Estonian logistics company Waybiller raised €500K

Estonian logistics company Waybiller raised €500K from Tallinn-based investment company of Skype’s founders Ambient Sound Investments, Estonian serial tech entrepreneur Allan Martinson, Estonian venture company Thorgate Ventures, an investment fund of Väino Kaldoja (founder of an Estonian technology company that develops self-driving vehicles Auve Tech), ex-Prime Minister of Estonia Taavi Rõivas, and CEO of Wolt Drive Simon Runzheimer. 

The partners of Waybiller, Estonian company Jahvataja, which specializes in drying and selling grain and legume produce, and Estonian Eesti Killustikuga, which engaged in the extraction of mineral resources and the production and sale of building materials, also participated in this round.

Waybiller was founded in Tallinn in 2019 by a team of developers and business consultants at Estonian venture company Thorgate, such as Thorgate's cofounder Ivar Merilo and its chairman Raido Pikkar. Waybiller offers software that simplifies the transition of transport companies from paper waybills to e-waybills. The startup's solution helps create and store digital waybills and track vehicles carrying freight, automate shipments of quarries and ports and integrate warehouses and accounting software. Waybiller's software helps reduce the administrative costs of logistics companies.

There are nearly 12K people and 4K companies from Estonia, Latvia, Finland, and Norway in its customer base, including Estonian construction company Nordecon, agribusiness company Baltic Agro, Estonian farmers' association KEVILI and Estonian company, engaged in the extraction of mineral resources and the production and sale of building materials Eesti Killustik.

The startup will use the investment to expand into new markets, such as Norway and Finland, and strengthen its presence as a market leader in Estonia.

Ambient Sound Investments (ASI) was established in 2003 as an equal partnership by four founding engineers of Skype to hold a minority stake in Skype. The founders are Toivo Annus, Priit Kasesalu,  Ahti Heinla and Jaan Tallinn. At the end of 2005, ASI sold its Skype shares to eBay and now operates as a private asset management firm. ASI's investment portfolio consists of assets that are geographically located in Europe, the US, and Asia.

Thorgate Ventures is a seed-stage venture capital arm of Thorgate. It makes up to four investments per year. The amount of financing is usually up to €50K. The company co-invests with Estonian accelerator Seedcamp, Vestman Energia (invests in green technologies), and Alesco Ventures. Thorgate Ventures was founded in Tallinn in 2014.