The HR startup Motivio has raised 80,000 EUR in a pre-seed investment, with a valuation of 800,000 EUR.
The investment comes from Monaco-based angel investor Carl Frauenstein.
Motivio has recently released it's first product "Motivio Meals" - an app that helps companies to subsidize employees' meals. It replaces the outdated paper meal vouchers and magnetic cards.
The investment will finance the R&D costs of the company's second product - "Motivio Culture" which aims to help managers create an engaging and enjoyable company culture.
Motivio was founded in 2017 by Ansis Lipenitis, and recently graduated the joint Startup Wise Guys and Swedbank accelerator. To date, they have raised 100,000 EUR in pre-seed funding, as well as 70,000 EUR in equity-free grants from the EU funded Business Incubators program and Google Cloud for Startups.
CEO Ansis Lipenitis describes his experience:
„I am glad for the experience itself, it happened as if from a startup manual. We started working on the first product idea. Then we joined a startup accelerator, organized by Startup Wise Guys and Swedbank in Spring 2018. This wonderful 3-month crash course changed and enlarged our perspective and also helped us to shape our vision for our second product. With this vision in mind, we went on an international roadshow tour to pitch to investors and the community. There, in the Latitude 59 Demo Day, organized by Startup Wise Guys, we met Carl Frauenstein, who was looking for interesting startups to invest in and to mentor. Carl is a seasoned entrepreneur, angel investor, and startup mentor, he now serves as one of the leaders at the MonacoTech startup accelerator. Within 3 months we got to know each other, discussed the company's vision, value proposition, and cooperation terms, and signed the agreement. I am glad we got to meet Carl because not only can he provide valuable advice but he also shares our values and mission.
Here I would also like to point out good initiatives from the Latvian government - now startups that are registered in Latvia can regain 70% of international business travel expenses - that makes mobility easier and provides new opportunities to meet international investors, partners, and customers."
Juan Alonso-Villalobos, Managing director of Startup Wise Guys Fintech batch, describes how Motivio was able to fully take advantage of the accelerator:
„There's a big debate among accelerators about the use of Demo Days. Many believe that it's a waste of time, but the Motivio case proves that yes - you can still meet the right investor while pitching and networking afterwards. This clearly was the right match in values, as Carl the same as Motivio founders truly believe in company culture as the driving force behind business success and happiness of employees. Moreover, I wanted to note that Motivio was the only team during Wise Guys Fintech accelerator batch that went through a full pivot - that means these guys are ready to challenge their own assumptions and change fast. Definitely a characteristic of a successful team!"
Ieva Vigante, the Head of Corporate Banking Division at Swedbank, highlights that Motivio is one of many startups that will successfully come out of the Baltics:
„We are very glad about Motivio achievements and wish the team a big success in the future business milestones. Attracting a significant amount of pre-seed investment is a very good evaluation of Latvian start-up. It is also motivating and encouraging to other young local companies who dare to strike for the best. As a participant of the first FinTech accelerator in the Baltics, Motivio showed that they really have an entrepreneur gene and a courage to keep going,”