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Tuesday, July 16, 2024

Lithuania-based startup secures €1.1 million in funding and strengthens its presence in Poland

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Vilnius-based startup Traxlo has successfully wrapped up its pre-seed funding round, raising €600K and closing at €1.1 million. In addition to their existing investors like Iron Wolf Capital, Antler, and Red Pill VC, they have also attracted new investors such as Black Pearls VC based in Poland and a US-based angel investor. Traxlo operates through a network of local gig workers, providing services to supermarket retail chains and FMCG brands. With this investment, they plan to fuel their growth in the current markets and place a special focus on expanding in Poland.

Traxlo, born under the Antler Accelerator in Sweden, has established two offices in Vilnius, Lithuania, and Warsaw, Poland. Their platform brings together local gig workers, offering a solution that enhances the efficiency of retail operations. Currently, they provide job opportunities to gig workers in over 10 cities and across 300 locations through their mobile application called “tasku”. Their aim is to broaden their footprint in Poland. They will allocate a significant portion of the investment towards marketing, technological infrastructure, and operational enhancements to achieve their growth objectives. They aspire to double their service coverage by the end of the year, which will also entail expanding their team.

Traxlo has made consistent progress in its operations in Poland, having successfully completed the Zabka Group acceleration program last year. This year, they emerged as the winner of the Poland Prize. In collaboration with Whywaste, a Sweden-based company, Traxlo delivers food waste management services supported by a gig workforce in Lithuania and Poland.

“We’re excited to have secured funding to accelerate Traxlo’s mission to enable every individual to earn important extra income around their home while creating value for businesses and increasing social good in their local community. We are happy to see more and more retail executives supporting our mission while at the same time, their companies are getting better and much more efficient in-store execution” says Paul Vezelis, CEO and Co-founder of Traxlo.

Black Pearls VC partner Aleksander Dobrzyniecki sees great potential for the “tasku” app to benefit both locals and the retail industry in the Polish market and beyond:

“We are pleased to announce our recent investment in Traxlo which is revolutionizing the way local communities can earn extra income while providing value to businesses. With a talented team, a proven track record, and a commitment to innovation, we believe Traxlo has the potential to make a significant impact in the gig economy market. We look forward to working closely with founders to drive growth in Poland and support the company in further expansion in other markets.”

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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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