From Stockholm to Riga, Outlast Fund launches €21M fund to back founders in it for the long game
Outlast Fund, a Baltic-Nordic VC fund, has closed its first fund at 21M EUR to invest in pre-seed and seed-stage startups from the region. The fund is based in Riga and Stockholm, and aims to be the first cheque in backing founders building solutions that are built to last, with initial pre-seed tickets of up to 250,000 EUR and 1.5M EUR seed rounds.
The fund goes against the grain in the investment environment, eschewing typical VC advice to prioritize quick exits. Rather, they look to scour the edges to uncover the most promising founders in the Baltics and Nordics, and are prepared to invest in them at the earliest stages to help them build enduring companies.
The fund is particularly keen to keep an eye out for serial entrepreneurs with a proven track record, ready to back them as early as the idea stage. Outlast Fund also invests in first-time founders who possess unique and specific insights within their chosen verticals. However, a trait that they look for in all cases is an obsessive drive to solve their customers’ most pressing problems. Regardless of whether the founders are better suited for building lean teams with the help of angels, microfunds, and syndicates, or if they are eyeing large rounds from the get-go, Outlast Fund is ready to support from the first cheque, rather than jumping in at the middle.
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Originally published on 18 Sep
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Prototron Fund, Estonia’s first fund dedicated to financing prototype development, has launched a new competition aimed at finding companies eager to transform their ideas into practical solutions. A total of €75,000 will be distributed among the best applicants, with applications open until 28 February.
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Originally published on 12 Feb
The City of Oulu and Verso Energy of France have signed a joint venture agreement to build a hydrogen refinery in Oulu that will produce 80,000 tonnes of synthetic aviation fuel (eSAF) per year. According to Verso Energy, the plant is estimated to cost €1.4 billion and would employ 250 people.
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Originally published on 14 Feb
P2X Solutions, a Finnish pioneer in green hydrogen, has been the first in Finland to launch commercial operations of green hydrogen at its production plant in Harjavalta. The start of production at the Harjavalta plant is a significant milestone for the Finnish hydrogen economy.
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Originally published on 12 Feb
In the She’s Next 2024 grant programme by Visa, two Latvian companies—family-owned soil mix business Nordspring and Nordic herbal tea brand Plūkt—have been announced as winners. Each company will receive €10,000 and a one-year personal business training opportunity.
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Originally published on 13 Feb
LOT Polish Airlines has adopted 3D-printed arm caps for the economy class seats in its Boeing 737 fleet, marking another milestone in the use of additive manufacturing (AM) for aircraft interior components. The arm caps, designed and produced by AM Craft, address durability issues and supply chain challenges that led to frequent part shortages and failures with traditionally manufactured components.
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Originally published on 12 Feb
The European Commission has announced that it will allocate a €6.8 million grant to the Nordic-Baltic Hydrogen Corridor (NBHC) to support its feasibility study phase. This decision will significantly enhance establishing the hydrogen infrastructure that will connect Finland, Estonia, Latvia, Lithuania, Poland, and Germany, forming a vital backbone for Europe’s green energy future. The competition for infrastructure funding in the EU is fierce, so this decision is a great testament to the quality and necessity of the NBHC project and showcase its potential to contribute to the EU’s energy self-sufficiency targets and support the clean energy transition.
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Originally published on 11 Feb
In 2024, the Estonian government and Enterprise Estonia committed to implementing a new incentive for large-scale investments. Scheduled to run from 2025 to 2028 and with a total budget of €160 million, the measure aims to increase the competitiveness, export capacity, and added value of businesses operating in Estonia. The Estonian Minister of Economic Affairs and Industry, Erkki Keldo, signed the measure in the first half of February. Applications, managed by Enterprise Estonia, are scheduled to open in March.
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Originally published on 10 Feb
To keep potential suppliers and partners informed about procurement priorities for 2025, the Rail Baltica global project is providing a comprehensive overview of ongoing and upcoming procurement activities. These procurements focus on essential services that drive the advancement of the Rail Baltica project, covering key areas such as superstructure construction, environmental assessments, and design work for specific infrastructure elements and facilities.
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Originally published on 10 Feb
Draugiem Group company Mapon expands its presence in the Nordic region by acquiring 100% of the shares in Interkom AB, a fleet management provider based in Lund, Sweden. Mapon and Interkom AB offer fleet management and GPS tracking solutions, helping clients optimize resource management, enhance road safety, and promote sustainable corporate governance. This acquisition strengthens Mapon’s customer base in Sweden and brings in a team of seasoned professionals, enabling faster growth in the Swedish market.
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Originally published on 10 Feb
On 9 February, President Edgars Rinkēvičs paid a working visit to Vilnius, Republic of Lithuania. During the visit, President of Latvia met with the President of the Republic of Lithuania, Gitanas Nausėda, the President of the Republic of Estonia, Alar Karis, the President of the Republic of Poland, Andrzej Duda, and the President of the European Commission, Ursula von der Leyen. The officials discussed the accession of the Baltic states to the European energy system, the protection of critical infrastructure, the strengthening of transatlantic relations, the development of the European defence industry, the implementation of key regional infrastructure projects, as well as support for Ukraine and sanctions policy towards Russia.
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Originally published on 9 Feb