Latvian startup Engycell raises €420K

Details of the deal in the course of which Estonian fund Change Ventures acquired 7.4% of Latvian energy startup Engycell have become known. The startup has raised €420K, consisting of an initial investment of €250K from Change Ventures and €170K from European Union funds.

Engycell was founded in September 2024 by Egija Gailuma, Kristiāns Karlsons and Kristaps Vasiļjevs. The company provides battery energy storage systems and software platform which all through a single interface that manages everything from self-consumption to grid frequency regulation and energy trading.

Egija Gailuma says that the money will be invested in the development of the platform, software and algorithms. The funds will also help to start selling the solution on export markets. The company plans to further develop its business in Eastern Europe.

Change Ventures is an Estonian pre-seed/seed stage venture capital fund, that backs startups founded by Baltic entrepreneurs. The fund was established by entrepreneurs Andris K. Berzins, Rait Ojasaar, and Yrjö Ojasaar in Tallinn in 2017.