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10 of the most promising Malta-based startups to watch in 2021

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If you’re starting up in Malta, your entrepreneur stresses and strains can easily be balanced with a dip in the Mediterranean Sea, and a trip to one of the island’s stunning coasts or ports. Not so bad, on any accounts.

On a more strategic note, Malta is known to offer small but buzzing hub of activity for globally-facing blockchain, AI and travel tech focused startups. In fact, its location acts as a connection point between North Africa and Europe, with a number of startups using this location to straddle their HQs between Malta and other locations (including a few startups below).

While the travel industry has taken a hit in previous months, blockchain and AI startups continue to remain strong, with a number of Maltese startups having landed funding in 2020. Keeping this in mind, here you’ll find list of fresh faced and young Maltese startups, founded in the last few years, that we expect to zoom ahead in 2021 and beyond.

elrond – Founded in 2017, elrond was featured in one of our EU-Startups interviews last year, where we spoke about the blockchain revolution. Incorporated in Malta and growing in Romania, elrond is one of the top funded startups in the latter. Their offering? Easy access to the digital economy, for anyone, anywhere, by bringing a 1000x improvement in blockchain speed, scale and cost.

VAIOT – This startup was founded in 2018 and is combining AI and blockchain technologies to deliver AI assistants. What do these assistants do exactly? They can act as innovative distribution channels, and even legal assistants. Their team landed around €5 million in funding in September 2020, which they aim to funnel into first serving the car insurance industry, before taking on other sectors. 

Fracture Labs – Founded in 2018, gaming startup Fracture Labs has been working on a multiplayer survival role playing game, called Decimated. In this reality, civilization has collapsed, and a cyborg police force wields control over the wastelands. Players can either play a cyborg cop or a human citizen, and experience both sides. The team landed €375K last year, so keep an eye out for this gaming studio.

Colibra – Founded in 2018, Colibra gives users compensation for every 1 hour of flight delay – a service that’s further in demand due the recent pandemic-driven travel disruptions. Payouts are processed 24 hours after landing, and are valid for any reason, including weather or strikes. This startup is also one of many that takes advantage of the strategic location of Malta, with one HQ on the island, and other offices worldwide, including in Sofia, Bulgaria. 

EFFORCE – Founded in 2018, Valletta-based Efforce is a blockchain-based energy-saving platform. Their mission? To decentralize the energy efficiency industry, by allowing contributors to benefit from the energy savings generated by energy efficiency projects all over the world. In this way, through EFFORCE, energy savings are ‘tokenized’ and can be used by everyone. The startup’s co-founders include Steve Wozniak, a Silicon Valley ‘icon’ who helped shape the computing industry with his design of Apple’s first line of products.

Covery – Covery.ai, founded in 2016, is on a mission to solve fraud. Its global risk management platform offers benefits that help online companies in sectors like dating, gaming, payment service providers and e-commerce to prevent fraud, mitigate risks, and grow revenue. Covery can help with regulatory compliance, responsible gaming, KYC & KYB procedure automation, transaction analysis, risk management, chargeback mitigation, payment fraud, account theft, device emulation, and many others.

CIVIQUO – Founded in 2018, CiviQuo is one the world’s first Investment Migration Platforms, helping people find their next residency or citizenship destination. How do they do this? By bringing together a wide selection of alternative residency and citizenship solutions. In December 2019, the team landed around 1 million in seed funding to expand their solutions further. 

STASIS – St. Julians-based STASIS was founded in 2017, and aims to help its customers legally digitize any kind of financial asset in a secure and transparent way. This is done by way of tokenization, the process of representing real-world assets on the blockchain. Their name has a story, too: pronounced ‘stey-sis’, stasis refers to the balancing of various forces in order to reach equilibrium.

BrainTrip – BrainTrip, founded in 2019, has developed an algorithim that detects mental impairment, such as dementia. This electroencephalogram (EEG) based algorithm is used in elderly care facilities as a screening tool, takes a matter of minutes and is completely non-invasive. Medical dementia workups are expensive and invasive, so BrainTrip helps determine whether such procedures are worthwhile, benefitting patients and physicians. The startup has been nominated for the Global Startup Awards, having already won categories in the South Europe Startup Awards: Best Newcomer and Startup of the Year.

UpGames – UpGames, founded in 2016, is a gaming developer and publisher, focusing on social games. Their mission? To creating simple, light games that engage people in this world of too much information. Founded in Malta, and with a studio in Kiev, Ukraine, this startup is another example of a company taking advantage of the island’s strategic position between continents. They’re developing now the game CheckersUp, which focuses on the traditional game of Checkers, and allows users to play with friends and share emojis throughout.

By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!

Source: https://www.eu-startups.com/2021/01/10-of-the-most-promising-malta-based-startups-to-watch-in-2021/

Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

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The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

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West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

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Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

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The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

Subscribe to the Crunchbase Daily

West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

Checkout PrimeXBT
Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

Avatar

Published

on

The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

Subscribe to the Crunchbase Daily

West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

Checkout PrimeXBT
Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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After $31M Raise, Nuvolo Eyes IPO As Early As 2023

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Nuvolo expects to significantly scale the company after closing a $31 million Series C, looking to hit $100 million in annual recurring revenue by late 2022 and possibly the public market the following year.

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“We plan to use the proceeds to drive this business to $100 million in ARR, a couple billion in valuation, and eventually liquidity in the public market,” said founder and CEO Tom Stanford.

Insight Partners led the Series C raise for the Paramus, New Jersey-based workplace services company. Other investors in the round include New Enterprise Associates, Kaiser Permanente Ventures and Revelation Partners.

“Nuvolo is exactly the kind of company we partner with,” said Henry Frankievich, principal at Insight Partners. “They have a great product with a huge market. Nuvolo is in that very exciting growth stage.”

The platform

Nuvolo’s integrated workplace management systems (IWMS) platform is built on top of ServiceNow and allows customers to manage their operations through one unified platform. Companies often use a variety of systems to manage things like real estate, operational technology, facilities and other assets. Nuvolo lets companies use just one cloud-native platform and consolidate down to one system of record, Stanford said.

In addition, Nuvolo also layers on operational technology security capabilities, letting customers such as health care providers know if medical equipment or other physical assets may be at risk of failing and proactively safeguard them.

While the company faces large competitors in the IWMS market such as IBM Maximo and Tango, Stanford said Nuvolo’s added security layer and cloud-native platform helps differentiate it in the market.

Growth ahead

Nuvolo plans to leverage its partnership with Insight to significantly grow the company in the years ahead, Stanford said. The 300-person company plans on 65 percent to 70 percent growth the next two to three years, hitting $100 million ARR by late next year, Stanford said.

While Nuvolo has customers in several categories, Stanford said life sciences and health care are the company’s largest verticals. Nuvolo currently works with more than 1,550 customers, and has a footprint in 65 percent of U.S. hospitals.

With Nuvolo’s platform expanding beyond the normal IWMS scope and into modern field service management and cybersecurity, Frankievich said, there is significant potential to expand in these large, fast-growing markets.

Stanford has no doubt that could set the company up for an IPO by 2023.

“We love ourselves as an independent company,” he said.

Illustration: Li-Anne Dias.

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Source: https://news.crunchbase.com/news/after-31m-raise-nuvolo-eyes-ipo-as-early-as-2023/

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