Lithuanian Masiva Group acquires Contribee
Lithuanian Contribee, which helps entrepreneurs and companies manage their fan subscriptions or support their favorite creators and discover exclusive content, has been acquired by Lithuanian Masiva Group. The deal is an exit for Lithuanian Coinvest Capital, Estonian Startup Wise Guys and several business angels.
The total investment in Contribee was €250K. Coinvest Capital's investment was close to €120K. The fund held 10,5% of the company's shares.
Masiva Group will take full control of the platform and will continue its activities with a new team.
Contribee is a membership platform that allows creators to interact with their fans and receive one-time and monthly support. The company was founded by Ediminas Ratkevicius and Adrius Jakucionis in 2020.
Coinvest Capital is a VC fund fully capitalized with public funds from the Lithuanian state and the EU. It is 100% owned by the National Development Agency INVEGA, which, in turn, is owned by the Ministry of Finance, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital invests in startups and companies undergoing business development and growth in cooperation with groups of business angels or private venture capital funds. Its portfolio includes 37 startups, with a total co-investment of €35.9M.
Launched in 2012, Estonian Startup Wise Guys is an accelerator that invests in early-stage startups from the Baltic, Central European, and African regions. Startup Wise Guys typically invests up to €500K per startup through multiple funds that manage €45M and are backed by more than 150 investors. The CEO of Startup Wise Guys is Cristobal Alonso.
