Riga, Latvia, August 14 – Swotzy, an innovative logistics startup, excitedly reveals a €500,000 pre-seed funding round, hot on the heels of its initial investment of €90,000 just four months prior.
This pre-seed investment really confirms that it’s not just us seeing the big problem we’re trying to solve—VCs see it too. They understand that by staying focused on providing valuable solutions to our customers, we can ramp up our operations. Moreover, they see how these additional resources can fuel this progression even faster. Getting another cash injection so soon really bolsters our confidence to keep going full steam ahead, but now with some extra firepower. When you look at the current lay of the land in the investment world, to attract such investment before we’ve even really started making serious revenue is a great achievement and responsibility at the same time. It just goes to show how much belief there is in what we’re set out to build."
Lauris Rutkis, co-founder and CEO of Swotzy
We are excited to expand our Latvian based portfolio with the addition of Swotzy. This superb team originating from a local unicorn, Printful, and Nordigen, our ex-portfolio company acquired by GoCardless, is a testament to the growing maturity of the ecosystem. As alumni of these well-known companies, Lauris, Kristians & Jekabs, along with the team, are embarking on a new ambitious project that is heavily rooted in the pains of shipping & last-mile delivery they experienced first-hand in their respective careers. We are proud to lead this round and support them to build another category-defining company from the Baltics.
Aleksander Dobrzyniecki, Partner, Black Pearls VC
We made our initial investment in Swotzy in March, and since then we have been impressed with the team’s speed of execution and commitment to building a global company. Having started Swotzy as a hobby project in early 2023, the management team has left their full-time jobs, built the initial version of the product, onboarded the first 30 paying clients, and are about to onboard all major couriers in the 3 Baltic states. The additional funding will accelerate this growth even further, and we are glad to join the round alongside Black Pearls.”
Andra Bagdonaite, FIRSTPICK
About Black Pearls VC