Estonian logistics startup Waybiller raises €500K

Estonian logistics startup Waybiller has raised €500K. The round was led by existing investors Finnish Gorilla Capital and Tallinn-based Ambient Sound Investments. Waybiller’s own employees Omar Purik and Külli Kerem, and also business angels Urmo Lehtsalu and Egert Palmiste, Estonian software company Thorgate, and Vestman Grupp (focuses on forest, agriculture, and mineral resources management) participated in the round.

Founded in Tallinn in 2019 by Ivar Merilo and Raido Pikkar as a corporate spin-off from Thorgate, Waybiller has developed software that helps create and store digital waybills, track vehicles carrying cargo, automate quarry and port shipments, and integrate warehouse and accounting software. Waybiller's solution helps reduce the administrative costs for logistics companies.

For example, after a customer places an order to ship construction materials, the construction company begins processing the order using the Waybiller app. The loading manager enters the necessary information into the app (vehicle registration number, which order is authorized to be loaded). Once the vehicle is loaded with the necessary materials, the application automatically calculates the amount and price of what is loaded and creates an electronic invoice, which is then sent by e-mail to the customer automatically or can be accessed on the Waybiller website.

Waybiller's customers include Estonian construction company Nordecon, agribusiness company Baltic Agro, Estonian farmers' association KEVILI, Estonian mining company Eesti Killustik, and others.

The company will use the investment to further develop and improve the product, expand the team, and enter new markets like Poland, as well as, establish in already working markets like Finland and Norway. 

In 2023, Waybiller raised €500K from Ambient Sound Investments, Allan Martinson, Thorgate Ventures, ex-Prime Minister of Estonia Taavi Rõivas, and Simon Runzheimer.

Ambient Sound Investments (ASI) was established in 2003 as an equal partnership by four founding engineers from 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 located in Europe, the US, and Asia.