstart in supporting Viacurrent's growth. Rockstart, established in 2011, focuses on emerging tech and has invested in over 350 startups.

🇱🇻 Mintos Raises €3.1M in Crowdfunding Campaign: Riga-based investment platform Mintos has secured €3.1M from 3,300 investors via Crowdcube. Founded in 2015, Mintos allows investments in fractional bonds, loan-backed notes, and ETFs, serving over 500K investors with €600M in managed assets. The funds will support business growth, EU market expansion, new product integration, and platform enhancement.

🇱🇻 BeTriton Raises €80K for E-Bike Campers: Latvian mobility startup BeTriton has secured €80K through a crowdfunding campaign on Crowdcube, with participation from 150 investors. Founded in 2018 by Aigars Lauzis, BeTriton develops electric bicycle campers made from bioplastic using 3D printing technology. The funds will support further development and manufacturing of their innovative products, which include a DIY camper that doubles as an electric boat. The startup has previously received support from various organizations, including LIAA and the Estonian accelerator Salto Growth Camp.

🇱🇹 Biomatter Secures €6.5M to Advance AI-Based Enzyme Design: Vilnius-based startup Biomatter has raised €6.5M in seed funding led by Inventure and UVC Partners, with support from Practica Capital, Metaplanet, and industry experts. The funding will enhance Biomatter’s Intelligent Architecture™ platform, which uses generative AI to design new enzymes for medicine, agriculture, and chemical manufacturing. Biomatter's clients include Thermo Fisher Scientific and BASF. The company aims to revolutionize enzyme design, making the process faster and more efficient.

🇫🇮 Corrsy Raises $500K Pre-Seed for EdTech Expansion in MENA: Helsinki-based edtech startup Corrsy secured $500,000 in pre-seed funding led by Iraqi venture capital firm EQIQ. Founded by Mustafa Salam, Corrsy uses gamification, storytelling, and micro-learning in its app to address educational challenges in the MENA region. Investors include Risto Vahanen, SuperChargers Ventures, and Adel Qahwaji. The funds will expand Corrsy's reach and enhance its technology, aiming to improve educational access and effectiveness for students in Iraq and beyond.

🇫🇮 ReceiptHero Secures Funding to Boost Digital Receipts: Tampere-based ReceiptHero has raised new funds from investors, including angel Asko Schrey and VC firms SuperHero, SeedX VC, and LifeLine VC. The investment will accelerate its expansion across Europe and the UK, with US pilots set within 18 months. ReceiptHero aims to replace paper receipts, reducing environmental impact, enhancing data analytics for merchants, and integrating with POS systems. This move aligns with increasing regulatory support for digital receipts and growing merchant demand.

🇫🇮 Seaber Raises Capital for AI-Driven Shipping Solutions: Finnish maritime tech startup Seaber has secured funding from GTT Strategic Ventures, Counterview Capital, Lifeline Ventures, and Tesi. The investment will enhance Seaber.io’s AI platform, optimizing cargo and fleet management to reduce port times and emissions. CEO Sebastian Sjöberg emphasized GTT's support in advancing their mission to decarbonize shipping and drive digital transformation in maritime logistics. Seaber.io offers real-time management, scenario simulation tools, and facilitates collaboration between chartering teams and fleet managers.

🇸🇪 Melt&Marble Secures €2.76M EU Grants to Scale Sustainable Fats: Gothenburg-based Melt&Marble has raised €2.76 million in EU grants, including €2.5 million from the EIC Accelerator and €260,000 from the Horizon Europe Framework Programme. The funds will scale production of their fermentation-based fats, MeatyMarble™ and DairyMarble™, offering sustainable alternatives to animal fats. The grants will help reduce production costs and advance product development, supporting Melt&Marble’s mission to transform food production for a more sustainable future.

🇸🇪 Moon Rover Games Secures $3.5M Seed Funding from NCSOFT: Swedish game studio Moon Rover Games, founded by ex-EA DICE developers, raised $3.5M from NCSOFT to develop ‘Project Aldous,’ a co-op FPS for PC and consoles. This funding establishes a strategic partnership, supporting project growth and potential publishing rights. NCSOFT aims to expand globally and diversify its gaming portfolio through this investment.

🇸🇪 Impactpool Raises €3.6M for Expansion: Stockholm-based AI-driven career platform Impactpool has secured €3.6M in Series A funding from Mediahuis and Fort Knox. The platform, which connects professionals with organizations tackling global challenges, will use the funds to enhance its technology, diversity, and inclusion initiatives. Since its 2015 launch, Impactpool has built a network of nearly one million candidates and 2,500 organizations, partnering with major UN agencies and international bodies to link talent with impactful work opportunities.

📈Baltic Public Markets Update:

Week 31 in the Baltic financial markets includes Lietuvos Respublikos Vyriausybė's ongoing government securities auction and Tallink Grupp and Latvijas Gāze's takeover offer periods. Eleving Group, Šiaulių bankas, Utenos trikotažas, and others release 6-month interim reports. LHV Group, Sun Finance Treasury Limited, Grenardi Group, and Arsenal Industrial have coupon payment dates. Apranga announces sales figures, and Enefit Green hosts an investor event.
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Global news in economy, finance & tech

🚨 Elon Musk Revives Lawsuit Against OpenAI and Sam Altman: Elon Musk has revived a federal lawsuit against Sam Altman, alleging he was manipulated into co-founding OpenAI under the premise it would be a nonprofit. Musk claims Altman and others, including Microsoft, created a network of for-profit affiliates and engaged in self-dealing. This lawsuit mirrors a previous one filed and dropped earlier this year. Musk accuses Altman and OpenAI President Greg Brockman of betraying him after his investment, turning OpenAI into a profit-driven entity contrary to its original mission. OpenAI and Microsoft have not commented on the lawsuit.
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⚖️ China Evergrande Liquidators Sue PwC for Negligence: China Evergrande’s liquidators have filed a lawsuit against PwC in Hong Kong, accusing the audit firm of negligence and misrepresentation in its work for the collapsed property group. This legal action, which began in March, follows PwC's decade-long clean audits for Evergrande, which defaulted on over $300 billion in 2021. The liquidators are also suing CBRE and Avista Valuation Advisory for their valuation reports on Evergrande. PwC, which resigned last year, faces potential fines from Chinese authorities. The liquidators seek to recover around $6 billion from Evergrande’s founder and executives.
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🇮🇹 Italy Doubles 'Billionaires' Tax on Wealthy New Arrivals: Italy has doubled its flat tax on income earned abroad by new fiscal residents from €100,000 to €200,000 annually. Known as the "billionaires' tax," it attracts wealthy individuals by exempting them from other levies on overseas earnings, gifts, and inheritance for 15 years. This change aims to tackle Italy's budget deficit, which was 7.4% of GDP last year. The revenue impact of this increase is not yet clear.
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🇪🇪 Bisly Secures €6.2M Series A: Tallinn-based smart building tech company Bisly raised €6.2M to expand its emissions-reducing platform across Europe. Led by Foxway founders and other investors, the funding will help Bisly scale its digital twin technology for significant energy savings. New CEO Ants Vill will lead the growth, while co-founder Siim Vips becomes Chief Strategy Officer. Bisly's tech aims to improve building energy efficiency, supporting EU climate goals.

🇪🇪 Enty Secures €700K to Enhance SME Back-Office Platform: Tallinn-based fintech startup Enty raised €700,000 in a seed round led by TMT Investments Plc and Trado Capital. Enty's all-in-one platform helps SMEs manage financial, invoice, and contract operations. With over 2,500 SMEs onboarded and a €1 million ARR in 2023, the funds will enhance the platform and expand its market presence across Europe.

🇪🇪 Mifundo Receives €2.5M EIC Accelerator Grant: Tallinn-based fintech Mifundo secured €2.5 million from the European Innovation Council (EIC) Accelerator program. Mifundo’s AI-based platform transfers credit profiles across borders, aiding banks in assessing foreign customers' credit risk. The grant will help integrate more countries, enhance the data model, and expand services. Founded by Kaido Saar, Mifundo aims to create a unified EU credit market, reducing financial inequality and improving access to financial services.

🇪🇪 Menken Trials Secures €1.3M Grant for Clinical Trial Automation: Tartu-based medtech startup Menken Trials has raised €1.3M from EAS and Kredex to enhance growth. Founded in 2021, Menken develops AI to automate clinical trial monitoring, improving speed, accuracy, and compliance. The grant will support expansion into Central Europe and Africa. The startup recently joined the Swiss-backed Tenity accelerator program to further its growth efforts.

🇱🇻 Jeff App Secures $2M to Expand Financial Marketplace: Riga-based Jeff App raised $2M in late-seed funding led by Presto Ventures. The platform bridges the gap between underserved populations and financial services providers in emerging markets. The funds will support expansion into India, tech recruitment, and enhancing credit products. Jeff App has given over 6 million people access to 60 million financial products since its 2020 launch.

🇱🇻 Electrify Raises €1.5M for Electric Minibus Production: Riga-based Electrify secured €1.5M from ZGI Capital to expand operations. Founded in 2019, Electrify designs and retrofits electric buses, minibuses, and vans, and exports to Estonia, Lithuania, Germany, and Norway. The investment will help increase production. ZGI Capital, established in 2005, focuses on high-growth SMEs in the Baltics.

🇱🇹 Teltonika Group Secures €20M for Electronics Plant: Teltonika Group received €20M from Swedbank and SEB Bank to build an electronics assembly plant in Vilnius. The plant, part of Teltonika High-Tech Hill, will produce IoT products and is expected to complete by mid-2025. Teltonika will invest €75M in the project, anticipated to contribute 5% of Lithuania's GDP in exports over the next decade. Founded in 1998, Teltonika specializes in IoT devices.

🇱🇹 Finbee Verslui Secures €35M to Boost SME Lending: Lithuanian P2P lender Finbee Verslui has raised €35 million in a round led by Pollen Street Capital. Founded in 2017, Finbee specializes in financing SMEs and has supported nearly 3000 customers, with 2000 currently active. The new funds will allow faster loan payouts and help finance over 1500 businesses. CEO Tomas Mačiulaitis aims to boost loan originations to over €40 million this year.

🇱🇹 BoBo Secures €6.5M to Facilitate Cross-Border Transactions: Vilnius-based fintech BoBo raised €6.5M led by Graphit Lifestyle. BoBo digitizes family cash flow, enabling high-value transactions with AI-enhanced security. The platform supports large wire transfers and card transactions up to €1M. Funds will expand functionalities and open the MENA region. BoBo operates under EEA and UK EMI licenses.

🇱🇹 Joiner App Secures Over €500K for Expansion: Vilnius-based Joiner App, a socialization platform aimed at combating loneliness, has raised over half a million euros from Lithuanian angel investors and Ogilvy Vilnius marketing advisors. Co-founded by Eduard Titov and Jūratė Plungytė, the app plans to expand into Poland and the USA. Inspired by Titov’s quarantine experience, Joiner App helps users find activities and company worldwide, growing from 1,000 to over 12,000 users in a month. The team includes a former Tinder UX designer and has endorsements from psychologists and influencers.

🇫🇮 Onego Bio Secures €14M for Animal-Free Egg Protein: Helsinki-based Onego Bio has raised €14M from the European Innovation Council and Series A investors, totaling €65M in funding. Specializing in Bioalbumen®, a bio-identical egg protein, Onego aims to reduce traditional egg production's environmental impact by 90%. The funds will support commercialization in North America and Europe, including FDA and EFSA regulatory approvals. Founded in 2022, Onego collaborates with major food companies and plans its first manufacturing unit.

🇫🇮 Oinride Raises €345K to Advance Mining Robotics: Tampere-based Oinride has secured €345,000 in pre-seed funding led by EIT RawMaterials. The investment will accelerate the development and deployment of Oinride's mobile robotics for underground mining. These robots, equipped with sensors and AI, enhance safety and productivity in harsh environments. The funds will also support a pilot project in the USA and team expansion.

🇸🇪 Maurten Secures €20M for Hydrogel Expansion: Swedish sports nutrition company Maurten has raised €20M led by IRIS Ventures, with support from Dan Sten Olsson of Stena Sphere. The funds will enhance their Hydrogel Technology and explore medical uses. Founded in 2015, Maurten’s products improve athletic performance using carbohydrate-encapsulating hydrogels. The investment will also support female-specific fueling research. IRIS Ventures highlighted Maurten’s innovation and potential for growth.

🇸🇪 Millow Secures €2.4M Grant for Meat Alternatives: Gothenburg-based Millow received a €2.4M grant from the European Innovation Council to expand its mycelium and oat-based meat alternatives. Founded in 2020, Millow aims to launch its sustainable, high-protein products in the Nordic market, reducing emissions and resource use compared to traditional meat.

🇸🇪 Greenely Secures €8M Series A Funding for Smart Energy Platform: Stockholm-based Greenely raised €8 million in Series A funding led by Korys, with Luminar Ventures participating. The funds will expand Greenely’s energy management platform and virtual power plant (VPP) technology in Norway and Finland. Greenely's platform integrates devices like solar panels and electric car chargers to help households manage electricity use efficiently and participate in grid balancing. CEO Tanmoy Bari emphasized Korys' expertise in energy management as crucial for their growth.

🇸🇪 Leya Secures $25M to Revolutionize Legal Tech with AI: Stockholm-based Leya, an AI-driven legal tech startup, has raised $25 million in a Series A round led by Redpoint, with participation from Benchmark, Y Combinator, Alt Capital, and Wayfinder Ventures. The funds will scale Leya's platform, which automates tasks like contract reviews and report drafting for law firms. Redpoint partners Jacob Effron and Logan Bartlett join Leya’s board. Co-founders Max Junestrand, August Erséus, and Sigge Labor highlight the collaborative effort driving Leya's success.

📈Baltic Public Markets Update:

Week 30 in the Baltic financial markets includes ongoing government securities auctions by Lietuvos Respublikos Vyriausybė and the takeover offer period for Tallink Grupp. PRFoods, UAB Urbo bankas, and DelfinGroup have coupon payment dates. LHV Group, Harju Elekter Group, Arco Vara, Tallink Grupp, Bigbank, and Apranga release 6-month interim reports. Additionally, DelfinGroup holds an extraordinary general meeting, and Tallink Grupp hosts an investor event.
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Global news in economy, finance & tech

🚨 Vanguard Warns of Potential Regulatory Caps on Company Stakes: Vanguard has alerted investors that U.S. regulators may soon enforce limits on the size of stakes it can hold in companies, which could increase costs and risks for major index-tracking funds. Historically, regulators allowed funds to exceed 10% ownership caps on bank and utility stocks without seeking a management role. However, the Federal Deposit Insurance Corporation and state attorneys-general are pushing for stricter conditions. Vanguard's recent SEC disclosures highlight the growing uncertainty and potential need to sell off securities or use derivatives if relief isn't granted. This move could impact fund expenses, performance, and investor tax consequences. Vanguard, along with industry groups, continues to engage with policymakers to mitigate these risks.
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🏦 Revolut Secures UK Banking Licence After Three-Year Battle: London-based fintech Revolut has obtained a UK banking licence from the Prudential Regulation Authority, ending a three-year struggle with regulators. This approval will allow Revolut to expand its product offerings, including mortgages, in its home market, where it has 9 million customers. The licence also includes restrictions typical for new lenders, enabling Revolut to build its UK banking operations before a full launch. CEO Nik Storonsky aims to make Revolut the bank of choice for UK customers. This milestone boosts Revolut’s prospects for securing banking licences in other key markets like the US.
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💡 Apple Uses Google’s Tensor Chips for AI Models, Avoiding Nvidia GPUs: In a surprising move, Apple utilized Google’s tensor processing units (TPUs) to train its AI models, deviating from the industry norm of using Nvidia’s GPUs, which dominate 80% of the market. Apple revealed this in a research paper, highlighting its use of 2,048 TPUv5p chips for iPhone AI models and 8,192 TPUv4 processors for server AI models. This approach contrasts with Nvidia's separate chip and system products, as Google offers TPUs through its Google Cloud Platform. Apple's AI models, part of the Apple Intelligence system launched in June 2024, are designed to enhance user tasks such as text composition and image creation.
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💼 Temasek to Invest $30 Billion in the US Over Five Years: Singapore’s state-owned Temasek Holdings plans to invest $30 billion in the US market over the next five years, shifting focus from China due to geopolitical concerns. The firm's North and South American investments, now 22% of its portfolio, have surpassed those in China, which stand at 19%. Temasek, managing $289 billion in assets as of March, will focus on AI-related firms, semiconductor companies, and infrastructure projects like data centers in the US. In China, it will steer clear of geopolitically sensitive sectors, opting for investments in electric-vehicle makers and biotech firms instead.
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📉 Nvidia Stock Drops 25% From Peak Amid $800 Billion Market Cap Decline: Nvidia's stock continued its decline on Tuesday, falling 7% to $104, marking a 26% drop from its June peak of over $140 per share. The decline, driven by a broader tech stock slump and profit-taking by investors, has erased $785 billion from Nvidia's market capitalization since June 18, bringing it to $2.55 trillion. Despite the stock's recent performance, Nvidia remains a significant player, expected to be the largest contributor to S&P 500 earnings growth in Q2, with analysts projecting a 140% year-over-year increase in net income.
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🇪🇪 Tallinn-based Mifundo Secures €2.5M from EIC: Estonian fintech Mifundo raised €2.5M from the European Innovation Council (EIC). Their AI platform enables cross-border credit profile transfers, reducing credit risk and increasing bank business volumes. CEO Kaido Saar aims to create a unified EU credit market. Funds will expand the platform and enhance data services. Founded in 2018, Mifundo improves access to financial services across Europe.

🇪🇪 Enty Raises €700K to Enhance SME Back-Office Solutions: Tallinn-based Enty, a back-office operations management platform for SMEs, has secured €700K in seed funding from TMT Investments, Trado Capital, and angel investors. Founded in 2020, Enty helps SMEs automate processes like invoicing, contract management, and accounting. The platform supports compliance with EU, EEA, and UK regulations and has onboarded over 2.5K companies, reaching an ARR of €1M in 2023.

🇪🇪 Metaplanet Invests in Granza Bio: Estonian fund Metaplanet has invested in California-based Granza Bio, raising $7.14M in a seed round led by Felicis and Refactor. Founded in 2024, Granza Bio develops a therapeutic delivery platform targeting diseases like cancer and autoimmune disorders. The funds will expand the biotech's research and development.

🇱🇻 Flirtu.io Secures Investment from theIntelligent VC: Latvian Telegram-based dating service Flirtu.io has raised an undisclosed investment from Riga's theIntelligent VC. Founded in 2022 by Dmitry Placko, Flirtu.io allows users to connect without sharing exact locations or personal Telegram profiles. With over 3.5M users, the app is testing features like social media dating coaches and AI photo editing. TheIntelligent VC focuses on early-stage AI-powered startups with proven market validation.

🇱🇻 Riga Investment Agency Allocates €450K for Startup Hub: RITA will invest €450K over three years to develop a new startup hub in Riga. A selected developer will receive €150K in the first year to support at least ten startups, with increased support for 15 startups in the following years. Each startup may receive up to €10K. RITA aims to promote investment and tourism in Riga.

🇱🇻 Latvia Joins Drone Coalition Fund: Latvia has joined the Drone Coalition common fund to support Ukraine and develop the drone industry. Led by the UK and Latvia, the coalition includes 16 countries and has raised €58M from several nations, including Denmark and Sweden. The funds will finalize drone manufacturing agreements, with contracts expected by August. Latvia and Germany will also jointly procure drones, inviting other coalition members to participate.

🇱🇻 FlyCap to Raise €41.3M for Growth Companies: Latvian opportunity capital fund FlyCap plans to raise €41.3M to invest in growth-oriented companies. The fund will include €24.8M from the European Regional Development Fund and ALTUM, with €16.5M from private investors over five years. FlyCap will invest through mezzanine loans, offering up to €4M per company, focusing on export-oriented firms to boost job creation and economic growth. Founded in 2013, FlyCap targets medium-sized companies in Europe.

🇱🇹 Finbee Raises €35M from Pollen Street Capital: Vilnius-based P2P lending platform Finbee has secured €35M from London’s Pollen Street Capital. Founded in 2017 by Darius Noreika and Audrius Griskevicius, Finbee connects borrowers and lenders, offering consumer and small business loans. In 2023, Finbee issued over €27M in loans, with plans to reach €40M in 2024. The platform supports 22,751 active investors and 36,874 borrowers. The funds will help provide loans to over 1,500 local businesses.

🇫🇮 Inventure Invests in Valo.ai to Tackle SaaS Chaos: Finnish VC Inventure has invested an undisclosed amount in San Francisco-based Valo.ai, which aims to optimize SaaS services and maintain security for enterprises. Founded by ex-Salesforce and cybersecurity veterans, Valo.ai focuses on automating misconfiguration fixes in Salesforce. The round also saw participation from Spintop Ventures and cybersecurity experts Mikko Hypponen and Henri Lindberg. This funding will help Valo.ai enhance Salesforce administrators' productivity and reduce risks.

🇸🇪 Maurten Raises €20M to Expand Sports Nutrition Market: Gothenburg-based sports nutrition company Maurten secured €20M from IRIS Ventures and existing investors, including Dan Sten Olsson. Maurten’s Hydrogel Technology fuels elite athletes and aims to redefine athletic performance. The funds will drive market expansion, product innovation, and potential medical applications. CEO Olof Sköld emphasized IRIS Ventures’ expertise in sports culture and market growth.

