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Deal 5: Change Ventures Investment Partner Yrjo Ojasaar on 99math Investment

Deal 5: Change Ventures Investment Partner Yrjo Ojasaar on 99math Investment

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On February 19, 2020, CEE Legal Matters reported that Cobalt had advised Change Ventures on its EUR 500,000 investment in Estonian educational startup 99math. We spoke with Yrjo Ojasaar, Investment Partner at Change Ventures, to learn more.

CEELM: What is Change Ventures?

Yrjo: Change Ventures is a venture capital firm focusing on ambitious Baltic (Estonian, Latvian and Lithuanian) founders in the pre-eeed and seed stages of financing. Its portfolio now includes 14 startups. The CV Fund I was a US venture capital fund with 100% high-net-worth US investors. Fund II is a venture capital fund based in Tallinn, Estonia.

Our investors Include E.I.F. from Luxembour, DraperEsprit from the UK, Citadele from Latvia, Multiple Capital from Germany, EVLI Growth Partners from Finland, and Sella Bank from Italy, among others.

CEELM: What was the business case behind this particular investment?

Yrjo: 99Math is building an online math games competition platform for 1-6 graders. Featuring competitions, leagues, and tournaments, 99Math is an exciting way to engage students and motivate math learning and practice. Competitive tournaments and league events encourage repetition and consistent practice — vital for mastering skills in math. Teachers can launch a challenge/tournament with other schools/classrooms with just one click. Currently, the platform is available on a freemium model, but as new features and tools (especially for parents) are developed, 99Math will pursue a business-to-customer monetization strategy.

The 99Math team has been working with teachers and schools during the COVID crisis to encourage practicing math online.

CEELM: What does 99math intend to do with the EUR 500,000 investment.

Yrjo: 99Math received a lot of attention and engagement with its launch of the proof of concept online math league as 14,000 students from 14 nations competed against each other in math tests. Proceeds of this round will be used to launch a fully functional online competition platform and to substantially grow the teacher and student user base.

CEELM: What was Cobalt’s role in this particular deal? Where they involved in negotiations or primarily on documentation?

Yrjo: Cobalt performed the due diligence for 99Math and drafted the deal documentation. They were not involved in business negotiations.

CEELM: Why did you choose to use the firm in particular on this deal?

Yrjo: We have had a very good experience with past deals with Cobalt in all three Baltic states — an excellent response time and outstanding domain expertise.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.


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