Outlast Fund Invests €21 Million in Startups
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Outlast Fund Secures €21 Million for Baltic and Nordic Startups
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Riga and Stockholm – September 18, 2024 - A newly established venture capital fund, Outlast Fund, has successfully raised €21 million to invest in early-stage startups across the Baltic and Nordic regions. The fund will prioritize scalable technology companies with a focus on sustainability.
Fund Details and Investment Strategy
Outlast Fund will concentrate on startups demonstrating a strong commitment to sustainable solutions. Investments will range from €250,000 at the pre-seed stage to €1.5 million in later funding rounds. The fund is industry-agnostic but will notably focus on business software solutions and digital innovations.
The fund’s investment philosophy centers on the entrepreneur’s dedication to solving significant client problems. Both experienced founders with a track record of business creation and first-time founders with deep industry knowledge and a clear vision will be considered.
| Investment Stage | Investment Amount |
|---|---|
| Pre-Seed | Up to €250,000 |
| Subsequent Rounds | Up to €1.5 million |
Key Investors and Backers
Outlast Fund’s investors include Progress Finance Institution Altum, the European Regional Development Fund (ERDF), and a group of prominent private investors.
- Dāvis Siksnāns: Founder of Printful, a leading print-on-demand company.
- Gravity team: A venture capital firm specializing in early-stage technology investments.
- Nils Melngailis: Businessman and Chairman of the luminor Group Council.
- Andrus Bicheika: A key figure in the development and scaling of Revolut, the global financial technology company.
The Baltic and Nordic Startup Ecosystem
The Baltic and Nordic regions are experiencing rapid growth in their startup ecosystems. According to Dealroom.co, Baltic startups raised over €1 billion in venture capital funding in 2023, demonstrating increasing investor confidence in the region’s potential. This growth is fueled by a highly skilled workforce, supportive government policies, and a growing number of successful tech companies.
The focus on sustainable solutions aligns with broader European Union initiatives promoting green technologies and circular economy models. The ERDF’s involvement underscores the commitment to fostering innovation that addresses environmental challenges.