📈Baltic Public Markets Update:

Week 29 in the Baltic financial markets features the audited annual report from Rīgas kuģu būvētava and Lietuvos Respublikos Vyriausybė's government securities auction. Tallink Grupp is in a takeover offer period, and Novaturas releases sales figures. Interim reports will be published by Coop Pank and Telia Lietuva. UPP & CO Kauno 53, RATO kredito unija, and Orkela have coupon payment dates. Additionally, annual general meetings will be held by APF Holdings and Amber Latvijas balzams.
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Global news in economy, finance & tech

💻 Massive IT Outage Linked to Microsoft-CrowdStrike Update Causes Global Disruptions: Businesses worldwide faced significant disruptions on Friday due to a major IT outage, affecting financial services, medical offices, TV broadcasters, and air travel. The outage was linked to a recent update on an antivirus program by cybersecurity firm CrowdStrike. CEO George Kurtz assured that the issue, impacting Windows hosts but not Mac or Linux, has been identified and fixed. Microsoft also reported that its cloud services have been restored, though some users still experienced issues. CrowdStrike shares fell by 11%, with experts suggesting this may be the largest IT outage in history.
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🔍 OpenAI Launches SearchGPT, Pressuring Google's Dominance: OpenAI has introduced a prototype search engine, SearchGPT, aiming to provide users with fast, relevant answers and clear sources. This move, currently in testing, could challenge Google's market share in online search. Alphabet shares fell over 3% following the announcement. SearchGPT promises a more natural, conversational search experience, integrating with ChatGPT in the future. OpenAI, valued at over $80 billion and backed by Microsoft, continues to innovate in the AI space with recent hires and partnerships, including an integration with Apple’s Siri.
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🏡 Real Estate Market Thrives for the Ultra Rich Amid Crisis: The US housing market is experiencing one of its least affordable periods in decades, shutting out many aspiring homeowners. However, the wealthy remain unaffected, with luxury homes over $1 million seeing sales rise in June, according to the National Association of Realtors. With mortgage rates around 6.8%, cash-rich buyers dominate the high-end market, bypassing financing concerns. Luxury homebuilder Toll Brothers has seen a significant boost, with its shares rising nearly 160% since early 2023. Data from Redfin shows that 45% of high-end home purchases were made with all cash, the highest in at least a decade.
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🕵️ Google Retains Third-Party Cookies in Chrome, Introduces New Privacy Features: Google has announced it will not phase out third-party cookies in its Chrome browser, a decision revealed in a recent blog post. Instead, it will introduce a new experience allowing users to make informed choices about their web browsing, adjustable at any time. This pivot follows extensive discussions with regulators and is designed to balance privacy with ad-supported internet functionality. Google will continue to invest in the Privacy Sandbox APIs, aiming to enhance privacy and utility, and has introduced additional controls like IP Protection in Incognito mode. Despite challenges, tests indicate that Privacy Sandbox technologies can help maintain ad performance.
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🇪🇪 Plural Joins €450M Series C in German Defense Company Helsing: Estonian VC firm Plural has participated in a €450M Series C funding round for Munich-based Helsing, a developer of AI-powered military solutions. Led by General Catalyst, this funding brings Helsing’s total funding to over $760M. The investment will bolster European defense capabilities and enhance Helsing’s work in the Baltics amid ongoing conflicts in Ukraine. Founded in 2021, Helsing uses AI to improve decision-making for defense and national security systems, employing 250 people and securing multiple government contracts.

🇪🇪 Pactum Closes $20M Funding Round: Estonian-founded negotiation startup Pactum, based in Silicon Valley, has raised $20M in a round led by Karma Ventures. Founded in 2019 by Martin Rand, Kaspar Korjus, and Kristjan Korjus, Pactum uses advanced AI to negotiate contracts and optimize procurement processes. The funds will enhance R&D and support global procurement teams. Key clients include Maersk, Walmart, Vodafone, and Veritiv.

🇪🇪 Gelatex Raises Investment from Superangel: Tallinn-based materials technology startup Gelatex secured funding from Estonian VC Superangel. Founded in 2016 by Mart-Erik Martens and Mari-Ann Meigo Fonseca, Gelatex develops bio-based nanofibers for cultured meat, tissue engineering, wound care, and filtration. Their vegan scaffolds mimic the natural extracellular matrix. Superangel, established in 2018, focuses on early-stage investments in the Baltics and Nordics. The deal amount is undisclosed.

🇪🇪 Startup Wise Guys Invests in Loyi for Web3 Loyalty Programs: Estonian accelerator Startup Wise Guys invested in Berlin-based Loyi, raising €425K in a pre-seed round. Lead investor DG Nexolution and Vision Lab participated. Founded by Giorgi Jashiashvili and Mohamed Jamal Eddine, Loyi offers a no-code platform for brands to create gamified experiences for Gen Z customers. The investment will aid product development and market expansion. Startup Wise Guys has invested in over 350 startups since 2012.

🇪🇪 Mifundo Secures Investment from European Innovation Council: Estonian fintech Mifundo, founded by Kaido Saar and Marko Käis, raised an undisclosed amount from the European Innovation Council (EIC) and received a €2.5M grant. Mifundo offers an AI-powered solution that provides consumers with a verified, passportable financial identity, enhancing trust with cross-border banks. The service aggregates data from credit bureaus and registries, offers analysis, and predicts credit risk. The solution is available in nine countries, reducing credit risk by up to 7 times and increasing business volume by 15%.

🇱🇻 Merito Partners Acquires Adaptive Media: Riga-based Merito Partners' Management Target Fund II has acquired a controlling interest in Latvian e-commerce company Adaptive Media. Founded in 2014, Adaptive Media operates globally and partners with tech giants like Google and Amazon. The investment will support Adaptive Media's rapid expansion and further development, including technology and team strengthening.

🇱🇻 Jeff Raises $2M to Expand Financial Marketplace: Latvian startup Jeff, a data-driven financial services marketplace, has secured $2M in funding led by Presto Ventures. Jeff uses digital data footprints to provide tailored financial services in emerging Asian economies. Launched in Vietnam in 2020, it now operates in the Philippines and Indonesia, generating $10M in revenue and offering access to over 60 million financial products to 6 million people. The funds will support Jeff’s expansion into new markets, including India, and enhance its financial services and products.

🇱🇹 Granta Autonomy Secures €1M for Surveillance UAVs: Lithuanian startup Granta Autonomy raised €1M in seed funding led by ScaleWolf VC, with Brolis Defence and HFL Holdings. The funds will boost production of their lightweight UAVs, micro gimbals, and Datalink software. Founded by Gediminas Guoba and Laurynas Litvinas, their tech, tested in Ukraine, aims to enhance NATO reconnaissance. Their latest UAV, the Hornet XR, offers long-range, silent flights for covert missions.

🇫🇮 Failup Ventures Co-leads itselectric's $6.5M Round with Uber: Brooklyn-based EV charging company itselectric raised $6.5M in a seed round co-led by Finnish-American Failup Ventures and Uber. Founded by Nathan King and Tiya Gordon, itselectric aims to revolutionize EV curbside charging through innovative, scalable solutions. The funding will support deployments in seven U.S. cities in 2024, including Boston, LA, and SF, and aligns with Uber's electrification goals. The round also saw participation from Halogen Ventures, Pulse Fund, and others.

🇸🇪 Arkion Secures $4M for AI-Driven Power Grid Inspections: Stockholm-based Arkion, formerly Skyqraft, raised $4 million to advance its AI software for inspecting power lines. The round was led by Subvenio Invest, with contributions from Neptunia Invest and Antler. Arkion's platform uses data from images, thermal sensors, and lidar to assess power grid health, aiding maintenance and management. This funding will boost product development and expand market presence, addressing the growing demands on Europe’s energy infrastructure.

📈Baltic Public Markets Update:

Week 28 in the Baltic financial markets includes Rīgas kuģu būvētava's audited annual report and the Lietuvos Respublikos Vyriausybė's government securities auction. Tallink Grupp is in a takeover offer period. Tallinna Sadam, Enefit Green, TextMagic, Vilkyškių pieninė, and Ekspress Grupp release sales figures. Ignitis grupė, Pro Kapital Grupp, and MAXIMA GRUPĖ have coupon payment dates. DelfinGroup announces dividend ex-date, record date, and payment date, and TKM Grupp reports a 6-month interim report.
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Global news in economy, finance & tech

🏦 Haven Assets and 'Trump Trades' Surge After Assassination Attempt: In the wake of an assassination attempt on former President Donald Trump, investors are flocking to traditional safe havens like the US dollar, Japanese yen, Swiss franc, and gold. Bitcoin also rose above $60,000 as a refuge from market volatility. The attack has increased Trump's chances of winning the presidency, boosting assets linked to his policies such as energy firms, private prisons, and health insurers. Markets are expected to see heightened volatility, particularly with currencies and US Treasuries, reflecting the uncertainty and potential for Trump's fiscal policies.
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🚨 OpenAI Whistleblowers Request SEC Investigation Over Restrictive NDAs: OpenAI whistleblowers have asked the U.S. Securities and Exchange Commission (SEC) to investigate the company's non-disclosure agreements (NDAs), which allegedly restrict employees' federal rights to whistleblower compensation. The complaint, revealed in a letter provided by Sen. Chuck Grassley's office, urges the SEC to review OpenAI’s NDAs and impose fines if deemed appropriate. The whistleblowers claim these agreements could penalize workers for raising concerns with federal authorities and demand OpenAI produce all contracts containing NDAs for inspection. OpenAI has yet to respond to the allegations.
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🌊 Kuwait Announces Major Offshore Oil and Gas Discovery: Kuwait has uncovered a significant oil and gas reserve in the Al-Noukhitha offshore field, estimated at 3.2 billion barrels of oil equivalent. This includes 2.1 billion barrels of light oil and 5.1 trillion cubic feet of natural gas. Kuwait Petroleum Corporation plans to develop extraction strategies promptly, aiming to boost oil production capacity to 4 million barrels per day by 2035. Currently producing around 2.4 million barrels per day, Kuwait seeks to enhance its export of lighter crudes while processing heavier grades domestically.
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💳 Stripe Valued at $70 Billion Amid Sequoia Deal: Payments platform Stripe has reached a valuation of $70 billion, with Sequoia Capital offering to buy up to $861 million in shares at $27.51 each, according to Bloomberg. This valuation increase follows Stripe’s previous $65 billion valuation and is below its peak of $95 billion in 2021. Founded by Patrick and John Collison, Stripe recently allowed employees to sell their shares but remains in no rush to go public. In 2023, Stripe processed over $1 trillion in payments, representing 1% of global GDP, and continues to be cash flow positive.
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Private & public markets in the Baltics & Nordics

🇪🇪 SmartCap Invests €5M in Antler Nordic Fund II: Estonian fund management company SmartCap invested €5M in Antler Nordic Fund II, joined by Denmark's EIFO and Finland’s Tesi. Antler supports early-stage startups and innovative tech investments, with over 400 European startups backed in the last five years. The fund targets the Nordic region and has entered the Estonian market, offering up to €300,000 for successful startups from its accelerator program.

🇪🇪 Plural Leads $10M Series A for Scaler: Estonian fund Plural led a $10M Series A round for Scaler, an ESG data platform for real estate professionals. Co-founded by Zlatan Menkovic and Luc van de Boom in 2021, Scaler helps real estate investors and managers with ESG decision-making, machine learning, and carbon reduction. The funds will expand the engineering team and market reach beyond Europe. Base10 Partners also participated in the round. Scaler currently works with 30 customers managing over $350B in assets, reducing carbon output by 15 million kg annually.

🇪🇪 Startup Wise Guys Invests in Canadian Healthcare HR Startup Aboard: Estonian accelerator Startup Wise Guys has invested in Canadian healthcare HR startup Aboard, with the round led by East Post Road Ventures. Aboard, founded in 2020 by Lee MacDonald, is a B2B SaaS platform automating HR workflows for healthcare institutions. The investment will support Aboard’s expansion into the US healthcare sector.

🇪🇪 MarkeDroid Raises €500K from AS Giga: Estonian cleantech startup MarkeDroid secured €500K from AS Giga to enhance its Virtual Power Plant management solutions for households. Founded in 2023 by Toomas Teesaar and Toomas Kärner, MarkeDroid optimizes electricity consumption, generation, and storage, determining the best times to buy, store, and sell electricity based on market prices, weather, and usage patterns. This brings their total raised funds to €655K. AS Giga, based in Tartu, specializes in heat management, trading, peat production, and related construction and transport services.

🇫🇮 Silo AI Acquired by AMD for $665M: Helsinki-based AI provider Silo AI has been acquired by AMD for $665M. Known for its advanced AI models, Silo AI has worked with clients like Allianz and Philips. The acquisition will enhance AMD’s AI capabilities globally. CEO Peter Sarlin will lead the team within AMD’s AI Group. The deal is expected to close in the second half of 2024.

🇱🇹 Bear Room Secures Funding from DŌBRA: Vilnius-based Bear Room, a stress relief app, secured significant funding from DŌBRA. The app uses EMDR, vocal practices, tapping, and breathwork for quick stress relief. It has over 10,000 downloads and 100+ positive reviews. The funds will enhance its features and expand its reach.

🇱🇹 Tiings Secures Investment: Vilnius-based fashion repair marketplace Tiings raised an undisclosed amount from FIRSTPICK, BADideas.fund, and PurposeTech. Founded in 2023, Tiings simplifies fashion repairs through a digital platform. The funds will launch the Service Providers Gateway and expand globally, starting with a UK beta test.

🇱🇹 FreeBnk Raises $3M in Equity and Token Funding: Lithuanian fintech app FreeBnk secured $3M from investors including Founderheads, ChaiTech Ventures, LVT Capital, and Lavender Capital. Led by CEO Yunus Emre Ozkaya and CDO Arash Lowni, FreeBnk offers services like fractional property investment, gas fee-less crypto transactions, lending, and secure custody with $30M insurance. The funds will support R&D and improve the app's user experience.

🇸🇪 Phyron Secures €10M Series B Funding: Stockholm-based AI video platform Phyron raised €10M in Series B funding led by Round2 Capital, with backing from automotive retailer Peter Vardy. This investment will support Phyron’s expansion into new markets, especially the U.S., and further develop its AI technology. Phyron automates product video creation for car dealers, boosting sales and reducing content costs. With over 3,000 dealers in 30 countries using their services, Phyron aims to revolutionize automotive retail marketing with advanced AI and automation.

Baltic Public Markets Update

Week 27 in the Baltic financial markets features the audited annual report from Rīgas kuģu būvētava and ongoing government securities auctions by Lietuvos Respublikos Vyriausybė. Apranga and K2 LT release sales figures. Baltic Horizon Fund holds an extraordinary general meeting. Tallink Grupp announces sales figures and a dividend payment date. MADARA Cosmetics has dividend ex-date, record date, and payment date events. DelfinGroup will report its 6-month activity results.

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Important global news this week in economy, finance & tech

💰 Gen Z Relies on Parents Amid Inflation Challenges: A Bank of America report reveals that 46% of U.S. Gen Z adults (ages 18-27) rely on financial support from parents due to rising living costs and inflation. The survey, conducted in April and May, also shows that 50% are not on track to buy a home within five years, 46% struggle to save for retirement, and 40% are not ready to invest. To cope, 67% are making lifestyle changes like budgeting and cutting back on dining out. Additionally, 57% lack sufficient emergency savings to cover three months of expenses.

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📺 NBA Secures $76 Billion Broadcasting Deal with Disney, Amazon, and Comcast: The NBA has finalized an $76 billion broadcasting agreement with NBCUniversal, Amazon Prime Video, and Disney's ESPN, extending for 11 seasons. This deal, more than three times the current one, underscores the growing value of sports content for media companies. While TNT, a long-time partner, could still match the offer, the new rights will start after the 2024-25 season. The NBA's governors are expected to approve the agreements soon.

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💼 Microsoft Settles Cloud Licensing Complaint for $22 Million to Avoid EU Probe: Microsoft has agreed to a €20 million ($21.7 million) settlement to resolve an antitrust complaint over its cloud computing licensing practices, avoiding a potential EU investigation and fines. The complaint, lodged by CISPE, which includes Amazon and other EU cloud providers, claimed Microsoft’s terms were harming Europe’s cloud ecosystem. As part of the deal, Microsoft will allow CISPE members to run its software on their platforms at equivalent prices to Azure and will compensate for past licensing costs. However, Amazon and Google remain critical, urging further regulatory scrutiny.

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🎵 Spotify Transforms into a Social Network with New Features: Spotify is evolving from a music streaming app into a social network with the introduction of comments on podcasts, allowing direct interaction between podcasters and listeners. This follows the 2023 addition of TikTok-like discovery feeds, artist profiles for merchandise and concert tickets, and the ability to post stories. These features suggest Spotify aims to compete with major social networks by enhancing user engagement and interaction within the app. Further expansions, such as comments for music artists, could make Spotify a comprehensive social platform centered around audio content.

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🚗 EU Imposes Tariffs on Chinese EVs Over Subsidies: The European Commission has imposed steep tariffs on Chinese battery electric vehicles (BEVs) starting July 5 to counteract what it describes as unfair competition due to heavy subsidies from Beijing. The decision follows a nine-month investigation revealing significant subsidies throughout China's BEV supply chain. These subsidies have allowed Chinese BEVs to surge from a 3.9% market share in 2020 to 25% in 2023, posing a significant threat to the EU's auto industry. Tariffs vary by company, with BYD facing 17.4%, Geely 19.9%, and SAIC 37.6%. The move is expected to spark political and economic tensions between the EU and China.

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Private & public markets in the Baltics & Nordics

🇪🇪 eAgronom Secures €10M to Enhance Carbon Program: Tallinn-based climate tech company eAgronom raised €10M in a Series A2 round, led by Swedbank AB with contributions from Icos Capital, Soulmates Ventures, and SmartCap Green Fund. The funds will expand its sustainable farming programs and the Carbon Program, helping farmers reduce carbon footprints and gain financial incentives. eAgronom aims to onboard more farmers, enhance practice verification, and sell carbon credits, supporting sustainable agriculture and reducing greenhouse gas emissions.

🇪🇪 Plural Invests in German Insurtech Feather: Estonian venture fund Plural has invested in German startup Feather, raising €6M with Keen Venture Partners and senior executives from Allianz, AXA, and Bastian also participating. Founded in 2018, Feather provides insurance for expats in Germany, France, and Spain, managing the entire process from policy documentation to claims handling. The investment will support Feather’s expansion into three new European markets by the end of 2024. Plural focuses on early-stage rounds between €1M and €10M.

🇫🇮 Cluby Raises €2.9M to Expand Restaurant Platform: Helsinki-based Cluby secured €2.9M in seed funding led by Vendep Capital, with participation from Cluby co-founder Pekka Koskinen and Wolt co-founder Elias Aalto. The funds will help expand Cluby’s digital platform for restaurants across Europe, offering tools for customer management, digital sales, and loyalty programs. Founded in 2018 by Kalle Ek, Joel Leino, and Pekka Koskinen, Cluby aims to enhance digital engagement and customer loyalty for restaurants.

🇫🇮 Inventure Co-Leads €4M Seed Round for Steep: Finnish VC firm Inventure, alongside Connect Ventures, co-led a €4M seed funding round for Stockholm-based startup Steep. Founded in 2021 by Johan Baltzar and Nino Höglund, Steep aims to simplify analytics work and enhance team collaboration. The funds will accelerate product development, expand the team, and increase global reach. Steep’s metrics-first approach is already benefiting companies like Voi, making data analysis more accessible and efficient.

🇱🇹 FreeBnk Secures $3M to Enhance Crypto Investment: Lithuania-based FreeBnk raised $3M in a funding round led by Founderheads, with participation from ChaiTech Ventures, LVT Capital, and Lavender Capital. The funds will enhance the user interface and app experience, particularly for crypto newcomers. FreeBnk offers tokenized real-world assets, gas fee-less cross-chain transfers, and robust security measures, positioning itself as a gateway to accessible and secure blockchain investment.

🇱🇹 Contrarian Ventures Leads €3.7M Round for altrove: Contrarian Ventures, a Lithuanian climate-focused VC, led a €3.7M pre-seed round for Paris-based deeptech startup altrove. Co-founded in 2024 by Joonatan Laulainen and Thibaud Martin, altrove leverages AI to develop innovative materials for the automotive, defense, and electronics industries. This investment supports altrove’s mission to reduce reliance on rare earth elements and promote sustainable supply chains, demonstrating Contrarian’s commitment to climate action and supporting groundbreaking technology with industrial applications.

🇸🇪 Steep Secures €4M Seed Funding: Stockholm-based data analytics platform Steep raised €4M in seed funding led by Connect Ventures, with participation from Inventure, Alliance VC, Antler, and Greens Ventures. The funds will accelerate product development and team expansion. Steep’s metrics-first approach to data analytics empowers organizations to independently collaborate and derive insights. The company also launched a beta AI-enabled interface for natural language data queries.

