Latvian startup Swotzy secures €500k pre-seed round from Black Pearls VC

Riga-based logistics startup Swotzy has secured €500,000 in a pre-seed funding round led by Black Pearls VC. The existing investor, FIRSTPICK, also joined the round, which will help the company to accelerate product development and strengthen its presence in the Baltic market.

  • Founded in 2022 by Lauris Rutkis, Kristians Jenciuss, and Jekabs Hincenbergs, Swotzy is a SaaS shipping software provider. The company offers an efficient shipping tool designed to help online retailers optimize their last-mile delivery operations.
  • The software allows companies to save on shipping costs and benefit from valuable insights about delivery performance, and the best carrier setups.
Swotzy secures €500k
Image: Swotzy
  • In April 2023, Swotzy raised its first boost investment led by FIRSTPICK, an early-stage venture capital fund focused on the Baltic tech founders. Back then, the company managed to secure €90,000 in order to fund the launch of its platform. Now, FIRSTPICK joins the pre-seed round.
  • Black Pearls VC became the lead investor in Swotzy. It is a Gdansk, Poland-based early-stage VC firm focused on investing in leading tech startups with defensible technology and the potential to become market leaders.
  • As part of the investment deal, Jarosław Pilarczyk from Black Pearls VC and Andra Bagdonaitė from FIRSTPICK will join the company’s Supervisory Board.
  • Swotzy plans to use the funds to accelerate product development, strengthen its presence in the Baltic market, and initiate work on data analysis tools.