Lithuanian startup Heavy Finance attracts investment of $240K

Lithuanian FinTech company Heavy Finance has attracted an investment of $240K from the Startup Wise Guys. This is the first pre-seed investment in product development for the company, Startup Lithuania writes.

Laimonas Noreika, image credits: HeavyFinance

Founded in 2020 by Laimonas Noreika, HeavyFinance is a crowdfunding platform for investors who can invest in heavy machinery loans. It is a unique market for investing in mortgage loans to help businesses in agriculture, forestry, and infrastructure. Every single item of heavy equipment on this platform is used as collateral to make your investment in business loans safer.

The company will seek to attract a second round of investment in the second quarter of next year. Also, the platform has received a loan fund of around $1.8M. 

“We see great potential for rapid development, so we decided to take the path of attracting venture capital investments. The current financial injection is intended for testing foreign markets and preparing for the next stage of attracting much bigger investments,” says Laimonas Noreika, Head of HeavyFinance.