🇸🇪 Hypertype Secures €595K in Funding: Stockholm-based martech startup Hypertype raised €595K (SEK 7M) in a round led by Butterfly Ventures and Bust, with participation from Bling Capital and angels Margaux Dietz and Baltsar Sahlin. Founded in 2021 by Teenie Fung and Beatrice Baltscheffsky, Hypertype specializes in AI-powered automation for customer communication. The funds will be used to scale operations, enhance technology, and broaden market reach. Hypertype already serves over 200 paying companies.

Baltic Public Markets Update

Week 26 in the Baltic financial markets includes the annual general meetings of Grab2Go, Modera, and Saunum Group, with an extraordinary general meeting for KN Energies. Tallinna Vesi declares a dividend payment, and Trigon Property Development holds its AGM. DelfinGroup and Admiral Markets have coupon payment dates. Vilniaus baldai releases a 9-month interim report. Coupon payments are also noted for Sun Finance Treasury Limited, Inbank, and LHV Group. Read More →

Important global news this week in economy, finance & tech

💡 Amazon Shifts Focus to AI with $100 Billion Data Center Investment: Amazon is investing over $100 billion in data centers over the next decade, pivoting from its retail and logistics roots to focus on cloud computing and AI infrastructure. The company aims to capitalize on the AI boom, with Amazon Web Services (AWS) driving this strategic shift. Despite reducing retail spending, Amazon's significant AI investment underscores its commitment to future growth, with expectations of tens of billions in AI revenue. CEO Andy Jassy emphasizes AI as a key growth pillar, positioning Amazon to lead in the evolving AI landscape. Read More →

🚗 Tesla Beats Q2 Estimates Despite Sales Drop: Tesla delivered 443,956 vehicles in Q2, surpassing the 439,302 expected by analysts, though sales were down 4.8% year-over-year. Production fell 14% from the previous year, with 410,831 vehicles made. Despite these challenges, Tesla's shares rose 6.7%. CEO Elon Musk's cost-cutting measures, including significant staff reductions, have impacted delivery figures. The Cybertruck's slow ramp-up and the older vehicle lineup have also contributed to weaker sales. However, Tesla's energy storage business hit a record high, deploying 9,400 megawatt hours. Musk aims to introduce new, affordable models and a fully autonomous robotaxi next year. Read More →

💳 Revolut Achieves Record Profit, Aims for $40 Billion Valuation: British fintech company Revolut reported a record pretax profit of £438 million ($553.81 million) in 2023, driven by strong user growth and increased interest-related income. Revenue nearly doubled to £1.8 billion, bolstered by a significant rise in interest income. This financial milestone comes as Revolut seeks a $40 billion valuation in an upcoming $500 million share sale. The company is also progressing in its application for a UK banking license, with customer numbers growing by 45% last year to 45 million globally. Read More →

🚫 Figma Disables AI Design Feature Amid Accusations of Copying Apple’s Weather App: Figma has temporarily disabled its "Make Design" AI feature after accusations that it was replicating Apple’s Weather app designs. The issue was highlighted by Andy Allen of NotBoring Software, who claimed the tool heavily trained on existing apps. Figma CEO Dylan Field denied these accusations but acknowledged a lack of proper quality assurance. The feature will remain disabled until Figma can ensure its reliability and originality. Read More →

Private & public markets in the Baltics & Nordics

🇪🇪 Metaplanet Invests in Web3 and Neurotech Companies: Estonian fund Metaplanet invested in WeatherXM, a Greek Web3 climate analysis network, and Neurable, a US-based neurotechnology company. WeatherXM raised $7.7M in Series A to expand its decentralized weather station network. Neurable secured $13M to develop its AI-powered brain-computer interface technology.

🇪🇪 Specialist VC and Trind Ventures Invest in DrHouse: Estonian Specialist VC and Trind Ventures, along with US business angels, invested $3.5M in DrHouse, a telemedicine startup, to enhance its platform for providing virtual healthcare services.

🇪🇪 Metaplanet Invests in WeatherXM and Neurable: Estonian investment firm Metaplanet has invested in WeatherXM, a Greek Web3 climate analysis network, and Neurable, a US neurotechnology company. WeatherXM raised $7.7M to expand its decentralized weather station network, while Neurable secured $13M to develop its AI-powered brain-computer interface technology. These investments align with Metaplanet’s focus on innovative technologies with significant potential for human benefit.

🇪🇪 Up Group Acquires Stebby: French company Up Group acquired Stebby, an Estonian employee wellness benefit platform. Founded in 2012, Stebby has 180,000 users and 48 employees across the Baltics. The deal, which marks an exit for Livonia Partners, will see Stebby’s current management continue to lead the platform. Up Group designs integrated solutions for various aspects of daily life and operates in over 23 countries.

🇫🇮 Finland’s NordicNinja VC Leads €25M Series B for LiveEO: German climate risk startup LiveEO secured €25M in Series B funding led by Helsinki-based NordicNinja VC, marking their first investment in Germany. LiveEO, founded in 2018, provides earth observation technologies for clients like Deutsche Bahn and Network Rail. The funds will expand LiveEO’s AI-powered satellite data services internationally, enhancing safety and efficiency for infrastructure operators.

🇫🇮 Valpas Raises €4M Seed Funding: Helsinki-based startup Valpas secured €4M in seed funding led by Zenith Venture Capital. Valpas, founded in 2017, offers pesticide-free bedbug prevention solutions for hotels, utilizing smart bed legs and an IoT-enabled mobile app. The investment will help expand Valpas's affiliation network to over 1000 members and enhance production. Valpas already partners with 300+ hotels across Europe, Mexico, and Japan.

🇸🇪 Tandem Health Secures $9.5M Seed Funding: Stockholm-based Tandem Health raised $9.5M in seed funding led by Northzone, with participation from notable angel operators and Amino Collective. The funds will enhance Tandem’s clinician copilot platform, scale operations, expand the team, ensure compliance, and invest in research. Founded by Lukas Saari, Oliver Åstrand, and Oscar Boldt-Christmas, Tandem aims to revolutionize European healthcare by streamlining administrative tasks with AI, allowing clinicians to focus on patient care.

🇸🇪 Net Zero Company Secures $5.5M Seed Funding: Stockholm-based Net Zero Company raised $5.5M in seed funding led by Oilinvest, VARO Energy, and SilviCarbon. The company uses blockchain technology to offer Carbon Removal Tokens (CRT) for transparent and secure carbon credit transactions. Founded in 2022, Net Zero Company plans to expand globally and introduce new products to support scalable carbon removal solutions. The leadership team includes industry experts and executives dedicated to driving the transition to net zero.

🇸🇪 Lifesum Acquires LYKON to Enhance Personalized Wellness: Stockholm-based nutrition app Lifesum has acquired German biomarker-based nutrition company LYKON. This acquisition integrates LYKON’s at-home biomarker testing with Lifesum’s nutritional expertise, providing comprehensive, scientifically validated health insights and personalized recommendations. The move solidifies Lifesum’s position as a leader in the European wellness market, aiming to deliver advanced, personalized wellness experiences.

Baltic Public Markets Update

Week 25 in the Baltic financial markets includes Nordic Fibreboard’s annual general meeting and the extraordinary general meetings of Integre Trans and Amber Grid. Silvano Fashion Group and J.Molner hold their annual general meetings. LHV Group and Enefit Green announce sales figures and dividend payments. Companies such as Tallink Grupp, Tallinna Vesi, and Latvijas Gāze declare dividend ex-dates and record dates. Additionally, Summus Capital and Šiaulių bankas make coupon payments.

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Important global news this week in economy, finance & tech

📉 Nvidia's Decline Viewed as 'Overblown' Amid $5 Billion Short Seller Profits: Nvidia (NVDA) short sellers have gained nearly $5 billion in paper profits from the AI chip designer's recent sharp selloff, according to Ortex Technologies. Despite a 3% rise on Tuesday, Nvidia's stock has slumped 13% since June 18, losing $430 billion in market capitalization. This decline, driven by investor rotation out of high-flying AI stocks, contrasts with Nvidia's 145% rise this year, making it the second-best performer on the S&P 500. Kenny Polcari argues the fall is 'way overblown,' highlighting continued optimism around Nvidia's role in the AI boom.

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🤖 Amazon Developing AI Chatbot 'Metis' to Compete with ChatGPT: Amazon is creating a new AI chatbot named Metis, aimed at challenging OpenAI’s ChatGPT. Powered by the advanced Olympus AI model, Metis will provide smart, conversational answers, generate images, and offer up-to-date information using retrieval-augmented generation (RAG). It will also automate tasks like booking flights. CEO Andy Jassy expects Amazon’s AI projects to generate substantial revenue growth.

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🌍 BlackRock Launches Climate Transition ETFs: BlackRock has introduced five new climate transition ETFs on Euronext Amsterdam. These ETFs focus on companies leading the shift to a low-carbon economy, tracking MSCI indices that prioritize firms with strong greenhouse gas reduction targets or significant green revenues. They exclude companies with severe ESG controversies and those in controversial sectors.

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🔋 Rivian Cuts Costs to Boost Profitability: Rivian has streamlined its manufacturing, cutting over 100 steps in battery production and eliminating 500+ parts from vehicle designs, resulting in a 35% material cost reduction. CEO RJ Scaringe highlighted these improvements during a factory tour. Aiming for its first profit since 2009, Rivian targets 57,000 vehicle productions this year and plans to launch the R2 SUV in 2026. The changes are critical for Rivian's financial stability and future growth.

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🚫 Apple Delays AI Features in EU Due to DMA Regulations: Apple is postponing the launch of key AI-powered features in the EU, including iPhone mirroring, SharePlay, and Apple Intelligence tools, due to the Digital Markets Act (DMA). The DMA requires interoperability with other products, which Apple argues compromises user privacy and security. These features, initially set for release with iOS 18, will now be available in the EU in 2025. Apple's decision highlights the challenges tech companies face under new EU regulations.

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Private & public markets in the Baltics & Nordics

🇪🇪 Startup Wise Guys Invests Up to €100K in 15 Startups: Estonian accelerator Startup Wise Guys has invested up to €100K in 15 startups focusing on SaaS, sustainability, and cybersecurity. The three-month program, held in Bilbao, Spain, supports startups like Birl, Esgrid, Zerow, and Foodobox. Startups can receive follow-up investments within 6-8 months. This initiative continues Startup Wise Guys’ mission to foster early-stage innovation.

🇪🇪 Bisly Raises €6.2M for IoT Sensors: Tallinn-based Bisly secured €6.2M to advance its IoT sensor technology for energy-efficient buildings. The round included existing investors Aconterra, SmartCap Green Fund, and Pinorena Capital, with new participation from Foxway founders. Bisly’s sensors, which require no coding, integrate HVAC, lighting, and security systems on a single platform, aiming to cut energy use by up to 50%. Funds will support expansion into Germany and the UK, and product innovation.

🇪🇪 Sunly Future Ventures Launches €50M Fund for Cleantech Startups: Estonian fund Sunly Future Ventures (SFV), co-founded by Erki Ani and Rasmus Udde, will invest €50M in pre-seed cleantech startups. SFV’s initial ticket size is €500K per startup, with follow-on investments up to €3M. Anchor investor SmartCap Green Fund committed €20M, with contributions from Sunly and SFV totaling €5M. The fund focuses on energy, mobility, new materials, agtech, and foodtech sectors.

🇱🇹 Construction Begins on Tech Zity Vilnius: Vilnius has started building Tech Zity Vilnius, Europe's largest tech and creative industries hub, spanning 55,000 square meters. The first phase, 16,500 square meters, will open in 2025, with full completion in 2027. The €100M project aims to boost the regional startup ecosystem, offering modern offices, a conference center, coworking spaces, and more, set to accommodate up to 5,000 workers.

🇱🇹 Raft Capital Management Launches €50M Fund: Vilnius-based Raft Capital Management launched a €50M fund to invest in Baltic companies, targeting growth and expansion-stage firms with sales between €3M and €50M. The fund will also consider acquisitions in the Nordics and Poland, focusing on manufacturing, innovation, and service industries. Investments will range from €2M to €10M per company, aiming to boost economic growth and attract strategic investors.

🇫🇮 ConfidentialMind Raises €1.5M Pre-Seed: Espoo-based ConfidentialMind secured €1.5M to advance its generative AI software for enterprise and government applications. The round, led by Failup Ventures and supported by Innovestor’s Angel CoFund and Founder’s Edge, along with notable industry angels, will help ConfidentialMind expand beyond the cloud and into on-premises deployments. Founded in 2023, the startup addresses complexities in managing large language models on-site.

🇫🇮 Wolt Launches Wolt Capital for Merchant Financing: Helsinki-based Wolt introduced Wolt Capital, a financing service for merchants in the Nordics and Poland, in partnership with German fintech finmid. This service provides easy access to funds, supporting small businesses using Wolt’s platform. Initially launched in Finland, Wolt Capital has expanded to Denmark, Sweden, and Poland to help merchants overcome financial challenges and grow sustainably.

🇫🇮 Profilence Secures Investment for Expansion: Oulu-based Profilence, specializing in optimizing Android device performance, secured an undisclosed investment from Nordic Option. This funding will drive Profilence's international expansion, particularly targeting the automotive and smart devices sectors. The investment allows early-stage investors to exit, supporting Profilence’s growth in optimizing stability and energy consumption for Android-based devices.

🇫🇮 Distance Technologies Raises $2.7M Pre-Seed: Helsinki-based Distance Technologies secured $2.7M in pre-seed funding co-led by Maki.vc and FOV Ventures, with participation from Business Finland and Foobar.vc. Founded by Urho Konttori and Jussi Makinen, Distance develops glasses-free mixed reality solutions using 3D light fields for immersive experiences. The investment will advance their XR technology for mainstream use.

🇸🇪 Atium Raises €593.8K for Mercury Removal: Göteborg-based Atium secured €593.8K to advance its electrochemical filters for mercury removal from water. Led by Chalmers Ventures and Gladium, with new investors Butterfly Ventures, NextSTEP, GOKAP Invest, and 5J Holding, the funding will support product launch in 2025, initially targeting dental clinics. Atium's technology, developed at Chalmers University of Technology, offers a cost-effective, eco-friendly solution for heavy metal pollution.

🇸🇪 RemotiveLabs Secures €900K to Revolutionize Automotive Software: Malmö-based RemotiveLabs raised €900K to advance its software development tools for the automotive industry. Led by previous investors Volvo Cars Tech Fund, Almi Invest, and Truckdoktorn AB, with new backers Sandberg Development and S-E-Bankens Utvecklingsstiftelse, the funds will enhance their vehicle virtualization and containerization technology, enabling early integration testing and continuous development.

Baltic Public Markets Update

Week 24 in the Baltic financial markets highlights Nordic Fibreboard’s ongoing takeover offer and the annual general meetings of Amber Beverage Holding and Rīgas kuģu būvētava. TextMagic and Novaturas will release their financial results, while Coop Pank and Enefit Green will announce dividend ex-dates. DelfinGroup, Ignitis grupė, and Rokiskio suris plan coupon payments, and Latvijas Gāze and Linas Agro Group will publish interim reports. Šiaulių bankas and Harju Elekter Group provide operational updates.

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Important global news this week in economy, finance & tech

🇬🇧 UK Leads Europe in Generative AI Startups, Study Finds: The United Kingdom has emerged as the leading hub for generative AI (GenAI) startups in Europe, hosting 30% of these companies according to a study by Accel. The UK's prominence is attributed to its top-tier universities, the success of AI firm DeepMind, and substantial investments from U.S. tech giants. While France tops in funding with $2.29 billion raised, the UK follows with $1.15 billion. Germany and Israel are also notable contenders, contributing 14% and 13% of GenAI startups, respectively. This highlights the UK's pivotal role in the burgeoning GenAI landscape across Europe.

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📊 Nvidia’s Ascent to Most Valuable Company Echoes Dot-Com Boom: Nvidia has become the most valuable U.S. company, surpassing Microsoft, with its market cap reaching $3.34 trillion. This marks a significant milestone driven by Nvidia’s dominance in AI technology and a 174% stock surge this year. Nvidia’s rapid rise reflects parallels to the dot-com boom, where rapid advancements and speculative growth were hallmarks. As Nvidia outpaces Microsoft and Apple in valuation, this shift underscores the market's confidence in Nvidia's AI capabilities and potential long-term impact on technology and investment trends.

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📈 M&A-Focused Hedge Funds Lead with 7.7% Returns in Early 2024, Goldman Sachs Reports: Hedge funds specializing in mergers and acquisitions (M&A) outperformed other strategies, achieving a 7.7% return in the first five months of 2024. This resurgence in deal-making follows declining interest rates and a stabilizing economic environment, although global M&A activity remains below 2021's record levels. U.S.-targeted M&A dominated the market, accounting for 56% of deals, including notable transactions like Capital One’s $35.3 billion bid for Discover Financial Services and ConocoPhillips’ $22.5 billion offer for Marathon Oil. Other hedge fund strategies averaged around a 7% return, with stock trading hedge funds close behind at 7.4%.

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🔄 OpenAI Considers Shifting to For-Profit Structure Amid Governance Discussions: OpenAI CEO Sam Altman has indicated that the AI developer is exploring a change in its governance structure, potentially transitioning to a for-profit benefit corporation. This move could pave the way for an initial public offering (IPO) and offer Altman an equity stake. Currently valued at $86 billion, OpenAI aims to maintain its mission of advancing AI for public benefit while addressing investor interests. The restructuring discussions follow internal tensions and emphasize balancing nonprofit goals with financial growth. Microsoft's significant investment and ongoing relationship highlight the complexities in navigating this transition.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

🇪🇪 Thormi Raising €250K: Estonian foodtech Thormi, specializing in plant-based proteins, is raising €250K led by angel investor Jaak Ennuste. Founded in 2021, Thormi develops meat substitutes using pea and oat proteins, offering products like patties and sausages. The startup plans to expand by selling its production technology and equipment to factories, enabling them to produce plant-based meats.

🇪🇪 SensusQ Raises €3.8M: Estonian startup SensusQ secured €3.8M to advance its AI-based defense intelligence platform. The funds will enhance its capabilities in military situational awareness and operational efficiency.

🇪🇪 ExpressionEdits Raises €13M: Estonian co-founded biotech ExpressionEdits secured €12M in seed funding led by Octopus Ventures and Redalpine. Based in Cambridge, the company uses AI and intronization technology to enhance gene therapy by improving protein production. The funds will support the development of protein-based therapeutics and preclinical testing.

🇱🇻 4PM Ventures Launches Future Health Lab: Riga-based 4PM Ventures launched the Future Health Lab for health startups, running from June to December 2024. The lab has selected 21 startups, offering participation for free or for a €25K fee/1% equity. It focuses on digital therapy, medical devices, and diagnostic solutions, with potential investments ranging from €50K to €500K.

🇱🇻 Gene Therapy Enhancement Platform Secures €3M: A Riga-based startup developing a platform for enhancing gene therapy treatments raised €3M. This funding will accelerate R&D efforts and support the platform’s market introduction in the biotech sector.

🇱🇻 Medon Raises €320K: Latvian telemedicine platform Medon secured €320K to expand its services in online medical consultations across 27 specialties. The funding will support its growth in existing and new markets.

🇱🇹 Broswarm Wins NATO Innovation Challenge: Vilnius-based Broswarm won the 15th NATO Innovation Challenge for its landmine clearance solution. Broswarm uses multisensor fusion technology with drones to improve mine detection and clearance. Founded in 2023, the startup plans to test its technology in Ukraine and is preparing for market launch and further funding.

🇱🇹 Paysera Acquires Virtualikasa: Lithuanian fintech Paysera acquired Virtualikasa.lt, a virtual cash register system for businesses, from Brand Lions. Founded in 2020, Virtualikasa provides solutions for receipts, invoices, and balance management. Paysera will integrate Virtualikasa’s IP and team to enhance its financial services.

🇱🇹 Spike Raises €3.2M Seed: Lithuanian startup Spike secured €3.2M in seed funding to enhance its GenAI-powered platform for healthcare enterprises, focusing on automating patient interactions and administrative tasks.

🇸🇪 Fenix Solar Acquired by Ecokraft: Swedish company Fenix Solar, specializing in solar panel installations, was acquired by Ecokraft to expand its renewable energy offerings and strengthen its market presence in the solar energy sector.

🇸🇪 Moleculent Raises $26M Series A: Stockholm-based Moleculent secured $26M in Series A funding co-led by ARCH Venture Partners and Eir Ventures. The funds will advance their platform for mapping cell-cell communication within tissue environments, aiding in understanding drug responses and disease mechanisms. Key appointments include Patrick Weiss as Chairman and Sean Kendall from ARCH and Magnus Persson from Eir Ventures to the board.

🇫🇮 Minnalearn Partners with INCO and Google: Finnish edtech company Minnalearn partnered with INCO and Google to enhance digital skills training across Europe. The collaboration aims to deliver online courses and certifications through the "Grow with Google" initiative.

🇫🇮 Cellife Technologies Raises €2M Seed: Finnish healthtech Cellife Technologies raised €2M in seed funding to advance its AI-based fertility tracking platform, aiming to improve reproductive health through personalized insights.

🇫🇮 Equilibrium Ventures Launches Crypto-Focused VC Fund: Finnish venture firm Equilibrium Ventures launched a €50M VC fund targeting early-stage blockchain and cryptocurrency startups, aiming to boost innovation in the digital finance sector.

