Lithuania’s Eneba.com – fast-growing gaming e-commerce startups – announced the successful completion of the Series A funding round, raising $8 million from Practica Capital, FJ Labs, and InReach Ventures to further accelerate Eneba’s growth.
According to Eneba CEO, Vytis Uogintas, Series A funding round should further accelerate the momentum and help Eneba to penetrate even more gaming markets including further expansion in Europe and the US.
“Our seed investment was a huge boost and we managed to increase our numbers a lot in just over a year. Now, with the help of our investors, we’re planning to further expand our reach and bring Eneba to many more countries across the world.” – said Vytis Uogintas
Eneba was established in Kaunas, Lithuania by Vytis Uogintas and Žygimantas Mikšta two years ago. The start-up quickly outgrew the borders of its home country and managed to accumulate more than 26 million unique users, establishing itself as a trusted brand for video game purchases in major European countries – Spain, France, Germany, Poland, and the UK.
Fast growth also comes with a certain set of challenges. According to Vytis Uogintas, the Eneba team grew exponentially during the COVID-19 pandemic, such growth was induced to directly reflect an increased interest in digital entertainment.
“We had a lot of new users coming to Eneba during these uncertain times. To better reflect the demand, we had to quickly expand our team,” – said Vytis Uogintas.
“Now, we have teams working from Spain, France, Poland, and other European countries. We also plan to double the number of people in the upcoming months.”
According to Vytis Uogintas, Eneba is attractive to potential new recruits and that’s not only because of its fast growth. The company is also working with multiple international businesses. These include investors, multiple international game publishing companies, famous brands such as Google, PayPal, Opera, and more.
Main Series A funding round contributors are saying that the COVID-19 pandemic further revealed the potential of the gaming industry. Numbers accumulated by Eneba during its two-year-long life spawn proved that the company is ready to take its place in this rapidly growing industry.
“We are thrilled to be backing Vytis and Žygimantas. We’ve been impressed by their ability to execute at such speed as their company quickly scales, and to drive an incredible product with a unique value proposition for gamers. It also could not have come at a better time. We are excited to support one more team from the Baltics that has a clear ambition to lead their sector globally,” said Donatas Keras, partner at Practica Capital.
Co-founder of InReach Ventures, Roberto Bonanzinga, said “In Europe we have a tradition of building successful companies in the gaming space. We are very excited to have discovered Eneba thanks to our AI platform when the company was unknown and under the radar. We have been extremely impressed by what the founders have been able to build in such a short amount of time.”
Eneba is a video game marketplace, where gaming enthusiasts can easily and quickly buy and sell their digital game keys without the risk of fraud. Eneba examines its distributors in great detail, such measures ensure the best possible quality and significantly reduce customer risks.