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Wednesday, May 25, 2022

Tallinn-based Specialist VC has announced its new fund.

Formerly known as United Angels VC, Specialist VC has reached 42 million of 50 million euros to invest in founders, especially in the Baltic region. They are primarily interested in areas but not limited to B2B, SaaS, Fintech, deep tech, software-enabled hardware, and platforms. The fund is handled with a dual strategy which practically is integrating secondary transactions into traditional VC fund. This new fund will provide capital to more than 40 start-ups and founders from Estonia, Latvia, Lithuania and Finland as well as founders from Ukraine and Belarus whose working areas are in European Union.

Specialist VC’s Notable Team

Specialist VC is one of the pioneers among tech investors in Estonia, founded by Riivo Anton and Gerri Kodres to help start-ups to proceed with their businesses as a venture capital fund. Since 2013, the company has invested and co-invested in more than 45 tech start-ups, which some of them has turned into leaders in time. The company’s portfolio includes top-notch companies, angel investors, and unicorn founders such as Bolt and Veriff. Some of the noteworthy startups are Starship, COMODULE, Monese, and NFTPort.

“We are continuing our mission to help the founders of this region build impactful global companies. The region has been a remarkably successful breeding ground for startups, with Estonian startups alone raising close to a billion euros of funding in 2021. We see Latvia and Lithuania following the same path,” said Specialist VC Founding Partner Riivo Anton.

Towards the final close of Fund II

The funding will be huge help them to finance a lot of early-stage tech start-ups. It enables those to raise pre-seed and seed rounds B2B, SaaS, Fintech, Web3, deep tech verticals, software-enabled hardware, and platforms. The fund also involves investments in secondary transactions into companies beyond Series A.

Gerri Kodres, Founding Partner of Specialist VC, commented: “Our more than 10 years of investment experience and extensive network in the region gives us access to a wealth of proprietary deal flow. We can see an increasing inbound demand for secondary transactions by founders and investors, with more and more companies maturing into Series A+ and nearly 80% of capital in the Baltics is raised in post-A rounds. Secondary transactions benefit the ecosystem as they provide liquidity for founders and early investors and employees. Besides, the proceeds from such transactions are often reinvested in new early-phase startups.”

At the end of May 2022, the last investors will commit to making their investments in Fund II. The founders and early employees of Bolt, Wise, Vinted, Slack, Veriff, Pipedrive, and F-Secure have already taken care of the new fund. Plus, institutions such as LHV Pension Funds and Avaron Asset Management have lent a hand. The fund’s host is the European Investment Fund through the Pan-European Guarantee Fund (EGF) and the Baltic Innovation Fund 2 (BIF2).

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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