Information for press
September 21, 2023

Summer has ended with another great investment for Capitalia Co-Investment Fund - the fund has concluded an investment deal with an Estonian startup Xolo OÜ in the amount of EUR 150,000. The lead investor for this investment round was Karma Ventures and this is the 10th investment for Capitalia’s Co-Investment Fund which was founded in autumn of 2021.

Xolo, founded in 2015 in Estonia, is a platform for freelancers to set up and run their businesses. Xolo takes care of all accounting and legal issues for solo entrepreneurs and helps them to connect with peers to find new work opportunities. Xolo automated accounting solution is available in Spain, Italy and Estonia. However, entrepreneurs from other countries can use Xolo’s services to open a company in Estonia, using the country’s e-residency benefits.  Xolo takes care of taxes and reporting, business account opening in Estonia, and provides other recommendations on how to run a business in Estonia.

The company’s current investment funding round was led by Karma Ventures, a well-known industry leader who has invested in numerous prosperous startups, including Wirepass, CG Trader, Plumbr, and Cybebexer. Other investors in the company include Specialist VC, Contriber Ventures and Id4 Ventures, while it also has raised capital through the crowdfunding platform Funderbeam.

“Meeting new Baltic startups and assisting in their growth path is very satisfying and Xolo is no exception. We cannot wait to see what new developments the company will experience with the help of our investment and we are glad to offer our investors and the Baltic companies the possibility to boost the region’s economic growth,” Capitalia’s fund manager Gintaras Matuzas reveals.

Xolo’s CEO Mikko Teerenhovi comments on the investment success: “Xolo is an industry leader in the freelancer space and we have a lot of ambitious plans for the future. It’s great to find like-minded investors in the Baltic states.”

Capitalia’s Co-Investment Fund was founded in 2021 and its current investment amount exceeds EUR 2 million. As of now, the fund has invested in 10 companies - Cenos, Inzmo, Scratcher, Aispeco, Ondato, Aerones, Giraffe360, Favro, Bolt, and the newest addition of Xolo. With a minimum investment of EUR 30 thousand, the fund offers investors a cost-effective way to gain investment exposure to dynamic and fast-growing technology companies in the Baltic States. The fund already has 34 investors from Latvia and other European countries and is attracting new ones only until the end of October 2023.