Latitude59 announces the winners of Pitch Competition 2023 with €1.25M prize fund

Estonian fund Tera Ventures and Estonian syndicate of business angels EstBAN have selected the winners of Latitude59 Pitch Competition 2023 — Flowstep was awarded with €600,000, Cino with €500,000, and ÄIO Tech got €150,000.

• Latitude59 is the flagship startup and tech event, which took place on May 24-26 in Tallinn. It was attended by 3,000 people and was themed “Be Bold”. Almost 400 startups from 61 countries and 600 investors applied for Latitude59’s pitch competition.
• The Tallinn-based Flowstep was founded by Matt Clannachan and Nikita Uans in 2022. It provides a UX library, consisting of recordings and screenshots of top applications such as Airbnb, Klarna, Spotify. The company claims its solution helps users analyze these applications and design their own products faster. Under the competition, Flowstep received the most amount of investment – €600,000.
• The second winner is Cino, an Estonian virtual card that splits bills. The startup raised €500,000. The company was founded in 2021 by Elena Churilova and Edward Poot. The card is available through digital wallets like Apple and Google Pay. It can be used for online payments. 
• Estonian ÄIO, a biotechnology firm aiming to replace environmentally depleting oils with sustainable alternatives, received €150,000. These oils and fats are sustainable and plant-based alternatives to the palm, coconut oils, and animal fats currently used in the food industry. Earlier this year, ÄIO raised €1 million, co-led by Nordic Foodtech VC and EAS.
• L59 Pitch Competition 2023 was organized and invested by Tera Ventures and the Estonian Business Angels Network. According to Latitude59, €1.25 million was the biggest investment announced on the stage of the Baltic and Nordic tech conferences.