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International Internet Magazine. Baltic States news & analytics Saturday, 15.08.2020, 22:10

Estonian startup Guava raises EUR 250,000 from business angels

BC, Tallinn, 09.12.2019.Print version
Estonian startup Guava is about to get an investment of 250,000 euros from business angels after being selected by the Nordic Angel Program as the best early stage startup of the second half of this year, informed LETA/BNS.

The investment will be syndicated by angel investors participating in the Nordic Angel Program.

More than 100 startups from the region vied for the investment.

The top three contestants shortlisted in the competition were the provider of a meeting room booking system MySpotIt from Estonia and automatic communication tool Amio from Czechia, the Estonian Business Angels Network (EstBAN) said on Monday.

The CEO of EstBAN and lead investor of the business angel program, Ivo Remmelg, said that while the startups shortlisted were rather equal and the choice was difficult to make, the joint decision of 40 international investors was influenced by Guava's readiness to grow their business and make a contribution to a field that is getting little attention in our region. 

Guava develops a data-based internal communication and employee engagement solution that aims to take innovation beyond the IT and financial sectors at an affordable price and in an easily implementable way.

With the investment of nearly 250,000 euros, Guava is planning to establish foothold in the UK starting from January 2020 and to hire additional workforce in marketing and development. 

Nordic Angel Program is a business angel training and investment program led by experienced startup investors that will come to an end in its present form at the end of this year. 

In total, almost a million euros has been invested via the program in Estonia, and some 3.8 mln euros in 21 businesses in the four countries taken together. 

Startup Europe, an initiative of the European Commission, was a co-financer of the program.

Syndicated investment led by EstBAN will continue, however.

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