🇫🇮 Flow Computing Emerges with €4M Pre-Seed Funding: Helsinki-based Flow Computing, a VTT spinoff, raised €4M in pre-seed funding led by Butterfly Ventures. The startup develops a Parallel Processing Unit (PPU) technology, promising a 100-fold increase in CPU performance without GPU acceleration. The funds will advance PPU development, secure patents, and expand discussions with semiconductor vendors.

Baltic Public Markets Update

Week 23 in the Baltic financial markets includes Nordic Fibreboard's continued takeover offer period, Rīgas kuģu būvētava's 12-month interim report, and the annual general meetings of Amber Beverage Holding and CrossChem. Interim reports are presented by Rokiskio suris and Latvijas Gāze. Several companies, such as Linas Agro Group and Tallink Grupp, announce coupon payments, while Enefit Green and Merko Ehitus release operational updates. Dividend dates are also noted for Novaturas and Grigeo.

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Important global news this week in economy, finance & tech

📈 CrowdStrike, KKR, and GoDaddy to Join S&P 500: Cybersecurity firm CrowdStrike, private equity giant KKR, and web hosting company GoDaddy are set to be added to the S&P 500 index. This inclusion reflects the companies' growth and increasing market capitalization, marking a significant milestone that can enhance their visibility and attract a broader investor base. The move is part of the S&P Dow Jones Indices' regular adjustments to the index, aiming to represent the performance of leading companies across key industries.

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🤖 Apple Partners with OpenAI to Launch 'Apple Intelligence' at WWDC 2024: Apple has introduced "Apple Intelligence," a new AI system aiming to provide more personalized experiences to its 2.2 billion device users. Partnering with OpenAI, Apple will integrate ChatGPT to enhance capabilities like answering complex queries and composing messages. The system, showcased at the Worldwide Developers Conference (WWDC), emphasizes user privacy with most processing done on-device, and larger AI models running on Apple’s Private Cloud Compute. Despite criticism and competitive pressure from rivals, Apple’s initiative marks a significant step in AI integration, aiming to boost its market presence and device functionality amidst recent market challenges.

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🔍 Singapore Tightens Oversight on Family Offices and Hedge Funds: Singapore is enhancing its regulatory scrutiny over family offices and hedge funds amid rising concerns about financial transparency and compliance. The Monetary Authority of Singapore (MAS) plans to implement stricter guidelines and reporting requirements to ensure these entities adhere to robust governance and risk management practices. This move aims to maintain Singapore’s reputation as a trusted financial hub while addressing potential vulnerabilities in its rapidly growing wealth management sector. The enhanced oversight reflects a broader global trend towards increased regulation of private investment vehicles.

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💬 Nvidia's Stock Split Fuels Speculation of Dow Jones Inclusion: Nvidia’s recent 10-for-1 stock split has sparked discussions about its potential inclusion in the Dow Jones Industrial Average. The split lowers the per-share price, making Nvidia stock more accessible to retail investors, while increasing its outstanding shares without affecting market valuation. Analysts suggest this move positions Nvidia as a strong contender to join the blue-chip index, potentially replacing Intel. Despite some expected short-term volatility, the stock split aligns Nvidia with the criteria for Dow inclusion, reflecting its significant market influence and recent achievements in AI technology.

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🚀 Apple Surpasses Microsoft as World's Most Valuable Company Amid AI Advancements: Apple has reclaimed its position as the world's most valuable company, surpassing Microsoft. This shift follows a 4% surge in Apple’s stock, pushing its market value to $3.29 trillion, compared to Microsoft’s $3.24 trillion. The increase in valuation aligns with the Nasdaq hitting a record high amid cooling inflation. The boost in Apple's stock is attributed to the unveiling of AI-powered features and software enhancements at its recent developer conference, which analysts predict will drive iPhone sales and solidify Apple’s dominance in AI technology.

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📊 AI's Growing Role in Investment Decisions: Asset managers are increasingly leveraging artificial intelligence (AI) to enhance investment decisions and identify profitable opportunities. Companies like JPMorgan are expanding AI tools such as "Moneyball" to help portfolio managers avoid biases and improve performance. Voya Investment Management uses AI to flag potential risks in stock investments, complementing human analysts. Additionally, Legalist employs AI to spot promising litigation finance cases. Despite these advancements, some skeptics argue that AI's focus remains on short-term gains rather than long-term earnings potential, raising questions about its overall impact on investment strategies.

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🔄 Elon Musk Redirects Nvidia AI Chips from Tesla to X: Elon Musk directed Nvidia to ship thousands of AI chips, initially reserved for Tesla, to his social media platform X (formerly Twitter) and his AI startup xAI. This decision delayed Tesla's receipt of over $500 million worth of GPUs, potentially impacting Tesla's plans to advance its autonomous vehicle technology and robotics. The move has raised concerns among Tesla shareholders about Musk's commitment to Tesla, as he juggles multiple ventures, including SpaceX and Neuralink. Critics highlight potential conflicts of interest and question whether Musk's allocation of resources among his companies is in the best interest of Tesla.

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🔝 Nvidia Set to Overtake Apple as Second Most Valuable Company: Nvidia is on the verge of surpassing Apple to become the world’s second most valuable company, driven by its dominant position in the AI chip market. Nvidia's stock surged by 3.9%, raising its market value to $2.88 trillion, just behind Apple’s $2.92 trillion. This leap comes after Nvidia's impressive earnings report, highlighting its strong performance and growing demand for its AI hardware and software solutions. The company’s success underscores the increasing importance of AI technology and its impact on the tech industry's competitive landscape.

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📈 Eurozone Business Activity Hits Year-High Expansion: Business activity in the Eurozone surged in May, achieving its fastest growth rate in over a year. The HCOB flash composite PMI rose to 54.4 from April's 53.3, driven by a robust services sector and steady manufacturing output. This expansion indicates a strong economic performance across the region, buoyed by a recovery in consumer demand and increased spending in sectors like travel and leisure. However, challenges persist, with inflationary pressures and potential interest rate hikes posing risks to sustained growth. Despite these hurdles, the Eurozone economy shows resilience, maintaining a positive outlook amid global uncertainties.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Eleport and Carrefour Polska Partner: Estonian electric vehicle charging company Eleport has partnered with Carrefour Polska to install EV chargers at Carrefour stores in Poland. This collaboration aims to support sustainable mobility and enhance customer convenience.

🇪🇪 SensusQ Secures €4.7M for Defense Solutions: Estonian startup SensusQ raised €4.7M in funding led by New North Ventures to enhance its AI-powered defense intelligence platform. The investment will support the development and deployment of advanced situational awareness and decision-making tools for military and defense applications, aiming to improve operational efficiency and security measures.

🇪🇪 Helmes Acquires Trinidad Wiseman: Estonian IT firm Helmes has acquired Trinidad Wiseman, a digital transformation and UX/UI design company, to strengthen its service offerings. This acquisition will enable Helmes to enhance its capabilities in digital innovation and user experience, expanding its reach in the Baltic and Nordic markets.

🇱🇻 Mapon Acquires Trackon: Latvian fleet management company Mapon has acquired Trackon to expand its service offerings. This acquisition will strengthen Mapon’s market position in fleet management and telematics solutions across Europe.

🇱🇻 RivalSense Raises Funding: Riga-based startup RivalSense secured funding to develop its competitive intelligence platform. This investment will enhance their AI capabilities, allowing businesses to gain deeper insights into market trends and competitor strategies, and will support expansion into new markets.

🇱🇹 Spike Raises €3.2M: Lithuanian startup Spike secured €3.2M to enhance its GenAI-powered platform designed for healthcare enterprises. This funding round, led by Practica Capital, will support Spike in scaling its operations and expanding its solutions for automating patient interactions and streamlining administrative tasks, helping healthcare providers improve efficiency and patient care.

🇱🇹 Joiner App Raises Funding for Expansion: Lithuanian startup Joiner App has secured €750K to fuel its growth and expand its smart property management platform. This funding will support product development and help the company scale its operations in the real estate sector, providing advanced tools for property management and enhancing user experience.

🇫🇮 Realm Raises €1.7M: Finnish startup Realm raised €1.7M to expand its platform for managing digital assets in the metaverse. The funds will be used to enhance its technology and scale operations in new markets.

🇫🇮 Audicin Raises €520K Pre-Seed: Finnish startup Audicin secured €520K in pre-seed funding to develop its AI-driven platform for diagnosing and managing hearing disorders. Led by Estonian and Finnish investors, the funding will accelerate product development and support the company's entry into the market, focusing on innovative solutions for hearing healthcare.

🇸🇪 Doconomy Raises €34M: Swedish impact tech company Doconomy raised €34M in a Series B round to expand its digital tools for carbon tracking and environmental impact measurement. The funding will help scale its global operations and enhance its platform's capabilities.

🇸🇪 CheckProof Raises Funding: Swedish startup CheckProof received undisclosed funding to enhance its digital platform for quality and safety management in industrial operations. The investment will support product development and international expansion.

🇸🇪 Natural Cycles Raises $50.8M Series C: Stockholm-based Natural Cycles raised $50.8M in Series C funding to make hormone-free birth control more accessible. The round will support the global expansion of its app, which helps women track fertility cycles.

🇸🇪 Syre Raises €100M Series A: Stockholm-based Syre secured €100M in Series A funding to advance its green hydrogen production technology. This substantial investment will help scale their electrolysis technology, supporting sustainable hydrogen production and enabling entry into new markets.

Baltic Public Markets Update

Week 22 in the Baltic financial markets sees Nordic Fibreboard continuing its takeover offer period. Admiral Markets and LHV Group hold their annual general meetings. Amber Beverage Holding releases a 3-month interim report, while TextMagic and Hepsor disclose sales figures. Šiaulių bankas, DelfinGroup, and Linas Agro Group announce coupon payments. Dividend ex-dates and record dates occur for companies like Latvijas Gāze and LHV Group. Additionally, Merko Ehitus and Enefit Green provide operational updates.

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Important global news this week in economy, finance & tech

📊 AI's Growing Role in Investment Decisions: Asset managers are increasingly leveraging artificial intelligence (AI) to enhance investment decisions and identify profitable opportunities. Companies like JPMorgan are expanding AI tools such as "Moneyball" to help portfolio managers avoid biases and improve performance. Voya Investment Management uses AI to flag potential risks in stock investments, complementing human analysts. Additionally, Legalist employs AI to spot promising litigation finance cases. Despite these advancements, some skeptics argue that AI's focus remains on short-term gains rather than long-term earnings potential, raising questions about its overall impact on investment strategies.

Read more →

🔄 Elon Musk Redirects Nvidia AI Chips from Tesla to X: Elon Musk directed Nvidia to ship thousands of AI chips, initially reserved for Tesla, to his social media platform X (formerly Twitter) and his AI startup xAI. This decision delayed Tesla's receipt of over $500 million worth of GPUs, potentially impacting Tesla's plans to advance its autonomous vehicle technology and robotics. The move has raised concerns among Tesla shareholders about Musk's commitment to Tesla, as he juggles multiple ventures, including SpaceX and Neuralink. Critics highlight potential conflicts of interest and question whether Musk's allocation of resources among his companies is in the best interest of Tesla.

Read more →

🔝 Nvidia Set to Overtake Apple as Second Most Valuable Company: Nvidia is on the verge of surpassing Apple to become the world’s second most valuable company, driven by its dominant position in the AI chip market. Nvidia's stock surged by 3.9%, raising its market value to $2.88 trillion, just behind Apple’s $2.92 trillion. This leap comes after Nvidia's impressive earnings report, highlighting its strong performance and growing demand for its AI hardware and software solutions. The company’s success underscores the increasing importance of AI technology and its impact on the tech industry's competitive landscape.

Read more →

📈 Eurozone Business Activity Hits Year-High Expansion: Business activity in the Eurozone surged in May, achieving its fastest growth rate in over a year. The HCOB flash composite PMI rose to 54.4 from April's 53.3, driven by a robust services sector and steady manufacturing output. This expansion indicates a strong economic performance across the region, buoyed by a recovery in consumer demand and increased spending in sectors like travel and leisure. However, challenges persist, with inflationary pressures and potential interest rate hikes posing risks to sustained growth. Despite these hurdles, the Eurozone economy shows resilience, maintaining a positive outlook amid global uncertainties.

Read more →

News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

🚨 Nordic Insider Trading Probe Involves Private Equity Employees: A Nordic insider trading investigation has implicated several private equity employees. Authorities are scrutinizing alleged illegal trades and possible breaches of financial regulations within the sector. This probe highlights ongoing concerns about insider trading and compliance in the private equity industry, emphasizing the need for stringent regulatory oversight and ethical standards to maintain market integrity. The investigation could lead to significant legal consequences and reforms aimed at preventing future misconduct.

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💵 Robinhood Announces $1 Billion Stock Buyback Plan: Trading app Robinhood has unveiled its first-ever stock buyback program, committing $1 billion to repurchase shares. This move aims to enhance shareholder value and demonstrates the company's confidence in its long-term growth prospects. The buyback plan comes amid market volatility and reflects Robinhood's strategy to optimize its capital structure and support its stock price.

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💼 AuditBoard Achieves Largest VC-Backed Exit of 2024: AuditBoard, a leading governance, risk, and compliance software provider, has secured the largest venture capital-backed exit of 2024. The company's successful exit underscores the growing importance of risk management and compliance solutions in the corporate sector. This milestone highlights the significant returns for investors and reflects the robust market demand for innovative enterprise software solutions. The exit sets a new benchmark in the VC landscape, showcasing the potential for substantial growth and profitability in this sector.

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🤖 OpenAI Begins Training New Flagship AI Model: OpenAI has announced the commencement of training for its new flagship artificial intelligence model, set to succeed its previous iterations. This next-generation model aims to enhance AI capabilities, promising advancements in natural language understanding, contextual awareness, and overall performance. The development reflects OpenAI's commitment to pushing the boundaries of AI technology and maintaining its leadership in the field. As the training progresses, the new model is expected to bring significant improvements and innovative applications across various domains.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Esgrid Secures €500K Pre-Seed: Estonian startup Esgrid raised €500K to develop its sustainability management platform, helping companies track and improve their environmental impact.

🇪🇪 Beholder Wins €600K: Estonian AI startup Beholder won €600K at the Latitude59 pitch competition for its AI-driven video analysis technology.

🇱🇻 Medon Raises €325K: Latvian telemedicine platform Medon secured €325K from local investors, including business angel Martins Singers. Founded in 2021, Medon offers online medical consultations in 27 specialties and plans to expand services in India, the UAE, and Saudi Arabia.

🇱🇹 iDenfy Partners with Henoscene: Lithuanian regtech iDenfy has partnered with Henoscene to integrate its KYC software into Henoscene’s blockchain platform. This collaboration enhances data protection and user verification, promoting secure and transparent blockchain campaigns.

🇱🇹 AMLYZE Partners with Aura Cloud: Lithuanian regtech AMLYZE has teamed up with Swedish fintech Aura Cloud to improve financial crime prevention solutions, enhancing their joint capabilities in the fintech sector.

🇱🇹 Unmanned Defense Systems Raises €3.2M: Lithuanian company Unmanned Defense Systems secured €3.2M to advance its UAV technology, focusing on enhancing its capabilities in defense applications.

🇱🇹 Livonia Partners Invests in Telema: Baltic private equity firm Livonia Partners invested in Estonian EDI service provider Telema to support its growth and market expansion.

🇫🇮 Fiberwood Raises €7.7M: Finnish startup Fiberwood has raised €7.7M to scale up its production of sustainable insulation materials made from wood fibers, supporting the growth of eco-friendly construction solutions.

🇫🇮 RoadCloud Acquired by Goodyear: Finnish startup RoadCloud, specializing in road condition data, has been acquired by The Goodyear Tire & Rubber Company. This acquisition aims to enhance Goodyear's tire intelligence capabilities.

📈Baltic Public Markets Update:

Week 21 in the Baltic financial markets features Nordic Fibreboard continuing its takeover offer, and Rīgas kuģu būvētava presenting its 12-month interim report. Amber Beverage Holding, TextMagic, and Marijas 2 hold extraordinary general meetings. Lietuvos Jūras medicīnas centrs, Latvijas Gāze, and Grigeo release interim reports. Companies such as Linda Nektar, Harju Elekter Group, and Siguldas ciltslietu un mākslīgās apsēklošanas stacija have dividend dates. Additionally, Ignitis grupė, Citadele banka, and DelfinGroup make coupon payments.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

🏢 London Retains Top Spot for European Financial Investors; Paris Ranks Second: London continues to be the preferred destination for financial investors in Europe, maintaining its position as the primary hub for investment activities. Despite Brexit uncertainties, the city's robust financial infrastructure and global connectivity bolster its appeal. Paris follows closely, emerging as the second-choice destination for investors, driven by efforts to enhance its attractiveness through regulatory reforms and infrastructure development. This ranking underscores the enduring significance of London and the growing competitiveness of Paris in the European financial landscape.

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💻 Microsoft Introduces AMD as Alternative to Nvidia for AI Processors in Cloud Services: Microsoft announces the integration of AMD processors as an alternative to Nvidia for its cloud customers' AI computing needs. This move offers customers greater flexibility and choice in selecting hardware for their AI workloads, potentially fostering competition and innovation in the cloud computing market. Microsoft's decision reflects a strategic effort to diversify its offerings and cater to the evolving demands of AI-driven applications, expanding the options available to cloud users for optimized performance and cost efficiency.

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🗣️ Scarlett Johansson Alleges OpenAI Used Her Voice Without Consent: Scarlett Johansson accuses OpenAI of using her voice without permission. The actor raises concerns about the unauthorized utilization of her voice for AI-generated content, highlighting potential legal and ethical implications. Johansson's statement brings attention to the complexities surrounding intellectual property rights in AI development and the need for transparent practices in utilizing celebrity voices for synthetic media.

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🏈 Private Equity Groups Push for Stake in College Sports Amid Critical Juncture: As college sports face pivotal challenges, private equity groups are actively pursuing investment opportunities in this sector. With shifting dynamics and financial strains exacerbated by the pandemic, private equity firms see potential for lucrative returns by acquiring stakes in collegiate athletics programs. This trend reflects broader industry changes and raises questions about the long-term implications of commercialization on the integrity and governance of college sports.

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📊 European Private Equity Groups Extend Asset Holding Periods: European private equity firms are facing pressure to prolong the duration of their asset holdings. This shift reflects challenges in the investment landscape, potentially influenced by factors such as market volatility, regulatory changes, and economic uncertainties. As private equity groups adapt their strategies to navigate these conditions, longer asset holding periods could become a prevalent trend in the European market, impacting investment dynamics and portfolio management approaches.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Nanordica Medical Raises €1.75M: Estonian startup Nanordica Medical, which develops antibacterial wound care products, raised €1.75M led by Specialist VC, with Superangel and Amalfi participating. Founded in 2019, they created a wound dressing using copper and silver nanoparticles. It heals wounds faster than current silver-based dressings. Plans include a larger trial in 2024 and launching a human product in 2025.

🇪🇪 CARÁ Health Raises €620K: Estonian startup CARÁ Health secured €620K to enhance maternity support services and expand into the DACH region. The round was led by Tera Ventures with participation from StartupIst Ventures.

🇪🇪 Zero Terrain Granted €1.98M: Estonian company Zero Terrain received a €1.98M grant for its pumped-hydro energy storage project in Paldiski. This initiative, supported by the Estonian government, will develop the country's first long-duration energy storage plant, significantly enhancing Estonia's renewable energy capabilities.

🇪🇪 Plural Raises Additional €100M: Estonian venture capital firm Plural, founded by Sten Tamkivi and Taavet Hinrikus, has raised an additional €100M for its fund, bringing the total to €500M. This extra capital will be used to support existing portfolio companies. Plural focuses on early-stage European startups in AI, frontier tech, consumer, climate, and energy sectors.

🇱🇹 Pixevia Raises €1.5M: Lithuanian startup Pixevia secured €1.5M to expand its AI-powered, cashier-less stores in the US and Europe. The funds will support new stores in high-traffic areas like sports arenas and airports.

🇱🇹 Evergrowth Merges with Apolo: Lithuanian startup Evergrowth has merged with Apolo to combine their expertise in SaaS and AI technologies. This merger aims to enhance their market presence and service offerings.

🇫🇮 Enifer Raises €36M: Finnish biotech Enifer secured €36M to build a factory in Kirkkonummi for producing PEKILO fungi-based protein. Investors include Taaleri Bioindustry Fund I, Nordic Foodtech VC, Voima Ventures, Valio, and Laine Holding, along with loans from the Finnish Climate Fund and Finnvera. The factory will produce 3,000 tons of protein annually.

🇫🇮/🇬🇧 Reactive Technologies Raises $25M: UK-Finnish company Reactive Technologies raised $25M in a Series D round to expand its grid stability solutions globally. Investors include Breakthrough Energy Ventures, Eaton, and the European Investment Bank.

🇫🇮 QA Tech Raises €3M: Finnish QA Tech raised €3M in seed funding to develop its software quality assurance solutions. The round was led by Nordic VC firms.

🇫🇮 Nosto Secures Over €7M: Finnish company Nosto received over €7M from Nordic Secondary Fund to enhance its AI-powered Commerce Experience Platform (CXP). This platform helps brands and retailers improve online revenue through personalized customer experiences, supporting over 1,500 brands globally.

