TGS Baltic has advised EV charging solution developer VOOL on raising EUR 1.7 million in a Specialist VC-led round. Ellex advised Specialist VC.
The round included Estonian venture capital investors and angel investors, like the former President of Estonia, Kersti Kaljulaid.
VOOL is a start-up developing an electric car charging solution. According to TGS Baltic, its “smart grid solution uses the existing grid three times more efficiently. It doesn’t provoke an overload and is capable of providing reliable and cost-efficient charging for both business and private customers. The funding will be used to expand the team and ramp up the production of its chargers and expand its reach into new European markets.”
Specialist VC, a venture capital fund, invests in Estonian, Latvian, Lithuanian, and Finnish start-ups and combines a traditional investment fund with secondary market investments. According to Ellex, the fund's “main focus is on B2B, SaaS, fintech, and marketplaces. One-third of the fund is reserved for after-market investments in start-ups that have progressed from the A-stage.”
TGS Baltic’s team included Partners Kirsti Pent and Kadri Kallas and Senior Associate Mirko Kikkamagi.
The Ellex team included Partner Antti Perli, Counsel Rudy Rimal, and Senior Associates Merlin Liis-Toomela and Hanna Pahk.
