Investly has raised 600,000 euros from Austrian investment firm Speedinvest to accelerate its growth, the Estonian crowdfunding platform for small businesses said on Tuesday.

Investly, which launched last year, has so far attracted over 300 private lenders to fund 16 businesses. “Investly is a solution which can make financing more reachable and more convenient for companies,” Stefan Klestil, partner at Speedinvest said in a statement.

Speedinvest portfolio includes investments like Wirecard, number26 and Holvi. “They have proved many times that in the addition to the financing they can boost also business development through their personal approach,” said Siim Maivel, chief executive of Investly.

Investly said it would use the investment to hire more developers to boost the proct development and prepare for the expansion to the new markets.

Read more: Estonian Investly closes the funding gap for SMEs

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