🇸🇪 Leya Raises $10.5M: Swedish startup Leya secured $10.5M to advance its AI technology for legal work. The funding will help expand their services, aiming to streamline legal processes with AI integration.

📈Baltic Public Markets Update:

Week 20 in the Baltic financial markets includes Nordic Fibreboard continuing its takeover offer period, and Rīgas kuģu būvētava presenting its 12-month interim report. Amber Beverage Holding and Storent Holding release their audited annual and 3-month interim reports respectively. TextMagic and Rīgas kuģu būvētava hold Extraordinary General Meetings. LHV Group, Enefit Green, Novaturas, and others announce sales figures, annual meetings, and interim reports. Multiple companies, including EfTEN United Property Fund and KN Energies, declare dividend dates and ex-dates.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

🔍 Google Unveils AI-Enhanced Search Experience at Google I/O 2024: During Google I/O 2024, Google showcased its revamped search experience, infused with artificial intelligence (AI). The upgraded search engine aims to deliver more personalized and contextually relevant results to users. By leveraging AI algorithms, Google intends to enhance user satisfaction and engagement with its search platform. Additionally, Google introduced new features such as improved voice search capabilities and enhanced visual search, signaling its commitment to innovation in the search space and its ongoing efforts to maintain its position as a leader in the industry.

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💻 OpenAI Launches New AI Model and Desktop Version of ChatGPT: OpenAI has introduced a new AI model and desktop version of its popular language model, ChatGPT. This latest release aims to bring the power of AI-driven conversational agents directly to users' desktops, enabling seamless interaction with AI assistants for various tasks. The new model incorporates advancements in natural language processing and understanding, enhancing its ability to generate coherent and contextually relevant responses. By making ChatGPT more accessible through a desktop version, OpenAI seeks to empower users with AI-driven capabilities for productivity, creativity, and entertainment.

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📊 Global Investment Trends Reflect Confidence Amid Rate Cut Speculations: In the week ending, investors displayed confidence in global equity funds, driven by expectations of Federal Reserve interest rate cuts following a softer U.S. employment report. European equity funds led the surge with consecutive weeks of net buying, while sectoral equity funds experienced outflows. Concurrently, debt funds and money market funds attracted significant inflows, signaling a cautious yet optimistic sentiment. In commodities, precious metal funds saw withdrawals, contrasting with a slight uptick in emerging market equity fund purchases, indicating a nuanced investment landscape amidst evolving economic uncertainties.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Vool Raises €300K for EV Charging Solutions: Estonian startup Vool has raised €300K to advance its electric vehicle charging solutions. The investment will help Vool expand its product offerings and support its growth in the EV charging market.

🇪🇪 Skeleton Technologies to Build Factory in France: Estonian company Skeleton Technologies will invest €600 million over five years to build a supercapacitor plant in Toulouse, France. Production is expected to start in 2027, enhancing their battery technology capabilities and expanding their European presence.

🇱🇹 Liledu Secures €500K in Funding: Lithuanian toy subscription service Liledu has raised €500K to expand its operations. The company offers a subscription service for educational toys, aiming to enhance children's learning experiences through play.

🇸🇪 ArgusEye Raises €2.8M: Stockholm’s ArgusEye secured €2.8 million to enhance its Auga sensor system, which uses LSPR technology to improve bioprocessing. This investment will help expand their platform into upstream bioprocessing, transforming biotherapeutic development.

🇸🇪 Grasp Raises €1.7 Million: Stockholm-based Grasp secured €1.7 million to enhance its AI assistant platform for investment banks and consultants. Launched in December 2023, Grasp’s platform automates complex tasks and has quickly gained traction in 15 countries.

🇫🇮 Gorilla Capital Invests in BeiZ Oy (Lola Panda): Helsinki-based Gorilla Capital has invested in BeiZ Oy, the developer of the Lola Panda educational games. With over 40 million downloads in 12 languages, these apps make learning fun for children. The funding will support the new Lola World app to expand their educational reach.

🇫🇮 Voima Ventures Co-Leads €2.8M Investment in ArgusEye: Nordic early-stage investor Voima Ventures and Eir Ventures co-led a €2.8 million investment in Stockholm-based ArgusEye. The funding will support the development of ArgusEye's nanoplasmonic detection sensor systems for real-time monitoring of biological processes, aiding in the creation of new biomedicines.

🇱🇻 AM Craft Secures €600K Pre-Seed Funding: Riga-based AM Craft raised €600K to launch a 3D printing hub in Dubai for aerospace-certified parts. Led by Change Ventures, this hub is part of their plan to create a global network for rapid, sustainable part sourcing.

🇱🇻 Cellbox Labs Raises €935K: Latvian biotech startup Cellbox Labs has raised €935K in a pre-seed round to develop its cell-based assays for drug testing and research. The funding will accelerate product development and support the company's growth in the biotech sector.

🇱🇻 LongeVC Joins $2.35M Round for CatenaBio: Latvian venture capital firm LongeVC has joined a $2.35M seed round for CatenaBio, a startup focused on developing AI-driven drug discovery technologies. The investment will help CatenaBio advance its research and development efforts.

📈Baltic Public Markets Update:

Week 19 in the Baltic financial markets features numerous financial activities. Nordic Fibreboard continues its takeover offer period, while Lietuvos Respublikos Vyriausybė proceeds with a government securities auction. Amber Beverage Holding releases its audited annual report. CrossChem, Baltic Horizon Fund, UAB Legal Balance, and Banga Ltd make coupon payments. Various companies, including Tallink Grupp, Coop Pank, and Merko Ehitus, hold annual general meetings. Interim reports will be released by companies such as Infortar, DelfinGroup, and Tallinna Sadam, with several companies also announcing dividend ex-dates.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

🛴 Bolt Expands U.S. Scooter Operations Amid IPO Preparations: Estonian company Bolt Technology OU, known for its ride-hailing and delivery services, is preparing to launch scooter rentals in major U.S. cities like Los Angeles, Seattle, and Austin. As part of its expansion, Bolt is hiring general managers to oversee these operations and foster relationships with city officials, aiming to enhance e-scooter rider experiences. This move sets Bolt up against competitors like Lime, which is also expanding its fleet with a $55 million investment this year. Both companies are gearing up for potential public offerings, navigating a challenging landscape marked by regulatory hurdles and competitive pressures.

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📉 Sweden's Riksbank Cuts Rates to Spur Economy: Sweden's Riksbank has reduced its key interest rate to 3.75% from 4.00%, marking its first rate cut since 2016 and planning two more later in the year if inflation remains mild. This cautious approach aims to stimulate Sweden's economy, which has been under pressure, with a particular concern about a weaker crown impacting inflation. The Riksbank is moving carefully, with broader economic challenges and the potential risks of a devalued currency guiding its policy decisions.

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🔍 OpenAI Develops Web-Searching ChatGPT Feature: OpenAI is working on a new feature for ChatGPT that allows it to search the web and provide sourced answers, potentially setting it up as a direct competitor to Google and AI search startup Perplexity. This development would enable ChatGPT to answer queries with web-sourced information, complete with citations to reliable sources like Wikipedia and relevant blogs. An interesting aspect of this feature includes the integration of images that correspond to user queries, such as diagrams for instructional responses. This move is part of OpenAI's broader strategy to enhance ChatGPT’s functionality amidst increasing competition from other tech firms and AI-driven search initiatives.

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🌍 Global Clean Energy Milestone Achieved: Last year marked a significant achievement in global clean energy as wind and solar energy production propelled renewable sources to account for 30% of the world’s electricity. This surge, detailed in Ember's Global Electricity Review, indicates a pivotal shift towards clean energy, with a predicted decline in fossil fuel generation starting in 2024. The transition is supported by robust growth in solar energy, which has been the fastest-growing electricity source for 19 consecutive years. Despite high global emissions, the boom in renewables has brought the electric sector's carbon intensity to an all-time low. As renewables push fossil fuel use into decline, the report anticipates even more substantial decreases in fossil fuel reliance, coupled with an increasing role for solar in the global energy mix.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Bolt Secures €220M Credit Facility: Estonia's mobility unicorn, Bolt, has secured a €220M revolving credit facility to expand its sustainable transportation solutions, aiming to reduce car dependency and foster more eco-friendly urban mobility options.

🇪🇪 Stargate Hydrogen Raises €42M for Green Hydrogen: Stargate Hydrogen, from Tallinn, secures €42 million to advance its ceramic-based electrolyser technology, aiming to reduce the cost of green hydrogen production significantly.

🇱🇹 TransferGo Gains $10M for Asia-Pacific Expansion: Vilnius-based TransferGo has raised $10 million from Taiwania Capital to expand its money transfer services into the Asia-Pacific region, following a year of significant growth and profitability.

🇱🇹 Contrarian Ventures Invests in Ember: Vilnius-based Contrarian Ventures has joined a $14 million Series A round for Ember, a Scottish startup building an all-electric intercity bus network, aiming to expand sustainable transportation across Scotland and the UK.

🇸🇪 Stilfold Receives €429.3K for MetaFold Academy: Stockholm-based Stilfold has launched MetaFold Academy with a €429.3K grant from the EIT, aiming to boost green manufacturing in the automotive sector across Sweden, Greece, Italy, and Hungary.

🇫🇮 Vexlum Secures €2.4M Grant for Quantum Tech: Tampere-based Vexlum has received a €2.4 million grant from the EIC to enhance its semiconductor laser platform for advancing quantum computing and ultra-precision optical atomic clocks.

🇫🇮 Maire Secures €450K for Demand Analytics: Helsinki's Maire has raised €450K for its predictive analytics platform, providing online demand insights to help businesses optimize their product strategies. The funding supports further development and international expansion.

🇫🇮 Kvanted Leads €2.65M Round for Resoniks: Helsinki-based Kvanted leads a €2.65M investment in Resoniks, a The Hague-based startup using AI and acoustics for quality control in manufacturing. The funding will accelerate growth, enhance product offerings, and expand the team.

📈Baltic Public Markets Update:

Week 18 in the Baltic financial markets features a host of significant events, with many companies presenting their financial results and holding key meetings. Rīgas kuģu būvētava and AgroCredit Latvia continue to make their audited annual reports available. Nordic Fibreboard has announced a takeover offer period. A flurry of annual general meetings will take place, notably for Airobot Technologies, Kauno energija, Ekspress Grupp, and a substantial number of other companies like Šiaulių bankas, Utenos trikotažas, and INVL Technology. Additionally, Šiaulių bankas, Eleving Group, and Grenardi Group are involved in various financial transactions including coupon payments and interim reports. The week will conclude with further coupon payments by Eco Baltia and Integre Trans, and interim reports from companies like Tallinna Vesi and Tallink Grupp, along with the continued government securities auction by Lietuvos Respublikos Vyriausybė.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

💼 U.S. IPO Market Surges, PE Firms Lag Behind: The U.S. IPO market has experienced a significant rebound, with the total volume of listings hitting $13.7 billion, more than tripling the amount from the same period last year. However, private equity (PE) firms have missed out on this boom, with only two major PE-backed IPOs raising about $1 billion. This marks a decline from 110 PE-backed IPOs in 2021, reflecting a slow recovery for PE exit strategies in a fluctuating market. Despite the overall market resurgence, PE firms remain cautious, potentially missing opportunities in a strengthening public market environment.

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📊 VCs Add Portfolio Sale Clause to Adapt to Market Conditions: As the startup exit landscape tightens, venture capitalists are increasingly incorporating a "portfolio sale clause" in funding round documents. This clause allows VCs to sell their shares without other investors blocking the sale or exercising co-sale rights, particularly useful for liquidating entire portfolios or specific stakes. Initially rare, this clause is gaining traction among funds needing to wind up or shift assets, as seen in Europe’s growing interest in continuation funds. While offering flexibility to VCs, it poses considerations for startups, who must ensure it doesn't lead to unfavorable changes in shareholder composition.

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🌐 AI Boosts Cloud Computing Growth for Tech Giants: Recent reports from major technology firms on Wall Street, including Amazon, Microsoft, and Alphabet, reveal better-than-expected sales in their cloud computing divisions, driven largely by burgeoning interest in artificial intelligence (AI). This surge reflects a robust rebound in corporate spending on cloud services, with the market valued at approximately $270 billion. Notably, Amazon's AWS reported a 17% growth rate, surpassing Wall Street's expectations and achieving a $100 billion annual run-rate for the first time. Microsoft Azure and Google Cloud also experienced significant growth, with increases of 31% and 28% respectively. This trend underscores AI's pivotal role in accelerating not only technological advancements but also the broader cloud spending, marking a shift from last year's cost-cutting measures.

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🌱 Microsoft and Brookfield's Major Renewable Energy Initiative: Microsoft has partnered with Brookfield Asset Management to develop over 10.5 gigawatts of renewable energy capacity, investing more than $10 billion. This project, set to unfold between 2026 and 2030 in the U.S. and Europe, is described as the largest single electricity purchase agreement between two corporate entities. The initiative, which may expand to Asia, Latin America, and India, will focus on wind, solar, and new carbon-free technologies. This massive renewable energy drive aims to support the increasing electricity demands fueled by AI development, semiconductor manufacturing, and the electrification of transport. Microsoft's goal is to match 100% of its electricity use with zero-carbon energy purchases by 2030.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Stargate Hydrogen Secures €42M: Tallinn's Stargate Hydrogen raises €42 million for advancing its ceramic-based electrolysers, aiming to reduce green hydrogen production costs. The round includes notable investors and grants from the IPCEI framework. Taavi Madiberk, founder of Skeleton Technologies, joins as Non-Executive Chairman.

🇱🇻 Orbit8 Raises €155K for AI Career Assistance: Riga's Orbit8 secures €155K towards a €200K goal to develop its AI-powered career guidance platform. Supported by BuilditAcc and local business angels, the startup aims to enhance career decision-making for parents, universities, and companies.

🇸🇪 X Shore Secures €8.5M for Electric Boat Innovation: Stockholm-based X Shore, a pioneer in electric maritime mobility, has raised €8.5 million to advance its sustainable electric boats. The funding will accelerate product development and expansion into new markets, particularly focusing on North America.

🇸🇪 Silo Team Raises $1.16M for Developer Turnover Solutions: Stockholm and UK-based Silo Team has secured $1.16 million in pre-seed funding to address challenges in developer turnover with advanced onboarding tools and AI-driven knowledge management, aiming to enhance productivity and collaboration within development teams.

🇸🇪 NOQX Secures Funding for Goal Management SaaS: Stockholm-based NOQX has raised an undisclosed amount in its first funding round, aiming to expand its goal management and OKR platform globally. The funding will support international sales and the development of its platform, particularly focusing on North America.

🇸🇪 Blykalla Raises €6.8M for SMR Industrialization: Stockholm-based Blykalla has secured €6.8 million to support the industrialization of its lead-cooled small modular reactors (SMRs), specifically the SEALER reactor, which offers a more sustainable and cost-effective alternative to traditional nuclear power for industrial decarbonization.

🇸🇪 Stilfold Launches MetaFold Academy with €5M: Stockholm-based Stilfold has launched the MetaFold Academy, backed by a nearly €5 million grant from the European Institute of Innovation and Technology (EIT) Manufacturing. The academy aims to advance green manufacturing practices in the automotive sector across Sweden, Greece, Italy, and Hungary, enhancing skills in eco-innovation, energy efficiency, and resource management.

🇫🇮 Kuva Space Wins €1.8M ESA Contract: Espoo-based Kuva Space has been awarded a €1.8 million contract from the European Space Agency to enhance border surveillance and crisis management capabilities across the Baltic region, using its advanced hyperspectral satellite technology and AI-driven insights.

🇫🇮 One Click LCA Acquires Buildrz: Helsinki-based One Click LCA, specializing in life-cycle assessment software, has acquired Paris-based Buildrz, known for its generative AI platform for real estate development. This acquisition strengthens One Click LCA’s comprehensive sustainability software platform, enhancing its AI capabilities and expanding its reach in the real estate development sector.

🇫🇮 One Click LCA Acquires Buildrz: Helsinki-based One Click LCA has acquired Paris-based Buildrz, a provider of generative AI software for real estate analysis. This acquisition is part of One Click LCA's strategy to become a comprehensive sustainability software platform for the construction sector, integrating Buildrz's AI capabilities to optimize building designs and enhance sustainability assessments.

📈Baltic Public Markets Update:

Week 17 in the Baltic financial markets is characterized by a variety of significant financial activities. Lietuvos Respublikos Vyriausybė maintains its presence with multiple government securities auctions. Several companies including LHV Group, Harju Elekter Group, and Telia Lietuva are set to release their interim reports for the first three months, providing current performance indicators. Rīgas kuģu būvētava and AgroCredit Latvia will be sharing their audited annual reports, offering a deeper insight into their fiscal standings. Dividend activities are noted for INVL Baltic Farmland and EfTEN Real Estate Fund, marking important dates for investors. Annual General Meetings are scheduled for Tallinna Sadam, Linda Nektar, and several other companies, which may indicate upcoming strategic decisions. The week also includes several coupon payment dates, impacting stakeholders in companies like DelfinGroup and Partnerystės Projektai Keturi UAB.

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News (economy, finance & tech) and indicators this week by fff.vc team 🟠:

🚗 Tesla Initiates Price Cuts Amid Intense Market Competition: Tesla has aggressively cut prices across its models in the US, China, and Germany to counteract falling sales and heightened competition in the electric vehicle (EV) market. After reducing US prices, Tesla slashed prices in China by up to 14,000 yuan and in Germany by 2,000 euros. This strategic move aims to boost demand but has impacted Tesla's profit margins and stock value. The price cuts are part of a broader industry trend, with Chinese EV maker Li Auto and others also lowering prices, signaling a fierce price war in the world's largest EV market. Tesla's adjustments reflect challenges from competitors like BYD, which offers more affordable options, and new entrants like Xiaomi.

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🥇 Chinese Speculators Drive Gold Rally to Record Highs: Chinese traders have significantly influenced the gold market, propelling prices to unprecedented levels. The rally, particularly robust on the Shanghai Futures Exchange, saw gold futures soar, with one firm, Zhongcai Futures, holding a position worth nearly $4 billion. This surge, driven by geopolitical tensions and a shift from the US dollar among emerging market central banks, saw gold peak at $2,431 per troy ounce. The movement reflects a growing influence of speculative capital from emerging markets in global pricing, overshadowing traditional flows from Western exchange-traded funds.

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📈 Eurozone Business Activity Accelerates: Business activity in the Eurozone reached its fastest growth rate in nearly a year this April, with the HCOB flash composite PMI rising to 51.4 from March's 50.3, indicating expansion. This growth, driven primarily by the services sector, suggests steady economic momentum with forecasts pointing to a continued 0.3% GDP growth in Q2, matching Q1's performance. Despite potential challenges from rising input costs and external demand pressures, there is optimism about a possible ECB rate cut in June, albeit with a cautious approach anticipated due to ongoing inflation concerns.

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🚀 Microsoft Launches Phi-3-mini AI Model: Microsoft has introduced Phi-3-mini, a new cost-effective and lightweight AI model, as part of its initiative to develop small language models (SLMs) that are more accessible to businesses with limited resources. This model, which is the first in a series that includes Phi-3 Small and Phi-3 Medium, boasts 3.8 billion parameters and is designed for simpler tasks. Aimed at democratizing AI technology, Phi-3-mini is now available on Microsoft's cloud service Azure and other platforms. It's optimized for use with Nvidia's GPUs and integrated with Nvidia Inference Microservices for enhanced performance. This release reflects Microsoft's strategic shift towards providing scalable AI solutions that cater to a broader market, including enterprises facing technological and budget constraints.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 10Lines Secures €1.5M for AI-Driven Line Marking: Tallinn-based 10Lines has raised €1.5 million to automate line marking operations using AI and robotics. This round, led by Tera Ventures and Karista, will support the company's expansion in the US market, enhancing the efficiency and cost-effectiveness of line marking with its innovative technology.

🇪🇪 Salesforge Raises €470K Pre-Seed for AI Sales Co-pilot: Salesforge, based in Tallinn, has secured €470,000 in pre-seed funding to develop an AI co-pilot for B2B sales. The investment will help build a platform that makes sales processes more efficient by personalizing and automating interactions, aiming to reshape the future of sales.

🇫🇮 HappySignals Raises €12M to Enhance IT Decision-Making: Helsinki's HappySignals has secured €12 million to expand its human-centric IT experience management platform. The funding, led by Mandatum Asset Management, will boost global expansion, empowering organizations to leverage employee experience data and AI to improve IT services and decision-making.

🇫🇮 Daze Raises Pre-Seed Funding: Helsinki-based e-commerce startup Daze has secured an undisclosed pre-seed investment from Antler and Wave Ventures. The funding will aid in team expansion and accelerate product development for Daze's innovative no-packaging, direct pickup return service for online shopping.

🇫🇮 ICEYE Raises $93M in Growth Funding: Finnish SAR satellite company ICEYE has secured $93 million in an oversubscribed growth funding round led by Solidium Oy. The investment will enhance ICEYE's SAR satellite constellation and expand its data products globally. ICEYE, having surpassed $100 million in revenue in 2023, aims to lead globally in SAR technology applications.

