Ukrainian startup Workee raises $900k at a valuation of $9-$12M
Ukrainian startup Workee that develops an online business management system for freelancers has raised $900,000 in funding. According to Forbes, the investors included international funds and Google’s special fund. Workee’s post-money valuation, according to founder Ihor Bauman, reaches $9-12 million.
- Workee develops an online business management system for freelancers. With the help of the software tools provided, specialists can create their own websites and manage work processes: tasks, personal schedule, communication with customers, and finances. All without having programming skills.
- SMOK Ventures, Slava Ventures, a Californian fund focused on Ukrainian projects, and several angels from Silicon Valley, whose names are undisclosed, participated in the new round.
- Formally, the startup received $800,000 in investment, since the amount of $900,000 includes a grant from the Google for Startups Ukraine Support Fund. It is a special $5 million fund aimed at Ukrainian companies. Google’s exact share is not disclosed, but usually the maximum amount of the grant is $100,000.
- In total, the startup managed to secure $1.6 million. This includes the founders’ own funds and two rounds from venture investors. In February 2022, just before the start of the war, the startup closed a pre-seed round at $600,000. The previous investors are Lighthouse Ventures, a Czech fund, the Ukrainian private investment company BRISE Capital, the accelerator Startup Wise Guys, and Ihor Makhaniok, a co-founder of GEEK Ventures.
- The startup was founded in May 2020 by CEO Ihor Bauman, CTO Artem Kanaki, and Chief Design Officer Yevhen Kiseliov. The head office of Workee is located in Delaware, USA, R&D is in Kyiv. The startup also has offices in Lithuania and the Czech Republic.
- Bauman focuses not on checks from investors, but on business metrics. The plan is to increase revenue by 70-100% every month, reach 15,000 users by the end of 2023, and fully launch the B2B version. At this rate, Bauman is confident, it is possible to reach operating profitability by the summer of 2024.