Heatwave, slow lane

Needed time off so now combining two weeks - a lot to cover! Hope you are having a great time right there, in the sunshine. Send us an email with your thoughts on anything below.

work in progress

• Builders gonna build - marketplaces. After Oberlo exit and a few interactions, Tomas and Andrius built Saltz - a marketplace for chefs to buy premium ingredients directly (live in DE, PL, HU, LT, LV already). Initially self-funded, all ex-Shopify folks + co-founder with experience in the food supply chain. More simple and more local - negaminsiu.lt catering marketplace got started at VU Tech Hub. Another B2B newcomer - Locate Paper - is searching for a marketplace advisor. Katalista Ventures invested in Manufy, a digital marketplace helping link fashion brands with trustworthy European suppliers. Hoping these can grow just like Ovoko or Eneba! For investors - Bill Gurley (Benchmark) has covered 10 things to consider evaluating marketplaces.  And if you want more of a classifieds' biz model, and more scale - in this interview, Justinas shares interesting BCG story, from the start to IPO (in LT). Now go repeat.
• Saving marketers. Helping marketers run quicker - Billo launches Stock, the world's 1st (and only) stock UGC library. Genus AI platform is available for Pinterest product catalogs.
• Saving parents. Fun - Jonas built Fable Wizard, which helps parents by quickly generating tales (AI) based on a defined narrative.  

• People. Lina was elevated from Principal to Partner at London's Stride VC (check her three answers here). Alex became CEO & Head of Demand Generation at Evergrowth - B2B Growth Agency all B2B startups should know. Monika moves from Lossless to ForceField as portfolio CMO. Giovanni had the last week at Oxylabs. HUUS hires Tobias as COO. Tomas moves to Wargaming. Kilo Health has adjusted the team to downsize a bit.
• Content. A deck below was used in Vilnius a few weeks ago. It was there to convey a simple message: when investors speak (+write), they develop their thesis better, build a distinct narrative for a firm, and become more interesting to the media. Some people were asking for content examples, and I recommend checking Angular newsletter, Turner from Banana Capital, Overlooked by Alexandre Dewez for inspiration - not super niche (which is also a great path btw)

See the presentation

• EUR. Register for Pitch Battle at Startup Fair before Aug 4th.

Sea you in August!

The third annual Start-Up Regatta that connects the sport of sailing and the start-up community will take place on the 2nd and 3rd of August, in Estonia.

This year we have the opportunity to invite up to 70 investors and start-up companies to join in on the fun.

The 2-day event consists of learning about folkboats, a friendly sailing competition, an after-sail event for networking and a side-event for showcasing the best Estonian start-up ecosystem has to offer. It is a unique opportunity for both the captains and startuppers alike.

rounds and capital

• Madrid-based Algori has raised EUR 3.3 million seed round co-led by Lisbon’s Shilling Capital and Change Ventures with Flashpoint VC also participating. We talked with Andrius a while ago (when Algori was Promos) - he revealed what works in fundraising.

• Another with Change - Formaloo - raised a EUR 2 million seed round, led by Change Ventures and includes Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.
• Tesonet invested in MISKAY Biotech, which produces products (food and medical) out of mushrooms - currently operating under Pjaunu Gryba brand. Another one health/longevity-related, along with Biotecus and Hello100.
• Fiedler Capital seeking more pre-seed deals in the Baltics, hires Jahid based in Riga.
• Katalista Ventures portfolio: after signing with Astanor and another VC, BioFluff, a circular fashion startup producing plant-based fur, has 75% committed, and is seeking an additional $0.5 mil to complete this round.
• Since launching at TechChill '22, BADideas.fund has invested over €1M in 14 startups, and global member pool keeps growing, spanning 150+ members from 16 countries and counting. Here is their first podcast episode, with Gerri Kodres, Estonia's #1 investor (Specialist VC).
• Bootstrapping is back in fashion and LT scale-up darlings offer emotional support for all those who relied on venture money too much. You don’t need VC to develop a consumer tech product - Tom Okman (TechCrunch $)

roleplay

founder's guide

• International expansion 101: how to take your startup into new markets
• Splitting equity for the founding team - it's not all 50/50 anymore. Make sure it's motivating 10 years ahead!
• Key aspects of a term sheet, if you you are lucky to receive one.
• Overcome fear in public speaking - the Pursuit of Scrappiness.
• Proof You Can Do Hard Things

Our self-image is composed of historical evidence of our abilities. The more hard things you push yourself to do, the more competent you will see yourself to be. If you can run marathons or throw double your body weight over your head, the sleep deprivation from a newborn is only a mild irritant. If you can excel at organic chemistry or econometrics, onboarding for a new finance job will be a breeze.

further insights

• How to Use AI to Do Stuff: An Opinionated Guide

• Generative AI has already affected millions of outsourced workers in developing countries. They fight back with AI.
• First job, young professional - what advice she/he needs? This is a great starting point.
• While CVCs might seem more stable organizations, in fact, they are not - about 30% stopped being active within three years.
• Relevant to Lithuanian firms that desperately need to upgrade in productivity, but are reliant still on lower-cost labour. Change your mindset and start creating good jobs for frontline and manufacturing workers.