🇫🇮🇸🇪 Profilence and RemotiveLabs Partner for Automotive Quality: Finnish company Profilence and Sweden's RemotiveLabs have partnered to create advanced automotive infotainment quality testing solutions. The collaboration combines Profilence's stability analysis and RemotiveLabs' vehicle signal integration to streamline quality assurance processes in automotive infotainment systems.

🇸🇪 Gridly Secures $2.6M for Content Management: Swedish startup Gridly has raised $2.6 million in seed funding to refine its content management platform. This investment will support the enhancement of digital content management, making it faster, cheaper, and more scalable, addressing the increasing complexity brought about by AI advancements.

📈Baltic Public Markets Update:

Week 16 in the Baltic financial markets is marked by a variety of significant corporate events that demonstrate the region's financial dynamics. Lietuvos Respublikos Vyriausybė continues its government securities auctions, highlighting its ongoing fiscal initiatives. Nordecon and Novaturas are set to release their audited annual reports and sales figures respectively, providing insights into their operational success. An Extraordinary General Meeting for Snaigė suggests upcoming strategic developments. Dividend activities are notable this week with Šiaulių bankas and DelfinGroup reaching important dates in their dividend schedules. Other key financial events include coupon payments by Civinity, UPP & CO Kauno 53, and Eleving Group, as well as an annual general meeting for Coop Pank. The week wraps up with additional annual reports from Hepsor and Latvijas Gāze, and another annual meeting by NEO Finance.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 Outl1ne Acquired by Net Group: Tallinn-based Outl1ne has been acquired by Net Group to strengthen its capabilities in AI and large language models. Outl1ne will operate as a subsidiary, enhancing its innovative digital service offerings with greater resources.

🇱🇹 CTO2B Secures €1 Million Pre-Seed: Vilnius-based CTO2B raises €1 million pre-seed to automate DevOps on cloud infrastructure, facilitating easier management and operation of cloud resources for businesses, particularly in the fintech and SaaS sectors.

🇱🇹 BlackSwan Space Raises €760K Pre-Seed: Vilnius-based BlackSwan Space has secured €760K in pre-seed funding to pioneer satellite autonomy technologies. The investment will accelerate the development of their Mission Design Simulator and Vision Based Navigation hardware, enhancing autonomous space operations.

🇱🇹 Softloans Secures €1M Pre-seed: Vilnius's Softloans raises €1 million to expand its revenue-based lending solutions for SMEs, particularly those in e-commerce, enabling easier access to working capital.

🇱🇻 InGain Receives €650K Funding: Riga-based fintech InGain raises €650K to finalize its no-code SaaS platform for lending, aiming to make credit more accessible for SMEs across various industries.

🇸🇪 Saveggy Raises €1.76M to Combat Food Waste: Saveggy, a Lund-based startup, secures €1.76 million to advance its edible coating technology for fruits and vegetables, significantly extending their shelf life and reducing food waste.

🇸🇪 OlsAro Secures €2.5M Seed Funding: Gothenburg's OlsAro raises €2.5 million in seed funding to expand its AI-enabled crop breeding platform, focusing on developing climate-smart crops like salt-tolerant wheat to enhance food security and resilience in agriculture.

🇸🇪 Mimo Raises €18 Million: Mimo, a Swedish financial management platform, secures €18 million to simplify global payments and financial operations for SMBs, aiming to streamline financial management with its innovative B2B payments solution.

🇫🇮 NPHarvest Gains €2.2M for Nutrient Recycling: Finnish spin-off NPHarvest secures €2.2 million to deploy its technology for capturing and recycling nutrients from wastewater, promoting sustainability in agriculture and wastewater management.

🇱🇻 🇪🇪 🇸🇪 Baltic Startups Triumph at TechChill: Startups from Latvia, Estonia, and Sweden clinched the top prizes at TechChill. SUBmerge Baltic from Latvia won €10,000, Estonian Salesforge secured €250,000 in total funding, FleetFox from Estonia got €75,000, and Sweden's Silo Team won a €250,000 investment opportunity.

📈Baltic Public Markets Update:

This week, the Baltic financial markets showcase a series of key corporate events, reflecting the region's robust economic landscape. Government securities auctions by Lietuvos Respublikos Vyriausybė continue, underscoring the state's active role in the financial markets. Corporate governance developments are prominent with the scheduling of Extraordinary General Meetings for Silvano Fashion Group, indicating potential strategic changes. Investment opportunities are broadened with a public offering by Grenardi Group. Meanwhile, several companies, including TextMagic and Tallinna Sadam, are set to release their audited annual reports, providing valuable insights into their fiscal health and performance. This calendar of events highlights the dynamic nature and investment potential within the Baltic financial markets

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Important global news this week in economy, finance & tech

🚀 Top Countries for Startups Revealed: Finland, Estonia, and Lithuania lead as top havens for startups in 2024, according to Business Name Generator's study of 52 countries. These nations excel due to their high quality of life, advanced digital infrastructure, and supportive business environments, despite challenges like high living costs and regulatory complexities. Globally, Hungary, the Netherlands, and the UAE are highlighted as the best places to launch a startup, combining low business taxes, high GDP growth, and favorable living costs. These findings underscore the importance of strategic location choices for startup success, balancing economic opportunities with potential challenges.

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📊 Pension Funds Shift from Stocks to Bonds and Private Markets: Amid significant stock market gains, major pension funds are strategically reallocating billions from stocks to bonds and private markets. Following the S&P 500's 10% rise in the first quarter, Goldman Sachs estimates pensions will sell $325 billion in stocks this year, up from $191 billion in 2023. Notably, the California Public Employees' Retirement System (CalPERS) has reduced its stock target from 42% to 37%, opting instead to enhance investments in private equity and private debt. The New York State Common Retirement Fund is also adjusting its portfolio, reducing its stock allocation from 47% to 39%. These shifts aim to secure gains and mitigate risks amid rising interest rates, reflecting a broader trend towards diversification and stability in pension fund management.

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✈️ Telegram Set to Reach One Billion Users: Pavel Durov, founder of Telegram, predicts that the messaging app will surpass one billion monthly active users within the next year, describing its growth as "spreading like a forest fire." Currently at 900 million users, Telegram is a major player in the social media space, particularly influential in former Soviet states. Despite pressures from governments, Durov emphasizes Telegram’s commitment to neutrality, refusing to let the platform become a pawn in geopolitics. This stance, combined with robust security features and strategic management, positions Telegram for continued global expansion and influence.

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⚡ AI Surge Challenges Electricity Supply: The energy market is grappling with a significant increase in electricity demand due to the rapid expansion of data centers driven by booming artificial intelligence applications. In Sydney’s western suburbs, Endeavour Energy has received numerous connection requests that could potentially triple the power demand in the area. This spike is largely attributed to the escalating requirements for computing power necessary to support AI developments, presenting a critical challenge for both the energy market operator and electricity suppliers to accommodate within their demand projections.

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💼 Blackstone's Earnings Rise Slightly in First Quarter: Blackstone Inc, the world's largest private equity firm, reported a 1% increase in first-quarter distributable earnings, reaching $1.27 billion up from $1.25 billion the previous year. This rise was slightly above Wall Street's expectation, with distributable earnings per share at 98 cents versus the anticipated 96 cents. The increase was supported by a 12% rise in fee-related earnings to $1.2 billion, driven by strong fundraising activities. However, the firm saw a 25% drop in net profit from asset sales, totaling $293.3 million, as it cashed out fewer assets from its private equity and credit portfolios.

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Private & public markets in the Baltics & Nordics

VC news

🇪🇪 SmartCap Revises Investment Strategy for Green Fund: Estonian fund management company SmartCap announces strategic changes to its Green Fund, increasing investment amounts and focusing on later-stage green technology startups. With a fund volume of €100 million, SmartCap aims to foster significant advancements in sustainable technologies, ensuring access to crucial capital for growth and expansion.

🇱🇹 TransferGo Receives $10M for APAC Expansion: Lithuanian-founded, UK-based fintech TransferGo secures $10 million from Taiwania Capital to expand its services in the Asia-Pacific region. Known for enabling easier cross-border payments, TransferGo aims to accelerate its growth and tackle the large remittance market dominated by traditional players like Western Union.

🇱🇹 BlackSwan Space Gains €760K for Satellite Autonomy: Vilnius's BlackSwan Space secures €760K in pre-seed funding to advance its autonomous satellite technology for complex space missions, enhancing in-orbit servicing and real-time satellite constellation simulations.

🇸🇪 Gilion Secures €10M for Growth Platform: Stockholm's Gilion raises €10 million in equity to expand its innovative growth analytics platform. This funding supports Gilion’s mission to provide startups with advanced tools for performance analysis and non-dilutive financing options, promoting sustainable business growth.

🇸🇪 Scayl Raises €100M for Fintech Lending: Stockholm-based Scayl has secured €100 million to revolutionize fintech lending across Europe. By providing a platform that connects fintech lenders with banks and credit institutions, Scayl facilitates faster and more efficient funding for SME and consumer loans.

🇸🇪 Alrik Secures €1M Seed Funding: Stockholm’s Alrik, specializing in fleet management software for the construction industry, raises €1 million from Pi Labs. The funding will enhance Alrik's software solutions, helping to reduce emissions and costs in construction logistics across Europe.

🇫🇮 Basemark Raises €22M for AR Driving Tech: Helsinki-based Basemark clinches €22 million in Series B funding to advance its automotive AR software, aiming to enhance safety in driving with augmented reality applications, gearing up for expansion in Europe, the US, and Asia.

🇫🇮 Alvar Pet Acquires Verkkokauppa Kivuton: Helsinki's Alvar Pet enhances its footprint in the Nordic pet health market by acquiring online retailer Verkkokauppa Kivuton. This acquisition, paired with a partnership with Juuri Partners, establishes the largest online store for pet health products in the Nordics, focusing on sustainable and tailor-made pet diets.

Baltic Public Markets Update

This week, the Baltic financial landscape is vibrant with significant activities across multiple sectors. The series of government securities auctions orchestrated by Lietuvos Respublikos Vyriausybė are a prominent feature, illustrating solid state-backed financial initiatives. Noteworthy corporate events include the Extraordinary General Meeting for Silvano Fashion Group, highlighting key strategic developments within these corporations. Additionally, the investment scene is enriched by public offerings from Grenardi Group, opening new channels for investor participation. Furthermore, critical financial disclosures are anticipated, with firms such as INVL Technology, Invalda INVL, and Rokiškio sūris expected to release their audited annual reports, providing essential insights into their operational performance and strategic planning.

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Important global news this week in economy, finance & tech

💼 Big Tech's Cash Dilemma Amid Regulatory Scrutiny: Leading tech giants—Apple, Amazon, Microsoft, Google, and Facebook—boast a collective $570 billion in cash and investments, dwarfing other nonfinancial S&P 500 companies. Despite their wealth, leveraging these funds proves tough due to intense regulatory oversight, which has thwarted acquisitions like Amazon's and Intel's recent attempts. Google, holding the largest reserve at $98 billion, contemplates a bold $40 billion bid for HubSpot, risking further regulatory backlash given its dominant market position.

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🌐 Global Equity Funds See Outflows Amid Economic Speculation: Global equity funds experienced $2.08 billion in outflows for the week ending April 3 due to uncertainties about potential Federal Reserve rate cuts. U.S. and European funds saw significant withdrawals, while Asian funds drew $2.02 billion. In contrast, bond funds garnered $14.71 billion in inflows, the most in four weeks, reflecting investor caution and a preference for bonds. Money market funds also saw significant interest, attracting $104.32 billion, the largest intake since January.

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🌍 Global Food Inflation Dips to Pre-War Levels: Food inflation in the OECD's 38 member countries fell to 5.3% in February, continuing a 15-month trend of declines from 6.3% in January. This decrease signals easing inflationary pressures, with food prices in the UK notably rising by only 5% over the past year, the lowest since early 2022. While food inflation cools, core inflation remains high at 6.4%, reflecting ongoing price stickiness in the services sector.

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🤖 Elon Musk Foresees AI Surpassing Human Intelligence by 2026: Elon Musk predicts that artificial intelligence (AI) could exceed human intelligence as early as 2026, sparking widespread debate among experts. In a recent interview, he suggested that the rapid advancement in AI might lead to machines that are smarter than any human within a few years. This prediction raises significant ethical and safety concerns, including fears about AI-generated misinformation and the potential existential risks posed by superintelligent AI systems. Skeptics argue that true intelligence requires consciousness, something AI has not yet achieved, and believe Musk’s timeline may be overly optimistic.

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🔌 Intel Introduces Gaudi 3 AI Chip to Challenge Nvidia: Intel has unveiled its new AI chip, Gaudi 3, which claims to be over twice as power-efficient and 1.5 times faster than Nvidia’s H100 GPU. Set for a Q3 release, Gaudi 3 is part of Intel’s push to capture a larger share of the AI chip market, currently dominated by Nvidia. The chip supports various configurations and is designed to train and deploy AI models more effectively. Intel is also fostering collaboration with tech giants like Google to develop non-proprietary software solutions, enhancing flexibility for AI developers.

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Private & public markets in the Baltics & Nordics

🇪🇪 Elcogen Secures Over €140M for Clean Energy Expansion: Tallinn's Elcogen raises more than €140 million to boost its green hydrogen and electricity production capabilities. The funding, from investors including Hydrogen One Capital Growth, HD Hyundai, and strategic investor Baker Hughes, aims to scale up manufacturing in Tallinn and propel its innovative solid oxide technology, supporting the global transition to cleaner energy.

🇪🇪 SuperSimple Raises $2.2M for No-Code Data Platform: Tallinn-based SuperSimple has garnered $2.2 million from investors like Tera Ventures and Specialist VC. The startup's platform allows users to interact with data through a no-code UI or plain English, aiming to become the operating system for data integration and insights across companies.

🇪🇪 Flowstep Granted €1M by Enterprise Estonia: Tallinn-based Flowstep receives a €1 million grant from Enterprise Estonia to boost its UX copilot tool, aiding users in creating superior designs. This funding will accelerate their AI and Design research, supporting Flowstep's mission to enhance design processes with innovative technology.

🇸🇪 Gaia Biomaterials Attracts $5M for Eco-Friendly Alternatives: Helsingborg's Gaia Biomaterials secures $5 million in a rights issue led by Almi Invest Greentech, focusing on Biodolomer, a compostable material made from limestone, to replace fossil-based plastics globally.

🇸🇪 Skåne Ventures Collects €2.9M for Startup Ecosystem: A collaborative initiative by Minc, Ideon Science Park, Hetch, and Krinova, Skåne Ventures has raised €2.9 million to support early-stage startups in Sweden, aiming for innovation and societal impact.

🇸🇪 Ironic Biotech Secures €1M to Combat Iron Deficiency: Lund-based Ironic Biotech raises €1 million in pre-seed funding from Nordic Foodtech VC. The startup develops plant-derived proteins for high iron bioavailability, targeting global iron deficiency and anemia with a scalable, side-effect-free solution.

🇸🇪 Telness Tech Raises €5M for US Expansion: Stockholm's Telness Tech secures €5 million to expand its digital solutions for mobile operators into the US, funded by Industrifonden and Viltor (JCE Group). This investment fuels their mission to revolutionize telecom with full automation platforms, now serving 18 operators globally.

🇸🇪 Scayl's €100M for European Fintech Lenders: Emerging from stealth, Stockholm-based Scayl announces a massive €100 million funding to empower European fintech lenders with efficient, transparent financing. Founded by seasoned fintech veterans, Scayl aims to bridge the lending gap and foster financial innovation across the continent.

🇫🇮 Onego Bio's €37M Series A for Egg-free Protein: Helsinki's Onego Bio, advancing sustainable food solutions, secures a €37 million Series A led by NordicNinja VC. Their Bioalbumen, an animal-free egg white alternative, promises significant environmental benefits and aims to revolutionize the food industry with scalable production.

🇫🇮 Polar Night Energy's €7.6M Seed for Sand Battery Tech: Tampere's Polar Night Energy raises €7.6 million in seed funding, led by Jonathan Oppenheimer, for its innovative Sand Battery technology aimed at boosting renewable energy usage and reducing reliance on fossil fuels. This marks a major step towards their global expansion and tech enhancement.

🇫🇮 Klu Wins €200K at Arctic15 Helsinki: In an impressive win at Arctic15 Helsinki, Finnish data management startup Klu secures €200K, spotlighting their revolutionary approach to data accessibility. Their aim to streamline business data handling is poised for significant growth and enterprise adaptation.

📈Baltic Public Markets Update:

This week in the Baltic financial markets sees a flurry of corporate and governmental activity, underlining the region's vibrant economic landscape. Government securities auctions by Lietuvos Respublikos Vyriausybė demonstrate ongoing efforts in state financial stewardship. Notably, the Silvano Fashion Group and Grab2Go convene Extraordinary General Meetings, signifying pivotal moments for corporate governance and strategic direction. The financial markets are also attentive to public offerings from Grenardi Group and Citadele banka, introducing fresh opportunities for investors. Amidst these developments, a series of annual general meetings, dividend announcements, and the release of audited annual reports from key players such as TextMagic, EfTEN Real Estate Fund, and Tallinna Sadam provide comprehensive insights into the fiscal health and future prospects of Baltic enterprises.

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Important global news this week in economy, finance & tech

📈 Historic Quarter for US Equity Funds: In a record-breaking quarter since 2007, 64% of actively managed U.S. equity funds surpassed their Russell 1000 benchmarks, significantly up from 38% last year. This performance coincides with the S&P 500's remarkable 10.2% rise, its best start since 2019. The shift from megacap tech to broader stock gains was a key factor, with notable underperformance from Apple and Tesla benefiting funds underweight in these stocks. BofA highlights the potential for further market expansion and suggests leaning into value stocks.

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🌐 Eurozone Economic Recovery Gains Momentum: The Eurozone's economic recovery is gaining pace with the private sector experiencing a ten-month high in growth, thanks largely to a surge in the services sector. While optimism in business reaches a pre-pandemic high with Spain and Italy leading in service sector growth, rising oil prices present a potential challenge to future ECB rate decisions and inflationary pressures.

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🇬🇧 UK's Private Equity Sector Faces Potential Tax Hike: In 2022, UK private equity dealmakers earned £5bn in carried interest, spotlighting the debate over the taxation of such payouts. With the Labour party proposing an increase in the tax rate from 28% to 45%, there's concern over the potential impact on the industry and the risk of professionals moving abroad. The plan aims to raise an additional £400mn for the Treasury but could lead to significant financial implications.

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💼 Intel Faces $7 Billion Operating Loss in Foundry Business: Intel revealed a $7 billion operating loss in its foundry business for 2023, a stark increase from the previous year's $5.2 billion loss. This announcement marks a pivotal moment as Intel continues to advance its strategy under CEO Patrick Gelsinger, aiming for a turnaround by the mid-2030s, supported by significant funding from the CHIPS and Science Act and commitments from major companies.

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🔍 Google to Introduce Paid AI Search Features: Google is set to revamp its business model by offering paid "premium" AI enhancements to its search engine. Targeting subscribers of Google One and Workspace, this move is part of Google's strategy to integrate AI into its services without compromising its ad-supported search engine. The initiative aims to maintain Google's competitive edge in the AI landscape while safeguarding its substantial search advertising business. This move reflects Google's efforts to balance the adoption of AI innovations with the preservation of its $175 billion search advertising business amidst the growing competition from AI technologies like OpenAI's ChatGPT.

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Private & public markets in the Baltics & Nordics

🇸🇪/🇪🇪 Crypto Rogue Games Gathers $1.5M for Web3 Gaming: Umeå and Tallinn-based Crypto Rogue Games secures $1.5M in seed funding to forge the future of web3 gaming. With a focus on developing immersive blockchain-powered games, their first title, "Crystals of Naramunz," promises a unique gaming experience combining action RPG elements with blockchain technology.

🇸🇪 BLIXT Sparks €5M Seed Investment: Stockholm's BLIXT electrifies the market with a €5M seed investment for its groundbreaking software-controlled electricity technology. Their innovations aim to enhance the efficiency and reliability of power systems, enabling smarter energy use and integration of renewable resources.

🇸🇪 CemVision Secures €10 Million for Green Cement: Stockholm-based CemVision bags €10M to lead innovation in the net-zero cement game. Their technology focuses on reducing the carbon footprint of cement production, a significant source of global CO2 emissions, aiming to transform the construction industry towards greater sustainability.

🇸🇪 Candela Charges Ahead with €25 Million: Candela, the Stockholm-based electric vessel maker, accelerates production with a €25M funding round. Their cutting-edge electric boats combine speed, range, and sustainability, setting a new standard for maritime transport and underscoring Sweden's leadership in clean energy solutions.

🇸🇪 Ingrid Secures €21M for E-commerce Innovation: Stockholm's Ingrid raises €21M to revolutionize e-commerce deliveries, led by Verdane with Schibsted Ventures participating. The funding will boost Ingrid's expansion across Europe, optimizing the retail and delivery experience.

🇫🇮 Perfat Technologies Innovates with €1M Seed: Helsinki-based Perfat Technologies secures a €1M seed round to revolutionize the food industry with its health-focused fat alternatives. Their innovative approach aims to create fats that not only taste good but also contribute to consumer health, marking a significant step forward in food science and nutrition.

