Ukrainian funds TA Ventures and Hypra invest $5M in Utorg, an Estonian crypto startup
Ukrainian funds TA Ventures and Hypra, together with iClub invested in the Estonian crypto startup Utorg during its $5 million round. The seed round was led by Dragonfly, The Block reports.
- Utorg develops a widget for apps and websites that allows you to buy cryptocurrency without hidden fees using more than 15 different payment methods.
- Utorg is based in Estonia and allows you to buy cryptocurrency from over 187 countries.
- Currently, the startup’s business model is based on transaction fees. However, by the end of 2022, the company aims to create a “super-app” that combines classic financial services with Web3.
“Utorg will provide banking services as well as standard services from the Web3 world: NFT integration, swaps, and more,”the company says.
Founded in 2020, the startup currently has a team of 35 people and legal entities in Estonia, Lithuania, Singapore, Abu Dhabi, Canada, and Thailand. According to the LinkedIn, at least 15 people from the team live in Ukraine.
In September, TA Ventures participated in the financing of the American biotechnology startup Gameto, which raised $17 million for its new round. And in November, the Hypra fund acquired 25% of the shares in Boosty Labs. Before that, the share belonged to another Ukrainian fund, NetSolid Investments.