🇫🇮 Steady Energy Warms Up with €10M: Steady Energy, based in Helsinki, raises €10M to develop nuclear-based carbon-neutral heating solutions. This funding will enable them to bring sustainable heating technologies to homes and offices, promising a greener future by reducing reliance on fossil fuels for heating.

Baltic Public Markets Update

This week, the Baltic financial markets are buzzing with key events, including government securities auctions by Lietuvos Respublikos Vyriausybė and a public offering from Storent Holding across Tallinn, Riga, and Vilnius. Important corporate gatherings are on the agenda, with Tallinna Kaubamaja Grupp holding its Annual General Meeting and INVL Baltic Real Estate, Coop Pank, and LHV Group presenting their audited annual reports. Meanwhile, Summus Capital and REFI Energy are set for coupon payments, and Tallinna Vesi is preparing for an Extraordinary General Meeting. These activities highlight a week filled with significant financial disclosures and meetings in the Baltic states. Nasdaq Baltic investor calendar - week 12/2024 →

Important global news this week in economy, finance & tech

🛍️ Investors Rally Behind European Consumer Stocks as Economic Optimism Surges: With growing confidence in the European economy, investors are flocking to European travel, retail, and luxury goods shares, anticipating a consumer spending spree on holidays and high-end items. Major companies like Renault and Stellantis have seen their stocks soar over 25% since early February, with Eventim and Pandora also enjoying significant gains. This investment trend is buoyed by the belief that central banks have managed to curb inflation without inducing a downturn, alongside expectations for the European Central Bank to cut rates soon. The Stoxx indices for European consumer discretionary shares and carmakers have risen notably, broadening the rally of the Stoxx Europe 600 index. Fund managers favor retailers and luxury groups, anticipating a brighter economic future for Europe, supported by a drop in natural gas prices and a reservoir of excess savings.

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🍏 Apple Considers Google's Gemini for iPhone AI: Apple Inc. is in discussions to integrate Google's Gemini, a set of generative AI models, into the iPhone's software to enhance new AI-driven features. Besides Google, Apple has also engaged with OpenAI as a potential AI model provider. This collaboration could extend the longstanding search partnership between Apple and Google, blending Gemini's capabilities with the billions of devices under Apple's ecosystem. While the specifics of the deal are still under negotiation, this move signals Apple's search for robust cloud-based generative AI functionalities, including image creation and text generation, to complement its own AI models focused on device-based operations.

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📊 Buyout Firms Seek Private Credit Solutions for Asset Liquidity: In the face of challenges offloading companies due to higher interest rates and valuation disputes, buyout firms are turning to the $1.7 trillion private credit market for solutions. Firms like Blackstone Inc., Goldman Sachs Group Inc., and Neuberger Berman Group are offering a lifeline through preferred equity investments, enabling private equity firms to return cash to investors during a period marked by slow asset sales and IPOs. This approach not only provides necessary liquidity but also allows private equity to bypass valuations that might not reflect their assets' perceived worth. With preferred equity investments yielding returns of 13% to 15% for credit firms, this strategy is emerging as a mutually beneficial solution amidst the current exit environment.

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🤖 AI Funding Soars but M&A Activity Lags: While venture funding for AI startups surpassed $50 billion in 2023, M&A activity in the sector has slowed, showing a 31% decline from the previous year. Despite high valuations and significant public market interest, with companies like Nvidia gaining prominence, most AI startups are seeing mergers and acquisitions as a more likely exit strategy than public offerings. However, this anticipated route has been quieter than expected, with fewer deals closing than in past years. This trend suggests a cautious market, where potential buyers may be waiting for valuations to adjust. The current environment poses challenges for startups seeking exits at peak valuations, indicating a potential reevaluation of investment strategies in the AI space.

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Private & public markets in the Baltics & Nordics

🇪🇪 BotGuard OÜ Raises €12M for Cybersecurity: Tallinn-based BotGuard secures a €12M Series A investment led by MMC Ventures to protect SMEs from malicious bots. The funding will drive technology development, team expansion, and global scaling efforts.

🇪🇪 Latitude59 Announces Pitch Competition 2024: Estonia's premier tech conference, Latitude59, sets a €1M prize for its 2024 Pitch Competition, inviting entrepreneurs from Ukraine. It stands as the largest competition of its kind in the Nordic countries and Baltics, fostering innovation and collaboration.

🇪🇪 GScan's €3M Seed for Advanced Scanning: Estonian deep tech GScan garners €3M in seed funding for its cosmic ray muon tomography technology. Supported by notable investors, the company seeks to offer non-intrusive scanning solutions across various sectors, including defense, healthcare, and national security.

🇪🇪 Themo Secures €1.3M for Smart Energy Solutions: Estonian startup Themo, specializing in smart thermostats, raises €1.3 million in funding, led by renewable energy investor Sunly. Successful testing with Finland's Fingrid ensures Themo strengthens its market position, focusing on intelligent energy solutions that optimize electric heating based on market prices and allow participation in energy reserve markets.

🇱🇹 HeavyFinance Partners with EIF and InvestEU: Lithuanian fintech HeavyFinance teams up with the European Investment Fund and the InvestEU program, securing €50M to support agricultural SMEs' transition to greener farming practices in multiple European countries.

🇱🇹 Broswarm Raises $100K for Mine-Detecting Drones: Lithuanian startup Broswarm secures $100K to develop drones for landmine detection. The investment, led by ScaleWolf, aims to enhance demining operations worldwide, with a focus on saving lives and restoring land safety.

🇱🇻 Mapon's €3M Bond Issue for Fleet Management Growth: Riga-based Mapon raises €3M through a bond issue, aiming to finance acquisitions and bolster its European expansion. The fleet management solution provider plans to strengthen its market position and explore new territories.

🇸🇪 Younium's €2.7M Boost: Stockholm's Younium clinches €2.7M to enhance its SaaS platform for subscription management. Backed by Partinc Capital, Younium aims to solidify its European presence, supported by a strong performance with €4.8M in recurring revenue and 60% growth.

🇸🇪 Voi Accelerates with $25M Funding: Stockholm-based micromobility provider Voi raises $25M to expand its e-scooter and e-bike fleet across Europe. This round, participated by existing shareholders, fuels the company's fleet growth and sustainability goals, following a year of over 68 million rides and significant tenders in key cities.

🇸🇪 Legitify Raises €1.5M for Online Notarization: Stockholm and Dublin-based Legitify closes a €1.5M seed round to redefine the online notarization process. Verb Ventures leads the investment, aiming to streamline cross-jurisdictional certification and notarization for businesses and individuals with AI enhancements.

🇫🇮 Teamspective Secures €900K for Employee Engagement: Helsinki's Teamspective raises €900K in pre-seed funding to revolutionize employee engagement with its network-aware solutions. Backed by angel investors and Business Finland, the startup aims to enhance organizational health and performance through AI-powered insights.

🇫🇮 Sooma's €5M Funding for Depression Treatment: Helsinki-based Sooma secures €5M to expand its at-home depression treatment solutions. The investment, led by Voima Ventures and Verge HealthTech Fund, supports the development of Sooma’s neuromodulation devices for accessible mental health care.

🇫🇮 Tesi Exits Ultimate: Finnish Industry Investment Ltd (Tesi) exits Ultimate, an AI company acquired by Zendesk. This move integrates Ultimate's AI solutions into Zendesk's customer experience offerings, marking a successful journey of Finnish expertise in AI reaching global markets.

🇫🇮 Infinited Fiber Company Gathers €27M: Finnish Infinited Fiber secures €27M to advance its technology that transforms textile waste into sustainable fibers. Backed by prominent investors including Inditex Group, this funding propels the company towards launching its first commercial-scale fiber production facility.

🇫🇮 NordicNinja Leads $24M Round in Griffin: Finnish VC firm NordicNinja spearheads a $24M investment in Griffin, a UK-based Banking as a Service platform. This investment will scale Griffin's operations and enhance its banking infrastructure.

Baltic Public Markets Update

This week's financial agenda in the Baltic region is bustling with activities, ranging from government securities auctions by Lietuvos Respublikos Vyriausybė to sales figures announcements from Enefit Green, Coop Pank, and LHV Group. Noteworthy events include the initial listing of Sun Finance Treasury Limited and an investors event by Storent Holdings. Additionally, Storent Holdings is engaging in a public offering, and K2 LT is set to disclose its audited annual report, alongside scheduling a general meeting. A dividend payment date for Arco Vara and sales figures from Novaturas round off a week full of diverse financial events across the Baltic states. Nasdaq Baltic investor calendar - week 11/2024 →

Important global news this week in economy, finance & tech

📈 VCs Turn to Secondary Markets in 2024 for Liquidity: Amid a quiet IPO scene in Q1 2024, VCs are increasingly leveraging secondary markets for liquidity, sidestepping traditional public offerings. With major IPOs scarce and market conditions less than ideal, the secondary market's growth offers a compelling alternative. Companies like Stripe highlight this trend, opting for secondary sales over IPOs, while VCs and LPs find flexibility in managing their investments. This shift underscores a strategic pivot towards alternative liquidity avenues in the face of ongoing market challenges.

Read here →

🏘️ Real Estate Investment Alert from Blackstone's President: Blackstone Group President Jon Gray advises that now is the prime time to invest in real estate, suggesting the market has reached its lowest point and is on the brink of recovery. With interest rate cuts on the horizon, Gray sees current negativity as an opportunity for savvy investors. He notes the slump was driven by remote work impacts and rising interest rates but believes central bank rate cuts will soon boost the property market. Gray emphasizes seizing the moment in sectors like logistics, digital infrastructure, and student housing to capitalize on the coming uplift.

Read here →

📉 Global Corporate Defaults at a Peak Since the Financial Crisis: S&P Global Ratings reports an alarming increase in corporate defaults worldwide, reaching the highest pace since the global financial crisis, fueled by high interest rates and stubborn inflation. With 29 defaults recorded since the year's start, surpassing the early-year numbers since 2009, the crisis touches various sectors, notably health care and media. European companies are defaulting at a notably high rate, with eight defaults already, indicating a troubling trend. This surge in defaults, including notable names like AMC Entertainment, signals a challenging economic landscape ahead, with expectations for defaults to remain high, especially in Europe.

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📅 Fed Meeting March 2024: Holding Steady on Rates: The Federal Open Market Committee (FOMC) is set to meet on March 19-20, 2024, with expectations to maintain the current interest rate at 5.25%-5.50%. Despite previous aggressive rate hikes aimed at curbing inflation, the Fed signaled a potential for future rate cuts, depending on inflation's trajectory and economic conditions. This meeting follows a pause in rate changes since July 2023, reflecting a careful approach amid concerns about the banking sector, stock market stability, and global economic uncertainty. Investors and economists are keenly watching for any shifts in policy that could influence market dynamics and economic growth.

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🚗 Breakthrough in EV Battery Technology with Microsoft's Help: Microsoft and the U.S. Department of Energy's Pacific Northwest National Laboratory have made a significant leap in electric vehicle (EV) battery tech, potentially reducing lithium usage by up to 70%. By harnessing AI, researchers sifted through 32 million materials to find a solid-state electrolyte named N2116, marking a major step toward more sustainable EV batteries. This innovation addresses the environmental concerns associated with lithium mining and could lead to batteries with longer ranges, faster charging, and safer usage. The discovery of N2116 could pave the way for future batteries that eliminate the need for lithium, aligning with global efforts to find more eco-friendly power sources for EVs.

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Private & public markets in the Baltics & Nordics

🇪🇪 Beast Powers Through to Poland: Estonian eco-friendly Tesla rental Beast zips into the Polish market, aiming to electrify with its sustainable mobility charm. Already cruising in 7 European territories, Beast is accelerating the green revolution, one Tesla at a time.

🇪🇪 Estonia Supports UK Startups Facing Regulatory Challenges: Estonia's Accelerate Estonia program offers a lifeline to UK startups struggling with regulatory and legal changes. It fosters experimental collaborations between businesses and one of the world's most digitally advanced governments, promising a sandbox for innovation and a potential route to EU scalability.

🇱🇹 Vinted's Fashionable Expansion: From Vilnius to Copenhagen, Vinted acquires Trendsales, Denmark's largest second-hand fashion marketplace. It's a stylish stride towards Nordic dominance, further weaving Vinted's mission to make second-hand the first choice across Europe.

🇱🇹 Argyle Nets $30M Series C: The US-Lithuanian Argyle secures a hefty $30M, led by Rockefeller Asset Management, turbocharging its automated income and employment verification platform. It's a data-driven dash towards operational efficiency, with Argyle's sights set on financial fluidity by 2026.

🇸🇪 eComID's AI-Driven €2.75M Debut: Stockholm's eComID lands a hefty €2.75M in pre-seed funding. This AI maven is on a mission to slash e-commerce returns, sweetening the deal for retailers and planet alike with smarter, sustainable shopping decisions.

🇸🇪 Rescue for Cake by CEO Espen Digernes: In the wake of bankruptcy, Cake, a Swedish electric motorbike manufacturer, has been acquired by Espen Digernes. The acquisition's impact on the company's future and its previous employees remains to be seen as it navigates through bankruptcy proceedings and aims to sustain its innovative electric motorcycles.

🇸🇪 Cellcolabs Raises $8.7M for Stem Cell Innovation: Swedish biotech startup Cellcolabs secures $8.7M to make high-quality stem cells accessible and affordable. Aiming to revolutionize healthcare with stem cells known for their regenerative properties, the company is backed by significant investment to scale up its operations and development.

🇫🇮 Kvanted Ignites €2M in SynergyXR: Finnish fintech Kvanted spearheads a €2M investment into Danish SynergyXR, powering up the future of XR-driven industrial transformation. It's a blend of virtual, augmented, and mixed reality, reimagining workplace training and collaboration.

🇫🇮 Nordic Science Investments Unveils €60M Fund: Finland's NSI opens the lab doors with a €60M fund, aiming to transform Nordic university spin-outs from scientific sketches to market stars. It's a bet on deep tech's brightest minds, turning revolutionary research into commercial triumphs.

🇫🇮 SpinDrive's Magnetic €2.5M Lift: Lappeenranta's SpinDrive attracts a €2.5M grant from the EIC Accelerator. Their goal? Spinning the industry on its head with advanced magnetic bearings, promising frictionless futures and eco-efficient revolutions.

Baltic Public Markets Update

This week in the Baltic financial markets is packed with pivotal events across Estonia, Latvia, and Lithuania. Highlights include Ekspress Grupp's extraordinary general meeting, a series of government securities auctions by Lietuvos Respublikos Vyriausybė, and additional listings by Saunum Group. Investors should also watch out for Tallink Grupp's sales figures, AUGA group and MADARA Cosmetics' investor events, and a range of dividend dates and coupon payments from companies like Arco Vara and Attīstības finanšu institūcija Altum. This week exemplifies the vibrant activity and diverse opportunities within the Baltic financial markets.

Nasdaq Baltic investor calendar - week 10/2024 →

Important global news this week in economy, finance & tech

💪 In February, the U.S. economy boasted the addition of 275,000 jobs, nudging the unemployment rate to 3.9%. The surge in employment was led by health care and government sectors, adding 67,000 and 52,000 jobs, respectively. Remarkably, the job market for teenagers and adult women showed a noticeable shift, with their unemployment rates climbing to 12.5% and 3.5%. This period also highlighted the stability of long-term unemployment, representing 18.7% of the total unemployed, pointing to enduring challenges in the job market.

Read here →

📈 Global equity funds witnessed inflows of $6.5 billion in a week, spurred by hopes of interest rate cuts, influenced by weak U.S. manufacturing data and Federal Reserve policymakers' comments. This enthusiasm drove the MSCI World Stock Index to a record peak. Asian, European, and U.S. funds enjoyed substantial inflows, with the tech sector leading at $1.45 billion. In contrast, the financial sector saw withdrawals. Bond funds experienced their largest weekly influx since April 2021, with a notable $18.04 billion, while precious metals and energy funds faced outflows. Emerging market debts continued to see a sell-off, marking a cautious stance among investors.

Read here →

💻 Tech stocks experienced their largest weekly outflow on record, with investors withdrawing $4.4 billion, as per Bank of America's analysis using EPFR data. This historic sell-off occurred in the same week that U.S. tech shares, including Apple, plummeted after reports of declining iPhone sales in China. Despite this, tech shares have somewhat recovered, with the S&P 500 reaching new highs, largely driven by major tech firms. Meanwhile, investment grade bonds and cash saw significant inflows, $13.3 billion and $32 billion respectively, marking a shift towards more secure assets. This move reflects a broader trend of investors seeking safety in cash equivalents, bolstered by attractive yields. Additionally, real estate and crypto funds saw notable inflows, highlighting diverse investment strategies amid fluctuating market sentiments.

Read here →

Private & public markets in the Baltics & Nordics

🇪🇪 Roofit.Solar Wins iF Design Award: Estonian startup Roofit.Solar, known for its solar roofs, has won the prestigious iF Design Award. The award recognizes the company's innovative combination of steel roofing and solar technology, marking a significant achievement in sustainable building products. Congratulations @⁨Raimond Russak⁩

🇪🇪 Rendin Secures €1.8M: Operating in Estonia and Poland, Rendin has raised nearly €2M in preparation for its Series A funding round and expansion into current and new markets. The funding round was led by Tera Ventures and included contributions from approximately 100 landlords through the Startup Wise Guys fund.

🇱🇹 EF EVE Acquired by Djinn Technologies: Lithuania & UK-based volumetric capture pioneer EF EVE has been acquired by Djinn Technologies and rebranded as SpatialScan3D. This move enhances Djinn's 3D scanning and streaming capabilities, promising advanced solutions in volumetric video technology.

🇱🇹 Walk15 Secures €1 Million: Vilnius-based Walk15 raises €1M for its sustainable mobility app, planning to expand into the German market. With over 640,000 users, Walk15 aims to promote health and sustainability globally.

🇸🇪 Bionamic Raises €350K: Lund's Bionamic secures €350K to fuel its AI-driven biopharma solutions, aiming to revolutionize antibody research with its platform. The funding will support European expansion and enhance research efficiency.

🇫🇮 Boksi Acquires The Influencer GmbH: Helsinki's Boksi enhances its European reach by acquiring German influencer marketing agency The Influencer GmbH. This strategic move strengthens Boksi’s presence in Central Europe, leveraging advanced software solutions for improved campaign efficiency.

🇪🇺 EIC Accelerator Fuels Finnish Innovation: The European Innovation Council (EIC) Accelerator's latest funding round pours €285M into deeptech ventures across Europe, spotlighting Finnish startups at the cutting edge of technology. With grants and equity investments, the EIC propels these pioneers towards global impact: 🇫🇮 IQM Finland, 🇫🇮 SpinDrive Oy, 🇫🇮 Basemark Oy, 🇫🇮 VEXLUM Oy.

Baltic Public Markets Update

Week 09 of 2024 at Nasdaq Baltic is packed with significant events, featuring government securities auctions, a wide array of financial reports, and numerous investor activities. Highlights include government securities auctions by Lietuvos Respublikos Vyriausybė, annual and interim reports from companies like Infortar, LHV Group, INDEXO, and Ignitis grupė, alongside multiple investor events for Infortar, INDEXO, and Tallinna Sadam. The week also sees an extraordinary general meeting by Ekspress Grupp and numerous coupon payment dates, showcasing a diverse and active week in the Baltic financial markets: Nasdaq Baltic investor calendar - week 09/2024 →

Important global news this week in economy, finance & tech

🌍 Immigration Fuels Economic Comeback: The U.S. economy is bouncing back with a vengeance, and immigrants are at the heart of this revival. Between January 2023 and January 2024, they've been pivotal, accounting for half of the labor market's expansion. Immigrant workers are quickly filling the voids left by the pandemic, securing jobs faster and enjoying substantial wage increases. While the topic of immigration often sparks debate, its boon to the economy is unmistakable. Projections are optimistic, anticipating a 5.2 million increase in the labor force by 2033 through net immigration, potentially adding an astonishing $7 trillion to the economy over the next decade.

Read here →

🤖 Microsoft's AI Game-Changer for Finance Folks: Meet Copilot, Microsoft's latest AI marvel designed for the finance sector. Embedded in Excel and Outlook, Copilot is here to simplify everything from variance analysis to data reconciliation, and it's friendly with SAP and Microsoft Dynamics 365 too. While we're still waiting on the price tag, the promise is clear: less time on mundane tasks, more on strategic decisions. Dentsu, the Japanese ad agency, is among the early adopters, highlighting the tool's potential to free up employee time for more strategic work.

Read here →

🔬 Hong Kong's Tech Ambitions Skyrocket with HK$24B Investment: Hong Kong's not just dipping its toes but plunging into the tech pool with a HK$24 billion investment aimed at the 2024-25 innovation sector. This hefty sum will kickstart various schemes, including a HK$10 billion New Industrialisation Acceleration Scheme and a HK$3 billion AI Subsidy Scheme, focusing on health tech, AI, and new energy. It's a clear signal that Hong Kong is serious about becoming a leading global tech hub and fostering high-quality economic growth through innovation.

Read here →

A lot of speculation around recession, overheated markets, Bitcoin halving, Google pausing Gemini and Reddit IPO. 





This week, we decided to take a different approach and share the most interesting independent analysis we read:





🥵 Overheated markets: the article provides a comprehensive analysis of current market conditions and financial trends. Key insights include:

•⁠ ⁠Investment-grade and high-yield credit default swaps reaching lows not seen since early 2022, indicating market optimism or potential underestimation of risk.
•⁠ ⁠Significant capitalization gains in tech giants like Nvidia, pointing towards a surge in market valuation amid speculative trends.
•⁠ ⁠De-risking and deleveraging activities impacting the Chinese stock market, highlighting concerns about sustainability and stability.
•⁠ ⁠Analysis of global and US monetary policy directions, suggesting potential long-term debates on the effectiveness and timing of these policies.
•⁠ ⁠Observations on the state of financial markets, including stock, credit, and commodity markets, suggesting a broad range of overheating signals across asset classes.

Link here



🇺🇸 US dominance: the article outlines the increasing dominance of US equities in the global market. Key points include:



•⁠ ⁠US stocks make up about 70% of the MSCI global stocks index, with major US tech companies leading.
•⁠ ⁠The S&P 500 has surpassed the 5000 level, emphasizing the value concentration in US markets.
•⁠ ⁠Challenges in the Chinese and European markets have indirectly bolstered the relative strength of US equities.
•⁠ ⁠The rise of technology as an economic force and innovations, including AI, further cement US dominance.
•⁠ ⁠The liquidity and prestige of US markets attract international companies to list in the US, reinforcing this trend.

Link here

Private & public markets in the Baltics & Nordics by fff.vc team 🟠:

🇪🇪 Cognitiwe's €1M Funding: Estonian AI startup Cognitiwe raises €1M for its Vision AI to help retailers reduce food waste, enhancing efficiency and sustainability in daily operations.

🇱🇹 Evergrowth's €2M Pre-seed: Vilnius-based Evergrowth secures a €2M pre-seed investment for its AI-powered B2B sales platform, aiming to eliminate spam in sales and expand across the US and Europe.

🇫🇮 Desentum Raises €12M: Espoo-based Desentum secures €12M from Springvest Oyj for advancing allergy vaccine development, targeting improved treatments for various allergies with its innovative hypoallergens.

🇫🇮 TILT Biotherapeutics' $2M Grant: Helsinki's TILT Biotherapeutics receives a $2M grant from the US Department of Defense for ovarian cancer immunotherapy research, marking significant progress in their clinical trials for TILT-123.

🇸🇪 Dealguru's €900K Funding: Lund's Dealguru attracts €900K from Finnish VCs Gorilla Capital and Innovestor, aiming to become Sweden's largest community for shopping deals, with plans for an app to simplify offer navigation.

🇸🇪 Serverpod's €1.7M Pre-seed: Stockholm's Serverpod, enhancing the Flutter framework for app development, lands €1.7M in pre-seed funding from PSV Tech01, aiming to simplify and accelerate app development processes.

🇸🇪 Digmi's €0.5M Round: Swedish SaaS company Digmi raises €500k, revolutionizing the beauty industry with digital solutions for hairdressers, planning for national and international growth.

🇸🇪 Codicent's Investment: Gothenburg-based AI startup Codicent secures its first funding round to develop AI-driven logbooks for effective knowledge management and sharing within organizations.

📈 Baltic public markets update:

Week 08 of 2024 at Nasdaq Baltic features a diverse array of financial events, including government securities auctions and a series of notable corporate activities. Key events encompass coupon payments by Eco Baltia and Latvenergo, comprehensive annual and interim reports from companies like Bigbank, Tallinna Kaubamaja Grupp, and Harju Elekter Group, alongside extraordinary general meetings by Snaigė and Latvijas Gāze. Additionally, several investor events by companies such as Akola Group, Tallink Grupp, and Baltic Horizon Fund are scheduled, highlighting a week rich in investor communications and corporate disclosures.

📈 January wholesale prices rise more than expected, another sign of persistent inflation: the producer price index, a measure of prices received by producers of domestic goods and services, rose 0.3% for the month, the biggest move since August. Excluding food and energy, core PPI increased 0.5%, also against expectations for a 0.1% gain. PPI excluding food, energy and trade services jumped 0.6%, its biggest one-month advance since January 2023

🇪🇺 European regulators step up scrutiny of consumer companies over price rises: European competition authorities are focusing more on companies in the consumer sector as inflation heightens the risk of uncompetitive behaviour. Globally, the value of retail sales in the consumer products sector rose by an average of 10 per cent year on year in 2023, but three-quarters of the growth was a result of price increases, according to a report by management consultant Bain. Read here.

🏘 US homebuilding sees biggest drop since April 2020: housing starts, a measure of new home construction, fell by 14.8%, compared with the previous month, according to data released Friday by the Census Bureau. Read here.

👶 Birth rates are dropping to record lows in Europe: the average age of Europeans is 44 years and 6 months old. The population is not growing due to a decline in births and the closure of borders to immigrants. Read here.

📹 Open AI announced Sora, a text-to-video AI model: Sora is a new AI model that can create videos of up to 1 minute featuring highly realistic and imaginative detailed scenes, complex camera motion, and multiple characters with vibrant emotions from simple text instruction

🏆 How AI will transform consumer technology by a16z: overview here.

🛸 Counter-unmanned aerial systems by PitchBook: nets, lasers, GPS spoofers - VC opportunities in neutralizing drones. Startups are muscling into this dilemma with solutions that are more cost-effective than those developed by established defense contractors, while governments have earmarked significant funding for research and development. Read here.

🆙 201 billion was added to the US national debt in just one month. In addition, household debt reached a new high of $17.5 trillion in the fourth quarter of 2023, with credit card debt and mortgages contributing the most to the increase. Read about consequences here, here and here.

💬 Inflation, retail sales, and corporate earnings: what to know this week.

🇪🇺 EU member states and MEPs struck a preliminary deal on Saturday to ease the bloc's stringent fiscal rules giving governments more time to reduce debt as well as incentives to boost public investments in climate, industrial policy and security. Read about next steps.

🇪🇺 Probability of recession this year is high in EU - check the results of a survey of experts that showed elevated recession risks due to geopolitical conflicts and heightened energy costs in Europe.

📈 Bitcoin climbs above $47K for first time since spot ETF approvals. The nine newborn U.S. spot bitcoin ETFs, excluding Grayscale’s converted fund, now hold over 200,000 BTC in assets under management. IBIT and FBTC’s holdings lead the top 25 newborn ETFs overall after one month of trading

😎 The Frame glasses offer AI visual analysis, translation, and web search right before your eyes. Check here.

🚀 OpenAI CEO Sam Altman seeks as much as $7 trillion for new AI chip project.

Private & public markets in the Baltics & Nordics by fff.vc team 🟠:

🇪🇪 SensusQ's Defense Tech Advancement: Estonian SensusQ secures a pivotal investment from Specialist VC, embarking on a mission to refine military intelligence through AI. This move signals the expanding interest of VCs in defense technology, with SensusQ at the forefront of this transformative trend.

🇪🇪 Tuum's Banking Breakthrough: With a €25M Series B round, Estonian fintech Tuum is set to globally transform banking. Its modular platform promises rapid and smooth rollouts of financial services, signaling a new era in banking efficiency and innovation.

🇪🇪 Starship Technologies' Delivery Revolution: Originating from Estonia, Starship Technologies secures €83.6M to expand its fleet of autonomous delivery robots, targeting a major shift in last-mile logistics with an eye on reducing carbon emissions.

🇱🇹 Leya AI's Edtech Evolution: Vilnius's Leya AI receives €1M in pre-seed funding for its AI Tutor, aiming to revolutionize language learning worldwide by making it more accessible, engaging, and effective.

🇱🇹 Axiology's Fintech Innovation: Lithuanian startup Axiology lands €2M to lead the charge in tokenized securities trading within the EU, leveraging advanced DLT technology to open up capital markets like never before.

🇸🇪 Xensam's €37M Revolution: Stockholm-based Xensam, leveraging AI for software asset management, lands a €37M investment from Expedition Growth Capital. This infusion is aimed at global transformation, offering unparalleled savings and efficiency in software management.

🇸🇪 Myrspoven's €5.4M Green Mission: From Stockholm, Myrspoven secures €5.4M to lead the real estate sector into a new era of energy efficiency. With a focus on reducing carbon emissions, this AI startup is managing vast spaces across Europe, pioneering sustainability in property management.

🇸🇪 Froda & Ageras Expand to Germany: Swedish SME financing specialist Froda collaborates with Ageras to offer 50,000 entrepreneurs in Germany easy financing solutions through Visa Business cards, marking a significant step in their expansion strategy.

🇸🇪 Northe & Brite Payments Innovate EV Charging: In a move to streamline EV charging payments, Sweden's Northe and Brite Payments unite, aiming to improve the charging experience for fleet operators and advance greener transportation solutions.

🇫🇮 Reveel's Digital Exploration Leap: Helsinki's Reveel secures €650K in pre-seed funding from Inventure VC, ready to redefine tourism with innovative digital guidebooks. Powered by AI, Reveel aims to revolutionize the way we discover the world, offering smart, immersive travel experiences.

🇫🇮 3TS Capital's €111M Tech Boost: Split between Helsinki and Vienna, 3TS Capital Partners closes Fund IV at €111M, setting sights on nurturing Europe's next tech giants. With a history of over 50 investments, 3TS Capital is poised to reshape the TMT sector, driving innovation and growth.

📈 Baltic public markets update:

Nasdaq Baltic is bustling with activity, featuring government securities auctions, coupon payments, and a range of financial reports. Highlights include coupon payments from CrossChem and Admirals Group AS, sales figures from Tallink Grupp, and interim reports from LHV Group, SAF Tehnika, Nordecon, and more. Snaigė's takeover offer period, along with Merko Ehitus and Coop Pank's annual reports, underline a week rich in investment moves and market dynamics.

⬇️ ⁠The Euro Area Inflation Rate for January 2024 is 2.8%. This is according to a flash estimate released by Eurostat, the statistical office of the European Union. It represents a slight decrease from the 2.9% inflation rate observed in December 2023.

👩‍🌾 Farmers’ protests have erupted across Europe. Farmers across the bloc say that the costs of energy, fertilizer and transport have risen, particularly in light of Russia’s war in Ukraine. On top of this, governments have been trying to reduce rising food prices amid inflation. Farmers, particularly in Eastern Europe, continue to voice grievances over the cheap agricultural imports from Ukraine, including grain, sugar and meat. The EU has waived quotas and duties on Ukrainian imports in light of Russia’s invasion of Ukraine. In France, a government plan to phase out a tax break for farmers on diesel fuel, as part of a wider energy transition policy, has also sparked anger. What’s being done to calm the protests? Read here.

📈 S&P 500 hits record high after jobs report, tech earnings thrill investors. Read here.

✂️ Fed rate cut not likely in March, Powell says at press conference. The Fed is waiting for greater confidence in sustainable inflation before considering rate cuts. Overview here.

🇨🇳 China faces severe real estate woes, deflation, and an exodus of global investors. The Chinese stock market, for one, has shed roughly $6 trillion in value since peaking in 2021. Hong Kong's Hang Seng Index is still in the red this year to date, trading 9% lower so far this year and down 4% from a week ago. Meanwhile, the CSI 300 — which tracks 300 Shanghai and Shenzhen-listed stocks with the largest market capitalizations — is about 6% lower so far this year and 4% lower from a week ago. Foreign investors are so unenthusiastic about China that they have pulled out nearly 90% of the money they put into Chinese stocks in 2023, according to a Financial Times analysis of data from Hong Kong's Stock Connect last month. A record downturn in its dominant real estate market, high youth unemployment, deflation, and a rapidly falling birthrate are just some of the issues ailing the world’s second-largest economy.

♊ Google is reportedly rebranding Bard to Gemini and plans to launch a dedicated app. Per the leaked document on X, Gemini Advanced will give users access to the Ultra 1.0 model of Gemini, which is “far more capable at highly complex tasks like coding, logical reasoning, following nuanced instructions, and creative collaboration.” It’ll be available in over 150 countries and optimized for the English language at the start.

😎 The first Reddit reviews of the Vision Pro are in. Check here.

Private & public markets in the Baltics & Nordics by fff.vc team 🟠:

🇱🇹 Practica Capital's €80M Milestone: Setting a new standard, Practica Capital unveils the Baltics' largest-ever seed fund at €80M, targeting SaaS, marketplace, and Deep/Industrial tech sectors, aiming to elevate the Baltic startup ecosystem.

🇸🇪 Cake's End of Road: Sweden's electric motorcycle innovator Cake declares bankruptcy after raising $74.4M, showcasing the challenges of ambitious tech ventures.

🇸🇪 Heart Aerospace's $107M Leap: Securing a massive $107M Series B, Heart Aerospace is pushing its hybrid-electric ES-30 plane towards eco-friendly regional aviation, marking a significant stride in sustainable air travel.

🇸🇪 Roro's Gaming Universe: With €1.5M in funding, Roro, born from Toca Boca and Mojang veterans, is crafting a unique, non-toxic mobile gaming space, promising a creative and liberating 3D digital experience.

🇸🇪 Version Lens Innovates Product Management: With a €1.5M pre-seed from People Ventures, Version Lens introduces a pioneering co-pilot tool for product managers, aiming to transform Product Operations through automation and insight.

🇫🇮 Dagsmark Joins Forces with VAFO: In a move to dominate the Nordic pet food scene, Finland's Dagsmark Petfood merges with the VAFO Group, focusing on sustainable, locally sourced premium products.

🇫🇮 Paptic's Sustainable Packaging Push: Paptic raises €27.5 million to disrupt the packaging industry with sustainable wood fiber solutions, targeting a significant global market expansion.

🇫🇮 Order of Meta's Gaming Venture: Helsinki-based Order of Meta garners $3.3M for Cargo Hunters, introducing a novel mobile PvPvE shooter concept, backed by GEM Capital for a pioneering venture into the extraction shooter genre.

📈 Baltic public markets update:

In the fifth week of 2024, the Nasdaq Baltic saw government securities auctions, numerous coupon payments from companies like Eleving Group and mogo, and interim reports from EfTEN Real Estate Fund and Storent Holdings. Tallinna Vesi shared their annual report and hosted an investor event, marking a week full of financial activities. Check here.

🎧 Featured talks:

A catchy episode of The Knowledge Project, where Shane Parrish and Tom Gayner, a good friend of Charlie Munger, discuss life lessons, long-term game strategies, and the value of simplicity in management.

📆 Upcoming events:

March 15-16, CEE VC Summit - The premier gathering in Central and Eastern Europe for VCs, angel investors, startups, and entrepreneurs to connect, share insights, and explore investment opportunities.

🆙 201 billion was added to the US national debt in just one month. In addition, household debt reached a new high of $17.5 trillion in the fourth quarter of 2023, with credit card debt and mortgages contributing the most to the increase. Read about consequences here, here and here.

💬 Inflation, retail sales, and corporate earnings: what to know this week.

🇪🇺 EU member states and MEPs struck a preliminary deal on Saturday to ease the bloc's stringent fiscal rules giving governments more time to reduce debt as well as incentives to boost public investments in climate, industrial policy and security. Read about next steps.

🇪🇺 Probability of recession this year is high in EU - check the results of a survey of experts that showed elevated recession risks due to geopolitical conflicts and heightened energy costs in Europe.

📈 Bitcoin climbs above $47K for first time since spot ETF approvals. The nine newborn U.S. spot bitcoin ETFs, excluding Grayscale’s converted fund, now hold over 200,000 BTC in assets under management. IBIT and FBTC’s holdings lead the top 25 newborn ETFs overall after one month of trading

😎 The Frame glasses offer AI visual analysis, translation, and web search right before your eyes. Check here.

🚀 OpenAI CEO Sam Altman seeks as much as $7 trillion for new AI chip project.

Private & public markets in the Baltics & Nordics by fff.vc team 🟠:

🇪🇺 Plural's Tech Revolution: Plural launches a €400M fund, targeting trailblazing tech startups. Spearheaded by industry giants, it's a game-changer for European innovation.

🇪🇪 Cleantech Fund Ignites Estonia's Green Future: 2C Ventures unveils a €50M fund, laser-focused on boosting early-stage cleantech heroes in Estonia and beyond.

🇪🇪 ESGrid Wins at sTARTUp Day: Estonian ESG data startup ESGrid clinches the sTARTUp Day pitch contest's top prize - up to €200,000 syndicate investment from EstBAN. With an exceptional team and an innovative concept that aligns with EstBAN's mission to support fledgling startups, ESGrid is poised to disrupt the market.

🇱🇹 AskToSell's €100K Pre-Seed Triumph: Vilnius-based AI innovator AskToSell secures €100,000 in pre-seed funding. Their autonomous AI sales agents aim to revolutionize SMB sales, a venture backed by Startup Wise Guys and Specialist VC, marking another successful collaboration with founders Laimonas Noreika and Karolis Januškas.

🇫🇮 The closing of a CardioSignal's Series A: With a robust $10M Series A funding, Finnish CardioSignal is set to revolutionize heart disease detection using smartphones. Backed by DigiTx and others, their game-changing tech promises a new era in cardiovascular healthcare.

🇫🇮 Vegemi's Healthy Boost: Helsinki's Vegemi snags €500k from angels! It's revolutionizing kids' health education through XR tech – fun, engaging, and oh-so-nutritious!

🇫🇮 Chipmetrics' Growth Investment: Chipmetrics lands a whopping €2.4M! This Joensuu-based ALD tech star is set to skyrocket in the semiconductor galaxy with its cutting-edge metrology solutions.

🇸🇪 The Biggest Amount This Week: H2 Green Steel secures 48 billion SEK in loans and 3.4 billion SEK in new investments, including Microsoft, for its green steel project in Boden.

📈 Baltic public markets update:

During the fourth week of 2024, the following events occurred in the Nasdaq Baltic market. Check here for more details.

🎧 Featured talks:

Join seasoned venture capitalists Jeff Rinvelt and Martin Tobias as they reveal their insider knowledge and strategies for navigating the VC world.

📆 Upcoming events:

February 12-16, Stockholm FinTech Week 2024 - Meet startup founders, industry experts and investors. Thanks to ⁨Armando Coppola⁩ - we have a discount of 20% to get tickets: https://ti.to/sfw/stockholm-fintech-week-2024/discount/WELLSTREET2024

Private & public markets in the Baltics & Nordics by fff.vc team 🟠:

🇪🇪Bilance App Raises €300K: Estonian app secures €300,000 funding to improve financial literacy and user experience.

🇫🇮DelSiTech's €10M Financing Round: Finnish pharma innovator DelSiTech lands a €10 million investment to advance their biodegradable drug delivery technology.

🇫🇮Paptic's €27.5M Funding Success: Papticc, from Finland, raises €27.5 million to expand its sustainable, wood fibre-based packaging materials.

🇸🇪Northvolt's Green Milestone: Northvoltt secures a record $5B green loan, powering up its expansion and marking a major leap in Europe's sustainable energy journey.

🇸🇪TrusTrace's €22M Growth Investment: Stockholm's TrusTrace secures €22 million led by Circularity Capital, gearing up to revolutionize global product traceability and support sustainable supply chains.

🇸🇪Aira's Clean Energy Surge: Aira raises a whopping €145M in Series B, gearing up to transform Europe's home heating with clean, efficient technology.

📈 Baltic public markets update:

During the fourth week of 2024, the following events occurred in the Nasdaq Baltic market. Check here for more details.

🎧 Featured talks:

Explore the dynamic world of venture capital in 'Liquidity', where industry experts Michael Kim, Jason Calacanis, and David Weisburd delve into the intricacies of fund valuations, leadership shifts, and ethical investing.

📆 Upcoming events:

February 5-8, EDTECH Week Lithuania 2024 brings together the country's education, science and innovation community, foreign guests, experts, solution developers.

🌎 The World Economic Forum's Annual Meeting took place in Davos from 15-19 January 2024. Check takeaways from prominent sources: •⁠ ⁠10 takeaways from McKinsey •⁠ Takeaways from CNBC •⁠ Takeaways from New York Times

⬆️ ⁠Euro Area Inflation Rate: increased to 2.90% in December from 2.40% in November of 2023, meets market consensus. The core inflation rate, excluding volatile food and energy prices, cooled to 3.4% in December 2023, the lowest since March 2022.

⬇️ ZEW Economic Sentiment Index in the Euro Area decreased to 22.70 points in January from 23 points in December of 2023. The ZEW Economic Sentiment Index is a survey-based indicator used to measure the economic outlook of financial experts for the Euro Area over the next six months. A less optimistic economic outlook could affect stock markets, bond yields, and investment in certain sectors. Companies might become more cautious in their investments, expansion plans, or hiring if they anticipate a slower economic growth. A less optimistic economic outlook might weaken the Euro against other currencies.

🏦 UBS argued Friday that equities and bonds have more room to rally in 2024, with the investment bank tilting towards the AI and the semiconductor areas of the market.

👓 Apple's Vision Pro saw demand popping when it allowed pre-orders to begin Friday morning. Starting at $3,499 a pop, if Apple produces 1M units in 2024, which is in the estimate range, it could result in $3.5B in sales this year for the tech giant. Evercore believes this could reach as high as $19B within five years, especially as Apple lowers the price to appeal to a wider consumer base.

🗣 FED meeting in January: 2 different forecasts: •⁠ ⁠Forecast #1 •⁠ ⁠Forecast #2